IEX · Financial Services
Indian Energy Exchange Ltd. reported revenue of ₹158 cr for April to June 2026, +12.8% on the year and −8.2% on the quarter. That is slower than this quarter has grown in recent years (+16.1% on average). Over the last four quarters revenue comes to ₹628 cr, +13.9% on the four before.
Operating profit (EBITDA) was ₹131 cr, a margin of 82.9%, +150 bps on the year and −312 bps on the quarter. Over the last 8 quarters the margin has ranged from 81.4% to 86.7%, averaging 84.9%. Operating costs grew +3.7% against revenue growth of +12.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹135 cr, +19.3% on the year and +8.7% on the quarter, with earnings per share of ₹1.52. Profit before other income, one-offs and tax grew faster, at +23.2%; other income, one-offs or tax held the headline back. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹497 cr, +14.5% on the four before.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹5.59 over the last four quarters, the stock at ₹107.95 trades at 19.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| Generation (BU) | 37.5 | 35.2 |
| Average Market Clearing Price DAM (₹/unit) | — | 3.9 |
| Average Market Clearing Price RTM (₹/unit) | — | 3.5 |
| IGX Traded Gas Volume (million MMBtu) | — | 16.15 |
| ICX I-RECs Issued (lakh) | — | 37.57 |
Read using the Power and utilities framework (named in the filing read). Primary valuation lens: P/B against allowed RoE.
Read more closely in this sector: Regulatory receivables and late payment surcharge · Capacity announced against commissioned.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹115 cr | ₹121 cr | ₹124 cr | ₹139 cr | ₹131 cr | ₹141 cr | ₹140 cr | ₹154 cr | ₹144 cr | ₹172 cr | ₹158 cr | ₹167 cr |
| YoY | — | — | +19% | +28% | +14% | +17% | +13% | +11% | +10% | +22% | +13% | +9% |
| EBITDA margin | 87.0% | 86.8% | 80.6% | 86.3% | 86.3% | 86.5% | 81.4% | 86.7% | 83.3% | 86.0% | 82.9% | 84.6% |
| Other income, % of PBT | 22% | 22% | 25% | 20% | 21% | 21% | 29% | 18% | 25% | 13% | 25% | 20% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 25% | 26% | 24% | 24% | 25% | 23% | 24% | 24% | 24% | 23% |
| Net profit | ₹89.0 cr | ₹95.0 cr | ₹93.0 cr | ₹106 cr | ₹103 cr | ₹112 cr | ₹113 cr | ₹123 cr | ₹115 cr | ₹124 cr | ₹135 cr | ₹139 cr |
| YoY | — | — | +26% | +28% | +16% | +18% | +22% | +16% | +12% | +11% | +19% | +13% |
| Core profit YoY | — | — | +24% | +31% | +13% | +17% | +14% | +16% | +8% | +22% | +23% | +10% |
| EPS | ₹1.00 | ₹1.07 | ₹1.05 | ₹1.19 | ₹1.16 | ₹1.26 | ₹1.27 | ₹1.39 | ₹1.29 | ₹1.39 | ₹1.52 | ₹1.56 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Indian Energy Exchange Ltd. reported revenue of ₹158 cr (+12.8% on the year) and net profit of ₹135 cr (+19.3% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +23.2% on the year, against +19.3% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.