“Strong Numbers, Big Uncertainty — IEX Stock Caught Between Growth and Regulation.”
Indian Energy Exchange (IEX) shares remained highly volatile on January 9, 2026, trading in the range of ₹152–158, as investors closely tracked regulatory developments related to market coupling. While the company continues to post strong financials, uncertainty around policy decisions is keeping the stock under pressure.
Current Price Action
IEX opened the session near ₹150.09 and moved sharply between ₹149.48 and ₹160.27 during early trade on the BSE. The VWAP stood at ₹156.82, with heavy volumes crossing 46 million shares, highlighting active participation from traders.
The stock had closed the previous session at ₹150.09, after rebounding from the ₹144–156 range on January 7. IEX’s market capitalisation hovered between ₹13,554 crore and ₹14,138 crore, while its 52-week high and low stand at ₹215 and ₹130, respectively.
Key News Driving the Stock
Sentiment turned positive earlier this week after APTEL heard IEX’s plea against CERC’s July 2025 market coupling order on January 6. This triggered a sharp 13% intraday rally, although gains were later pared as investors booked profits.
Derivatives activity also picked up sharply. Open interest rose 12.9% to 74,480 contracts on January 9, with total derivatives value at ₹17,093 crore, reflecting heightened speculative interest.
Operationally, IEX reported Q3 FY26 traded volume of 34.08 BU, marking an 11.9% year-on-year growth. For the first nine months of FY26, total volume reached 101.68 BU, up 14.3% YoY.
Financial Strength Remains Solid
IEX continues to deliver strong fundamentals. On a trailing twelve-month basis, the company posted:
Revenue: ₹565 crore
Profit: ₹450 crore
EPS: ₹5.05
ROE: 40.5%
ROCE: 53.6%
Dividend Yield: 1.97%
In Q3 FY26, profit rose 14.64% to ₹121.61 crore, while revenue increased 9.34% to ₹152.24 crore. The company remains debt-free and commands an 85% market share in India’s electricity trading space, though its P/E of 30.1 keeps valuations on the higher side.
Technical View and Market Signals
Technically, IEX trades above key moving averages but has underperformed the broader sector by 4.97%, earning a Sell rating from MarketsMojo. High delivery volumes of 26.36% over the last 20 sessions suggest accumulation.
Meanwhile, bulk deals by Graviton Research, which holds between 0.93% and 2.47% stake, have added further intrigue. Immediate support lies near ₹149, while resistance is seen around ₹158–160.
What Investors Are Watching Next
December 2025 power volume stood at 11.44 BU, though REC trading declined 30% YoY due to oversupply and lower DAM and RTM prices. Going forward, investors are keenly watching the APTEL verdict, upcoming Q3 results, and trends in power demand, which remains a key risk.
Disclaimer: Yeh views market experts ke hain and not of trueincome. Investment karne se pehle certified advisor se consult zaroor karein.
