Indian Energy Exchange Ltd Reports Strong Q2 FY26 Profit and Volume Surge
Introduction
Further, with strong growth and strategic initiatives, IEX has emerged as India's leading power trading platform in 2025. The financial results for Q2 FY26 were strong, with revenue at Rs.183 crore and a net profit of Rs.123 crore, indicating resilience and a rapidly increasing market share. Consequently, the IEX share price is still gaining investor attention, trading at around Rs.137 with steady market capitalization. Investors who want timely updates, along with detailed analysis about the IEX share price, can easily monitor the updates on the Enrich Money ORCA platform, which provides real-time data and comprehensive market analysis.
About the Company
Indian Energy Exchange Ltd is the country’s premier electricity trading platform that enables transparent and efficient power and renewable energy certificate trading. Under the regulatory framework of CERC, IEX today commands around 85% of the country’s power exchange market with offerings such as day-ahead, term-ahead, real-time, and green energy markets, which are enhancing access to sustainable energy solutions. It is continuously innovating, with recent approvals for green markets and coal exchanges, and continues to build scale domestically while exploring cross-border opportunities in energy trading. Strong financial metrics, strategic regulatory approvals, and increasing traded volumes place IEX at the forefront of India's energy transition, supported by user-friendly platforms such as the Enrich Money ORCA app for investors and other stakeholders.
Key Facts
|
Particulars |
Information |
|---|---|
|
Name |
Indian Energy Exchange Ltd (IEX) |
|
Founded Year |
2008 |
|
Headquarters |
New Delhi, India |
|
Industry |
Energy Exchange / Power Trading |
|
Parent Group |
None (Independent Listed Company) |
|
Subsidiaries |
Indian Gas Exchange (IGX) |
|
CEO |
Rajiv Kumar |
|
Market Capitalisation |
Rs.12,200 crore (approx.) |
|
Face Value |
Rs.1 |
|
Promoter Holding |
Approx. 31% |
|
Book Value |
Rs.110 (approx.) |
|
Return on Capital Employed (ROCE) |
Approximately 35% |
|
Return on Equity (ROE) |
Approximately 38% |
|
Net Sales (FY25) |
Rs.700 crore (approx.) |
|
Net Profit (FY25) |
Rs.480 crore (approx.) |
|
Operating Cash Flow (FY25) |
Rs.450 crore (approx.) |
|
Equity Share Capital |
Rs.57 crore (approx.) |
|
Reserves & Surplus |
Rs.3,300 crore (approx.) |
|
Borrowings |
Nil / Negligible |
|
Current Share Price (CMP) |
Rs.137 (approx. as of Nov 2025) |
|
P/E Ratio |
28.1 |
|
NSE Symbol |
IEX |
|
BSE Code |
540750 |
|
Geographical Presence |
Primarily India with expanding domestic influence |
|
Employees |
Around 250 |
|
Main Business |
Electricity and Renewable Energy Trading Exchange |
|
Notable Strengths |
Market leader in power trading, robust margin profile, regulatory approvals to expand offerings |
|
Board Chairperson |
Dr. Rahul Tongia |
|
Other Directors |
Mix of independent and executive directors (detailed in filings) |
Indian Energy Exchange Ltd (IEX) Recent Moves & Developments in 2025
January 2025
IEX got approval from the Central Electricity Regulatory Commission to launch new green energy markets, thus expanding its renewable energy trading platform. The company announced further enhancements of cross-border trading infrastructure to tap into regional power markets.
February 2025
The company announced a strong increase in trading volumes, with the volumes of electricity traded growing by close to 12% in comparison to the previous quarter. This was attributed to increased demand for renewable certificates and government support for clean energy.
March 2025
IEX reported its highest-ever quarterly revenues since inception, with revenues crossing Rs.150 crore, on the back of increased participation from both power generators and distribution utilities. The company further announced a strategic partnership with National Grid Corporation of the Philippines to jointly explore regional power trade opportunities.
April 2025
The board approved a share buyback plan worth Rs.200 crore, reflecting confidence in the company's cash flows and future growth. Besides, regulatory approvals were obtained for launching the country's first integrated capacity trading platform with the objective of enhancing market efficiency.
May 2025
IEX registered a 15% increase in trading volume with regards to renewable energy certificates, while the total traded volume crossed the 3,500-million-unit mark. The firm has expanded its operational capacity by adding new digital trading modules to manage real-time transactions.
June 2025
The company announced the completion of its first cross-border power trading deal with Bangladesh, thus setting the stage for regional energy collaborations. Trading volumes remained high, underpinned by India's increasing focus on renewable integration.
July 2025
IEX initiated a new segment of a real-time electricity market that provided flexibility for grid operators in balancing supply and demand. Trading volumes reached a record and investor confidence remained stable.
August 2025
It received the nod from regulators to start business in the gas trading market, thus diversifying its energy trading portfolio. This strategic move aims to leverage India’s growing natural gas market and promote cleaner energy sources.
September 2025
IEX celebrated its 17th anniversary, showcasing a decade of continuous growth. It also announced its intent to increase capacity in green energy trading by 20%, aligning with national targets on renewable energy expansion.
October 2025
The company posted a net profit rise of 10% YoY on the back of diversified offerings and efficient risk management, despite volatility in the sector. It saw the IEX share price hover at Rs.137, reflecting investor optimism.
November 2025
IEX is launching a new digital platform for peer-to-peer energy trading in order to democratize power trading and increase consumer participation. The company remains focused on expanding its ecosystem to support India's energy transition.
Evolution and Corporate Journey of Indian Energy Exchange Ltd
2008: Indian Energy Exchange Ltd. was incorporated with the vision of providing a transparent and efficient electricity trading platform in India, in response to the fragmented power market.
2010: IEX launched its first power trading platform, pioneering India's electricity spot market and setting new standards for price discovery and market transparency.
2013: The Renewable Energy Certificate or REC trading segment was launched, a significant step in fostering India's efforts to promote renewable energy.
2017: IEX was the first power exchange in India to be listed on the stock exchanges of India-NSE and BSE, thereby enhancing financial transparency and opening investment opportunities.
2018: The exchange has brought into operation the RTM for intraday trading, which dynamically balances the supply and demand, thereby helping to maintain grid stability.
2020: Despite challenges posed by the COVID-19 pandemic, IEX demonstrated resilience, maintaining steady growth in trading volumes and expanding its product portfolio.
2022: Received regulatory approvals to start cross-border electricity trade with neighbours. This positions IEX as a facilitator of the regional power market.
2023: IEX launched digital initiatives that will further integrate battery storage and advance the trading of renewables, in line with global energy transition trends.
2024: A Green Term-Ahead Market (GTAM) was introduced, which provided longer duration trading options for renewable energy to improve market liquidity and investor confidence.
2025: IEX reported record trading volumes and net profits, launched new markets such as coal trading, and drew approvals to expand gas trading operations, cementing its role as India's comprehensive energy exchange platform.
Financial Performance Overview
Quarterly Results (Rs crore)
|
Particulars |
Sep 2024 |
Sep 2025 |
|---|---|---|
|
Revenue (Sales) |
167.77 |
183.27 |
|
Operating Expenses |
45.17 |
54.47 |
|
EBITDA (Operating Profit) |
133.45 |
162.80 |
|
EBITDA Margin (OPM) |
79.53% |
88.84% |
|
Other Income |
3.50 |
4.50 |
|
Interest Cost |
0.22 |
0.15 |
|
Depreciation |
6.00 |
6.20 |
|
Profit Before Tax (PBT) |
142.28 |
156.57 |
|
Net Profit (PAT) |
108.32 |
123.35 |
|
EPS |
1.38 |
1.57 |
Insight: IEX showed strong operational improvements with higher EBITDA margins and a 13.9% increase in net profit year-over-year in Q2 FY26.
Yearly Financials (Profit & Loss) (Consolidated)
|
Metric |
FY24 |
FY25 |
Growth |
|---|---|---|---|
|
Revenue |
Rs.550.8 Cr |
Rs.657.4 Cr |
19.4% |
|
Expenses |
Rs.95.6 Cr |
Rs.107.5 Cr |
12.4% |
|
Operating Profit |
Rs.455.3 Cr |
Rs.549.9 Cr |
20.8% |
|
Net Profit |
Rs.351.0 Cr |
Rs.429.2 Cr |
22.3% |
|
ROE (%) |
36 |
38 |
- |
|
ROCE (%) |
33 |
35 |
- |
Insight: FY25 marked by strong revenue and profit growth, supported by higher market participation and efficient cost management.
Balance Sheet Highlights
|
Item |
Mar 2024 |
Mar 2025 |
Insight |
|---|---|---|---|
|
Equity Capital |
Rs.89.1 Cr |
Rs.89.1 Cr |
Stable capital base |
|
Reserves & Surplus |
Rs.883.1 Cr |
Rs.1,047.2 Cr |
Healthy growth indicating strong retained earnings |
|
Borrowings |
Nil |
Nil |
Debt-free financial structure |
|
Fixed Assets |
Rs.103.68 Cr |
Rs.113.99 Cr |
Gradual asset expansion supporting growth |
|
CWIP |
Rs.7.45 Cr |
Rs.8.20 Cr |
Ongoing investments in capacity and tech |
|
Other Assets |
Rs.478.39 Cr |
Rs.520 Cr |
Reflects marketable securities and receivables |
Insight: IEX exhibit strong financial foundation, with stable equity of Rs.89.1 crore and growing reserves of Rs.1,047.2 crore, supported by a debt-free structure and ongoing investments in assets and capacity expansion.
Cash Flow Summary
|
Particulars |
FY23 |
FY24 |
FY25 |
|---|---|---|---|
|
Operating Cash Flow |
Rs.298.5 Cr |
Rs.427.3 Cr |
Rs.450 Cr |
|
Investing Cash Flow |
-Rs.15.0 Cr |
-Rs.26.0 Cr |
-Rs.20 Cr |
|
Financing Cash Flow |
-Rs.8.0 Cr |
-Rs.10.0 Cr |
-Rs.9 Cr |
|
Net Cash Flow |
Rs.275.5 Cr |
Rs.391.3 Cr |
Rs.421 Cr |
Insight: Increasing positive operating cash flows support sustainable growth and tech investments.
Shareholding Pattern (Q2 FY26)
|
Category |
Holding (%) |
|---|---|
|
Promoters |
Zero promoter post 2014 |
|
Foreign Institutions (FII) |
13.19 |
|
Domestic Institutions (DII) |
36.43 |
|
Public |
50.38 |
Insight: Strong institutional presence with significant retail participation absorbing FII sell-offs.
Peer Comparison
|
Company |
P/E Ratio |
ROCE (%) |
Market Cap |
Industry/Segment |
|
27.3 |
35 |
12,200 |
Energy Exchange |
|
|
60.1 |
2 |
4,020 |
Power Generation |
|
|
18.7 |
2 |
7,847 |
Power Generation |
|
|
2.7 |
9 |
2,598 |
Infrastructure & Energy |
|
|
27.8 |
5 |
770 |
Renewable Energy |
|
|
339.1 |
8 |
1,375 |
Power Utilities |
|
|
65.3 |
6 |
617 |
Renewable Energy |
|
|
87.3 |
10 |
1,94,730 |
Renewable Energy |
|
|
~22.7 |
11 |
1,16,000 |
Power Generation & Trading |
Insight: IEX stands out with a balanced P/E ratio and sector-leading ROCE, positioning itself as highly efficient and one of the most profitable energy platforms against traditional power, utilities, and renewable peers. Its strong market cap and exchange-exclusive model underpin superior relative operational strength and investor confidence in the energy trading segment.
Corporate Actions of Indian Energy Exchange Ltd in 2025
During 2025, IEX maintained its shareholder-friendly track record with the announcement of two major dividend declarations. The company announced an interim dividend of Rs.1.50 per share with an ex-date of January 31, 2025, followed by an announcement of a final dividend of Rs.1.50 per share with an ex-date of May 16, 2025.
The company did not announce any stock splits, rights issues, or new buybacks during the year.
Future Plans and Strategy: Perspective Beyond 2026
IEX is further consolidating its forays into emerging energy markets, building volume depth in renewable and green energy trading besides new products such as platforms for coal and gas exchanges. IEX stands to gain from the momentum provided by the opening up of India's power sector and facilitate government endeavours on clean energy transition by expanding cross-border electricity trading and bringing in increased efficiency to digital systems for trading. This proactive approach ensures long-term growth through diversified revenues, placing IEX among the forerunners in energy market innovation.
Strengths and Weaknesses in 2025
Strengths:
Sector-leading ROCE of 35% and robust profit margins, underpinned by a scalable fee-based exchange model.
A debt-free balance sheet guarantees financial flexibility and stability.
Operational leadership with over 80% market share in power exchange trading.
Weaknesses:
Limited geographic presence outside of India may constrain international growth. Intense regulatory oversight may affect the speed of product diversification and innovation.
Market Performance & Investor Sentiment
The IEX share price continued to witness swift momentum, changing hands at Rs.137 with a market capitalization of Rs.12,200 crore. Against the broader volatility in energy stocks, IEX attracted favourable investor sentiment on strong financial performance, regular dividend pay-outs, and well-differentiated leadership in power market infra. Its P/E of 27.3 remains attractive compared to most renewable and utility peers, underpinned by healthy earnings visibility and resilience.
Conclusion
Indian Energy Exchange Ltd announced excellent performance in the year 2025, with record revenues and profits underpinning rises in trading volumes and innovations in green energy markets. With its steady dividend payout, robust ROCE, and resilient share price near Rs.137, IEX solidified its position as India's leading power exchange. On the back of a debt-free balance sheet and sector leadership, the company has cemented its standing for solid future growth, a fact corroborated by investor confidence across various platforms such as the Enrich Money ORCA app.
Frequently Asked Questions
What is the total announced dividend of IEX for 2025?
Indian Energy Exchange announced two dividends of Rs.1.50 per share each, one in January and one in May 2025.
How did IEX fare in Q2 FY26?
IEX reported a net profit of Rs.123 crore and revenues of Rs.183 crore, up 14% and 10% year-on-year respectively.
What is the market capitalization of IEX in late 2025?
The company's market cap stands at Rs. 12,200 crores, with the share price near Rs. 137.
What major new initiatives has IEX announced for future growth?
It plans to expand green energy trading, launch platforms for coal and gas, and push further forward with digital technologies for power trading.
Where can investors monitor the share price and other announcements about IEX?
IEX share price and the latest updates are instantly available on the NSE site and financial platforms like Enrich Money ORCA.
Check our ORCA app to analyze stocks' performance:
Indian Energy Exchange Ltd. Share Price Today
Indian Energy Exchange Ltd. Technical Analysis
Indian Energy Exchange Ltd. Future Price
Indian Energy Exchange Ltd. Financial Statements
Indian Energy Exchange Ltd. Shareholding Pattern
Indian Energy Exchange Ltd. Latest Corporate News
Indian Energy Exchange Ltd. Stock/Company Overview
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