Indian Energy Exchange (IEX) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 and 9M FY25 saw strong electricity trading volume growth, with Q3 volumes up 16% YoY to 30.5 BU and 9M volumes up 19% YoY to 89 BU, maintaining market share at 83%-85%.

• IGX gas exchange volumes for 9M FY25 reached 40.8 Mn MMBTU, up from 32.1 Mn MMBTU YoY, with PAT rising 18% to INR 22 crores.

• The Board and Audit Committee approved unaudited financial results for Q3 and 9M FY25, with statutory auditors issuing unmodified review reports.

• Regulatory changes, such as LPSC rule amendments and new carbon market procedures, are expected to deepen market liquidity.

• Power demand increased 3% YoY in Q3 and 4.8% YoY in 9M FY25, with strong government focus on capacity addition and infrastructure.

Financial highlights

• Consolidated revenue for Q3 FY25 rose to INR 160.5 crores, up 13.7% YoY; consolidated PAT increased 16.9% to INR 107.3 crores.

• Standalone revenue for Q3 FY25 was ₹13,130.74 lakhs, up from ₹11,530.02 lakhs YoY; standalone PAT was ₹10,314.81 lakhs, up from ₹8,932.92 lakhs YoY.

• Consolidated revenue for 9M FY25 reached Rs 482.8 Cr, with PAT at Rs 254.1 Cr, both showing YoY growth.

• Interim dividend of INR 1.50 per share (150% of face value) declared for FY25.

• Transaction fees contributed nearly 79% of standalone revenues in Q3 FY25.

Outlook and guidance

• Management targets 15%-20% annual growth, supported by capacity additions, regulatory support, and new product launches.

• Gas exchange growth is expected to accelerate post-2026 as global LNG supply increases and prices fall.

• IGX aims for 4-5% of national gas consumption by 2030.

• Battery storage, FDRE, and virtual PPAs are seen as future growth drivers.

• Expects further market deepening with capacity contracts, derivatives, and increased RE integration.