Indian Energy Exchange (IEX) shares surged over 3% on Wednesday, March 18, following the company's announcement that its board has given in-principle approval to explore establishing a Coal Exchange. According to reports from CNBC-TV18, the stock climbed as much as 3.52% to ₹124.10 per share on the National Stock Exchange (NSE). The board decision was made during a meeting held on March 18, 2026, in line with the proposed 'Coal Regulations 2025' issued by The Ministry of Coal. The move is aimed at evaluating a new business opportunity in coal trading and aligns with IEX's broader strategy to expand beyond electricity trading and tap into emerging segments within the energy market.
IEX demonstrated robust trading activity in February 2026, recording a monthly electricity traded volume of 12,550 million units (MU), reflecting a 30.4% surge on a year-on-year basis. As reported by LiveMint, around 18.86 lakh renewable energy certificates were traded in the reporting month, showing a 15.2% YoY increase. The company also noted that India's energy consumption reached 133 BUs, up 1.9% compared to the previous year, citing government data. In the December quarter, IEX reported 11.9% growth in electricity traded volume to 34.08 billion units, with the real-time market segment growing 35.7% while day-ahead market volumes declined 2.8%, indicating a shift in trading patterns.
IEX delivered strong financial results in the December quarter, with net profit rising 11% year-on-year to ₹119.10 crore and revenue growing 10% to ₹146 crore. As reported by LiveMint, EBITDA for the quarter stood at ₹122.3 crore, up 8%, with margins remaining largely stable at 84%. The company's performance reflects its continued growth trajectory in the energy trading sector, positioning it well for potential expansion into coal trading markets. Additionally, IEX's board sanctioned an interim dividend of ₹1.5 per equity share with a face value of Re 1 each for the financial year 2025-26.
Despite increased energy consumption, power exchange prices declined significantly compared to the previous year due to higher supply liquidity on the exchange platform. According to IEX's exchange filing on March 5, the market clearing price in the Day Ahead Market was ₹3.58/unit during February 2026, declining 18.3% YoY. Similarly, the price in the Real time market was ₹3.59/unit during February 2026, declining 18.7% YoY.
IEX has committed to making further disclosures upon the occurrence of subsequent events, in accordance with applicable regulations. As reported by LiveMint, the company stated that it will provide additional information as events unfold regarding the Coal Exchange exploration initiative. The board's in-principle approval represents a strategic move to expand IEX's trading platform beyond its current electricity and renewable energy certificate operations, with the company working towards launching a coal exchange since April last year when Joint Managing Director Rohit Bajaj expressed being "very bullish" on the opportunity.
