Indian Energy Exchange Ltd.Record Volumes, 15-20% Growth Guided

Indian Energy Exchange Limited delivered a stellar Q4 FY26 performance with record quarterly electricity volumes reaching 39.4 billion units, marking a robust 24.3% year-on-year increase.

Consolidated revenue grew 12.5% to ₹196.4 crores while profit after tax rose 10.8% to ₹129.8 crores for the quarter. For the full fiscal year, PAT increased 14.9% to ₹492.9 crores, prompting the Board to declare a final dividend of ₹2 per share. The Real-Time Market segment emerged as the fastest-growing vertical with volumes surging 48.2% year-on-year to 14.3 billion units in Q4, now representing 39% of total electricity volumes.

Management confidently guided 15-20% volume growth for FY27, supported by rising demand projections and new capacity additions. The company is actively exploring coal exchange opportunities with an addressable market of 80-90 million tonnes via e-auction plus 150 million tonnes of imports. Despite regulatory uncertainties around market coupling, management emphasized strong customer loyalty built over 18 years and value-added services as key competitive moats. A buyback is under active consideration given favorable revised tax structures.