Synopsis:
IEX reported Q1 FY26 revenue of Rs. 141.7 Cr and net profit of Rs. 120.7 Cr, with 15 percent YoY growth in electricity volumes and decent performance from its ICX subsidiary.
During Friday’s trading session, shares of India’s premier electricity exchange, providing a nationwide, automated trading platform for physical delivery of electricity, renewables, and certificates, jumped around 13 percent on BSE after reporting decent financial results for Q1 FY26.
At 11:25 a.m., shares of Indian Energy Exchange Limited were trading in the green at Rs. 140.95 on BSE, up by nearly 6.4 percent, as against its previous closing price of Rs. 132.45, with a market cap of Rs. 12,635 crores. The stock has delivered negative returns of more than 20 percent in the last one year, and has fallen by about 26 percent in the last one month.
What’s the News
According to the latest regulatory filings on the stock exchanges, Indian Energy Exchange Limited announced the financial results for Q1 FY26 on Thursday after market hours.
For Q1 FY26, IEX reported a consolidated revenue from operations of Rs. 141.7 crores, marking around a 0.2 percent QoQ marginal decline compared to Rs. 142 crores in Q4 FY25, but a year-on-year increase of about 15 percent from Rs. 123.6 crores recorded in Q1 FY25.
The company’s net profit for the quarter stood at Rs. 120.7 crores, reflecting a rise of around 3 percent QoQ compared to Rs. 117 crores in Q4 FY25, and a year-on-year increase of about 25 percent from Rs. 96.4 crores recorded in Q1 FY25.
In Q1 FY26, IEX recorded electricity volumes of 32.4 BUs, marking a 15 percent year-on-year growth. Additionally, a total of 52.7 lakh certificates were traded during the quarter.
The International Carbon Exchange (ICX), a wholly-owned subsidiary of IEX, issued more than 44 lakh International Renewable Energy Certificates (I-RECs) in Q1 FY26, compared to 59 lakh I-RECs issued during the entire previous financial year. ICX generated revenue of Rs. 178.8 lakh for the quarter. I-RECs are globally recognised digital certificates that serve as transferable proof of the generation of one megawatt-hour (MWh) of energy from renewable sources.
Yesterday, on 24th July, the shares of IEX tumbled 30 percent after global brokerage firm Bernstein maintained a ‘market-perform’ rating and cut the target price for the stock from Rs. 160 to Rs. 122 per share.
Meanwhile, the Central Electricity Regulatory Commission (CERC) approved Market Coupling norms for the Day-Ahead Market (DAM), set to roll out by January 2026. Power exchanges will rotate as Market Coupling Operators to ensure uniform price discovery, with Grid India serving as a backup operator and developing software for Term-Ahead coupling, alongside a three-month pilot.
Despite Grid India’s earlier objections, the move is viewed negatively for IEX. With an 85 percent spot market share, market coupling could weaken its price discovery edge and shift volumes to rival exchanges, intensifying competition.
Indian Energy Exchange Limited is India’s premier electricity exchange, providing a nationwide, automated trading platform for the physical delivery of electricity, renewable power, renewable energy certificates, and energy-saving certificates.
The exchange platform facilitates efficient price discovery, increasing the accessibility and transparency of the power market in India while also enhancing the speed and efficiency of trade execution.
Written by Shivani Singh
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