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Indian Energy Exchange Q2 FY27 results: net profit up 12.9% to ₹139.24 crore, revenue up 8.6%
Indian Energy Exchange Limited reported consolidated revenue of ₹167.10 crore and a net profit of ₹139.24 crore for Q2 FY27, the July–September 2026 quarter. Revenue rose 8.6% from the year-ago quarter and 5.8% from Q1 FY27, while profit after tax rose 12.9% and 3.3% respectively; basic EPS was ₹1.56.
Key points
- Consolidated revenue was ₹167.10 crore in Q2 FY27, up 8.6% from ₹153.92 crore in Q2 FY26 and 5.8% from ₹157.88 crore in Q1 FY27.
- EBITDA was ₹141.31 crore, up 5.9% year-on-year and 7.9% quarter-on-quarter; the EBITDA margin was 84.6% against 86.7% a year earlier and 82.9% in the previous quarter.
- Net profit was ₹139.24 crore, up 12.9% from ₹123.35 crore a year earlier and 3.3% from ₹134.76 crore in Q1 FY27; basic EPS was ₹1.56.
- For the first half, revenue was ₹324.97 crore, up 9.9% from ₹295.68 crore, and net profit was ₹273.99 crore, up 12.3% from ₹244.04 crore.
- Total assets were ₹2,621.57 crore as on 30 September 2026 against ₹2,435.75 crore as on 31 March 2026; there were no borrowings, and cash was ₹11.9 crore.
How did Indian Energy Exchange perform in Q2 FY27?
On a consolidated basis, Indian Energy Exchange reported revenue of ₹167.10 crore in Q2 FY27, against ₹153.92 crore in Q2 FY26 and ₹157.88 crore in Q1 FY27. EBITDA was ₹141.31 crore, with an EBITDA margin of 84.6%. The margin was 2.1 percentage points lower than the 86.7% recorded a year earlier, but 1.7 percentage points higher than the 82.9% in the previous quarter.
Profit before tax was ₹170.35 crore, up ₹13.78 crore from ₹156.57 crore a year earlier and ₹1.27 crore from ₹169.08 crore in Q1 FY27. Net profit was ₹139.24 crore, against ₹123.35 crore in Q2 FY26 and ₹134.76 crore in Q1 FY27. Basic EPS was ₹1.56, compared with ₹1.39 a year earlier and ₹1.52 in the previous quarter.
On a standalone basis, the company reported revenue of ₹165.03 crore and net profit of ₹132.83 crore for the quarter, against ₹121.61 crore of profit before tax in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 167.10 | 157.88 | 153.92 | +8.6% | +5.8% |
| Other income | 35.86 | 44.93 | 29.34 | +22.2% | −20.2% |
| Total expenses | 32.61 | 33.73 | 26.69 | +22.2% | −3.3% |
| EBITDA | 141.31 | 130.93 | 133.46 | +5.9% | +7.9% |
| EBITDA margin | 84.6% | 82.9% | 86.7% | −2.1 pp | +1.7 pp |
| Profit before tax | 170.35 | 169.08 | 156.57 | +8.8% | +0.8% |
| Tax | 42.16 | 42.04 | 37.75 | +11.7% | +0.3% |
| Net profit | 139.24 | 134.76 | 123.35 | +12.9% | +3.3% |
| EPS (₹) | 1.56 | 1.52 | 1.39 | +12.2% | +2.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indian Energy Exchange's costs and profit?
Total expenses rose ₹5.92 crore from ₹26.69 crore in Q2 FY26 to ₹32.61 crore in Q2 FY27. Employee cost was up ₹1.67 crore at ₹13.51 crore, finance costs were up ₹0.15 crore at ₹0.68 crore, depreciation was up ₹0.46 crore at ₹6.15 crore, and other expenses were up ₹3.66 crore at ₹12.28 crore. There was no exceptional item in the quarter.
Other income was ₹35.86 crore, up ₹6.52 crore from ₹29.34 crore in the year-ago quarter. Tax expense was ₹42.16 crore, up ₹4.41 crore from ₹37.75 crore, while profit after tax rose ₹15.89 crore to ₹139.24 crore.
Sequentially, total expenses fell ₹1.12 crore to ₹32.61 crore from ₹33.73 crore in Q1 FY27. Employee cost was down ₹0.61 crore at ₹13.51 crore and other expenses were down ₹0.55 crore at ₹12.28 crore. Other income was lower by ₹9.07 crore at ₹35.86 crore against ₹44.93 crore, and tax was ₹42.16 crore against ₹42.04 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 13.51 | 11.84 | +1.67 | +14.1% |
| Finance costs | 0.68 | 0.53 | +0.15 | +28.3% |
| Depreciation | 6.15 | 5.69 | +0.46 | +8.1% |
| Other expenses | 12.28 | 8.62 | +3.66 | +42.5% |
| Total expenses | 32.61 | 26.69 | +5.92 | +22.2% |
| Other income | 35.86 | 29.34 | +6.52 | +22.2% |
| Tax | 42.16 | 37.75 | +4.41 | +11.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹324.97 crore, up 9.9% from ₹295.68 crore in H1 FY26. Total income was ₹405.77 crore, up 10.4% from ₹367.45 crore, while profit before tax was ₹339.43 crore, up 10.1% from ₹308.28 crore.
Net profit for the first half was ₹273.99 crore, up 12.3% from ₹244.04 crore in H1 FY26. EPS was ₹3.08, compared with ₹2.75 in the year-ago period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 324.97 | 295.68 | +9.9% |
| Profit before tax | 339.43 | 308.28 | +10.1% |
| Net profit | 273.99 | 244.04 | +12.3% |
| EPS (₹) | 3.08 | 2.75 | +12.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹2,621.57 crore as on 30 September 2026, against ₹2,435.75 crore as on 31 March 2026. Total equity was ₹1,460.35 crore against ₹1,364.56 crore, and there were no borrowings at either date. Cash was ₹11.9 crore, lower than ₹37.36 crore at the end of March 2026.
Trade receivables were ₹1.06 crore as on 30 September 2026, against ₹1.98 crore as on 31 March 2026, and trade payables were ₹11.17 crore against ₹4.69 crore. In the first half, operating cash flow was ₹200.83 crore against negative ₹8.72 crore in H1 FY26; investing cash flow was negative ₹45.27 crore against positive ₹52.24 crore, and financing cash flow was negative ₹181.02 crore against negative ₹135.5 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,622 | 2,436 |
| Total equity | 1,460 | 1,365 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 11.90 | 37.36 |
| Inventories | 0 | 0 |
| Trade receivables | 1.06 | 1.98 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 200.83 | −8.72 |
| Cash from investing | −45.27 | 52.24 |
| Cash from financing | −181.02 | −135.50 |
| Capital expenditure | 1.62 | 8.78 |
Source: Company's results filing (XBRL).
How has Indian Energy Exchange done over the last 8 quarters?
Revenue rose year-on-year in each of the last eight quarters, and profit after tax did the same. In the latest quarter, revenue was ₹167.10 crore, up from ₹153.92 crore a year earlier, and net profit was ₹139.24 crore against ₹123.35 crore.
Revenue reached its highest level of the series at ₹174.30 crore in Q4 FY26 before easing to ₹157.88 crore in Q1 FY27 and recovering to ₹167.10 crore in Q2 FY27. Net profit has moved upward, from ₹129.77 crore in Q4 FY26 to ₹134.76 crore in Q1 FY27 and ₹139.24 crore in Q2 FY27.
The EBITDA margin was highest at 86.7% in Q2 FY26 and lowest at 81.3% in Q1 FY26, before recovering to 82.9% in Q1 FY27 and 84.6% in Q2 FY27. The current direction is upward in revenue and profit, with margin also higher than the previous quarter.
What else did the company announce?
The board, at its meeting on 29 October 2026, approved the unaudited standalone and consolidated financial results and the limited review report for the quarter and half year ended 30 September 2026. The meeting began at 02:00 P.M. and concluded at 04:30 P.M. the same day. No dividend, fund raise or appointment was reported in the same-day filings.
The company also filed an investor presentation for Q2 FY27 on 29 October 2026. The presentation stated that RTM accounted for 41% of electricity volumes in H1 FY27, or about 33 BUs, while DAM was 36% of total electricity in Q2 FY27. It also noted that I-REC FY26 issuance was 179 lakh, up 200% year-on-year, with profit after tax of INR 4.7 Cr, and that IGX FY26 gas volumes were 76.8 million MMBtu with profit after tax of INR 42 Cr.
What did Indian Energy Exchange's management say?
Management said it expects electricity trading volume growth of about 15% for FY27, IGX gas traded volume growth of 40%-50% year-on-year and ICX revenue growth of 20%-25%. It also said treasury income is expected to remain in its current 15%-18% range.
Management said market coupling is not expected during CY2026 and may take another 1.5-2 years after final regulations, noting that implementation needs unified technology, settlement systems and mock trials. The Chairman and Managing Director said, "We are in no hurry. So we are waiting. We don't know when it will come."
Management said RTM reached about 42% of IEX electricity volumes and set a daily record of 315 million units. It said REC volumes fell to 15.3 lakh in Q2 from 44 lakh a year earlier under the buyout regime, and flagged coal availability, weather volatility, shorter RTM scheduling timelines and market volumes as factors affecting the business.
On capital returns, the Chairman and Managing Director said, "Buyback, yes, the price is low and we will definitely consider this option also." Management gave no decision or timetable for a buyback.
How did Indian Energy Exchange shares react?
The results were filed after market hours on 29 October 2026. From the price when the filing appeared, the stock was down 1.1% after 5 minutes, 1.1% after 15 minutes and 2.0% after 30 minutes.
On the reaction day, the stock closed 4.2% lower than its pre-results close of ₹105.35. By the next day's close, it was up 2.0% from that pre-results close. The Capital Markets industry median moved 1.1% lower on the reaction day and 0.6% higher by the next day's close, so IEX lagged the sector by 3.1 percentage points on the reaction day and moved 1.5 percentage points ahead by the next day's close.
Earlier results-day moves were mixed: 1.3% on 23 July 2026, -3.1% on 23 April 2026, -1.0% on 29 January 2026 and -2.8% on 30 October 2025, with the largest move among those being 6.9% on 24 July 2025.
| After the filing | Stock | Capital Markets median |
|---|---|---|
| 5 minutes | −1.1% | |
| 15 minutes | −1.1% | |
| 30 minutes | −2.0% | |
| Reaction day | −4.2% | −1.1% |
| Next day | +2.0% | +0.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 23 July 2026 | +1.3% |
| 23 April 2026 | −3.1% |
| 29 January 2026 | −1.0% |
| 30 October 2025 | −2.8% |
| 24 July 2025 | +6.9% |
| 23 January 2025 | +0.6% |
| 24 October 2024 | −2.3% |
| 24 July 2024 | +0.9% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Indian Energy Exchange's revenue in Q2 FY27?
Revenue from operations was ₹167.10 crore, up 8.6% from ₹153.92 crore in Q2 FY26 (consolidated).
Did Indian Energy Exchange make a profit in Q2 FY27?
Yes. Net profit was ₹139.24 crore, against a net profit of ₹123.35 crore in Q2 FY26.
What was Indian Energy Exchange's EPS in Q2 FY27?
Basic earnings per share were ₹1.56, against ₹1.39 in Q2 FY26.
How did Indian Energy Exchange shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.2% from the previous close; the median Capital Markets stock moved −1.1%.
When did Indian Energy Exchange announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consider And Approve The Unaudited Financial Results (Standalone & Consolidated) For The Quarter And Half Year Ended September 30, 2026. (BSE, 22 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On October 29, 2026 (BSE, 29 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 29 October 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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