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Indian Energy Exchange Revenue History — Quarter by Quarter

Indian Energy Exchange's revenue moved from ₹104 Cr in Q1 FY24 to ₹174 Cr in Q4 FY26, a 67.3% change over 11 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

QuarterRevenue (₹ Cr)YoY Change
Q4 FY26₹174 Cr+12.5%
Q3 FY26₹146 Cr+14%
Q2 FY26₹154 Cr+9.2%
Q1 FY26₹142 Cr+19.2%
Q4 FY25₹142 Cr+17%
Q3 FY25₹132 Cr+13.7%
Q2 FY25₹139 Cr+26.2%
Q4 FY24₹121 Cr+15%
Q3 FY24₹115 Cr+20.3%
Q2 FY24₹109 Cr+16.9%
Q1 FY24₹104 Cr+12.3%

What management said about revenue

G

Q4 FY26 · FY27 volume growth of 15-20%

Management expects to maintain 15-20% volume growth in FY27, supported by rising power demand and new capacity additions.

G

Q4 FY26 · IGX volumes to recover from Q2 FY27

IGX volumes may be flat in Q1 FY27 due to Middle East disruptions but should recover from Q2 onwards.

G

Q3 FY26 · Power exchange volume growth of 15-20% annually

Management expects IEX electricity volumes to grow at 15-20% per annum, consistent with historical trends.

G

Q3 FY26 · Gas exchange volume growth of 25-30% over 4-5 years

IGX volumes are expected to grow at 25-30% annually over the next 4-5 years, driven by lower gas prices.

G

Q2 FY26 · FY26 volume growth of 15-20%

Management expects to maintain electricity volume growth between 15-20% for the remaining fiscal year.

G

Q2 FY26 · Carbon credit trading market size comparable to REC market

Management expects the carbon credit trading market to be as big as the REC market once regulations are finalized.

G

Q4 FY25 · REC volume target of 20 million units for FY26

Management expects to trade about 20 billion units (20 million RECs) in FY26, implying ~12% growth over FY25's 17.8 million.

G

Q3 FY25 · Volume growth target of 15-20% for FY26

Management expects 15-20% volume growth in FY26, assuming GDP-linked power demand growth of 6-7% and continued supply-side improvements.

G

Q3 FY25 · 2 GW renewable sell potential by year-end

Management expects up to 2 GW of renewable capacity (including VPPA and merchant) to participate in spot markets by end of FY25.

G

Q2 FY25 · Electricity demand to grow ~7% annually for 7-8 years

Management expects India's power demand to grow at ~7% CAGR, with incremental demand of ~130 billion units, a good portion coming to exchanges.

G

Q4 FY24 · FY25 volume growth >15%

Management expects IEX volume growth to exceed 15% in FY25, driven by 7-8% power demand growth and market share gains.

G

Q4 FY24 · REC segment growth 25-30% in FY25

REC volumes expected to grow 25-30% in FY25, supported by lower prices and increased compliance.