Indian Energy Exchange (IEX) share price crashed over 8 per cent to ₹134.60 apiece in early morning session on Monday, July 28. The stock has saw a downturn of nearly 30 per cent in past five trading sessions.

The stock fell after brokerage firm Jefferies projected a downside, cutting down the target price.

The stock is no longer under the Futures & Options (F&O) ban, allowing investors to open new positions in it.

However, following Monday’s decline, IEX shares have erased all the gains made on Friday. The stock had surged 9 per cent on Friday after plunging 30 per cent on Thursday — its biggest drop on record — triggered by the Central Electricity Regulatory Commission’s (CERC) approval of market coupling regulations.

The volatility in IEX share price has emerged following the Central Electricity Regulatory Commission’s announcement regarding the phased rollout of market coupling starting next year.

Brokerage firm Jefferies has reiterated its “underperform” rating on IEX and lowered its target price from ₹150 to ₹105, indicating a possible 28 per cent downside from Friday’s closing price.

In its note, Jefferies stated that the implementation of market coupling from January 2026 is likely to hasten IEX’s loss of market share, which it expects to decline from over 80 per cent in FY25 to around 50 per cent by FY28.

IEX Q1 results 2025

The company reported a 25 per cent year-on-year (YoY) rise in net profit, reaching ₹120.69 crore for the June quarter of the financial year 2025–26, compared to ₹96.44 crore in the same period last year.

The company reported revenue from operations of ₹139.9 crore for the quarter ended in June, marking a 13.2 per cent increase from ₹123.5 crore recorded in the same quarter of the previous financial year.

Indian Energy Exchange’s total expenses for the first quarter of FY 2025-26 surged by 53 per cent to ₹32 crore, up from ₹29.4 crore in the corresponding quarter of the previous financial year.

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