Indian Energy Exchange Limited

BSE: IEX540750ISIN INE022Q01020

Financial Services
Exchange and Data Platform
BSE 500

Share price

₹111.20+2.45 (+2.25%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹160.30
52W low: ₹99.55
Off 52W high: -30.63%
1M return: +6.82%
3M return: -14.13%
6M return: -14.33%
1Y return: -19.24%
20D avg volume: 2,88,270
50 DMA: ₹111.12
200 DMA: ₹121.85

Key ratios Consolidated

Market cap: ₹9,993 Cr
Current price: ₹111.20
52W high / low: ₹160.30 / ₹99.55
Face value: ₹1.00
P/E: 18.96
P/B: 6.78
EPS (TTM): ₹5.86
Book value / share: ₹16.39
ROE: —
ROCE: 44.30%
Operating margin: —
Net margin: —
Debt / equity: 0.00
Net debt: ₹-37.36 Cr
Interest cover: 275.46
Dividend yield: 3.15%
Dividend / share (TTM): ₹3.50
Payout: 59.73%
Cash conversion cycle: -1.6 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	167.10	157.88	174.30	145.67	153.93	141.75	142.25	132.05	139.40	123.56	121.28	115.30
	35.86	44.93	22.14	37.40	29.34	42.43	32.35	28.48	28.37	30.91	28.00	25.92
	202.96	202.81	196.44	183.06	183.27	184.18	174.59	160.53	167.77	154.47	149.29	141.22
	32.61	33.73	31.72	30.30	26.70	32.47	26.82	25.02	25.49	30.13	22.66	22.42
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	13.51	14.12	11.82	13.04	11.84	12.29	11.43	11.55	12.16	10.99	10.31	9.33
	0.68	0.77	0.65	0.52	0.53	0.58	0.61	0.67	0.66	0.67	0.72	0.71
	6.15	6.01	6.13	6.05	5.70	5.45	5.28	5.41	5.33	5.24	5.22	5.19
	12.28	12.83	13.12	10.69	8.62	14.15	9.50	7.39	7.34	13.22	6.40	7.19
	170.35	169.08	164.72	152.76	156.57	151.71	147.78	135.51	142.28	124.34	126.63	118.80
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	170.35	169.08	164.72	152.76	156.57	151.71	147.78	135.51	142.28	124.34	126.63	118.80
	42.16	42.05	39.36	37.83	37.75	37.69	34.89	32.16	36.84	31.48	32.03	30.48
	139.24	134.76	129.77	119.11	123.35	120.70	117.11	107.29	108.32	96.44	96.69	91.81
	1.56	1.52	1.45	1.34	1.39	1.36	1.32	1.21	1.22	1.08	1.09	1.03
Key metrics
	177.18	175.86	171.50	159.33	162.80	157.74	153.67	141.59	148.27	130.25	132.57	124.70
	106.00%	111.40%	98.40%	109.40%	105.80%	111.30%	108.00%	107.20%	106.40%	105.40%	109.30%	108.20%
	83.30%	85.40%	74.50%	81.80%	80.10%	85.10%	82.30%	81.20%	77.70%	78.10%	79.70%	79.60%
	11.30%	—	11.70%	—	12.10%	—	12.50%	—	—	—	—	—
	8.60%	11.40%	22.50%	10.30%	10.40%	14.70%	17.30%	14.50%	—	—	—	—
	12.90%	11.60%	10.80%	11.00%	13.90%	25.20%	21.10%	16.90%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20
Income statement
	644.95	615.65	537.26	449.15	400.85	431.04	317.85	257.13
	140.33	131.31	120.11	101.69	73.25	53.37	38.38	40.27
	785.27	746.95	657.37	550.85	474.10	484.40	356.23	297.40
	128.36	121.18	107.46	95.60	85.53	86.58	85.78	71.78
	0.00	0.00	0.00	—	—	—	—	—
	0.00	0.00	0.00	—	—	—	—	—
	52.49	49.00	46.14	39.01	34.65	41.76	44.38	33.23
	2.62	2.28	2.62	2.83	2.46	1.98	2.06	1.57
	24.34	23.32	21.25	20.47	18.59	17.23	16.51	15.24
	48.92	46.59	37.46	33.28	29.84	25.62	22.84	—
	656.91	625.77	549.90	455.25	388.57	397.82	270.45	225.62
	0.00	0.00	0.00	0.00	0.00	5.98	0.00	0.00
	656.91	625.77	549.90	455.25	388.57	403.80	270.45	225.62
	161.40	152.64	135.37	115.36	95.94	96.60	65.02	49.90
	522.88	492.92	429.17	350.78	305.89	308.64	205.43	175.72
	5.87	5.54	4.83	3.94	3.42	3.45	6.91	5.89
Key metrics
	683.87	651.37	573.77	478.55	409.62	423.01	289.02	242.43
	106.03%	105.80%	106.80%	106.50%	102.20%	98.10%	90.90%	94.30%
	81.07%	80.10%	79.90%	78.10%	76.30%	71.60%	64.60%	68.30%
	—	44.30%	46.40%	—	—	—	—	—
	13.15%	14.60%	19.60%	12.00%	-7.00%	35.60%	23.60%	—
	11.62%	14.90%	22.30%	14.70%	-0.90%	50.20%	16.90%	—
	—	417.99	419.40	—	—	—	—	—
	—	0.88	1.00	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	-37.36	-106.93	—	—	—	—	—
	—	-1.6	-0.6	—	—	—	—	—
Balance sheet
	—	2,436	2,197	—	—	—	—	—
	—	2,032	1,584	—	—	—	—	—
	—	37.36	106.93	—	—	—	—	—
	—	1.98	2.62	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	76.63	67.35	—	—	—	—	—
	—	29.01	15.25	—	—	—	—	—
	—	4.69	3.50	—	—	—	—	—
	—	1,019	1,007	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	1,365	1,136	—	—	—	—	—
Cash flow
	—	432.77	427.25	—	—	—	—	—
	—	-230.53	-196.37	—	—	—	—	—
	—	-271.82	-271.85	—	—	—	—	—
	—	14.78	7.85	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	165.03	155.93	172.25	143.91	152.24	139.99	141.26	131.31	139.24	123.56	121.28	115.30
	41.77	44.92	22.11	37.42	34.49	42.52	30.98	28.55	28.61	30.78	28.19	25.84
	206.79	200.85	194.36	181.32	186.74	182.51	172.24	159.85	167.85	154.35	149.47	141.14
	32.31	32.54	31.45	30.12	26.46	32.10	25.18	24.54	24.93	29.43	22.34	21.31
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	13.34	13.96	11.60	12.91	11.65	11.97	11.07	11.26	11.96	10.69	10.08	9.00
	0.68	0.77	0.65	0.52	0.53	0.58	0.61	0.67	0.66	0.67	0.72	0.71
	6.14	6.00	6.12	6.04	5.69	5.43	5.26	5.39	5.32	5.23	5.21	5.17
	12.15	11.81	13.08	10.65	8.58	14.12	8.24	7.22	7.00	12.85	6.33	6.42
	174.49	168.30	162.91	151.20	160.28	150.41	147.06	135.31	142.92	124.91	127.13	119.83
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	174.49	168.30	162.91	151.20	160.28	150.41	147.06	135.31	142.92	124.91	127.13	119.83
	41.65	41.61	38.95	36.11	38.67	37.37	35.07	32.16	36.84	31.49	32.03	30.50
	132.83	126.69	123.96	115.09	121.61	113.04	111.99	103.15	106.08	93.42	95.10	89.33
	1.50	1.42	1.40	1.29	1.37	1.27	1.26	1.16	1.19	1.05	1.07	1.00
Key metrics
	181.31	175.07	169.68	157.76	166.50	156.42	152.93	141.37	148.90	130.81	133.06	125.71
	109.90%	112.30%	98.50%	109.60%	109.40%	111.70%	108.30%	107.70%	106.90%	105.90%	109.70%	109.00%
	80.50%	81.20%	72.00%	80.00%	79.90%	80.70%	79.30%	78.60%	76.20%	75.60%	78.40%	77.50%
	12.20%	—	12.00%	—	12.80%	—	12.80%	—	—	—	—	—
	8.40%	11.40%	21.90%	9.60%	9.30%	13.30%	16.50%	13.90%	—	—	—	—
	9.20%	12.10%	10.70%	11.60%	14.60%	21.00%	17.80%	15.50%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	637.12	608.39	535.37	449.15	400.85	425.55	317.11	257.03	254.08	230.45
	146.22	136.55	118.92	101.63	73.21	52.33	40.27	40.12	40.08	25.62
	783.32	744.94	654.29	550.78	474.06	477.88	357.39	297.15	294.16	256.07
	126.42	120.13	104.08	93.93	85.41	78.27	75.59	69.37	62.41	56.08
	0.00	0.00	0.00	—	—	—	—	—	—	—
	0.00	0.00	0.00	—	—	—	—	—	—	—
	51.81	48.14	44.97	38.23	34.65	37.18	38.98	32.53	24.83	24.08
	2.62	2.28	2.62	2.83	2.46	1.97	2.05	1.57	0.73	0.23
	24.30	23.28	21.20	20.44	18.59	16.32	15.86	15.24	10.42	10.27
	47.69	46.42	35.30	32.42	29.71	22.79	18.70	—	—	—
	656.90	624.81	550.21	456.85	388.66	399.61	281.80	227.79	231.75	200.00
	0.00	0.00	0.00	—	—	—	—	—	—	—
	656.90	624.81	550.21	456.85	388.66	399.61	281.80	227.79	231.75	200.00
	158.32	151.10	135.56	115.41	95.96	97.09	68.31	49.87	66.71	68.31
	498.57	473.71	414.65	341.44	292.70	302.51	213.49	177.92	165.04	131.69
	5.61	5.33	4.66	3.84	3.27	3.38	7.15	5.96	5.47	—
Key metrics
	683.82	650.37	574.03	480.12	409.71	417.90	299.71	244.60	242.90	210.50
	107.33%	106.90%	107.20%	106.90%	102.20%	98.20%	94.50%	95.20%	95.60%	91.30%
	78.25%	77.90%	77.50%	76.00%	73.00%	71.10%	67.30%	69.20%	65.00%	57.10%
	—	46.10%	48.00%	—	—	—	—	—	—	—
	12.80%	13.60%	19.20%	12.00%	-5.80%	34.20%	23.40%	1.20%	10.30%	—
	10.85%	14.20%	21.40%	16.70%	-3.20%	41.70%	20.00%	7.80%	25.30%	—
	—	409.87	421.77	—	—	—	—	—	—	—
	—	0.90	1.04	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—
	—	-36.52	-106.64	—	—	—	—	—	—	—
	—	-1.8	-0.9	—	—	—	—	—	—	—
Balance sheet
	—	2,377	2,157	—	—	—	—	—	—	—
	—	2,023	1,580	—	—	—	—	—	—	—
	—	36.52	106.64	—	—	—	—	—	—	—
	—	1.22	2.01	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—
	—	76.58	67.29	—	—	—	—	—	—	—
	—	29.00	15.20	—	—	—	—	—	—	—
	—	4.11	3.33	—	—	—	—	—	—	—
	—	1,018	1,006	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—
	—	1,307	1,098	—	—	—	—	—	—	—
Cash flow
	—	424.64	429.60	—	—	—	—	—	—	—
	—	-222.94	-198.91	—	—	—	—	—	—	—
	—	-271.82	-271.85	—	—	—	—	—	—	—
	—	14.77	7.83	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +14.92%
Sales CAGR 5Y: +13.92%
Profit CAGR 3Y: +17.41%
Profit CAGR 5Y: +17.28%
Sales YoY (TTM): +12.80%
Profit YoY (TTM): +10.85%

Consolidated

Sales CAGR 3Y: +15.38%
Sales CAGR 5Y: +14.14%
Profit CAGR 3Y: +17.24%
Profit CAGR 5Y: +19.13%
Sales YoY (TTM): +13.15%
Profit YoY (TTM): +11.62%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Coverage

INFORMED coverage

IEX Q1 PAT rises 12% YoY to ₹135 crore

Shareholding as of 30 Sep 2026

Promoter holding: 0.00%

Quarter	September 2026	June 2026
Promoter %	0.00%	0.00%

Holder	Type	Holding	Previous	Change
PARAG PARIKH MUTUAL FUND UNDER ITS VARIOUS SCHEMES	Public	9.87%	9.87%	0.00%
DPVL Ventures LLP	Public	7.02%	7.02%	0.00%
LIFE INSURANCE CORPORATION OF INDIA	Public	3.99%	3.99%	0.00%
Dalmia Power Limited	Public	3.74%	3.74%	0.00%
SBI MUTUAL FUND UNDER ITS VARIOUS SCHEMES	Public	3.35%	3.38%	-0.03%
ICICI PRUDENTIAL MUTUAL FUND UNDER ITS VARIOUS SCHEMES	Public	3.24%	3.13%	+0.11%
MASSACHUSETTS INSTITUTE OF TECHNOLOGY	Public	2.48%	2.48%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
National Stock Exchange of India Limited	4,47,826	1,809.40	—	—	-3.15% FY26	-15.47% FY26	—
Multi Commodity Exchange of India Ltd	84,453	3,312.00	46.95	39.00%	+128.05% TTM	+158.41% TTM	+77.61%
Indian Energy Exchange Limited	9,993	111.20	18.96	44.30%	+13.15% TTM	+11.62% TTM	-19.24%

Some figures use IPO-document inputs. Growth periods are shown per value; FY means annual.

Filings & corporate actions

Recent announcements

Media Release on IEX Power Market Update, October''26.3 Nov 2026 · Company Update / Press Release / Media Release
Pursant to Provision of the Company Code of Conduct for Prevention of Insider Trading and Prohibition of Unfair Trade Practices Relating to the Securities Market, we hereby submit the report ....30 Oct 2026 · Company Update / Code of Conduct under SEBI (PIT) Regulations, 2015
Audio Recording of Earning Conference Call held on October 30, 2026.30 Oct 2026 · Company Update / Analyst / Investor Meet
Newspaper publication of Financial Results for the quarter and half year ended September 30, 2026.30 Oct 2026 · Company Update / Newspaper Publication
Investor Presentation Q2 FY27.29 Oct 2026 · Company Update / Investor Presentation
Indian Energy Exchange Limtied (IEX) Announces Unaudited Financial Results for the Half year and Second quarter ended Septemeber 30,2026.29 Oct 2026 · Company Update / Press Release / Media Release
Board of Directors in its meeting held on October 29, 2026, considered and approved the unaudited financial results for the quarter and half year ended September 30, 2026.29 Oct 2026 · Result / Financial Results
Considered and duly approved the unaudited Financial Results (Standalone and Consolidated) along with the Limited Review report thereon for the quarter and half year ended September 30, 2026.29 Oct 2026 · Board Meeting / Outcome of Board Meeting
Earning Call with analyst and investor to discuss the financial results of the Company for the quarter ended September 2026.23 Oct 2026 · Company Update / Analyst / Investor Meet
Indian Energy Exchange Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/10/2026 ,inter alia, to consider and approve Unaudited Financial ....22 Oct 2026 · Board Meeting / Board Meeting
Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018, for the quarter ended September 30, 2026.14 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
In continuation of our intimation dated July 15, 2026, we wish to inform that Indian Gas Exchange Limited, an associate company of Indian Energy Exchange Limited, has informed the Company ....13 Oct 2026 · Company Update / General
Media Release on IEX Power Market update H1FY27 Q2FY27 and Sep26.6 Oct 2026 · Company Update / Press Release / Media Release
Closure of Trading Window for unaudited financial results for the quarter and half year ending September 30, 2026.28 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
IEX Expands Its Energy Markets Footprints: Subsidiary Indian Coal Exchange Ltd Applies for Licence with Coal Controller Organisation.28 Sep 2026 · Company Update / Press Release / Media Release
Schedule of Investor Meeting as on September 25, 2026.25 Sep 2026 · Company Update / Analyst / Investor Meet
Indian Coal Exchange Limtied a Wholly Owned subsidary company of Indian Energey Exhange Limited has submitted an application to the Coal Controller Orgnaization for registration as a Coal Exchange.25 Sep 2026 · Company Update / General
Webcast link of the 20th Annual General Meeting held on September 9, 2026.10 Sep 2026 · AGM/EGM / AGM
Voting results along with the scrutinizer''s report of 20th Annual General Meeting held on September 9, 2026.9 Sep 2026 · AGM/EGM / AGM
Proceedings of 20th Annual General Meeting of the Indian Energy Exchange Limited held today, September 9, 2026.9 Sep 2026 · AGM/EGM / AGM
IEX Power Market Update August''26.3 Sep 2026 · Company Update / Press Release / Media Release
Schedule of Investor Meeting as on August 21, 2026.21 Aug 2026 · Company Update / Analyst / Investor Meet
Newspaper publication of Notice of the 20th Annual General Meeting and E-Voting infromation.18 Aug 2026 · Company Update / Newspaper Publication
Schedule of Investor Meeting as on August 17, 2026.17 Aug 2026 · Company Update / Analyst / Investor Meet
Indian Energy Exchange Limited Annual Report for the FY2025-26.15 Aug 2026 · Others / Reg. 34 (1) Annual Report
Newspaper publication of 20th Annual General Meeting, Final Dividend FY25-26, Record Date and E-Voting.15 Aug 2026 · Company Update / Newspaper Publication
Indian Energy Exchange Limited Annual Report for the FY 2025-2614 Aug 2026 · Company Update / General
Indian Energy Exchange Limited Business Responsibility and Sustainability Report for the FY 2025-2026.14 Aug 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
20th Annual General Meeting to be held on September 9, 2026 at 11:00 AM (IST) through VC/OAVM.14 Aug 2026 · AGM/EGM / AGM
Appointment of Mr. Alok Kumar Jha as the Head Business Development (Senior Vice President) categorized as Senior Management Personnel of the Company with effect from August 13, 2026.13 Aug 2026 · Company Update / Change in Management
IEX Power Market Update July''264 Aug 2026 · Company Update / Press Release / Media Release
Transcript of the IEX Analyst meet 2026 held on July 24, 2026.31 Jul 2026 · Company Update / Earnings Call Transcript
Schedule of Ananlyst Meet as on July 27, 2026.27 Jul 2026 · Company Update / Analyst / Investor Meet
Audio recording of IEX Analyst Meet 2026 held on July 24, 2026.24 Jul 2026 · Company Update / Analyst / Investor Meet
Investor Presentation IEX Ananlyst Meet 2026.24 Jul 2026 · Company Update / Investor Presentation
Newspaper Publication of Financial Results for the Quarter ended June 30, 2026.24 Jul 2026 · Company Update / Newspaper Publication
Board approved the unaudited Financial Results for the quarter ended June 30, 2026.23 Jul 2026 · Result / Financial Results
Press Release on IEX Unaudited Financial Results for the Quarter ended June 30, 2026.23 Jul 2026 · Company Update / Press Release / Media Release
Board Approved unaudited financial results for the quarter ended June 30, 202623 Jul 2026 · Board Meeting / Outcome of Board Meeting
Schedule of Annual Analyst Meet and Quarterly Earnings Call Q1FY27.15 Jul 2026 · Company Update / Analyst / Investor Meet

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 2.0000	15 May 2026	15 May 2026	—
Interim Dividend - Rs. - 1.5000	4 Feb 2026	4 Feb 2026	—
Final Dividend - Rs. - 1.5000	16 May 2025	16 May 2025	—
Interim Dividend - Rs. - 1.5000	31 Jan 2025	31 Jan 2025	—

Board meetings

29 Oct 2026 Board Meeting - Financial Results
23 Jul 2026 Board Meeting - Financial Results

IEX Q1 PAT rises 12% YoY to ₹135 crore

INFORMED Newsroom · 2026-07-24

Indian Energy Exchange (IEX) is India’s largest electronic marketplace for electricity—much like a stock exchange, but where power producers and buyers trade electricity for next-day or real‑time delivery. It also runs exchanges for renewable energy certificates and natural gas. On 23 July 2026, the company reported its unaudited results for the June 2026 quarter (Q1 FY27). Consolidated revenue from operations grew 11.4% year‑on‑year to ₹157.88 crore, while net profit rose 11.6% to ₹134.76 crore, driven by strong other income and a sharp jump in profit from its gas‑exchange associate. The numbers reaffirm steady volume‑led growth at the core power exchange, while the gas arm’s accelerating contribution and the formal entry into a coal‑exchange platform signal a broadening franchise of fee‑based marketplaces.

Q1 FY27: revenue dips seasonally, profit gets a lift from associates

The June quarter is typically softer for power‑exchange volumes, and sequential revenue did moderate. Yet profit after tax moved higher quarter‑on‑quarter, helped by a big swing in other income and a 75% sequential increase in the share of profit from associate Indian Gas Exchange (IGX).

(c) = Consolidated)	Q1 FY27	Q4 FY26	QoQ %	Q1 FY26	YoY %
Revenue from operations (c)	₹157.88 cr	₹174.30 cr	–9.4	₹141.75 cr	+11.4
Other income (c)	₹44.93 cr	₹22.14 cr	+102.9	₹42.43 cr	+5.9
Total expenses (c)	₹33.73 cr	₹31.72 cr	+6.3	₹32.47 cr	+3.9
Profit before tax (c)	₹176.80 cr	₹169.13 cr	+4.5	₹158.39 cr	+11.6
Share of profit of associate (IGX)	₹7.72 cr	₹4.41 cr	+75.1	₹6.68 cr	+15.6
Net profit (PAT, c)	₹134.76 cr	₹129.77 cr	+3.8	₹120.70 cr	+11.6
Net profit (PAT, standalone)	₹126.69 cr	₹123.96 cr	+2.2	₹113.04 cr	+12.1

Higher other income—mostly interest from a large investment portfolio that swelled to over ₹1,700 crore in current investments by FY26‑end—explains the bulk of the sequential profit improvement. IGX’s contribution then added further upside, making consolidated profit climb 3.8% QoQ despite a 9.4% drop in top‑line revenue.

IGX: the gas exchange is steadily scaling

IGX, which IEX accounts for as an associate, delivered its highest quarterly profit share in at least five quarters at ₹7.72 crore, up from ₹4.41 crore in Q4 FY26 and ₹6.68 crore in Q1 FY26. The quarterly contributions have been somewhat seasonal—typically strong in the June quarter—but the trend is clearly upward: in full‑year FY26, IGX’s contribution stood at ₹19.80 crore, 35% higher than ₹14.63 crore in FY25.

IGX’s own revenue has grown from ₹12.2 crore in FY22 to ₹76.8 crore in FY26, with over 50 registered members and 200+ registered clients. While still modest compared to the parent’s electricity exchange, the gas platform is becoming a meaningful profit lever.

Coal exchange incorporated, diversifying the franchise

The June‑quarter results disclose that Indian Coal Exchange Limited was included as a subsidiary with effect from 1 June 2026, marking the formal launch of a coal‑trading platform. The subsidiary did not yet generate any material revenue in the quarter but the incorporation follows in‑principle board approval after Parliament passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2025, and the Ministry of Coal appointed the Coal Controller as regulator.

IEX’s move mirrors its playbook from electricity and gas: build a transparent, exchange‑based marketplace for a regulated physical commodity. For now it is exploratory and asset‑light; P&L impact will only accrue once the platform goes live and starts generating transaction fees.

Dividend gets a sharp hike

The board has recommended a final dividend of ₹2 per share for FY26, subject to shareholder approval. With an interim dividend of ₹1.50 already paid, the total payout for FY26 would be ₹3.50 per share—133% higher than the ₹1.50 per share paid in FY25. The company remains debt‑free and generated operating cash flow of ₹433 crore in FY26, providing ample room for such a step‑up.

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