Indian Energy Exchange (IEX) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 electricity traded volume reached 39.7 billion units, up 12.7% YoY; H1 volume was 77 billion units, up 14.2%.

• Q2 FY27 consolidated revenue from operations was ₹16,709.63 lakh and net profit ₹13,923.73 lakh; H1 revenue from operations was ₹32,497.30 lakh and net profit ₹27,399.40 lakh.

Financial highlights

• Q2 FY27 consolidated total income was ₹20,295.76 lakh versus ₹18,326.81 lakh YoY; net profit was ₹13,923.73 lakh versus ₹12,334.67 lakh.

• H1 FY27 consolidated total income was ₹40,576.70 lakh versus ₹36,744.76 lakh; net profit was ₹27,399.40 lakh versus ₹24,404.34 lakh.

• Q2 FY27 consolidated EBITDA was ₹188.2 Cr; H1 revenue was ₹405.8 Cr, EBITDA ₹371.8 Cr and PAT ₹274.0 Cr.

• Q2 FY27 consolidated profit before tax was ₹18,139.57 lakh, including ₹1,104.75 lakh share of associate profit.

Outlook and guidance

• FY27 electricity trading volume growth is expected at 15%; IGX volume growth is forecast at 40%–50% YoY and ICX revenue growth at 20%–25%.

• India power demand is forecast at ~2,700 BU by FY32, with peak demand of 388 GW; installed capacity is projected to increase from 559 GW in FY26 to 958 GW by FY32.

• Growth opportunities include storage arbitrage, firm and dispatchable renewables, carbon-credit trading, longer-term contracts and capacity markets.