Indian Energy slips; Ambit Capital initiates with 'sell', sees near-term pressure on core business

Indian Energy Exchange

07/09/2026 07:14

** Shares of Indian Energy Exchange IIAN.NS down 0.7% at 118.1 rupees
** Ambit Capital initiates IIAN stock with "sell" and PT of 100 rupees
** Brokerage expects planned market coupling to erode dominant position in the day-ahead power market 
** Says growth in company's gas, carbon-credit and renewable-certificate businesses is unlikely to fully offset pressure on its core power-exchange business in the near term 
** Forecasts company's day-ahead market share falling to 60% by fiscal 2032 from nearly 100% currently, while its blended share across exchange segments could decline to about 55% 
** Sees revenue to decline 5.7% in FY28 and EPS growth of about 5% annually over FY26-29, versus 18% over FY18-26
**  Stock rated as "Hold" on average by 12 analysts; median PT at 135 rupees --LSEG-compiled data
** YTD, stock down 11.9%

 (Reporting by Mridula Kumar in Bengaluru)
 ((Mridula.Kumar@thomsonreuters.com;))