Indian Energy Exchange (IEX) is expected to attract investor interest after announcing an 11% year-on-year increase in consolidated net profit to Rs 130 crore for the fourth quarter of fiscal year 2026. Revenue for the period rose 13% year-on-year to Rs 196 crore. This performance was supported by the company’s highest quarterly electricity trading volume of 39.4 billion units, up 24.3% from the previous year. Trading in renewable energy certificates reached 71.71 lakh units, reflecting a 6.1% growth. The board approved a final dividend of Rs 2 per share for fiscal 2026, with May 15 as the record date for eligible shareholders. Payment will occur within 30 days after shareholder approval at the annual general meeting. For the full fiscal year ending March 31, consolidated revenue grew 13.6% to Rs 747 crore, and profit after tax rose 14.9% to Rs 492.9 crore. Electricity trading hit a record 141.1 billion units, a 17% increase, while renewable energy certificate volumes reached 187.2 lakh units, up 5%. The company attributed the results to increased generation from wind, hydro, solar, and coal sources, which boosted supply on the platform and lowered prices. The day-ahead market clearing price fell 13.7% to Rs 3.86 per unit, and the real-time market price dropped 16% to Rs 3.59 per unit compared to the prior year. Motilal Oswal maintained a neutral rating, noting that standalone revenue of about Rs 170 crore fell short of estimates by 4.7%, though volumes aligned with expectations. Standalone profit after tax missed forecasts by 4% due to lower other income. JM Financial described the results as meeting expectations, with volumes up 24% year-on-year, but highlighted ongoing concerns over market coupling. IEX shares have fallen more than 6% in the past week and about 5% year-to-date in 2026, influenced by a draft framework from the Central Electricity Regulatory Commission designating Grid India as the market coupling operator. However, the stock rose over 6% in the last month. Over longer periods, it declined 33% in one year and 17% in three years, but gained 7% over five years.
