Q3FY26: IEX Profit Up 11% YoY to Rs 119.1 Cr; 9M Profit Rises to Rs 363.1 Cr

India Energy Exchange (IEX) recorded a surge in electricity volumes in Q3FY’26, with volumes reaching 34.1 BUs, an increase of 11.9% year-on-year (YoY). In a press release, IEX said its consolidated revenue for the quarter rose to Rs 183.1 crore, marking a 14% increase from Rs 160.5 crore in Q3FY’25. During the quarter, the firm has been mired in to and fro regarding plans for market coupling, widely expected to lead to a hit on its margins and topline. The picture as of now remains unclear on the front. 

According to IEX’s unaudited consolidated financial results for the third quarter ended December 31, 2025, electricity volumes stood at 34.1 BUs in Q3FY’26, up 11.9% YoY. Consolidated revenue for the quarter also increased 14% YoY to Rs 183.1 crore from Rs 160.5 crore in the corresponding quarter of the previous fiscal year.

The company’s standalone profit after tax (PAT) in Q3FY’26 rose 11.6% YoY to Rs 115.1 crore, compared with Rs 103.1 crore in Q3FY’25. On a consolidated basis, PAT for Q3FY’26 stood at Rs 119.1 crore, up 11.0% YoY from Rs 107.3 crore in Q3FY’25. Consolidated PAT for the nine months ended FY’26 increased 16.4% to Rs 363.1 crore, compared with Rs 312.1 crore in 9MFY’25.

Prolonged Monsoons, Rampt Capacity Addition Lowered Electricity Prices in 2025 

During the third quarter of this financial year, with capacity addition, increase in solar, hydro, wind and sustained supply from coal-based generation, supply liquidity on power exchanges improved and led to substantial drop in DAM and RTM prices. The Market Clearing Price in the Day-Ahead Market at Rs 3.22/unit during Q3 FY’26 declined 13.2% compared to Q3 FY’25. Similarly, the Market Clearing Price in the Real-Time Market at Rs 3.26/unit during Q3 FY’26 declined 11.6% compared to Q3 FY’25. These low prices have been reflected in lower sales realisations from merchant power as reported by key developers, including Adani Green Energy last week. 

In this quarter, the power sector was impacted by the prolonged monsoons in 2025 which led to lower electricity requirement across the country. Consequently, electricity demand during Q3FY’26 remained flat at 392 BUs.

On the fuel side, ample fuel has been available at competitive prices. Coal inventory as of December 2025 stood at 25 days. For Q3FY’26, prices of imported coal remained favourable at nearly $47/tonne, a decline of 10% compared with the same quarter last fiscal.

Gas Growth Trade Volume Improved

The gas market too witnessed growth in the trade volume as the Indian Gas Exchange (IGX) traded gas volumes of 17.5 Million MMBtu in Q3 FY’26, a growth of 8% over Q3 FY’25. For Q3 FY’26, IGX recorded a profit after tax of Rs. 8.8 Crore, higher by 6% compared with Rs. 8.3 Crore in Q3 FY’25. For 9MFY’26, IGX recorded a profit after tax of Rs. 32.5 Crore, higher by 47.9% compared with Rs. 22 Crore in 9MFY’25. As gas prices continue their downward trend and policy initiatives continue to remain positive in the sector, volumes at IGX would continue to be robust. 

In Q3 FY’26 the International Carbon Exchange (ICX) issued 51 lakh I-RECs adding to a cumulative of 133 lakh issuances in the first nine months of FY’26, surpassing 59 lakh I-RECs issued in FY’25. Revenue for ICX in Q3 FY’26 stood at Rs. 1.8 Crore and in 9MFY’26 ICX reported revenue of Rs 5.5 Crore. The I-REC is a globally recognized digital certificate that serves as transferable proof of generation of 1 MWh of energy from renewable sources.