Indian Energy Exchange Ltd.Strong 14% Growth Despite Flat Demand

Indian Energy Exchange delivered robust Q3 FY26 performance with revenue growing 14% year-on-year to ₹183.1 crore and profit after tax rising 11% to ₹119.1 crore, despite flat national power demand.

Electricity trading volumes reached 34.1 billion units, up 12% YoY, driven by competitive pricing that enabled DISCOMs to optimize away from costlier power purchase agreements. The Real-Time Market segment demonstrated exceptional momentum with 36% YoY growth, now accounting for 40% of total electricity volume. Management expressed strong confidence in favorable regulatory outcomes on market coupling proceedings, noting that even if implemented, an extended consultation process lies ahead.

January 2026 volumes accelerated to 18-19% YoY growth as weather normalized and demand recovered. The gas exchange IGX recorded impressive 46% volume growth in 9M FY26, with management guiding 25-30% annual growth over the next 4-5 years. IEX maintains a fortress balance sheet with ₹1,500 crore cash and declared ₹1.5 per share interim dividend. Management highlighted CEA projections of electricity consumption reaching 2,500 billion units by 2032, positioning IEX for sustained long-term growth.