IEX Q3 FY26 Results 2026: Profit up 11% on ₹183 Cr

What IEX reported for the December 2025 quarter

Indian Energy Exchange Ltd (IEX) reported its consolidated results for the quarter ended December 31, 2025 (Q3 FY26), showing a mixed trend across quarter-on-quarter and year-on-year metrics. Total income for the quarter stood at ₹183.06 crore, marginally lower than ₹183.27 crore in the preceding quarter. Profit after tax (PAT) came in at ₹119.11 crore, compared with ₹123.35 crore in Q2 FY26. Even with the sequential dip, the company reported year-on-year growth, with total income rising from ₹160.53 crore and PAT improving from ₹107.29 crore in the same quarter last year. The earnings per share (EPS) for Q3 FY26 was ₹1.34, down from ₹1.39 in the previous quarter.

Key quarter-on-quarter and year-on-year shifts

On a quarter-on-quarter basis, IEX’s total income declined 0.1%, while PAT fell 3.4%. Profit before tax (PBT) for Q3 FY26 was ₹152.76 crore, down from ₹156.57 crore in Q2 FY26, translating into a 2.4% sequential decline. The company’s tax expense was ₹37.83 crore, broadly flat compared with ₹37.75 crore in the prior quarter. Expenses increased to ₹30.30 crore from ₹26.69 crore in Q2 FY26, a 13.5% rise quarter-on-quarter.

On a year-on-year basis, the picture was stronger. Total income grew 14.0% from ₹160.53 crore in Q3 FY25, while PAT increased 11.0% from ₹107.29 crore. PBT rose 12.7% from ₹135.51 crore, and tax climbed 17.6% from ₹32.16 crore. EPS increased 10.7% year-on-year from ₹1.21.

EBITDA numbers cited across summaries

Different summaries in the provided data cite slightly different EBITDA figures for the quarter. One set of highlights lists EBITDA at ₹163.5 crore for Dec 2025 versus ₹167.33 crore for Sep 2025, indicating a 2.29% decline. Another section lists EBITDA at ₹159.33 crore as part of the Q3 FY26 highlights. The common direction across these references is that EBITDA was lower on a sequential basis, even as the company continued to report strong operating leverage compared to many market-linked businesses.

Stock reaction and recent price context

IEX shares fell 6.74% to hit a low of ₹126.50 on the BSE, as cited in the report. Over the past one year, the scrip is down 32.36%, while the BSE Sensex was described as flat over the same period. The move suggests that investors were also weighing broader expectations around power market pricing, volumes, and regulatory developments, alongside the quarter’s financial print.

Trading volumes and market conditions during the quarter

IEX reported that electricity trade volumes in Q3 FY26 increased about 12% year-on-year to 34.1 billion units (BUs). The update also noted that electricity demand during Q3 FY26 remained flat at 392 BUs, with prolonged monsoons in 2025 cited as a factor affecting demand patterns.

On the supply side, the report pointed to ample fuel availability. Coal inventory as of December 2025 stood at 25 days, and imported coal prices were cited at nearly USD 47 per tonne, down 10% compared with the same quarter last fiscal. With capacity addition and greater supply liquidity on exchanges, market clearing prices softened. The day-ahead market (DAM) price was ₹3.22/unit in Q3 FY26, down 13.2% versus Q3 FY25, while the real-time market (RTM) price was ₹3.26/unit, down 11.6%.

IGX and ICX updates mentioned alongside IEX’s results

The company’s update also included performance data for related platforms. Indian Gas Exchange (IGX) traded gas volumes of 17.5 million MMBtu in Q3 FY26, a growth of 8% over Q3 FY25. IGX reported profit after tax of ₹8.8 crore for October-December, up 6% from ₹8.3 crore a year ago.

International Carbon Exchange (ICX) issued 51 lakh I-RECs in the first nine months of FY26, taking cumulative issuances to 133 lakh, which was noted as surpassing 59 lakh I-RECs issued in FY25.

Dividend and corporate actions flagged in the disclosures

IEX’s board approved an interim dividend of ₹1.5 per equity share (face value Re 1) for FY 2025-26, as stated in the report. The record date mentioned for the interim dividend was February 4, 2026. Separately, the company also disclosed a closure of the trading window in connection with the declaration of financial results for the quarter and year ending March 31, 2026.

What investors are watching next: FY26 audited results date

The report stated that IEX will declare audited financial results for the quarter ended March 31, 2026 on April 23. With the stock having seen a sharp one-year decline and a volatile reaction around results, the audited numbers and any updated commentary on volumes, pricing trends, and related market platforms are likely to be closely tracked.

Summary table: Q3 FY26 vs Q2 FY26 vs Q3 FY25

Why the quarter matters for the exchange model

For exchange-led businesses like IEX, financial performance typically reflects a combination of traded volumes, market participation, and the pricing environment. In the quarter, volumes were reported higher year-on-year, while market clearing prices in DAM and RTM were lower than last year. The results show that income and profit rose year-on-year even as sequential growth was muted and expenses increased quarter-on-quarter. The next audited results announcement on April 23 will be an important checkpoint for investors assessing how the operating environment is evolving into the new fiscal year.