Indian Energy Exchange Ltd. reported revenue of ₹167 cr for July to September 2026, +8.6% on the year and +5.8% on the quarter. That is slower than this quarter has grown in recent years (+19.1% on average). Over the last four quarters revenue comes to ₹641 cr, +13.3% on the four before.
The full Indian Energy Exchange Q2 FY27 results page carries every quarter on the same rules, the checks that ran and the ones that need the filing read: Indian Energy Exchange Q2 FY27 results, read forensically.
Indian Energy Exchange Q2 FY27: the numbers
| Sep '26 | Previous quarter | A year ago | On the year | |
|---|---|---|---|---|
| Revenue | ₹167 cr | ₹158 cr | ₹154 cr | +8.6% |
| EBITDA | ₹141 cr | ₹131 cr | ₹133 cr | +5.9% |
| EBITDA margin | 84.6% | 82.9% | 86.7% | −213 bps |
| Net profit | ₹139 cr | ₹135 cr | ₹123 cr | +12.9% |
| EPS | ₹1.56 | ₹1.52 | ₹1.39 | +12.2% |
Consolidated figures in ₹ crore, as filed with the exchanges.
What the numbers say
Operating profit (EBITDA) was ₹141 cr, a margin of 84.6%, −213 bps on the year and +164 bps on the quarter. Over the last 8 quarters the margin has ranged from 81.4% to 86.7%, averaging 84.7%. Operating costs grew +25.9%, faster than revenue at +8.6%, so operating profit grew less than sales.
Net profit was ₹139 cr, +12.9% on the year and +3.3% on the quarter, with earnings per share of ₹1.56. Profit before other income, one-offs and tax grew 10.5%, so the profit growth came from the business itself. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹513 cr, +13.7% on the four before.
Of the 3 companies in Power and utilities that have reported Q2 FY27 so far, Indian Energy Exchange Ltd. ranks 2nd on revenue growth; the sector median is +29.0%. Its margin moved −213 bps on the year against a sector median of +592 bps.
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.
On earnings per share of ₹5.76 over the last four quarters, the stock at ₹107.95 trades at 18.7 times trailing earnings.
Where the profit change came from
Net profit went from ₹123 cr in Sep '25 to ₹139 cr in Sep '26. Taking each line in turn: Business (EBITDA) added ₹7.9 cr, depreciation took away ₹0.5 cr, finance cost took away ₹0.2 cr, other income added ₹6.5 cr, tax took away ₹4.4 cr and other lines added ₹6.5 cr.
Segments
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Power Exchange | ₹167 cr | +8.6% | ₹181 cr | +12.6% |
Questions the numbers raise
None of the 12 checks that could run on this quarter raised a question. That says the numbers cleared these checks; it is not a verdict on the company.
How it compares with Power and utilities this season
| Company | Revenue growth | Margin change | Profit growth |
|---|---|---|---|
| Adani Energy Solutions Ltd. | +52.8% | +114 bps | +144.9% |
| Indian Energy Exchange Ltd. | +8.6% | −213 bps | +12.9% |
| Jaiprakash Power Ventures Ltd. | +5.1% | +1,070 bps | −81.9% |
What to watch next
For a company in Power and utilities, the numbers to watch are plant load factor, capacity added and regulated equity.
The next quarter, Q3 FY27, has to be filed by 14 Feb 2027. The same checks will run on it, and the results page will compare it with this one.
All of Indian Energy Exchange's quarters, the checks and the profit bridge →
The Indian Energy Exchange terminal: financials, valuation history and forensic checks →
Frequently asked questions
What were Indian Energy Exchange Ltd. Q2 FY27 results?
Indian Energy Exchange Ltd. reported revenue of ₹167 cr (+8.6% on the year) and net profit of ₹139 cr (+12.9% on the year) for July to September 2026.
Was Indian Energy Exchange Ltd. profit growth driven by the core business?
Profit before other income, exceptional items and tax moved +10.5% on the year, against +12.9% for reported profit.
Are there any red flags in Indian Energy Exchange Ltd. Q2 FY27 results?
None of the 12 checks that could run raised a question.
Is this a recommendation?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by published rules. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security.
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