Indian Energy Exchange (IEX) Q3 25/26 earnings summary

Executive summary

• Q3 FY 2026 electricity trading volume rose 12% YoY to 34.1 BU, with 9M volume up 14.3% YoY to 102 BU, demonstrating robust business model and financial strength.

• Revenue and profit after tax grew double digits YoY in Q3, with consolidated revenue at ₹495.2 crore and PAT at ₹123.3 crore, reflecting stable margins.

• Renewables now contribute 27% to India's generation mix, with significant capacity additions and regulatory support accelerating the energy transition.

• Diversification into gas, carbon, and upcoming coal exchanges, with IGX volumes and client base expanding.

• Board approved unaudited financial results and declared an interim dividend of ₹1.5 per share for FY 2025-26.

Financial highlights

• Consolidated revenue for Q3 FY26 reached ₹495.2 crore, up from ₹430.5 crore in Q3 FY25; standalone revenue was ₹14,390.45 lakhs.

• PAT for Q3 was ₹123.3 crore; standalone net profit was ₹11,508.92 lakhs, and consolidated net profit at ₹11,910.52 lakhs.

• Profit after tax for 9M rose 16.4% YoY to INR 363.1 crore.

• Transaction fees comprised 76% of revenue in Q3 FY26, with other income at 21%.

• Cash and cash equivalents stood at INR 1,500 crore as of December 31, 2025.

Outlook and guidance

• Power exchange expects 15%-20% annual growth, gas exchange targets 25%-30% growth over next 4-5 years.

• Power demand projected to reach 2,300 BU by FY30, with peak demand of 366 GW by 2032.

• Regulatory changes and new products (e.g., Green RTM, capacity markets, VPPAs) to drive further market deepening.

• Carbon exchange market expected to start post-regulatory framework, with significant opportunity anticipated.

• Interim dividend of ₹1.5 per share declared, with record date set for February 4, 2026.