Indian Energy Exchange Ltd (IEX) delivered robust fourth-quarter results with consolidated net profit rising 11% to ₹130 crore compared to ₹117 crore in the same period last year, according to reports from CNBC TV18, Live Mint, and The Economic Times. The company's consolidated revenue increased 13% year-on-year to ₹196 crore from ₹175 crore in the corresponding quarter of the previous year. Consolidated EBITDA rose 23.1% to ₹149.4 crore versus ₹121.3 crore in the same quarter last year, with the EBITDA margin standing at 86% compared with 85% year-on-year. As per Emkay Global, the company managed to report revenue slightly higher than estimates, with its EBIT margin expanding 70 basis points on quarter to 13.8%. The brokerage is positive on the revenue beat, steady expansion of EBIT margin, and healthy deal intake during the March quarter.
For FY26, IEX achieved its highest-ever traded electricity volume of 141.1 BUs, up 17% year-on-year, as reported by CNBC TV18, Live Mint, and The Economic Times. REC trading also touched a record 187.20 lakh units, up 5% year-on-year. On a consolidated basis, the company reported its highest quarterly traded electricity volume of 39.4 BUs in Q4FY26, up 24.3% year-on-year. During the quarter, REC trading during the quarter stood at 71.71 lakh units, up 6.1% year-on-year. However, Emkay Global notes that revenue from top five clients declined 1.4% on quarter and revenue growth in retail, transport and logistics declined 5.3% sequentially, which the brokerage was sceptical of.
During FY26, increased generation from wind, hydro, and solar sources, along with sustained supply from coal-based generation, resulted in higher supply liquidity on the exchange platform, leading to a sharp decline in Day-Ahead Market (DAM) and Real-Time Market (RTM) prices. According to Live Mint and The Economic Times, the market clearing price in the day-ahead market stood at ₹3.86 per unit, down 13.7% compared to FY25. Similarly, the market-clearing price in the Real-Time Market stood at ₹3.59 per unit, declining 16% YoY. This price decline reflects the increased renewable energy generation and improved supply-demand dynamics in the power market.
The company's subsidiary ICX demonstrated exceptional growth during FY26, with ICX issuing 179 lakh I-RECs, recording a growth of over 200% compared to FY25. As per Live Mint and The Economic Times, ICX reported revenue of ₹7.7 crore in FY26, as against ₹3.4 crore in FY25, marking a 126% YoY growth. This significant revenue increase reflects the growing demand for renewable energy certificates and the subsidiary's expanding market presence.
On the gas market front, IEX's subsidiary IGX traded its highest-ever gas volumes of 76.8 million MMBtu in FY26, a growth of 28% YoY, as reported by The Economic Times. IGX recorded a profit after tax of ₹41.9 crore in FY26, 35% higher than ₹31 crore in FY25. For the full financial year FY26, IEX reported standalone revenue increased 13.9% year-on-year to ₹744.9 crore from ₹654.3 crore, while standalone net profit rose 14.2% to ₹473.7 crore from ₹414.6 crore, according to CNBC TV18. On a consolidated basis, FY26 revenue increased 13.6% year-on-year to ₹747.0 crore from ₹657.4 crore, while net profit rose 14.9% to ₹492.9 crore from ₹429.2 crore. The company also recommended a final dividend of ₹2 per share, with the record date fixed for Friday, May 15, 2026, as reported by Live Mint and The Economic Times. If approved by shareholders, the dividend will be paid within 30 days from the approval date.
