IEX Q1 Results: Net profit jumps 21% to Rs 113 crore, revenue rises 13%

Indian Energy Exchange (IEX) on July 24 reported a standalone net profit of Rs 113 crore for the first quarter of the financial year 2026. This marks a rise of 21 percent from the Rs 93 crore net profit reported in the corresponding quarter of the previous financial year.

The firm’s revenue from operations rose 13 percent on-year to Rs 140 crore in Q1 FY26, from Rs 124 crore in Q1 FY25. Expenses meanwhile increased 9 percent on-year to Rs 32 crore during the quarter under review.

IEX reported a 15 percent on-year rise in electricity volumes to 32.4 BUs during the quarter which ended on June 30, 2025. It further reported a 149 percent on-year surge in RECs traded during the quarter, which stood at 52.7 lakh.

The company said that India’s peak summer power demand in 2025 reached 242 GW on June 12. Despite forecasts of an intense summer leading to a peak demand expectation of 277 GW, early monsoon and widespread unseasonal rains kept temperatures lower, resulting in lower-than-expected power demand, it added.

Ample fuel is however available at competitive prices, with India's coal production remaining stable. "During the quarter, with an increase in hydro, wind and sustained supply from coal-based generation, supply liquidity on power exchanges improved and kept prices competitive. In Q1 FY’26, supply liquidity in the DAM segment increased 45.2% on YoY basis. As a result, price in the Day Ahead market averaged Rs 4.41/unit, a decline of nearly 16% YoY. Similarly, price in the Real-Time Market averaged Rs 3.91/unit during Q1 FY’26, a decline of 20% compared to Q1 FY’25," the firm said.

In the gas market, the Indian Gas Exchange (IGX) traded record gas volumes of 24.6 million MMBtu in Q1 FY26. This marked a whopping 109 percent growth over Q1 FY25, led by a demand increase from oil marketing companies (OMC) and city gas distribution companies, IEX said.

Earlier during the day, the shares of the company crashed a whopping 29.5 percent to close at Rs 132.45 apiece. This came after reports suggested that the Central Regulatory Electricity Commission approved the implementation of power coupling with the Day Ahead Market (DAM).

As part of the first phase of the new regulations, the Day-Ahead Market (DAM) will be coupled by January 2026. In this system, various power exchanges will take turns serving as Market Coupling Operators (MCOs) through a round-robin arrangement.

Market coupling is a model where buy bids and sell bids from all power exchanges in India will be aggregated and matched, to discover a uniform market clearing price (MCP). It will also mean there will be only one price for the electricity that is to be traded at any point of time through these exchanges.

If implemented, all the power exchanges will be rendered as a platform where only buy and sell bids will be received and power dispatched to the buyer. This mechanism will not have any immediate impact on the end user, but in the long run, it could reduce overall power tariffs for consumers.Apart from the point of uniform price discovery across exchanges, the Centre also wants market coupling to be implemented, as it is keen to increase the share of power exchanges in the trading of electricity. The government wants to reduce the prevalence of current format of long-term power purchase agreements (PPAs), which run for as long as 25 years.