IEX

This is a fundamental bet on India's burgeoning power trading platform, essentially a 'Zerodha for electricity.' Historically, it’s earned solid commissions from discoms trading power contracts. The recent 40% dip, triggered by government plans to "decouple" the market and involve two other exchanges, initially spooked investors. However, with the stock consolidating at range lows, the thesis remains compelling. India's power market is set for explosive growth (15-15% CAGR, far outpacing GDP), driven by renewables and carbon credits. There's ample room for three players, and I see this as an opportunity to build a position sensibly on drawdowns. The long-term trend of increasing electricity demand and trading efficiency makes IEX an attractive prospect despite the recent regulatory changes.