Fundamental analysis IEX.NS (Indian Energy Exchange Limited)

Updated on 09/11/2026

Method and analysis by Lubin Danilo, founder of Lubin Investment. Score computed automatically, with no human opinion.

We analyzed Indian Energy Exchange stock against the 10 quality criteria of Lubin Investment. The company gets a quality score of 9/10, meaning high quality, and a P/FCF valuation multiple of 24.2×.

Indian Energy Exchange is a quality company by our criteria, but the price does not follow: the free cash flow multiple stays high. A great company bought too expensively is still a poor investment, so this is typically one to watch while waiting for a better entry point.

Sector: Capital Markets. Listing: NS. Current price: 113.56 INR.

Lubin scoring methodology

Indian Energy Exchange Limited (IEX.NS)'s score is calculated automatically from 10 objective financial criteria, with no human intervention or opinion. Each criterion is validated (YES / PARTIAL / NO) based on thresholds drawn from the financial literature (Warren Buffett, Michael Mauboussin, Aswath Damodaran). The final score is the sum of validations.

The thresholds come from the financial literature, not from our preferences: see the valuation work of Aswath Damodaran (NYU Stern) and the SEC investor education resources (investor.gov).

The 10 quantitative criteria analyzed

1. Profitable: net margin > 5%
2. Growing revenue: revenue growing > 10%/year over 5 years
3. Growing earnings per share: FCF per share adjusted for stock-based compensation, > 10%/year over 5 years
4. Share count under control: stable or declining (net buybacks = value creation for shareholders)
5. Growing revenue per employee: revenue and revenue per employee both grow ≥ 10%/year over 5 years; partial when only one growth driver reaches its tier (fallback: free cash flow margin > 10% when employee history is unavailable)
6. Expanding margins: operating margin widens over 5 years (operating leverage)
7. Return on invested capital: Cash ROCE > 15% per year
8. Debt under control: net debt repayable in less than 3 years of free cash flow
9. Earnings converted to cash: free cash flow exceeds accounting net income
10. Net collection period: short or negative cash conversion cycle

Its price against peers

Against the 5 other Capital Markets stocks we have scored, Indian Energy Exchange trades at 24.2× its free cash flow, versus a median of 11.4× for that basket. On price alone, Indian Energy Exchange is therefore more expensive than its peers. That says nothing about its quality: at Lubin Investment, quality and price are judged separately, and a low multiple is only a bargain if the quality holds up.

Frequently asked questions

Is Indian Energy Exchange a quality stock?

Indian Energy Exchange gets a quality score of 9/10 (high quality), calculated over the 10 Lubin Investment criteria: profitability, revenue and free cash flow growth, share buybacks, margins, debt and return on capital.

How is Indian Energy Exchange's score calculated?

The score is the total of validated criteria (YES / PARTIAL / NO) using thresholds drawn from the financial literature (Warren Buffett, Mauboussin, Aswath Damodaran), automatically and with no human opinion.

What is Indian Energy Exchange's P/FCF?

The price-to-free-cash-flow (P/FCF) multiple of Indian Energy Exchange stock is 24.2×. At Lubin Investment, valuation is judged separately from quality.

Where to see Indian Energy Exchange's full analysis?

The full interactive analysis (10-criteria detail, history, P/FCF valuation, sector comparisons) is available at https://lubin-investment.com/analyse/IEX.NS?lng=en.

Other stocks in the Capital Markets sector

• Simplex Financial Holdings (7176.T), score 10/10, P/FCF 1.8×
• Tradeweb Markets (TW), score 9/10, P/FCF 23.5×
• Nordnet AB (publ) (SAVE.ST), score 9/10, P/FCF 7.3×
• PJT Partners (PJT), score 9/10, P/FCF 11.4×

Go further

👉 See the full interactive analysis of IEX.NS

Other resources : All stocks in the Capital Markets sector.