Indian Energy Exchange Limited (IEX)
₹107.55 -0.05% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Indian Energy's net interest income was ₹157 Cr (+11.3% year on year), and net profit ₹135 Cr (+11.6% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹157 | +11.3% | — |
| Operating profit | ₹169 | +11.5% | — |
| Net profit | ₹135 | +11.6% | — |
| EPS (₹) | 1.52 | +11.8% | — |
IEX delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 52.98% of the IEX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.51%. That is close to its usual level. In IEX futures, open interest fell 2.09% while the futures price fell 0.29%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 51.9% · 50.8% · 49.4% · 56.9% · 53.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Indian Energy Exchange Limited (IEX) submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Transfer Agent (RTA) KFin Technologies confirms that all securities received for dematerialisation during the quarter were duly processed, listed, and mutilated within the stipulated 30-day timeline. This is a standard quarterly administrative filing confirming compliance with depository regulations.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Issued by Registrar and Transfer Agent KFin Technologies Limited on October 8, 2026
- Confirms mutilation, cancellation, and substitution in register of members within 30 days
Indian Energy Exchange (IEX) has informed that its associate company, Indian Gas Exchange Limited (IGX), received an observation letter from SEBI on October 12, 2026, regarding its Draft Red Herring Prospectus (DRHP). The observation letter effectively clears the path for IGX's proposed Initial Public Offering (IPO). This follows IEX's earlier intimation regarding the DRHP filing on July 15, 2026. A successful listing of IGX could unlock substantial value for IEX, which currently holds an associate stake in the natural gas trading platform.
- SEBI issued the observation letter on October 12, 2026, clearing IGX's DRHP
- Filing follows the previous intimation dated July 15, 2026 regarding the IPO process
- IGX is an associate company of IEX operating India's primary natural gas exchange
- Specific issue size and OFS/fresh issue mix were not disclosed in the filing
IEX reported an electricity traded volume of 39,685 MU (39.7 BU) in Q2 FY27, up 12.7% YoY, driven by strong growth in the Real-Time Market (RTM) and Term-Ahead Market (TAM). For H1 FY27, total electricity traded volume touched 77.2 BU, growing 14.2% YoY. September 2026 volumes reached 12.2 BU (up 10.4% YoY) with DAM and RTM average clearing prices surging over 100% YoY to Rs 7.3/unit and Rs 6.9/unit, respectively. However, the Green Market dipped 5.8% YoY in Q2 FY27, and REC trading fell 65.5% YoY to 15.27 lakh certificates.
- Q2 FY27 total electricity traded volume rose 12.7% YoY to 39,685 MU (39.7 BU)
- H1 FY27 electricity volume reached 77.2 BU, up 14.2% YoY, with RTM volume at 32.5 BU (up 16.5% YoY)
- TAM volume surged 101.5% YoY to 5,477 MU in Q2 FY27
- September 2026 Day-Ahead Market clearing price spiked 105% YoY to Rs 7.3/unit
- REC trading volume fell 65.5% YoY to 15.27 lakh certificates in Q2 FY27
Indian Energy Exchange (IEX) announced that its wholly owned subsidiary, Indian Coal Exchange Limited, has formally applied for an operating licence with the Coal Controller Organisation (CCO). Indian Coal Exchange was incorporated on June 1, 2026, with an authorised share capital of Rs 100 crore (equivalent to ~17.5% of IEX's TTM revenue of Rs 570 crore). The entity is set up to operate a physical delivery-based coal trading exchange under the Coal Exchange Rules, 2026, marking IEX's entry into the coal trading market.
- Subsidiary Indian Coal Exchange Limited applied for an operating licence with the Coal Controller Organisation (CCO)
- Entity incorporated on June 1, 2026, with an authorised share capital of Rs 100 crore
- Designed as a physical delivery-based coal exchange compliant with Coal Exchange Rules, 2026
- Complements IEX's existing platforms, including power contracts and Indian Gas Exchange (IGX)
Indian Energy Exchange Limited's wholly owned subsidiary, Indian Coal Exchange Limited, has officially submitted an application to the Coal Controller Organisation (CCO) on September 25, 2026. The application seeks a license to operate as a Coal Exchange under the Coal Exchange Rules, 2026. This step aligns with IEX's strategic diversification strategy to launch a Coal Exchange by FY27 and offset potential market coupling risks in power trading. Granting of the license remains subject to formal scrutiny and approval by the CCO.
- Application submitted on September 25, 2026, by Indian Coal Exchange Limited
- Application made under the provisions of Coal Exchange Rules, 2026
- Targeting a license to operate a Coal Exchange, pending Coal Controller Organisation approval
- Represents strategic execution toward IEX's targeted FY27 launch of coal trading operations
Indian Energy Exchange Limited (IEX) has submitted the video webcast link for its 20th Annual General Meeting held on September 09, 2026. The meeting was conducted via Video Conferencing / Other Audio-Visual Means. This is a standard statutory compliance filing under Regulation 30 of SEBI LODR Regulations and conveys no new operational or financial figures.
- Webcast link provided for the 20th AGM of IEX
- AGM took place on September 09, 2026
- Filing submitted under Regulation 30 of SEBI LODR Regulations on September 10, 2026
Indian Energy Exchange (IEX) conducted its 20th Annual General Meeting on September 09, 2026, with 352 members attending via video conferencing. Key resolutions tabled included the approval and declaration of a final dividend of Rs 2.00 per equity share, alongside confirmation of the Rs 1.50 per share interim dividend previously paid for FY26. Shareholders also considered the adoption of FY26 audited accounts and the reappointment of director Gautam Dalmia, who retired by rotation. Both statutory and secretarial auditor reports for FY26 were unqualified with no adverse comments.
- Final dividend of Rs 2.00 per equity share of face value Re 1 approved for FY26
- Confirmation of interim dividend of Rs 1.50 per equity share for FY26
- Total FY26 dividend reaches Rs 3.50 per share
- 352 members attended the 20th AGM through video conferencing
- Auditors issued unqualified opinions on standalone and consolidated FY26 financial statements
Indian Energy Exchange (IEX) conducted its 20th Annual General Meeting on September 09, 2026, with 352 members attending via video conferencing. Ordinary business included the adoption of FY26 financial statements and confirmation of an interim dividend of ₹1.50 per share. Shareholders approved a final dividend of ₹2.00 per share (face value ₹1.00), bringing the total FY26 dividend to ₹3.50 per share. Reappointment of director Mr. Gautam Dalmia, retiring by rotation, was also put to vote.
- Held 20th AGM on September 09, 2026, attended by 352 members via video conference
- Approved final dividend of ₹2.00 per share of face value ₹1.00 for FY26
- Confirmed interim dividend of ₹1.50 per share previously paid for FY26
- Unqualified opinions issued by both Statutory and Secretarial Auditors for FY26
- Scrutinizer's voting results to be announced within 2 working days
Indian Energy Exchange (IEX) reported its highest-ever monthly electricity traded volume of 13,938 MU (13.94 BU) in August 2026, marking a 20.2% YoY growth. Growth was driven by a 12.85% YoY increase in India's overall energy consumption and a 61.7% surge in Day-Ahead Market (DAM) buy bids. DAM volumes increased 15.0% YoY to 5,517 MU, while Real-Time Market (RTM) rose 10.6% YoY to 5,565 MU. However, Renewable Energy Certificate (REC) volumes declined sharply by 86.6% YoY to 2.91 lakh certificates.
- Total electricity traded volume reached record 13,938 MU in August 2026, up 20.2% YoY
- Day-Ahead Market (DAM) volume grew 15.0% YoY to 5,517 MU with average clearing price at Rs 4.88/unit (+22% YoY)
- Real-Time Market (RTM) volume increased 10.6% YoY to 5,565 MU with clearing price at Rs 4.41/unit (+30.4% YoY)
- Term-Ahead Market (TAM) surged 111.3% YoY to 1,765 MU, and Green Market grew 17.3% YoY to 1,091 MU
- REC traded volume dropped 86.6% YoY to 2.91 lakh certificates
Indian Energy Exchange Limited (IEX) has disclosed the schedule of upcoming one-on-one interactions with institutional investors pursuant to SEBI LODR Regulations. The management is set to meet Quantum Advisors Pvt Ltd in Noida on August 24, 2026, followed by a virtual meeting with Ten Core Partners on August 26, 2026. The company confirmed that no unpublished price-sensitive information (UPSI) will be discussed. This is an administrative disclosure with no direct impact on business operations or financials.
- One-on-one meeting scheduled with Quantum Advisors Pvt Ltd in Noida on August 24, 2026
- Virtual one-on-one meeting scheduled with Ten Core Partners on August 26, 2026
- Company confirmed that no unpublished price-sensitive information (UPSI) will be shared
Indian Energy Exchange Limited (IEX) has announced a scheduled one-on-one meeting with institutional investor Ambit Pvt Ltd. The meeting is set to take place on August 18, 2026, in Noida. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during the interaction.
- One-on-one meeting scheduled with Ambit Pvt Ltd on August 18, 2026
- Meeting format is in-person at Noida
- Company confirmed zero sharing of unpublished price-sensitive information (UPSI)
Indian Energy Exchange (IEX) has issued notice for its 20th Annual General Meeting (AGM) scheduled for September 9, 2026, via video conferencing. The cut-off date for remote e-voting is September 2, 2026, with the voting window open from September 5 to September 8, 2026. The accompanying Annual Report highlights FY26 performance including 141 BU electricity volume traded (up 16.9% YoY), consolidated revenue of ₹747.0 Cr (up 14.9% YoY), and consolidated PAT of ₹492.9 Cr (up 13.6% YoY).
- 20th AGM scheduled for September 9, 2026 at 11:00 AM IST via VC/OAVM
- Cut-off date for remote e-voting fixed as September 2, 2026; voting open September 5-8, 2026
- FY26 consolidated revenue stood at ₹747.0 Cr (+14.9% YoY) and consolidated PAT at ₹492.9 Cr (+13.6% YoY)
- Electricity trading volume reached 141 BU (+16.9% YoY) alongside 187 Lakh RECs traded (+5.1% YoY)
IEX has appointed Mr. Alok Kumar Jha as Senior Vice President and Head of Business Development, effective August 13, 2026. Mr. Jha brings over 29 years of experience from leadership roles at INOX Wind, GE Power, and Alstom Transport. His expertise in renewable energy, green hydrogen, and large-scale infrastructure aligns with IEX's strategy to launch a Coal Exchange by FY27 and scale its Carbon Exchange. This leadership addition is crucial as the company navigates regulatory changes like Market Coupling, which may impact its core price discovery advantage.
- Mr. Alok Kumar Jha appointed as Head-Business Development (SVP) effective August 13, 2026.
- Brings over 29 years of experience across energy, power, and transportation sectors.
- Previously held leadership positions at INOX Wind, GE Power, and Bombardier Transport India.
- Holds an MBA from FMS Delhi and completed the Executive Leadership Program from INSEAD.
- Expertise includes leading business turnarounds in wind, solar, and battery energy storage systems.
IEX reported a 7.7% YoY increase in total electricity traded volume to 13.53 BU for July 2026, driven by a 10.9% rise in India's overall energy consumption. The Real-Time Market (RTM) and Term-Ahead Market (TAM) showed robust growth of 10.2% and 93.4% respectively. However, Day-Ahead Market (DAM) volumes fell 7.7% YoY to 5,087 MU as average clearing prices surged 19.3% to Rs 4.99/unit. Renewable Energy Certificate (REC) volumes saw a sharp 56.3% YoY decline due to a significant 77.8% drop in sell bids.
- Total electricity traded volume reached 13.53 BU in July 2026, up 7.7% YoY.
- Real-Time Market (RTM) volume grew 10.2% YoY to 5.63 BU.
- Term-Ahead Market (TAM) volumes surged 93.4% YoY to 1,774 MU.
- Average market clearing price in DAM increased 19.3% YoY to Rs 4.99/unit.
- REC volumes declined 56.3% YoY to 7.11 lakh certificates amid a 77.8% drop in sell side liquidity.
IEX reported a 16.1% volume growth in Q2 FY26, reaching 35.2 BU, supported by a peak power demand of 271 GW. The company is actively contesting the CERC's market coupling proposal, which threatens its price discovery moat, and is exploring legal recourse. Management is pivoting towards a multi-commodity strategy with the Coal Exchange expected by FY27 and scaling the Carbon Exchange. Despite regulatory headwinds, merchant battery storage is emerging as a new participant class following a 70% reduction in battery costs.
- Q2 FY26 trading volumes reached 35.2 BU, a 16.1% year-on-year increase.
- Peak electricity demand hit 271 GW in May and July 2026, a 12% increase over previous periods.
- Battery storage costs have declined by 70% over 4 years, creating a Rs 4.5 arbitrage opportunity for merchant power sales.
- Coal Exchange launch is targeted for FY27 to diversify revenue beyond power trading.
- Top 10 clients contribute approximately 50-60% of total trading volumes, showing high but gradually reducing concentration.
Financial Performance
Revenue Growth by Segment
Total revenue for Q2 FY26 grew 9.2% YoY to INR 183.3 Cr from INR 167.8 Cr. Electricity trading volumes grew 16.1% YoY to 35.2 BU. The Real-Time Market (RTM) segment grew 39% YoY to 15 BU, now representing 36% of total volume. Renewable Energy Certificates (REC) saw a decline, with 44 lakh certificates traded in Q2 FY26 compared to 63 lakh in Q2 FY25.
Geographic Revenue Split
Primarily domestic (India) with 8,500+ registered participants including 75+ Discoms and 5,700+ commercial/industrial consumers. Cross-border trade is emerging with 20+ cross-border portfolios, though specific % split is not disclosed.
Profitability Margins
Net Profit (PAT) for Q2 FY26 was INR 123.4 Cr, representing a 13.9% YoY increase from INR 108.3 Cr. H1 FY26 PAT stood at INR 244.0 Cr, up from INR 204.8 Cr in H1 FY25, maintaining a high net margin of approximately 66.4%.
EBITDA Margin
H1 FY26 EBITDA was INR 331.7 Cr on revenue of INR 367.4 Cr, reflecting a robust EBITDA margin of 90.3%, up from 88.5% in H1 FY25 (INR 285 Cr EBITDA on INR 322.2 Cr revenue).
Capital Expenditure
Not explicitly disclosed in INR Cr, but focused on technology infrastructure including Microservices Architecture, AI-based monitoring, and a 5-minute Recovery Time Objective (RTO) system.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company maintains a 'Low Risk' ESG rating of 18.8 from Morningstar Sustainalytics.
Operational Drivers
Raw Materials
Not applicable as IEX is a digital exchange platform; primary 'inputs' are technology infrastructure and regulatory licenses.
Key Suppliers
Technology partners for firewall (Panorama) and cloud/server infrastructure; specific vendor names for hardware are not disclosed.
Capacity Expansion
Current ecosystem includes 8,500+ participants. Expansion is focused on product diversity: Coal Exchange (planned FY27), Carbon Exchange (CERC regulated), and IGX (Gas) expansion.
Raw Material Costs
Not applicable; operational costs are driven by employee benefits and technology maintenance, which are not detailed as a % of revenue in the provided text.
Manufacturing Efficiency
Platform reliability metrics: 99%+ uptime targeted through microservices; 35.2 BU volume handled in Q2 FY26 with 16.1% growth.
Strategic Growth
Expected Growth Rate
15-18%
Growth Strategy
Growth will be driven by a 2.5x multiplier of power demand growth (projected 2,300 BU by FY30), the launch of a Coal Exchange by FY27, and the scaling of the Carbon Exchange. Additionally, the Indian Gas Exchange (IGX) is expected to increase its market share from 2% to 5% by 2030, supported by an upcoming IPO to unlock value.
Products & Services
Day-Ahead Market (DAM), Real-Time Market (RTM), Term-Ahead Market (TAM), Renewable Energy Certificates (REC), Energy Saving Certificates (ESCerts), and Natural Gas trading via IGX.
Brand Portfolio
IEX (Indian Energy Exchange), IGX (Indian Gas Exchange), EnergX (Web Platform).
New Products/Services
Coal Exchange (expected FY27), Carbon Credit Trading (CERC regulated), and Small-scale LNG (ssLNG) contracts on IGX.
Market Expansion
Expansion into cross-border electricity trade (CBET) with 20+ portfolios and regional gas hubs (6 hubs currently active).
Market Share & Ranking
Dominant market leader in the power exchange segment; RTM segment holds a 36% share of IEX's own volume.
Strategic Alliances
Agreement with MCX for revenue sharing on electricity derivatives; partnership with MoC (Ministry of Coal) for the Coal Exchange.
External Factors
Industry Trends
Shift toward short-term power procurement via RTM (39% YoY growth) as Discoms seek flexibility. The industry is evolving toward a 'Market Coupling' model where a central entity discovers prices, forcing exchanges to compete on technology and customer service rather than price discovery.
Competitive Landscape
Competition from PXIL and HPX; however, IEX maintains dominant volume share. Management notes no 'price war' currently exists in the Term Ahead Market despite three active exchanges.
Competitive Moat
17-year track record and massive liquidity pool (8,500+ participants) create a network effect. While market coupling threatens the price discovery moat, the clearing and settlement infrastructure and deep customer relationships (75+ Discoms) provide sustainable operational advantages.
Macro Economic Sensitivity
Highly sensitive to GDP growth (7.8% in Q1 FY26) and industrial activity, which drives the 16.1% growth in electricity volumes.
Consumer Behavior
Increased demand for 24x7 power and rising AC consumption (projected 9x growth by 2050) are driving higher baseline electricity demand.
Geopolitical Risks
Global political uncertainty impacts fuel prices (LNG/Coal), which affects the sell-side liquidity on the exchange.
Regulatory & Governance
Industry Regulations
CERC Market Coupling order (Jan 2026) is the primary regulatory headwind; PNGRB regulations require IEX to divest IGX stake to 25% by Dec 2025 (currently 47.5%).
Environmental Compliance
Low ESG risk (18.8 score); company facilitates renewable energy transition through REC and Green Market segments.
Legal Contingencies
IEX has filed an appeal against the CERC Market Coupling order in the Appellate Tribunal for Electricity (APTEL), with the next hearing scheduled for November 28, 2025.
Risk Analysis
Key Uncertainties
Market Coupling implementation (Jan 2026) could disrupt the core business model, with a potential impact on market share if price discovery is centralized.
Geographic Concentration Risk
100% India-centric operations, though expanding into cross-border trade with neighboring countries.
Third Party Dependencies
High dependency on CERC and PNGRB for regulatory approvals and GRID India for operational execution of coupled markets.
Technology Obsolescence Risk
Risk mitigated by shifting to microservices and AI-based monitoring to handle high-frequency trading and settlement.
Credit & Counterparty Risk
IEX performs settlement for all cleared volumes; inter-exchange settlement risks emerge under the new market coupling framework.
