Indian Energy Exchange (IEX) Q4 24/25 earnings summary

Executive summary

• Achieved record electricity trading volumes in FY 2025 at 121 billion units, up 18.7% year-over-year, and 31.7 billion units in Q4 FY 2025, up 18% year-over-year.

• Renewable Energy Certificates (RECs) traded reached 17.8 million in FY 2025, up 136% year-over-year; Q4 REC trading at 6.8 million, up 108%.

• Indian Gas Exchange (IGX) posted record annual volumes of 60.0 Mn MMBTU in FY 2025, up from 50.9 Mn MMBTU in FY 2024.

• Maintained 84.2% market share in the electricity exchange segment for FY 2025.

• Audited standalone and consolidated financial results for FY 2025 were approved, with an unmodified auditor opinion.

Financial highlights

• Consolidated revenue for FY 2025 rose to INR 657.4 crores, up 19.3% year-over-year; Q4 revenue at INR 174.6 crores, up 17%.

• Consolidated PAT for FY 2025 increased to INR 429.2 crores, up 22.3% year-over-year; Q4 PAT at INR 117.1 crores, up 21.1%.

• Average market clearing price in DAM segment for FY 2025 was INR 4.47/unit, down 15% year-over-year.

• Transaction fees contributed 79% of revenue in FY 2025.

• Final dividend of INR 1.5/share recommended for FY 2025, with total dividend at INR 3/share and a 65% payout ratio.

Outlook and guidance

• Expects continued volume growth driven by rising power demand, new market models (battery storage, FDRE, VPPAs), and India's projected 6-7% GDP growth.

• Anticipates further growth in green market and REC trading, with at least 20 billion units of RECs expected to be traded in FY 2026.

• Approval for 11-month TAM contracts could unlock an additional 40 billion units of annual addressable market.

• IGX targets to increase its share in gas consumption to 4-5% by 2030, with a CAGR of ~36%.

• Plans to leverage energy transition, RE integration, and market redesign for future expansion.