Indian Energy Exchange (IEX) Q1 25/26 earnings summary

Executive summary

• Q1 FY 2026 delivered robust financial and operational performance, with strong YoY growth in revenue, PAT, and trading volumes across electricity, green, and gas segments, despite subdued power demand due to early monsoons and unseasonal rains.

• The company maintains a leadership position in the day-ahead and real-time markets, supported by technology, customer engagement, and regulatory relationships.

• Diversification initiatives advanced with Indian Gas Exchange, International Carbon Exchange, and plans for a coal exchange underway.

• Board approved unaudited standalone and consolidated financial results for Q1 FY26 and appointed M/s MNK and Associates LLP as Secretarial Auditors for five years, subject to AGM approval.

Financial highlights

• Revenue grew 19.2% YoY to INR 184.2 crore in Q1 FY 2026, with consolidated revenue at ₹14,175.14 lakhs and standalone at ₹13,998.81 lakhs.

• PAT increased 25.2% YoY to INR 120.7 crore, with consolidated net profit at ₹12,069.67 lakhs and standalone at ₹11,304.09 lakhs.

• EBITDA margin remained high, with EBITDA at ₹154.5 Cr on revenue of ₹157.9 Cr in Q1 FY'26.

• Other income rose sharply due to mark-to-market gains from target maturity fund investments and NIFTY 50 index fund performance.

• IGX profit after tax was INR 14.1 crore, up 86.7% YoY.

Outlook and guidance

• Power demand is expected to grow at 6% per annum till 2032, with peak demand forecasted at 366 GW by 2032.

• Anticipates significant volume growth driven by rising power demand, electrification, and regulatory reforms.

• Policy measures and regulatory support are expected to drive further volume growth and price rationalization on exchanges.

• Diversification initiatives, including carbon and coal exchanges, are progressing.

• Board recommended a final dividend of ₹1.5 per equity share for FY25, subject to shareholder approval.