Earnings Outlook
IEX Q2 PAT, sales to be muted on low overall volume growth
This story was originally published at 20:01 IST on 27 October 2026
Register to read our real-time news.Informist, Tuesday, Oct. 27, 2026
By Rajesh Gajra
MUMBAI – Indian Energy Exchange Ltd. is likely to report weak earnings growth for the September quarter, tracking the low overall volume growth it reported in early October. The exchange's overall volume growth for the reporting quarter was weak at 4% on year partly due to its renewable energy certificate market recording a 70% on-year fall in the number of certificates traded to 1.53 million.
The electricity exchange is expected to report a nearly 6% increase in consolidated net profit to INR 1.31 billion for the September quarter, according to the average of estimates from six brokerages. Sequentially, net profit is seen down 3.1%. The highest estimate for net profit is INR 1.37 billion from Nuvama Wealth Management Ltd. and the lowest is INR 1.24 billion from Motilal Oswal Financial Services Ltd.
Consolidated revenues are expected to increase 6.4% on year and 3.8% sequentially to INR 1.64 billion. The highest estimate for revenues is INR 1.74 billion from Elara Securities (India) Pvt. Ltd. and the lowest is INR 1.54 billion from Motilal Oswal. Nuvama said IEX is expected to post "moderate" earnings growth for Jul-Sept since overall volumes grew "merely" 4%.
The earnings before interest, tax, depreciation, and amortisation are pegged at INR 1.4 billion, according to the average of five estimates. According to Prabhudas Lilladher Pvt. Ltd., IEX's revenue growth will be muted due to higher merchant prices and the company's EBITDA will likely rise 5.6%.
The renewable energy certificate market volumes, which fell 70% on year, made up for 3.7% of total volumes at IEX in the September quarter. Apart from the renewable energy certificate market, all other markets operated by IEX are electricity trading markets. The total electricity volumes on the exchange rose 13% on year to 39,686 million units.
Another contributor to the volume fall was the green market, comprising the green day-ahead and green term-ahead market segments, which recorded a 5.8% on-year volume fall to 2,863 million units. The green market volume made up for 6.9% of overall volumes. There was also a 100?ll in volumes in the exchange's tertiary reserve ancillary services market segment to nil for the September quarter from 604 million units in the same quarter a year ago.
On the other hand, the September quarter volumes in the term-ahead and day-ahead contingency market segments surged 102% on year to 5,478 million units. The real-time market segment volume increased 11% on year to 16,490 million units, and the day-ahead segment recorded 2.2% growth to 14,855 million units.
IEX will detail its September quarter earnings Thursday. Tuesday, shares of IEX ended at INR 103.49 apiece, nearly unchanged from Monday and down 15% from Jul. 23 when the June quarter earnings were announced. Of the five brokerage reports on the company available with Informist, one has a "buy" call at a target price of INR 133, two each have "hold" and "sell" recommendations.
Following are the September quarter consolidated earnings estimates for Indian Energy Exchange from six brokerages in descending order of estimate of net profit, in INR billion:
| Brokerage | Net Sales | Net Profit | EBITDA |
| Nuvama Wealth Management Ltd. | 1.69 | 1.37 | 1.42 |
| Elara Securities (India) Pvt. Ltd. | 1.74 | 1.36 | 1.46 |
| Antique Stock Broking Ltd. | 1.63 | 1.32 | 1.42 |
| JM Financial Institutional Securities Pvt. Ltd. | 1.61 | 1.29 | ---- |
| Prabhudas Lilladher Pvt. Ltd. | 1.62 | 1.26 | 1.39 |
| Motilal Oswal Financial Services Ltd. | 1.54 | 1.24 | 1.31 |
| Average | 1.64 | 1.31 | 1.40 |
End
Edited by Shubhayan Bhattacharya
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