IEX shares rise over 2% after Q4 net profit jumps 11% on highest-ever electricity volumes: Should you buy?

The shares of Indian Energy Exchange (IEX) rose 2.3% to their day's high of Rs 130 on the BSE on Friday after the company reported an 11% year-on-year (YoY) growth in consolidated net profit to Rs 130 crore for the fourth quarter of FY26. Revenue grew 13% YoY to Rs 196 crore during the quarter under review.

IEX’s double-digit bottom-line and topline growth was driven by the highest-ever quarterly traded electricity volume of 39.4 BU in Q4 FY26, marking a 24.3% jump from the same period of the previous financial year. Additionally, 71.71 lakh RECs traded during the quarter under review, recording a 6.1% growth.

Along with the Q4 results, the company’s board considered and approved a final dividend of Rs 2 per equity share for the financial year 2026, and set May 15 as the record date to determine eligibility of shareholders set to receive the payment. The dividend will be paid within 30 days following approval from the company's shareholders at the Annual General Meeting (AGM).


For the entire financial year 2026 which ended on March 31 this year, IEX delivered double-digit growth across key metrics. Consolidated revenue grew 13.6% YoY to Rs 747 crore, while PAT increased 14.9% YoY to Rs 492.9 crore. Electricity traded volume for FY26 stood at a record 141.1 BU, up 17% YoY, while REC volumes hit an all-time high of 187.2 lakh, rising 5% YoY.

IEX said that enhanced wind, hydro, solar generation along with sustained supply from coal-based generation resulted in higher supply liquidity on the exchange platform during FY26, leading to a substantial decline in DAM and RTM prices. For FY26, the Market Clearing Price in the Day Ahead Market stood at Rs 3.86/unit, declining 13.7% compared to FY25. Similarly, the Market Clearing Price in the Real-Time Market at Rs 3.59/unit during FY26 declined 16% compared to FY25.

Should you buy, sell or hold IEX shares?

Motilal Oswal remained 'Neutral' on the shares of IEX, stating that the firm’s standalone revenue of around Rs 170 crore missed its estimate by 4.7%, although EBITDA, electricity and REC volumes were in line with its estimates. The firm’s standalone PAT however missed the domestic brokerage’s estimates by 4%, primarily due to lower-than-expected other income.

“IEX reported in-line results, with trading volumes growing 24% YoY. FY26 market clearing prices in the DAM (-14% YoY) and RTM (-16% YoY) declined due to subdued power demand and increase in supply side liquidity,” said JM Financial, while noting that the market coupling issue continues to remain an overhang.

IEX shares have declined more than 6% in one week, and around 5% in 2026 so far. The decline was fuelled after the Central Electricity Regulatory Commission (CERC) released a draft framework for market coupling regulations, naming Grid India as the market coupling operator (MCO).

The stock is however up over 6% in one month. In the longer term, the shares of the energy exchange dropped over 33% in one year and around 17% in three years, but gained only 7% in five years.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)