Indian Energy Exchange Ltd(IEX)

NSE: IEXBSE: 540750

₹ 103.15+1.63%refreshed 26 Oct, 12:00 pm ISTMarket cap: ₹ 9,198 crNext results: 29 Oct 2026Website: www.iexindia.comUpdated: 24 Oct 2026

About

Indian Energy Exchange (IEX) is India's largest power exchange, operating electronic platforms for spot and term trading of electricity, renewable energy certificates, and gas. In FY26, IEX traded 141 billion units of electricity, with consolidated revenue of ₹747 crore and PAT of ₹493 crore. IEX held an 84% share of India's short-term electricity exchange market as of Q2 FY26, and its subsidiary IGX represents approximately 3% of India's overall gas consumption and 20% of the spot gas market.^[1][2][3]

Trading segments and products

Day-Ahead Market (DAM): the original segment where electricity is traded for next-day delivery in 15-minute blocks; sell bids rose 49% YoY in Q4 FY26 as solar, hydro, wind and coal capacity additions surged.^[3]
Real-Time Market (RTM): trades electricity one hour before delivery; RTM's share of IEX electricity volumes rose from 20% four years ago to 34% in FY26, with a 5-year CAGR of 42%.^[1]
Green Market: trades electricity from renewable sources; Green Market volume was 3 BU in Q2 FY26 (+17.7% YoY) and 8 BU in 9M FY26 (+23% YoY).^[2][4]
Renewable Energy Certificates (RECs): IEX traded 187 lakh RECs in FY26 (+5% YoY); the segment faces structural pressure from a CERC discussion paper allowing RPO obligations to be settled via monetary deposit.^[3][4]
International Carbon Exchange (ICX): subsidiary issuing I-RECs; issued 179 lakh I-RECs in FY26, up over 200% YoY, with full-year revenue of ₹7.7 crore.^[3]
Indian Gas Exchange (IGX): 47.3%-owned subsidiary operating India's gas spot exchange; represents ~3% of India's overall gas consumption and 20% of the spot gas market with 23 delivery points as of Q3 FY26.^[4][1]

Key operating volumes

IEX electricity volumes: 37.5 BU in Q1 FY27 (+16% YoY), after a record 39.4 BU in Q4 FY26 (+24.3% YoY) and 141 BU for full-year FY26 (+17% YoY).^[1][3]
RTM volumes: 16.0 BU in Q1 FY27 (+23% YoY) and 55 BU in FY26 (+41% YoY), constituting 39% of IEX electricity volumes in FY26.^[1][3]
Average DAM clearing price: INR 3.86/unit in FY26 (-14% YoY) and INR 3.89/unit in Q4 FY26 (-12.2% YoY), driven by a 49% YoY surge in sell-side bids.^[3]
IGX gas volumes: 27.5 Mn MMBtu in Q1 FY27 and 76.8 Mn MMBtu in FY26 (+28% YoY); Q4 FY26 fell 8% YoY to 18.6 Mn MMBtu due to Middle East LNG supply disruptions.^[1][3]
IGX PAT: ₹16 crore in Q1 FY27 and ₹42 crore in FY26 (+35% YoY).^[1][3]

Market position and participants

IEX held an 84% share of India's short-term electricity exchange market in Q2 FY26.^[2]
More than 70% of cleared volume in IEX's I-DAM is contributed by members using bidding APIs; 56% by members using trade-report APIs as of Q1 FY27.^[1]
IEX paid out ₹40,000+ crore to electricity sellers in FY26 through the exchange settlement mechanism.^[1]
BESS operators form a new participant class: ACME Solar (3,200 MWh), Juniper Green Energy (500 MWh) and Adani Green (3,400 MWh) are each trading storage arbitrage on IEX on a merchant basis.^[1]
Merchant BESS arbitrage averaged ₹4.81/kWh across 545 cycles in FY26, making the exchange the primary marketplace for battery storage dispatch.^[1]

Price trends

DAM average price fell to INR 3.22/unit in Q3 FY26 (-13.2% YoY) and RTM averaged INR 3.56/unit (-16% YoY), driven by a 44% YoY increase in DAM sell bids.^[4]
RTM average price for FY26 was INR 3.59/unit (-16% YoY); RTM prices run approximately 10 - 12% below DAM, attracting DISCOM procurement.^[3][2]

Expansion into new commodity exchanges

Indian Coal Exchange Ltd: incorporated by IEX Board; Ministry of Coal notified rules on 4 June 2026 mandating all coal trading through exchanges within 6 months of first exchange operationalisation; initial opportunity estimated at 100 million tonnes.^[1]
Indian Coal Exchange Ltd applied for a licence with the Coal Controller Organisation as of 28 September 2026.^[5]
Ministry of Mines announced draft rules for a Minerals Exchange; IEX plans to incorporate a separate entity once final notification is issued.^[1]

Pending regulatory approvals and new products

Carbon credit trading: Ministry of Environment issued final GHG emission intensity target notifications for 7 sectors; BEE stated intent to start carbon credit trading by 1 October 2026 on IEX under the CCTS framework.^[1]
Green RTM: CERC order reserved; would allow renewable generators to trade green power one hour in advance.^[1]
Peak DAM and Peak RTM: CERC order reserved on IEX petition for high-demand hours trading contracts.^[1]
Term Ahead Market (TAM) extension to 11 months: petition pending with CERC; approval would shift approximately 40 BU of DEEP bilateral volume to exchanges.^[1][3]
VPPA framework: CERC issued final guidelines in December 2025 recognising power exchanges as authorised platforms for RE electricity sold under Virtual Power Purchase Arrangements.^[4]

Corporate actions

IGX IPO: DRHP filed with SEBI and BSE; IEX intends to reduce its stake in IGX from 47.3% to 25% by December 2026 to comply with PNGRB requirements.^[1][3]
Share buyback: under active consideration following SEBI rule revisions on the open-market route.^[1]

Market Cap

₹9,198 Cr

High / Low

₹160 / 100

Stock P/E

17.8

Price / Book

6.6

Book Value

₹15

EPS

₹5.5

No. of Shares

89.17 Cr

ROE

39.4%

Sales

₹616 Cr

Net Profit

₹493 Cr

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Indian Energy Exchange Ltd(IEX)

About

Trading segments and products

Key operating volumes

Market position and participants

Price trends

Expansion into new commodity exchanges

Pending regulatory approvals and new products

Corporate actions

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions