IDEX Corporation
IEX · NYSE
Company research
IDEX Corporation (NYSE: IEX) is a Northbrook, Illinois-based global manufacturer of highly engineered applied solutions, founded in 1987 and serving customers across more than 100 countries with a workforce of approximately 9,000 employees. The company operates through three core segments — Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP) — producing mission-critical components such as positive displacement pumps, flow meters, valves, precision fluidics, optical components, firefighting pumps, and rescue tools for end markets spanning chemical processing, water treatment, life sciences, food and beverage, energy, and emergency services. With approximately $3.3 billion in revenue generated in FY2024, IDEX differentiates itself by focusing on niche, high-barrier industrial categories where its proprietary, precision-engineered products are integral to customers' larger systems, commanding premium pricing and generating strong aftermarket recurring revenue streams. Led by CEO Eric D. Ashleman, the company pursues a disciplined growth strategy combining organic investment in R&D with targeted acquisitions to expand its portfolio of leading positions across specialized industrial markets.
Research reports
Motilal Oswal Financial Services Ltd. · April 26, 2026Indian Energy Exchange – 4QFY26 Result Update: In-line 4Q; volume growth guidance robust
Motilal Oswal reports that IEX’s 4QFY26 revenue and EBITDA were broadly in line with estimates, supported by record electricity volumes and resilient REC trading, while PAT slightly missed due to lower other income. The report reiterates management’s 15–20% annual volume growth guidance, flags regulatory overhang from proposed market coupling and pending approvals for new products, and maintains a Neutral rating with an INR140 target based on 24x Dec’27E EPS.
Motilal Oswal Financial Services Ltd. · April 7, 2026IEX – Evaluating the coal exchange opportunityThis thematic update assesses the optionality from IEX’s board-approved plan to explore a coal exchange, framed against the Ministry of Coal’s Draft Coal Exchange Rules and projected growth in India’s coal demand. Motilal Oswal models a coal spot-market penetration of 10%, assumes 5% of spot volumes could trade on an exchange, derives an FY28 equity value of about INR8.2bn for the coal platform, and nonetheless reiterates a Neutral stance on IEX with a TP of INR137 given regulatory, logistics, and implementation risks.
Prabhudas Lilladher Pvt. Ltd. · February 1, 2026Indian Energy Exchange (IEX IN) – Awaiting outcome of Aptel hearingPrabhudas Lilladher’s company update highlights steady 3QFY26 performance, with ~12% year-on-year growth in electricity volumes and mid-teens earnings growth despite muted national power demand, supported by softer short-term prices and a cash-rich balance sheet delivering ~40% RoE. The note emphasizes regulatory risk from proposed market coupling (which IEX has appealed to APTEL), models lower power-volume CAGR versus the past and gradual DAM share erosion, but sees upside from new products (long-duration TAM, Green RTM, peak power markets) and thus assigns a HOLD rating with an INR135 target based on 20x FY28E EPS.
Motilal Oswal Financial Services Ltd. · January 31, 2026Indian Energy Exchange – 3QFY26 Result Update: In-line 3Q; volume growth guidance robustMotilal Oswal’s 3QFY26 result update notes that revenue and EBITDA were in line with estimates, while PAT beat by about 5% on stronger other income, with electricity volumes up ~12% year-on-year but REC volumes down 30%. The analysts highlight IEX’s c.83% share of exchange-traded electricity, management guidance for 15–20% volume growth, and potential earnings upside if market coupling is delayed or less disruptive than feared, yet still value IEX at 25x Dec’27E EPS and maintain a Neutral rating with an INR142 price target.