Power exchanges, traders, the grid operator and the state lenders that fund transmission and run its bidding.
Indian Energy ExchangeOperator · HighListed
PTC IndiaOperator · MediumListed
RECEnabler · MediumListed
Power Finance CorporationEnabler · MediumListed
Grid Controller of India (Grid-India)Operator · HighUnlisted
Indian Energy Exchange (IEX)
India's largest power exchange, with the dominant share of day-ahead, real-time and green power trading
Price
₹110.00
snapshot 6 Nov 2026
Strengths
Near-monopoly share of exchange volumes with very high margins and no debt
More transmission and more renewables raise short-term trading
Risks
CERC's market coupling would pool all exchanges' bids and erode its liquidity advantage - APTEL (Feb 2026) and the Supreme Court (Jul-Aug 2026) declined to stop it
Regulatory price caps and fee pressure
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹9,773 Cr
Stock P/E
18.7x
Div Yield
3.20%
ROCE
51.4%
ROE
39.4%
P/B
6.7x
Revenue growth
+14.7%FY26
Profit growth
+14.9%FY26
Net margin
80.0%FY26
1Y vs Nifty
−19 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
431FY22
401FY23
449FY24
537FY25
616FY26
Stock price return · as of 6 Nov 2026
1Y price return
−21%
3Y CAGR
−6%
5Y CAGR
−15%
Trend25th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 31% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Exchanges (IEX) and traders (PTC) sell power across the grid day-ahead and in real time; Grid-India dispatches it and schedules flows; PFC and REC lend to utilities and, through consulting subsidiaries, design TBCB projects, run the bids and hand winners ready-made project SPVs.
Why it matters
More transmission means more power can be traded across regions, which is what exchanges sell. And every TBCB project passes through PFC Consulting or REC Power Development & Consultancy, so grid lenders sit at the start of the pipeline as well as funding it.
Where the value pool sits
IEX is a near-monopoly with very high margins on small fees per unit, now challenged by CERC's market-coupling plan. PTC earns thin trading margins. PFC and REC earn lending spreads on large, mostly state-utility books; transmission is a minority of their loans.
Key drivers
Rising share of power traded short-term
New products (real-time, green, term-ahead markets)
Transmission capex needing debt
TBCB bid-process fees
Potential bottlenecks
Transmission congestion splitting the market into price zones