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Revenue
₹174 Cr
verified against source
Revenue YoY
12.5%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IEX reported Q4 FY26 consolidated revenue of ₹174 crore (+12.5% YoY) and PAT of ₹130 crore (+10.8% YoY), driven by record quarterly electricity volumes of 39.4 BU (+24.3% YoY) and strong RTM growth (+48.2% YoY). The day-ahead market saw sell liquidity surge 49% YoY, pushing prices down 12.2% to ₹3.89/unit, which encouraged discom and C&I participation. Management guided for 15-20% volume growth in FY27, supported by rising power demand and new capacity additions. However, regulatory overhang from market coupling draft regulations and Middle East disruptions impacting IGX volumes remain key risks. The coal exchange opportunity is promising but awaits final regulations. Overall, operational momentum is solid but regulatory uncertainty caps upside.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain 15-20% volume growth in FY27, supported by rising power demand and new capacity additions.
- IGX volumes may be flat in Q1 FY27 due to Middle East disruptions but should recover from Q2 onwards.
- Board has approved in-principle to explore establishing a coal exchange, pending final regulations from Ministry of Coal.
Risks flagged
- CERC's draft regulations on market coupling could alter IEX's role in price discovery, potentially impacting market share and margins.
- Supply disruptions from the Middle East have reduced IGX volumes; Q1 FY27 may see flat growth.
- FY26 electricity demand was nearly flat due to weather; future demand depends on economic growth and weather patterns.
- PNGRB has set a deadline of December 31, 2026 for IEX to reduce its stake in IGX, which may require action.
Key quotes
- We have been achieving a volume growth of 15 to 20% every year and this year in fact the demand is also going to be high. So with the new capacity additions and demand increasing we should be able to maintain this volume growth of 15 20%.
- I can only give you one example that in case of the termat market where the liquidity is practically uniform across all three exchanges the share of all three exchanges is in that same range of I mean 40 50% 30% 20% kind of numbers so in that market that market is operating from the last four years and in that market also the margins are intact.
- We are not using AI for the price discovery. Price discovery is by our MIP based algorithm which is a linear programming based model.
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