IEX IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Business | REV SHARE | 554 | 554–554 | 90.0% | — | FY26 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Description of Main Activity Description of Business Activity % of Turnover of the …” AR p.128 · 31-MAR-26 · +2 DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | 502 | 502–502 | 81.5% | — | FY25 | EST | 60% |
| “Customer Support Platform Monitoring Security Operation Center System Upgrades • 24/7 availability via Email & Phone • Handling customer issues related to the …” AR p.70 · 31-MAR-25 DOC | ||||||||
| TVSMOTORTVS Motor Company Ltd. | UNSTATED | 212 | 212–212 | 34.5% | — | FY25 | EST | 65% |
| “Green Power purchase from IEX in all locations.” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | 109 | 109–109 | 17.7% | — | 2026-07 | EST | 60% |
| “See, companies like NTPC, Power Grid, NHPC which are government companies, they also have gone to the Appellate Tribune and Supreme Court against the CERC orde…” CONCALL p.33 · 31-JUL-26 DOC | ||||||||
| BSEBSE Ltd. | CONTRACT | 0 | 0–0 | 0.0% | — | FY25 | EST | 60% |
| “/ 9 Annual Report 2025-26 | 19Corporate Overview Statutory Report Financial Statements Launch of Day-Ahead Market | Commenced operation with 58 Participants 20…” AR p.23 · 31-MAR-26 · +1 DOC | ||||||||
| TVSMOTORTVS Motor Company Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Maximize Green power purchase from Indian Energy Exchange (IEX) V. Alternate method for fuel-based heating system into electrical based heating system in cooki…” AR DOC | ||||||||
| ASHOKLEYAshok Leyland Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “The Company has realized energy cost savings through power procurement from the Indian Energy Exchange (IEX) while also sourcing approximately 8% of its electr…” AR DOC | ||||||||
| ESCORTSEscorts Kubota Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Steps taken by the Company for utilising alternate source of energy Green power sourced from Indian Energy Exchange for Plants 1 & 2.” AR DOC | ||||||||
| RAMCOCEMThe Ramco Cements Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “49.2.24 Tamil Nadu Power Distribution Corporation raised a demand during Feb 2026 for a sum of Rs. 2.16 crores towards open access power purchased by the Compa…” AR DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “UPCL leveraged power exchanges by selling its surplus Renewable Energy Certificates (RECs), thereby optimising working capital utilisation and improving cost e…” AR p.14 · 31-MAR-26 · +1 DOC | ||||||||
| SECI Limited | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “MNRE approved a 500 MW pilot Contract-for-Difference (CfD) for RE on a 3-hour basis to be implemented by SECI, a landmark step enabling RE generators to sell e…” AR p.32 · 31-MAR-26 · +2 DOC | ||||||||
| Authority. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Contingent liabilities The Sales Tax Officer (Adjudicating Authority-GST Delhi) issued an order dated 28 August 2024 raising a demand of the Tax amount of `260…” AR p.217 · 31-MAR-26 · +1 DOC | ||||||||
| Central Electricity Authority | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Demand and Supply According to the Central Electricity Authority (CEA), all India energy consumption reached approximately 1,707 Billion Units (BU) in FY’26, r…” AR p.47 · 31-MAR-26 · +1 DOC | ||||||||
| Damodar Valley Corporation (DVC) | UNSTATED | — | — | — | SG&A | FY26 | EST | 75% |
| “Damodar Valley Corporation (DVC) have integrated the exchange platform into their core procurement strategy” AR p.33 · 31-MAR-26 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Business Conduct: Stakeholder group from whom complaint is received Grievance Redressal Mechanism in Place (Yes/ No) FY 25-26 FY 24-25 (If Yes, then provide we…” AR p.131 · 31-MAR-26 · +1 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Words and expressions used and not defined in this Board Diversity Policy shall have the meaning ascribed to them in the SEBI (LODR) Regulations, the Securitie…” AR p.89 · 31-MAR-26 · +1 DOC | ||||||||
| Appellate Authority | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Contingent liabilities The Sales Tax Officer (Adjudicating Authority-GST Delhi) issued an order dated 28 August 2024 raising a demand of the Tax amount of `260…” AR p.217 · 31-MAR-26 · +1 DOC | ||||||||
| Solar Energy Corporation of India Limited | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “As a fillip to the Contract for Difference (CfD) model, the Ministry of New and Renewable Energy of India (MNRE) has approved a 500 MW pilot CfD for RE on a 3-…” AR p.51 · 31-MAR-26 DOC | ||||||||
| Business | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Customers No Regular training programs are conducted for the customers to make them familiar with the new developments, Email, Meetings, Advertisement, publica…” AR p.148 · 31-MAR-26 · +1 DOC | ||||||||
| Australia | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “> > > Launch of Day-Ahead Market Commenced operation with 58 Participants Registered first Open Access Consumer Launched Term-Ahead Market Registered Participa…” AR p.29 · 31-MAR-25 DOC | ||||||||
| JSLJindal Stainless Ltd. | UNSTATED | — | — | — | COGS | FY24 | EST | 65% |
| “For FY 2024-25, the following specific initiatives have been accomplished at the Hisar Unit: • RE Power Purchase from IEX • Solar Rooftop RE Power Generation •…” AR DOC | ||||||||
| FY27 | UNSTATED | — | — | — | — | FY27 | EST | 65% |
| “Friends, amid global uncertainty and inflationary pressures driven by oil supply volatility, India continues to remain the fastest growing major economy in the…” CONCALL p.3 · 30-NOV-26 DOC | ||||||||
| MCXMulti Commodity Exchange of India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 60% |
| “d) Electricity Derivatives: Further to the approval of the SEBI and CERC to introduce electricity derivatives in India, the much-awaited electricity futures co…” AR p.19 · 31-MAR-25 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | — | 2026-11 | EST | 60% |
| “Then all the big states like Maharashtra, Gujarat, UP, Rajasthan, they are also regular buyers.” CONCALL p.15 · 30-NOV-26 DOC | ||||||||
| Rajasthan | UNSTATED | — | — | — | — | 2026-11 | EST | 60% |
| “Then all the big states like Maharashtra, Gujarat, UP, Rajasthan, they are also regular buyers.” CONCALL p.15 · 30-NOV-26 DOC | ||||||||
| Gujarat | UNSTATED | — | — | — | — | 2026-11 | EST | 60% |
| “Then all the big states like Maharashtra, Gujarat, UP, Rajasthan, they are also regular buyers.” CONCALL p.15 · 30-NOV-26 DOC | ||||||||
| NHPCNHPC Ltd. | UNSTATED | — | — | — | — | 2026-07 | EST | 60% |
| “See, companies like NTPC, Power Grid, NHPC which are government companies, they also have gone to the Appellate Tribune and Supreme Court against the CERC orde…” CONCALL p.33 · 31-JUL-26 DOC | ||||||||
| Power Grid Corporation Ltd | UNSTATED | — | — | — | — | 2026-07 | EST | 60% |
| “See, companies like NTPC, Power Grid, NHPC which are government companies, they also have gone to the Appellate Tribune and Supreme Court against the CERC orde…” CONCALL p.33 · 31-JUL-26 DOC | ||||||||
| UNSTATED | — | — | — | — | 2026-07 | EST | 60% | |
| “In India, if you see Google has a VPPA contract with CleanMax and they take the I-REC out of that contract and then utilize it.” CONCALL p.41 · 31-JUL-26 DOC | ||||||||
| Centre | UNSTATED | — | — | — | — | 2026-07 | EST | 60% |
| “Now, there were many flaws in this particular order and we went to APTEL and we challenged this order and some of the important things which we said were: • Th…” CONCALL p.19 · 31-JUL-26 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| ACMESOLARACME Solar Holdings Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He also served as the Managing Director of PTC Energy Limited and Indian Energy Exchange Limited.” AR · +2 DOC | ||||||||
| SARDAENSarda Energy and Minerals Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “To maximize profitability, the Company strategically sold 33.32 MU of power through the Indian Energy Exchange (IEX).” AR · +1 DOC | ||||||||
| EIDPARRYE.I.D. Parry (India) Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Surplus co- generated power is sold to the Indian Energy Exchange and third-party buyers.” AR · +1 DOC | ||||||||
| JPPOWERJaiprakash Power Ventures Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Part of Energy generation is also sold on merchant basis through bilateral arrangements, through Indian Energy Exchange (IEX), Hindustan Power Exchange (HPX) &…” AR · +1 DOC | ||||||||
| ADANIPOWERAdani Power Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Note 1: Sale and Purchase of Power Note 1 (i): Sale of Power In order to sell power in merchant on Indian Energy Exchange (IEX) and under bilateral agreement, …” AR DOC | ||||||||
| HINDPETROHindustan Petroleum Corporation Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “The Tejuva Wind Farm, which received the sector’s first open access clearance, enabling an additional revenue stream through the sale of green power on the IEX…” AR DOC | ||||||||
| SJVNSJVN Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “Business Scope: Sell surplus or merchant power via IEX and PXIL.” AR · +1 DOC | ||||||||
| HEGAMHEG Advanced Materials Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “Company currently buys its power needs from MP state electricity board and hydro power generated is sold in the market through IEX and bipartite power purchase…” AR p.28 · 31-MAR-26 · +1 DOC | ||||||||
| RELIANCEReliance Industries Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “Renewable Power Use: Over 94% of electricity sourced via TPP and IEX, lowering unit electricity cost by 8% Awards and Accolades Won “National Winner” award in …” AR DOC | ||||||||
| TCSTata Consultancy Services Ltd. | UNSTATED | — | — | — | SG&A | FY26 | EST | 60% |
| “TCS’ end-to-end servicing platform combines TCS BaNCS for Insurance, Intelligent Experience (IEX), and Quartz to deliver policy administration, customer servic…” AR DOC | ||||||||
| CLEANMAXClean Max Enviro Energy Solutions Ltd. | UNSTATED | — | — | — | — | 2026-03→2026-05 | EST | 55% |
| “That every day we generate electricity and sell it on the IEX as brown power and we receive the revenue we receive from the market.” CONCALL · +2 DOC | ||||||||
| ADANIGREENAdani Green Energy Ltd. | UNSTATED | — | — | — | COGS | 2026-07 | EST | 50% |
| “So, batteries again, we keep on evaluating the long-term averages that IEX has and then based on that plus because see battery today, there is no such long-ter…” CONCALL DOC | ||||||||
| DALBHARATDalmia Bharat Ltd. | UNSTATED | — | — | — | — | 2025-11 | EST | 50% |
| “Puneet Dalmia: I think there was a recent a SEBI order on the fact that there was some insider trading in IEX shares by some people involved in the regulatory …” CONCALL DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 2/2 | 100% | 22-OCT-26 |
| CONCALL | 5/5 | 100% | 11-NOV-26 |
| SCREENER | 1/1 | 100% | 11-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.707 | 14-NOV-26 | NTPC Ltd. share 18% · Indian Oil Corporation Ltd. share 82% |
| CUST MOM 1M | +11.7% | 14-NOV-26 | from 15-OCT-26 · TVS Motor Company Ltd. +11.8% w 0 · Ashok Leyland Ltd. +14.2% w 0 · Jindal Stainless Ltd. -1.9% w 0 · Escorts Kubota Ltd. -11.9% w 0 · The Ramco Cements Ltd. +4.2% w 0 · NHPC Ltd. +4.3% w 0 |
| SUPP MOM 1M | +3.9% | 14-NOV-26 | from 15-OCT-26 · E.I.D. Parry (India) Ltd. -6.7% w 0 · Adani Green Energy Ltd. +7.3% w 0 · Hindustan Petroleum Corporation Ltd. +9.5% w 0 · ACME Solar Holdings Ltd. +2.8% w 0 · SJVN Ltd. +3.6% w 0 · Sarda Energy and Minerals Ltd. -8.3% w 0 |