This article first appeared on GuruFocus .
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Quarterly Traded Electricity Volume:39.4 billion units, up 24.3% year-on-year.
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Full Year Electricity Volume:141 billion units, up 17% year-on-year.
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Quarterly REC Traded:71.7 lakh RECs, up 6% year-on-year.
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Full Year REC Traded:187 lakh RECs, up 5% year-on-year.
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Quarterly Revenue:INR196.4 crore, up 12.5% year-on-year.
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Quarterly Profit After Tax:INR129.8 crore, up 10.8% year-on-year.
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Full Year Profit After Tax:INR492.9 crore, up 14.9% year-on-year.
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Final Dividend:INR2 per share, 200% of face value.
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RTM Volume Growth:14.3 billion units in Q4, up 48.2% year-on-year; 55 billion units for FY26, up 41% year-on-year.
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Green Market Volume Growth:2.4 billion units in Q4, up 26.5% year-on-year; 10.8 billion units for FY26, up 23% year-on-year.
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Day Ahead Market Price:INR3.89 per unit in Q4, down 12.2% year-on-year.
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Real-Time Market Price:INR3.68 per unit in Q4, down 15% year-on-year.
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IGX Quarterly Gas Volume:18.6 million MMBtu, down 8% year-on-year.
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IGX Full Year Gas Volume:76.8 million MMBtu, up 28% year-on-year.
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IGX Quarterly Profit After Tax:INR9.4 crore, up 5.4% year-on-year.
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IGX Full Year Profit After Tax:INR41.9 crore, up 35% year-on-year.
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ICX Quarterly I-RECs Issued:46 lakh, up 29% year-on-year.
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ICX Full Year I-RECs Issued:179 lakh, up over 200% year-on-year.
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ICX Quarterly Revenue:INR2.2 crore.
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ICX Full Year Revenue:INR7.7 crore.
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Warning! GuruFocus has detected 2 Warning Signs with NSE:IEX.
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Is NSE:IEX fairly valued? Test your thesis with our free DCF calculator.
Release Date: April 24, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Indian Energy Exchange Ltd ( NSE:IEX ) recorded the highest ever quarterly traded electricity volume of 39.4 billion units in Q4 FY26, marking a 24.3% increase year-on-year.
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The company's consolidated revenue grew by 12.5% year-on-year in Q4 FY26, with profit after tax rising by 10.8%.
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Renewable energy accounted for more than 50% of India's total installed capacity, making India the third largest in terms of renewable capacity globally.
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The CERC issued final guidelines for VPPAs, recognizing power exchanges as authorized platforms for the sale of electricity by RE generators, which should help increase volumes on exchanges.
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The Board of Directors announced a final dividend of INR2 per share, equivalent to 200% of the face value of the equity share, reflecting strong financial performance.
Negative Points
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Imported coal prices averaged nearly $53 per tonne in Q4, a 6.6% increase compared to the same quarter last fiscal year.
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The geopolitical challenges in the Middle East have impacted gas volumes, with potential continued effects in Q1 FY27.
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The implementation of market coupling by Grid India could potentially impact IEX's market share and operational dynamics.
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The company's other income slowed down by about 29% compared to the quarterly run rate over the last four quarters.
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The gas exchange volumes in Q4 FY26 were lower by 8% year-on-year due to supply disruptions in the Middle East.
Q & A Highlights
Q: What is the estimated total addressable market (TAM) and revenue potential of the coal exchange in India, considering coal is largely allocated via long-term linkages? A: Satyanarayan Goel, Executive Chairman of the Board, explained that there is a significant opportunity on the buy side as many power plants and industries purchase coal from the market. The Ministry of Coal has increased coal production, allowing for surplus availability. The draft regulations suggest that even e-auction coal will be transacted through the exchange, which was about 80 million tonnes last year. The final market size will be clearer once the regulations are finalized.
Q: What percentage of total volumes now flow through API compared to manual fitting, and have any large DISCOMs and C&I customers integrated their ERP directly with IEX API? A: Satyanarayan Goel stated that more than 70% of peer volume is through the API system, with many distribution companies and generators connected. There is significant improvement on a quarter-to-quarter basis, and it is expected that almost everyone will eventually use the API system for bidding.
Q: Can you provide examples of AI-based application development and security monitoring at IEX? A: Satyanarayan Goel mentioned that AI is not used for price discovery but is utilized by the software team for creating new products and managing operations, reducing coding time, and improving efficiency. AI also enhances security, providing a robust platform against hacking attempts.
Q: Why has other income slowed down in the fourth quarter compared to previous quarters? A: Vineet Harlalka, CFO, explained that the slowdown was due to a significant increase in treasury income in the previous quarter from a one-time gain. The market correction in March, influenced by the Iran and rupee situation, impacted the numbers. As the market recovers, the numbers are expected to return to previous levels.
Q: What are the timelines for the final notification of PMR and the power market coupling procedure? A: Satyanarayan Goel stated that it is difficult to predict the timelines as these are significant market issues. The CERC will consider stakeholder comments and market redesign aspects before issuing the final notification.
Q: How will the new SECI tender on contracts for difference (CfD) help exchanges, and what is the basic framework? A: Satyanarayan Goel explained that SECI will contract battery capacity at a fixed price, and the capacity will sell power in the day-ahead market, providing liquidity to exchanges. If the sale price exceeds the contracted price, there may be profit sharing between SECI and the capacity owner.
Q: What is the impact of market coupling on IEX, and how will it affect customer loyalty and market share? A: Satyanarayan Goel emphasized the importance of customer loyalty, built over 18 years through relationship building, product creation, and data analytics. He is confident that IEX will retain significant market share even if market coupling is implemented.
Q: What is the current spot market size in the coal industry, and how does it compare to the gas market? A: Satyanarayan Goel stated that about 80 to 90 million tonnes of coal are sold through e-auction, and India imports around 150 million tonnes for power generation. The spot market size is approximately 15% for coal, which is higher than the gas market's 12%.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
