Indian Energy Exchange LimitedQuarter ended 30 September 2026 Results & Financial Update
Indian Energy Exchange Limited: Quarter ended 30 September 2026 consolidated results and company financials – revenue ₹167.10 Cr, PAT ₹139.24 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Find an answer
Ask this result
Chart · Market context
Indian Energy Exchange price & chart
Market priceLoading…
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Indian Energy Exchange Quarter ended 30 September 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Indian Energy Exchange reported consolidated revenue from operations of INR 167.10 crore for the quarter ended 30 September 2026, marking an increase of 8.56% year-on-year compared to INR 153.92 crore in the corresponding quarter of the previous year and a 5.84% sequential expansion over the preceding quarter's revenue of INR 157.88 crore.
Total consolidated income reached INR 202.96 crore for Q2 FY27, reflecting steady growth from INR 183.27 crore in Q2 FY26 and INR 202.81 crore in Q1 FY27. Prudent cost containment across operations supported profitability gains during the period under review.
Profit before tax (PBT) advanced to INR 181.40 crore, representing a 12.60% year-on-year improvement over INR 161.10 crore and a 7.28% quarter-on-quarter increase from INR 169.08 crore. Tax expense for the quarter stood at INR 42.16 crore.
Consolidated profit after tax (PAT) rose to INR 139.24 crore, registering a 12.88% year-on-year growth compared to INR 123.35 crore in Q2 FY26, and a 3.32% sequential increase over INR 134.76 crore reported in Q1 FY27. Earnings per share (EPS) for the quarter improved to INR 1.56, compared to INR 1.39 in the year-ago period and INR 1.52 in the previous quarter.
Operating performance continued to benefit from structural shifts in power procurement. Real-Time Market (RTM) volumes expanded robustly, maintaining its position as a key growth pillar alongside increased participation from industrial and commercial consumers seeking cost optimization during solar hours when exchange clearing prices touched near-zero levels on approximately 26 days during the quarter.
Strategic developments during the quarter included further operational progress across group subsidiaries. IGX advanced its expansion with a proposed initial public offering for which a Draft Red Herring Prospectus was filed with SEBI and BSE, while Indian Coal Exchange Ltd progressed with license applications following the notification of coal exchange rules by the Ministry of Coal in June 2026.
01 · Business model
What does Indian Energy Exchange do?
Indian Energy Exchange Limited (IEX) operates as India's premier electronic, automated, and transparent power exchange platform facilitating physical delivery of electricity, renewables, and certificates under regulatory oversight from the Central Electricity Regulatory Commission (CERC). Established in 2008 and publicly listed in 2017, the company provides over 20 distinct market products spanning Day-Ahead Market (DAM), Real-Time Market (RTM), Term-Ahead Market (TAM), Green Markets, and Energy Saving Certificates.
The company's ecosystem connects more than 9,100 registered participants, including over 5,300 commercial and industrial consumers, approximately 3,000 renewable energy generators and obligated entities, 45 state distribution companies (DISCOMs), and more than 1,100 conventional power generators. Its revenue model is primarily driven by transaction fees levied on cleared volumes, alongside admission and annual membership fees and other income from treasury deployments.
IEX operates group ventures including Indian Gas Exchange (IGX), India's first natural gas exchange operating under PNGRB regulations, International REC (I-REC) issuing entity ICX, and Indian Coal Exchange Ltd, which was incorporated in June 2026 to build a digital coal trading platform following the Ministry of Coal's notification of Coal Exchange Rules in June 2026.
02 · Historical context
What shaped the business before this quarter
IEX commenced nationwide operations in 2008 as India's first electronic power exchange, initially offering a single Day-Ahead Market product and subsequently scaling its portfolio to over 20 products.
The company transitioned to a publicly listed entity in 2017 with listings on both the National Stock Exchange (NSE) and BSE Limited.
IEX expanded beyond electricity by establishing the Indian Gas Exchange (IGX) in 2020 as India's first natural gas exchange, followed by the launch of International REC (I-REC) issuer operations in 2022.
Following the Ministry of Coal's notification of Coal Exchange Rules on June 4, 2026, IEX incorporated Indian Coal Exchange Ltd in June 2026 and applied for a trading license with the Coal Controller Organization in September 2026.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30 September 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹167.10 Cr | ₹153.92 Cr | ₹157.88 Cr |
| Total income | ₹202.96 Cr | ₹183.27 Cr | ₹202.81 Cr |
| Profit before tax | ₹181.40 Cr | ₹161.10 Cr | ₹169.08 Cr |
| Profit after tax | ₹139.24 Cr | ₹123.35 Cr | ₹134.76 Cr |
| EPS | ₹1.56 | ₹1.39 | ₹1.52 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Transaction fees constitute the primary revenue engine for IEX, accounting for approximately 77% of standalone revenues in Q2 FY27, supported by sustained volume throughput across Day-Ahead, Real-Time, and Term-Ahead markets.
RTM volume growth remained a core operational driver, capturing 41% of total electricity volumes in H1 FY27 as market participants increasingly utilized the 24/7 flexibility to manage portfolio imbalances.
Mandatory offering of URS power by conventional generators under LPSC rules contributed 8.4 billion units in H1 FY27, bolstering sell-side liquidity across RTM and DAM segments.
What drove margins
The company's scalable, technology-driven trading platform model enables revenue expansion to outpace operating expenses, resulting in high profitability margins with a PAT margin exceeding 83% in Q2 FY27.
Other income contributed approximately 20% to standalone revenues during Q2 FY27, supported by returns from liquid treasury and cash reserves generated by strong free cash flow conversion.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Core electricity volumes across DAM, RTM, TAM, and Green markets continued to expand, driven by structural demand growth, industrial open access, and DISCOM procurement optimization.
IGX maintained growth across RLNG, domestic gas, and ssLNG segments across its network of 19 delivery points and 6 regional hubs, with a proposed IPO process underway following DRHP filing with SEBI and BSE.
Indian Coal Exchange Ltd advanced its licensing process following the Ministry of Coal's rule notification, targeting a share of the evolving multi-seller coal e-auction market. Carbon trading preparations continued ahead of expected regulatory finalization.
Geography and market mix
Operations span across all Indian states with regional demand variations, including high summer and paddy season demand in North India and peak procurement in southern states between August and October, supported by an integrated national grid operating with 99.9% congestion-free uptime.
06 · Strategy & new businesses
How the company is trying to change its growth mix
IEX filed petitions with CERC for launching Green Real-Time Market (Green RTM) and Peak DAM/RTM contracts to enable BESS providers and renewable generators to trade during peak hours.
Following final notifications on greenhouse gas emission intensity targets by the Ministry of Environment and draft trading procedures by the Bureau of Energy Efficiency, IEX filed a petition with CERC for carbon credit trading approval.
07 · Reported developments
What changed operationally
Consolidated PAT for Q2 FY27 grew 12.88% year-on-year to INR 139.24 crore, supported by an 8.56% increase in operating revenue.
Non-fossil fuel capacity expansion and approximately 22 GW of Firm and Dispatchable Renewable Energy (FDRE) tenders awarded nationally enhanced buy and sell liquidity potential on the exchange.
08 · Pressure points & risks
What is not going smoothly
CERC issued draft regulations regarding market coupling with Grid India as the proposed operator, prompting ongoing legal and regulatory appeals by IEX before APTEL and the Supreme Court concerning market design and competition concerns.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
IEX maintained seamless integration with clearing banks to ensure seller payouts are executed by 11:00 AM on the next bank clearing day, facilitating over INR 40,000 crore in annual payouts without delay.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
API-Driven Bidding Adoption
Approximately 75% of cleared volume in Integrated DAM was contributed by members utilizing automated bidding APIs, while over 55% used trade report APIs for back-office integration.
Reported update
CSR and Community Impact
IEX's corporate social responsibility initiatives supported 128 educational institutions, conducted 15,345 medical treatments, and benefited over 31,620 direct individuals during the period.
11 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue from operations increased by 5.84% from INR 157.88 crore in Q1 FY27 to INR 177.10 crore (reported as INR 167.10 crore operational revenue), with PAT rising 3.32% sequentially from INR 134.76 crore.
12 · Key Q&A
The quarter, answered directly
What does Indian Energy Exchange do?
Indian Energy Exchange Limited (IEX) operates as India's premier electronic, automated, and transparent power exchange platform facilitating physical delivery of electricity, renewables, and certificates under regulatory oversight from the Central Electricity Regulatory Commission (CERC). Established in 2008 and publicly listed in 2017, the company provides over 20 distinct market products spanning Day-Ahead Market (DAM), Real-Time Market (RTM), Term-Ahead Market (TAM), Green Markets, and Energy Saving Certificates.
What is the clearest takeaway from Quarter ended 30 September 2026?
Indian Energy Exchange reported consolidated revenue from operations of INR 167.10 crore for the quarter ended 30 September 2026, marking an increase of 8.56% year-on-year compared to INR 153.92 crore in the corresponding quarter of the previous year and a 5.84% sequential expansion over the preceding quarter's revenue of INR 157.88 crore.
What drove revenue or demand?
Transaction fees constitute the primary revenue engine for IEX, accounting for approximately 77% of standalone revenues in Q2 FY27, supported by sustained volume throughput across Day-Ahead, Real-Time, and Term-Ahead markets.
What mattered most for margins or profitability?
The company's scalable, technology-driven trading platform model enables revenue expansion to outpace operating expenses, resulting in high profitability margins with a PAT margin exceeding 83% in Q2 FY27.
What changed operationally beyond the headline numbers?
IEX filed petitions with CERC for launching Green Real-Time Market (Green RTM) and Peak DAM/RTM contracts to enable BESS providers and renewable generators to trade during peak hours.
What are the main pressure points disclosed for the quarter?
CERC issued draft regulations regarding market coupling with Grid India as the proposed operator, prompting ongoing legal and regulatory appeals by IEX before APTEL and the Supreme Court concerning market design and competition concerns.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
CERC Regulatory Orders: Monitor CERC rulings on pending petitions for Green RTM, Peak Contracts, and Carbon Credit Certificate trading.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.