Oct 16, 2021Liked by Ankush Agrawal

Being an employee of NTPC, I was able to see this shift much early & hence invested at lower level.

But this was an amazing article Ankush!! Thanks for simplifying the concept!!

Recently I came across one tweet with some caution -


Would love to know your view on this! Thanks again!!

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Sir, valuation is something that is very subjective and relative. It is not written anywhere that 20x PE is right or 200X PE is right. It all depends on the market itself.

Secondly, I don't agree with the comparison with ICICI Securities, their business model is extremely volatile and goes through cycles which is why it gets lower PE, whereas power demand is secular and IEX's business model is not based on price variations. So it is a secular growth business.

Plus, one also needs to evaluate other optionalities of IGX, which itself could be a business as big as IEX overtime.

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Resonating thoughts!! 👍

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Oct 13, 2021Liked by Ankush Agrawal

Great article, Thanks for Sharing.

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Jul 21, 2021Liked by Ankush Agrawal


Great compilation.

I guess the risk/concern is there with regulatory CERC and new competitor (PTC Exchange).

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Jul 8, 2021Liked by Ankush Agrawal

Hi Ankush, I am amazed at the detailed background and analysis of the power exchange business. Your analysis is bang on. Also liked the views about IEX, IGX, highlights of earning call. Fantastic work. Looking forward to more of such analysis !!! Thank you once again.

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May 13, 2021Liked by Ankush Agrawal

Kudos Ankush you have covered all the points very well and made it really simpler for reader to understand.

I would suggest 1 thing, quoting source can help reader rely on your data easily.

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Thanks Chirag, would look to mention source in future posts.

In this post most data is sourced from CERC website, they have Annual Reports and Monthly reports on Short Term Market.

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