IEX Share Price: Motilal Oswal Sees Near-Term Pressure Despite Q3 Performance

• Motilal Oswal maintains 'Neutral' rating on IEX with a price target of ₹142, implying 12% upside.
• IEX's Q3 standalone revenue and EBITDA were in line with estimates, while PAT exceeded by 5% due to higher other income.
• Electricity volumes grew 11.7% YoY, but renewable energy certificate volumes sharply declined by 30%.
• Market coupling announcement by CERC for Day-Ahead Market (DAM) is a key concern, potentially impacting IEX's volumes and transaction fees.
• IEX maintains an 83% market share in electricity volumes, and management guides for 15-20% volume growth, but market coupling remains an overhang.

Why It Matters: Motilal Oswal sees near-term pressure on IEX due to market coupling despite steady Q3 financials.