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

Executive summary

• India posted strong GDP growth of 7.8% in Q1 FY 2026, driven by robust domestic demand and sectoral expansion.

• Achieved robust growth in electricity and certificate trading volumes, with H1 FY26 electricity volumes up 15.5% year-over-year and renewable energy certificates up 15.2%.

• 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.

• Statutory auditors conducted a limited review and found no material misstatements in the financial statements.

Financial highlights

• Q2 FY 2026 electricity trading volume reached 35.2 billion units, up 16.1% YoY; H1 FY26 electricity volumes up 15.5% YoY.

• Revenue rose 9.2% YoY to INR 183.3 crore; consolidated Q2 FY26 revenue was ₹15,392.49 lakhs, with PAT at ₹12,334.67 lakhs.

• Renewable energy certificates traded fell to 44 lakh from 63 lakh YoY; certificate revenue declined 53%.

• RTM segment volumes grew 39-40% YoY, now representing 36% of total volume, surpassing DAM for the first time.

• Average DAM price dropped 12.5% YoY to INR 3.93/unit; RTM price fell 16% to INR 3.51/unit.

Outlook and guidance

• Volume growth guidance for FY 2026 is 15%-20%, with expectations to sustain historical 20% CAGR if economic and sectoral trends continue.

• Anticipates robust demand growth driven by electrification, EVs, data centers, and battery storage adoption.

• Expects further growth from capacity additions in renewables and storage, and favorable policy frameworks.

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

• No forward-looking guidance or projections were provided in statutory filings.