IEX Reports Strong Q1 FY26 Results Amid Regulatory Changes in Power Market
Indian Energy Exchange Limited (IEX) reported robust Q1 FY26 financial results with revenue up 19.2% to INR 184.20 crores and PAT increasing 25.2% to INR 120.70 crores year-on-year. Total electricity trading volume grew 15% to 32.4 billion units, with significant growth in Real-Time Market (41%), Green Market (51%), and REC trading (150%). Despite volume growth, average prices declined in Day-Ahead and Real-Time markets. CERC's order on market coupling implementation by January 2026 could impact IEX's market share. The company remains optimistic about future prospects, awaiting approvals for market expansions and noting strong growth in its associate, Indian Gas Exchange.

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Indian Energy Exchange Limited (IEX), India's premier power trading platform, has reported robust financial results for the first quarter of fiscal year 2026, despite facing potential regulatory challenges in the near future.
Strong Financial Performance
IEX demonstrated impressive growth in Q1 FY26, with revenue surging by 19.2% year-on-year to INR 184.20 crores, up from INR 154.50 crores in the same quarter last year. The company's profit after tax (PAT) also saw a significant increase of 25.2%, rising to INR 120.70 crores from INR 96.40 crores in Q1 FY25.
Volume Growth Across Segments
The exchange recorded a total electricity trading volume of 32.4 billion units during the quarter, marking a 15% year-on-year growth. This growth was driven by strong performance across various market segments:
- The Real-Time Market (RTM) segment continued its robust growth trajectory, with volumes reaching nearly 13 billion units, a 41% increase year-on-year.
- The Green Market volume rose by 51% year-on-year to 2.7 billion units.
- The Renewable Energy Certificate (REC) trading saw a remarkable growth of nearly 150% over the same quarter last fiscal, with about 53 lakh certificates traded.
Price Trends and Market Dynamics
Despite the volume growth, average prices on the exchange saw a decline:
Market Segment | Average Price (INR/unit) | Year-on-Year Change |
---|---|---|
Day-Ahead Market (DAM) | 4.41 | -16% |
Real-Time Market | 3.91 | -20% |
This price reduction was attributed to improved supply liquidity, with supply in the Day-Ahead Market increasing by 45.2% year-on-year.
Regulatory Developments
The Central Electricity Regulatory Commission (CERC) issued an order on July 23, 2025, mandating the implementation of market coupling in the Day-Ahead Market by January 2026. This development could potentially impact IEX's dominant market share in this segment, which currently stands at over 95%.
Satyanarayan Goel, Chairman and Managing Director of IEX, commented on the order: "We are evaluating this order and yet to take a view on this. There are many options available, including proceeding with the implementation, seeking a review from CERC, or approaching APTEL."
Future Outlook
Despite the regulatory challenges, IEX remains optimistic about its future prospects:
- The company is awaiting approval from CERC on its petition to extend the Term Ahead Market contract from 3 months to 11 months.
- IEX is also awaiting a final order on its petition for the Green Real-Time Market segment.
- The company's associate, Indian Gas Exchange (IGX), reported strong growth with gas volumes of 24.6 million MMBtu in Q1 FY26, a 109% increase year-on-year.
Rohit Bajaj, Joint Managing Director of IEX, stated, "We at IEX remain committed to contribute to the development of a sustainable and energy-efficient future for India."
As the power sector continues to evolve with new market models and instruments, IEX is positioning itself to play a larger role in India's energy landscape, despite the potential challenges posed by regulatory changes.
Historical Stock Returns for Indian Energy Exchange
1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
---|---|---|---|---|---|
+1.32% | -3.80% | -32.28% | -22.83% | -28.93% | +124.26% |