Indian Energy Exchange Ltd (NSE: IEX; BSE: 540750) reported an 11% increase in consolidated net profit for the third quarter ended Dec. 31, 2025, supported by double-digit growth in electricity volumes despite flat national power demand. The country’s premier electricity exchange posted a consolidated profit after tax of INR119.1 crore for the quarter, up from INR107.3 crore in the same period last year. Consolidated revenue rose 14% to INR183.1 crore, compared with INR160.5 crore in the year-ago quarter.
The board of directors declared an interim dividend of INR1.50 per equity share, representing 150% of the face value, for the 2025-26 financial year. The company has fixed February 4, 2026, as the record date for the payment.
Operational Highlights and Market Prices
IEX reported electricity volumes of 34.1 billion units (BUs) in the third quarter, marking an 11.9% year-on-year growth. The increase in volume came even as overall national electricity demand remained flat at 392 BUs due to prolonged monsoons in 2025.
Improved supply liquidity, driven by capacity additions and sustained coal-based generation, led to a significant decline in exchange prices. The market clearing price in the Day-Ahead Market (DAM) fell 13.2% year-on-year to INR3.22 per unit, while the Real-Time Market (RTM) price dropped 11.6% to INR3.26 per unit. On the fuel front, imported coal prices remained favorable at approximately $47 per tonne, a 10% decline from the previous year.
Subsidiary Performance
The Indian Gas Exchange (IGX) saw its traded volumes grow 8% to 17.5 million MMBtu, contributing a profit after tax of INR8.8 crore for the quarter.
The International Carbon Exchange (ICX), the company’s voluntary carbon trade arm, reported revenue of INR1.8 crore for the quarter. ICX issued 51 lakh International Renewable Energy Certificates (I-RECs) during the period, bringing its nine-month cumulative total to 133 lakh issuances.
Future Outlook
IEX continues to focus on diversifying its marketplace, with plans underway to establish India’s first coal exchange by the 2026-27 financial year. The company is also evaluating opportunities in battery energy storage systems (BESS), noting that the first merchant BESS trades occurred on the exchange in December. The company’s nine-month consolidated profit for the period ending December 31, 2025, stands at INR363.1 crore, a 16.4% increase over the previous year