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, with Q4 FY 2025 at 31.7 billion units, up 18%.

• Renewable Energy Certificates trading surged 136% in FY 2025, reaching 17.8 million, and green market segments grew 171% year-over-year.

• Real-Time Market (RTM) volumes rose 29% year-over-year for FY 2025.

• Maintained a dominant 84.2% market share in the electricity exchange segment.

• Audited standalone and consolidated financial results for FY25 were approved with an unmodified opinion.

Financial highlights

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

• Consolidated PAT for FY 2025 was ₹429.2 crores, up 22.3% year-over-year; Q4 FY 2025 PAT was ₹117.1 crores.

• Standalone revenue from operations for FY25 was ₹53,537.01 lakhs; standalone net profit was ₹41,460.25 lakhs.

• IGX (gas exchange) posted FY 2025 PAT of ₹31 crores on revenues of ₹55 crores, with volumes up 47% year-over-year.

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

Outlook and guidance

• Expectation of continued volume growth driven by rising power demand, regulatory reforms, and new market models (battery storage, FDRE, VPPAs).

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

• IGX targets increased market share as gas consumption in India is projected to double by 2030.

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

• Board recommended a final dividend of Rs. 1.50 per share for FY25, subject to shareholder approval.