What is the current market share of Indian Energy Exchange (IEX) in electricity volumes?

As of January 31, 2026, IEX holds a dominant market share of 83% in electricity volumes for the first nine months of FY26.

What is the price target set by Motilal Oswal for IEX shares?

Motilal Oswal has reiterated a price target of ₹142 per share for IEX.

What regulatory change poses a significant challenge for IEX?

The phased implementation of market coupling, starting with the Day-Ahead Market, is a key regulatory challenge and overhang for IEX.

Home / Business and Economy / IEX Dominates Market, Faces Regulatory Headwinds

IEX Dominates Market, Faces Regulatory Headwinds

31 Jan

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Summary

IEX maintains 83% market share in electricity volumes.
Motilal Oswal reiterates 'Neutral' rating with a ₹142 target.
Market coupling implementation remains a key overhang for IEX.

IEX Dominates Market, Faces Regulatory Headwinds

As of January 31, 2026, the Indian Energy Exchange (IEX) has demonstrated sustained market leadership, securing 83% of electricity volumes in the first nine months of FY26. This figure compares favorably to its 88% share in FY23 and 84% in FY24-25. Brokerage firm Motilal Oswal has maintained a 'Neutral' rating on IEX, setting a price target of ₹142 per share, suggesting a potential 12% upside from current trading levels.

Motilal Oswal's assessment comes after IEX reported its December quarter results. The company achieved standalone revenue of ₹140 crore and EBITDA of ₹120 crore, aligning with market expectations. Traded electricity volumes reached 34.1 billion units, meeting forecasts, while standalone profit after tax exceeded estimates by approximately 5%, boosted by higher other income. Electricity volumes saw an 11.7% year-on-year increase during the quarter, though renewable energy certificate volumes declined by 30%.