IEX Q1 PAT rises 12% YoY to ₹135 crore
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).
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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