The Indian Energy Exchange (IEX) reported revenue from operations of ₹1.74 billion (~$18.49 million) in the fourth quarter (Q4) of the financial year (FY) 2026, a 22.5% year-over-year (YoY) increase from ₹1.42 billion (~$15.09 million).

The company’s profit after tax (PAT) stood at ₹1.3 billion (~$13.82 million), a 10.8% YoY increase from ₹1.17 billion (~$12.43 million).

The earnings per share (EPS) for the quarter came in at ₹1.45 (~$0.015), compared to ₹1.32 (~$0.014) in the same quarter last year.

During the quarter, IEX recorded its highest-ever electricity trading volume at 39.4 billion units (BU), an increase of 24.3% YoY. The exchange also traded 7.7 million renewable energy certificates, up 6.1% YoY.

Full Year Results

For FY 2026, IEX reported revenue from operations of ₹6.16 billion (~$65.48 million), a 14.6% YoY increase from ₹5.37 billion (~$57.08 million).

PAT rose 14.9% YoY to ₹4.93 billion (~$52.4 million) from ₹4.29 billion (~$45.6 million).

EPS for the year stood at ₹5.54 (~$0.058), compared to ₹4.83 (~$0.051) in the previous year.

IEX traded electricity volume of 141.1 BUs, an increase of 17% YoY. It also traded 18.7 million RECs, an increase of 5%.

India’s electricity demand reached approximately 1,709 BU in FY 2026, reflecting around 1% growth over the previous year. Coal production stood at 1,041 million tons.

Higher generation from wind, hydro, and solar, along with a sustained coal-based supply, contributed to increased liquidity on the exchange. This led to a decline in market prices.

The day-ahead market (DAM) clearing price stood at ₹3.86 (~$0.04)/kWh, down 13.7% YoY. The real-time market (RTM) clearing price was ₹3.59 (~$0.038)/kWh, a 16% YoY decline.

Outlook

IEX expects its growth to be driven by rising power demand from 6-7% GDP growth, meeting electricity demand from the electrification of last-mile connectivity, and a 9X growth in AC consumption by 2050.

Its new products and several regulatory developments, such as green RTM and peaking power contracts, are expected to drive growth further.

IEX also projects that excess generation of at least 20% from firm dispatchable renewable energy and round-the-clock tenders will increase liquidity at exchanges. It expects battery storage projects to be charged during non-peak hours and discharged during peak hours, with the charging and discharging handled through power exchanges.

Increased diversity in power consumption/supply, higher demand during solar hours due to load shifting, and time-of-day tariffs are also likely to drive growth in the power exchange.

In Q3 FY 2026, IEX recorded a consolidated revenue of ₹1.83 billion (~$19.97 million), a 14% YoY from ₹1.61 billion (~$17.50 million).