The Indian Energy Exchange (IEX) recorded a consolidated revenue of ₹1.83 billion (~$19.97 million), a 14% year-over-year (YoY) increase from ₹1.61 billion (~$17.50 million), in the third quarter of the financial year (FY) 2026.

The company attributed the growth to higher electricity trading volumes.

Profit after tax stood at ₹1.19 billion (~$12.99 million), up 11% from ₹1.07 billion (~$11.71 million) in the year-ago quarter.

Electricity volumes traded on the exchange during Q3 FY26 reached 34.1 billion units, representing a growth of 11.9% YoY.

For the nine months ended December 31, 2025, consolidated profit after tax rose to ₹3.63 billion (~$39.62 million), reflecting a 16.4% increase over ₹3.12 billion (~$34.05 million) reported in 9M FY25.

The company stated that electricity demand across the country during Q3 FY 2026 remained flat at 392 billion units, primarily due to prolonged monsoons in 2025, which reduced overall power requirements.

Despite muted demand, higher supply availability and competitive fuel prices supported increased trading activity on power exchanges during the quarter.

Operational Highlights

IEX noted that fuel availability remained comfortable during the quarter, with coal inventory at 25 days as of December 2025. Prices of imported coal averaged nearly $47 per ton in Q3 FY 2026, a decline of about 10% YoY.

Increased capacity addition, higher generation from renewable sources such as solar, hydro, and wind, along with sustained supply from coal-based generation, improved supply liquidity on power exchanges. This led to a significant reduction in electricity prices across market segments.

The market-clearing price in the day-ahead market declined to ₹3.22 (~$0.035)/unit, down 13.2% from a year go. The real-time market-clearing price fell to ₹3.26 (~$0.036)/unit, down 11.6% YoY.

The company’s gas trading subsidiary, Indian Gas Exchange (IGX), traded 17.5 million MMBtu of gas in Q3, an 8% YoY increase. IGX reported a profit after tax of ₹88 million (~$960,000) for the quarter, up 6% from ₹83 million (~$905,000) in the corresponding period last year.

For the nine months ended December 31, 2025, IGX’s profit after tax rose sharply to ₹325 million (~$3.55 million) from ₹220 million (~$2.40 million) in 9M FY25.

The company noted that the continued decline in gas prices and supportive policy measures are expected to sustain robust trading volumes on the gas exchange.

At the International Carbon Exchange (ICX), 5.1 million International Renewable Energy Certificates were issued, taking cumulative issuances to 13.3 million in the first nine months of FY 2026, significantly higher than the 5.9 million I-RECs issued during the entire FY 2025.

ICX reported revenue of ₹18 million (~$196,000) for Q3 FY 2026 and ₹55 million (~$600,000) for the nine-month period.

In Q3, IEX traded an electricity volume of 34.08 billion units, a 11.9% YoY increase.

In December 2025, IEX traded 11.41 billion units of electricity, up 17.7% YoY.