Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Indian Energy Exchange / Equity Bottom-Up

<ul>
<li>Volume Data: IEX volumes rose 15% YoY in Q1 FY26, led by strong RTM and Green Market growth.</li>
<li>Near-Term Outlook: Higher volumes should lift Q1 earnings, with EBITDA and PAT expected to rise ~22%.</li>
<li>Future Plans: IEX is launching new products like G-RTM and LDCs, and investing in P2P and smart grid tech.</li>
</ul>


Volume Data: IEX volumes rose 15% YoY in Q1 FY26, led by strong RTM and Green Market growth.
Near-Term Outlook: Higher volumes should lift Q1 earnings, with EBITDA and PAT expected to rise ~22%.
Future Plans: IEX is launching new products like G-RTM and LDCs, and investing in P2P and smart grid tech.


IEX Powers Ahead: Volume Growth Signals Strong Q1 and Strategic Evolution

<ul>
<li>IEX reported 18.7% volume growth to 121 BU in FY25, with revenue up 19.3% and PAT up 22.3%, driven by higher RTM and Green Market volumes.</li>
<li>Strong growth in Green Market and REC trading; new initiatives like Green RTM, Carbon Credit Trading, and Coal Exchange are progressing toward regulatory approvals.</li>
<li>Management expects volume growth from rising demand and policy support, but regulatory changes and market coupling remain key execution and competitive risks.</li>
</ul>


IEX reported 18.7% volume growth to 121 BU in FY25, with revenue up 19.3% and PAT up 22.3%, driven by higher RTM and Green Market volumes.
Strong growth in Green Market and REC trading; new initiatives like Green RTM, Carbon Credit Trading, and Coal Exchange are progressing toward regulatory approvals.
Management expects volume growth from rising demand and policy support, but regulatory changes and market coupling remain key execution and competitive risks.


IEX: Transitioning with India’s Energy Landscape

APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Trualt Bioenergy Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trualt-bioenergy-ltd" target="_blank" data-smartkarma-citation="entities:44364:1" rel="noopener">Trualt Bioenergy Ltd (2350587D IN)</a> (TBL) is planning to raise about US$120m through its upcoming India IPO. </li>
<li>TBL is one of India’s largest biofuels producers. As of FY24, TBL’s business verticals were Ethanol, ENA (Extra Neutral Alcohol), CBG (Compressed Biogas), FOM (Fermented Organic Manure), CO2 (Carbon Dioxide).</li>
<li>As per the CRISIL Report, TBL held the distinction of being the largest ethanol producer in India based on installed capacity, as of Mar 24.</li>
</ul>



Trualt Bioenergy Ltd (2350587D IN) (TBL) is planning to raise about US$120m through its upcoming India IPO. 
TBL is one of India’s largest biofuels producers. As of FY24, TBL’s business verticals were Ethanol, ENA (Extra Neutral Alcohol), CBG (Compressed Biogas), FOM (Fermented Organic Manure), CO2 (Carbon Dioxide).
As per the CRISIL Report, TBL held the distinction of being the largest ethanol producer in India based on installed capacity, as of Mar 24.


Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

<ul><li>As one of the fastest-growing economies globally, India is projected to become the third-largest economy, trailing only China and the US, by 2027.</li><li>Amid macroeconomic challenges worldwide, investors are eager to tap into India’s robust economic growth.</li><li>However, economic growth does not always correlate with equity market growth, as seen in Spain and Italy during the 1980s and 1990s, and more recently in China.</li></ul>

As one of the fastest-growing economies globally, India is projected to become the third-largest economy, trailing only China and the US, by 2027.Amid macroeconomic challenges worldwide, investors are eager to tap into India’s robust economic growth.However, economic growth does not always correlate with equity market growth, as seen in Spain and Italy during the 1980s and 1990s, and more recently in China.

Indian Energy Exchange: Do You Want to Earn a Royalty on India’s Economic Growth?

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Indian Energy Exchange / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indian-energy-exchange-ltd" target="_blank" data-smartkarma-citation="entities:25946:1" rel="noopener">Indian Energy Exchange Ltd (IEX IN)</a>  is a market leader among power exchanges. However, the company’s market share might be delicate, especially with the developments of market coupling.</li>
<li>The company might be a market leader, however there are some aspects accounting wise that are unique to IEX as compared to other exchanges like MCX and BSE.</li>
<li>This includes settlement guarantee fund, accounting of software license, etc.</li>
</ul>



Indian Energy Exchange Ltd (IEX IN)  is a market leader among power exchanges. However, the company’s market share might be delicate, especially with the developments of market coupling.
The company might be a market leader, however there are some aspects accounting wise that are unique to IEX as compared to other exchanges like MCX and BSE.
This includes settlement guarantee fund, accounting of software license, etc.


India

Indian Energy Exchange (IEX) is India's premier electronic trading platform for the physical delivery of electricity, renewable energy, and certificates. It facilitates efficient price discovery and provides a marketplace for various participants in the power market. IEX's products include Day-Ahead Market (DAM), Real-Time Market (RTM), Term-Ahead Market (TAM), Green Day-Ahead Market (G-DAM), Green Term-Ahead Market (G-TAM), Renewable Energy Certificates (RECs), and Energy Saving Certificates (ESCerts). The company was founded in 2008 and is headquartered in Noida, Uttar Pradesh, India.

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Indian Energy Exchange (IEX IN)

IEX Powers Ahead: Volume Growth Signals Strong Q1 and Strategic Evolution

IEX sees 15% YoY volume growth in Q1 FY26, expects earnings to rise 22% with new product launches and tech investments in the pipeline.

Rahul Jain

IEX: Transitioning with India’s Energy Landscape

IEX sees strong growth in volume and revenue in FY25, driven by higher RTM and Green Market volumes. Regulatory changes and market coupling are...

Rahul Jain

Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...

Rosita Fernandes

Indian Energy Exchange: Do You Want to Earn a Royalty on India’s Economic Growth?

As one of the fastest-growing economies globally, India is projected to become the third-largest economy, trailing only China and the US, by...

Contrarian Cashflows

IEX Ltd- Facing the Tide

IEX faces a structural tide, as the developments of market coupling gain prominence. There are some aspects accounting wise that are unique to IEX...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IEX Powers Ahead: Volume Growth Signals Strong Q1 and Strategic Evolution

​IEX sees 15% YoY volume growth in Q1 FY26, expects earnings to rise 22% with new product launches and tech investments in the pipeline.

Rahul Jain

IEX: Transitioning with India’s Energy Landscape

​IEX sees strong growth in volume and revenue in FY25, driven by higher RTM and Green Market volumes. Regulatory changes and market coupling are...

Rahul Jain

Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

​Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...

Rosita Fernandes

Indian Energy Exchange: Do You Want to Earn a Royalty on India’s Economic Growth?

As one of the fastest-growing economies globally, India is projected to become the third-largest economy, trailing only China and the US, by...

Contrarian Cashflows

IEX Ltd- Facing the Tide

IEX faces a structural tide, as the developments of market coupling gain prominence. There are some aspects accounting wise that are unique to IEX...

Nitin Mangal

IEX sees 15% YoY volume growth in Q1 FY26, expects earnings to rise 22% with new product launches and tech investments in the pipeline.

IEX sees strong growth in volume and revenue in FY25, driven by higher RTM and Green Market volumes. Regulatory changes and market coupling are...

Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...