Indian Energy Exchange (IEX) Q4 25/26 earnings summary

Executive summary

• Achieved record quarterly traded electricity volume of 39.4 BUs in Q4 FY26, with full-year volumes at 141.1 BUs, up 17% YoY, and robust growth in renewable energy certificates and new market segments.

• Audited standalone and consolidated financial results for FY26 were approved, with the audit report carrying an unmodified opinion.

• Continued leadership in technology-driven, transparent, and automated energy trading platforms, expanding product offerings and customer-centric digital solutions.

• Diversified into gas and coal exchanges, with Indian Gas Exchange completing 5 years and significant growth in registered members and clients.

• Final dividend of ₹2 per equity share recommended for FY26, subject to shareholder approval.

Financial highlights

• Consolidated revenue for FY26 reached ₹747.0 crore, up from ₹657.4 crore in FY25; Q4 consolidated revenue was INR 196.4 crore (up 12.5% YoY).

• Consolidated net profit for FY26 was ₹49,292.12 lakhs, up from ₹42,916.91 lakhs in FY25; Q4 PAT was INR 129.8 crore (up 10.8% YoY).

• IGX Q4 PAT: INR 9.4 crore (up 5.4% YoY); full-year PAT: INR 41.9 crore (up 35% YoY).

• Transaction fees contributed 78.4% of revenue in FY26, with other income at 18.3% and admission/annual fees at 3.3%.

• Basic and diluted EPS (consolidated) for FY26 was ₹5.54, up from ₹4.83 in FY25.

Outlook and guidance

• Expects to maintain 15–20% volume growth in FY27, supported by demand and new capacity additions.

• Anticipates significant growth in electricity demand, with projections of 2,300 BU by FY30 and peak demand of 366 GW by 2032.

• Expects further volume growth driven by regulatory reforms, new products, and increased market participation.

• IGX targets a rise in its share of national gas consumption from 3% to 4-5% by 2030, with a CAGR of ~36%.

• Short-term concerns on sell-side liquidity due to El Niño and Middle East disruptions, but government measures and growth expected from Q2.