Indian Energy Exchange Limited (IEX) share price
₹105.85 on NSE as of 2026-10-07. +0.94% on the day. market cap ₹9,439 Cr. P/E 18.6. 52-week range ₹104.30 to ₹154.78. Financial Services.
Indian Energy Exchange Q1 FY27: 155.93 Crore of Revenue, and 44.92 Crore That Didn't Come From Trading Electricity
At a glance
Indian Energy Exchange runs the electronic marketplace where Indian electricity is bought and sold. Revenue for the three months to June 2026 was ₹155.93 crore, up 11.4% on the year. The same quarter of the previous year had brought in ₹139.99 crore. Revenue was lower than the ₹172.25 crore booked in the three months to March 2026. Operating profit was ₹130.16 crore, against ₹113.90 crore in the same quarter last year. Net profit came to ₹126.69 crore, a gain of 12.1%. A year earlier the figure was ₹113.04 crore. Earnings per share were ₹1.42 for the quarter, against ₹1.27 a year earlier.
Other income was ₹44.92 crore. That sits at roughly a third of operating profit, and it arrives from a treasury book rather than from anyone trading a megawatt.
Management reported quarterly electricity volumes of 37.5 billion units, a rise of 16%. Billion units is the measure of how much electricity actually changed hands. Consolidated revenue for the quarter was ₹202.8 crore and consolidated net profit ₹134.8 crore. For the full year to March 2026, management put volumes at 141 billion units, up 17%. Consolidated net profit for that year was ₹493 crore.
Two regulatory threads ran through the quarter. CERC, the central electricity regulator, issued draft market coupling rules on 17 April 2026. They propose Grid India as the market coupling operator, and a public hearing was held on 10 June. APTEL, the tribunal that hears electricity appeals, held in February that IEX was not an aggrieved party at this stage. The company's appeal against the earlier CERC order has since been admitted by the Supreme Court. Separately, the Ministry of Coal notified the Coal Exchange Rules on 4 June 2026. Indian Coal Exchange Limited was incorporated as a subsidiary with effect from 1 June 2026.
The market pays ₹23.20 for every ₹1 of yearly profit. For the industry as a whole the figure is ₹52.80.
Introduction
Indian Energy Exchange was incorporated in 2007 and has been operating since 2008. It runs an automated platform for the physical delivery of electricity and renewable power. The same platform trades renewable energy certificates and energy-saving certificates. The shares were listed on the NSE and the BSE in 2017.
The company says it held 85% of Indian electricity exchange trading in the nine months to December 2024. It puts registered participants above 9,100. Those include more than 1,100 conventional generators and over 120 state distribution companies. They also include more than 5,300 commercial and industrial users, and about 3,000 renewable generators and obligated entities. A further 200 entities trade energy-saving certificates, alongside 43 cross-border portfolios.
The last twelve months have been busy in ways that have nothing to do with running an order book. In July 2025 CERC, the central electricity regulator, ordered market coupling for the day-ahead market in phases from January 2026. IEX challenged that at APTEL, the electricity appeals tribunal, in August 2025. APTEL held in February 2026 that coupling cannot be implemented without regulations. On that reading IEX is not aggrieved at this stage, with liberty to challenge the regulations once they are framed. IEX then filed in the Supreme Court, where the appeal has been admitted. In April 2026 CERC published draft coupling regulations naming Grid India as operator.
The group has also been adding exchanges. It holds 47.3% of Indian Gas Exchange as an associate, and that company filed its draft offer document on 14 July 2026. IEX proposes to sell up to 16,710,000 shares in the offer. Management notes that PNGRB, the gas regulator, requires IEX to cut the holding to 25%, with the deadline extended by a year. ICX Private Limited, the wholly owned carbon subsidiary, is now the sole issuer of international renewable energy certificates in India. Indian Coal Exchange Limited was incorporated in June 2026, six weeks before this quarter's results. For a company whose entire physical footprint is a data centre and a floor in Noida, that is a lot of new nameplates. The Ministry of Coal notified the Coal Exchange Rules on 4 June 2026.
Business model
IEX owns no power plants, no wires and no coal. What it owns is a matching engine and the legal right to be the place where the auction happens. Buyers and sellers submit bids nobody else can see, and the engine finds the clearing price. For that the exchange collects a transaction fee on every unit that clears.
In the year to March 2026 transaction fees were 78.4% of revenue. Admission and annual fees added 3.3%, and other income the remaining 18.3%. That is the whole business, a toll booth on a road it did not build.
The product shelf has been quietly rearranged. The Day-Ahead Market, the original one everyone still names first, was 95% of volumes in the year to March 2016. It is 39% now. The Real-Time Market, where electricity is delivered within an hour of market close, is 34%. That market runs 48 sessions a day. Certificates are 12% of volumes, green contracts 7% and the term-ahead market 6%. Day-Ahead Contingency accounts for 2%. Management's own presentation shows the term-ahead market at 8% and green at 7% of the year's electricity volumes. Management called the Real-Time Market the standout growth story. It cites growth of about 41% in the year to March 2026, to roughly 55 billion units. Over five years it puts the average pace at 42% a year.
Underneath the segment names sits a genuinely odd product. Electricity cannot be stored cheaply and must be produced the instant it is consumed. It now arrives from a grid where 25.9% of the year's generation was renewable, which turns up when the weather says so rather than when anyone asked. Every wobble in that curve is somebody needing to buy or sell in the next thirty minutes. IEX charges a fee on the wobble.
The certificates business is stranger still. Renewable energy certificates let generators sell the greenness of their electrons separately from the electrons, twice a month. Energy-saving certificates have run under the PAT efficiency mechanism since 2012. Industrial units that beat their targets sell the shortfall to units that missed, weekly. Settlement is by 11 a.m. the next banking day.
Management describes the moat as plumbing rather than price. Its point is that a member's back office has been wired into the exchange for years. It says 72% of cleared day-ahead volume comes from members using the exchange's bidding software links. A further 56% use its trade-report links.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Indian Energy Exchange Limited.
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