Indian Energy Exchange: IEX shares crash 30% to hit revised lower circuit; here's what analysts say

Shares of Indian Energy Exchange (IEX) Ltd nosedived 30 per cent on Thursday to hit their revised lower circuit limit of Rs 131.50, marking a new one-year low for the stock. It eventually settled 29.49 per cent lower at Rs 132.45. Today's sharp decline in the stock price followed the Central Electricity Regulatory Commission's (CERC) approval of a phased implementation of market coupling across India's power exchanges.

Market coupling is an economic mechanism aimed at establishing a uniform electricity price across multiple trading platforms. This development is expected to impact the market share of IEX.

CERC has given the green light to implement market coupling in the Day-Ahead Market (DAM), in accordance with the Power Market Regulations of 2021. In the first phase, the DAM is expected to be coupled by January 2026. Reports suggest that multiple power exchanges will serve as Market Coupling Operators (MCOs) on a rotational basis.

On the technical front, a few analysts noted that the stock appears bearish on charts, with key support levels identified in the Rs 130-120 range.

Kunal Kamble, Senior Technical Research Analyst at Bonanza, "The technical setup is decisively negative and any rise from current levels should be viewed as a selling opportunity. No fresh positions are advised at this point, given the breakdown structure and prevailing bearish sentiment."

Ravi Singh, Senior Vice-President of Retail Research at Religare Broking, noted that the stock looks technically weak and may slip further towards Rs 130 level, with immediate resistance seen at Rs 158.

According to Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, "The stock's chart has turned bearish, with the Rs 150–155 range now acting as a resistance level. A steady rise in buying interest could offer short-term relief, while the nearby Rs 130-120 zone is expected to provide support against further downside."

Meanwhile, the company today posted a 20.9 per cent year-on-year (YoY) rise in consolidated net profit, reaching Rs 113 crore for the June 2025 quarter (Q1 FY26), compared to Rs 93.42 crore in the same period last year. Revenue from operations for the quarter stood at Rs 139.9 crore, marking a 13.2 per cent increase from Rs 123.5 crore in the corresponding period of the previous year.