Indian Energy Exchange (IEX) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 electricity trading volume rose 16.1% YoY to 35.2 billion units, with revenue up 9.2% YoY to INR 183.3 crore and profit after tax up 13.9% YoY to INR 123.4 crore.

• H1 FY26 electricity volumes increased 15.5% YoY, and renewable energy certificates rose 15.2%.

• India's GDP grew 7.8% in Q1 FY26, with strong domestic demand and investment activity; RBI revised FY26 GDP growth forecast to 6.8%.

• Diversified into gas and carbon exchanges, with IGX and ICX expanding product offerings and client base.

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025 were approved by the Board on 30 October 2025.

Financial highlights

• Standalone revenue from operations for Q2 FY26 was ₹15,224.42 lakhs, up from ₹13,924.38 lakhs in Q2 FY25; half-year revenue was ₹29,223.23 lakhs, up from ₹26,280.58 lakhs YoY.

• Standalone net profit for Q2 FY26 was ₹12,161.35 lakhs, compared to ₹10,608.40 lakhs in Q2 FY25; half-year net profit was ₹23,465.44 lakhs, up from ₹19,950.72 lakhs YoY.

• Consolidated revenue from operations for Q2 FY26 was ₹15,392.49 lakhs, up from ₹13,939.91 lakhs in Q2 FY25; half-year revenue was ₹29,567.63 lakhs, up from ₹26,296.11 lakhs YoY.

• IGX cash volume: 16.1 million MMBtu (+37% YoY); IGX PAT: INR 9.6 crore (+57% YoY).

• Settlement payable as of 30th September: ~INR 500 crore.

Outlook and guidance

• Expected to maintain 15%-20% volume growth for the remainder of FY26.

• Long-term average volume growth target remains at ~20% annually, in line with India's economic and electrification trends.

• Anticipates significant volume growth driven by rising power demand, regulatory reforms, and new product launches.

• IGX targets an increase in market share from 2% to 4-5% of total gas consumption by 2030.

• Management and auditors confirm compliance with Indian Accounting Standards and regulatory requirements.