Indian Energy Exchange Limited (IEX) is the largest power exchange in India. The energy marketplace provides an automated trading platform for the physical delivery of electricity, renewable energy, renewable energy certificates and energy saving certificates. The exchange enables efficient price discovery for all electricity transactions and facilitates the ease of power trade.
IEX boasts of a robust ecosystem of 7,783 participants, including 120 members, 104 distribution companies (64 of which are state utilities), 698 power generators, 1,878 renewable energy participants and 4,791 open access consumers representing various industries and commercial entities.
The exchange is approved and regulated by the Central Electricity Regulatory Commission (CERC) and has been operating since June 27, 2008.
The company made its market debut with listing on the bourses at ₹1,500 apiece on October 23, 2017, a discount of over 9% compared to its IPO price of ₹1,650 per share.
As of December 2023, the company had a market capitalisation of ₹13,652 crore. IEX’s share price has almost doubled in the past three years.
IEX business Operations
IEX offers trading in three major segments: electricity market, green market and certificates.
1) Electricity market
Day Ahead Market
In 2009, trading on IEX commenced in the day-ahead-market (DAM). The market segment features a physical electricity trading market for deliveries for any/some/all 15-minute time blocks in 24 hours of the next day starting from midnight. The prices and quantum of electricity to be traded are determined through a double-sided closed auction bidding process.
Term ahead market
The term-head-market (TAM) provides a range of products allowing participants to buy/sell electricity on a term basis for a duration of up to 11 days ahead.
Real time market
This is a new market segment where trading started on June 1, 2020. The market features a new auction session every 30 minutes with power to be delivered after four time blocks or an hour after gate closure of the auction. The price and quantum of electricity trading is determined through a double-sided closed auction bidding process.
Cross border electricity trade
IEX also pioneered cross-border electricity trade (CBET) with participation of Nepal in its Day-Ahead electricity market on April 17, 2021. The cross-border in electricity is an endeavour towards building an integrated South Asian power market.
2) Green Market
In green market, IEX offers trade in in the following:
Green term ahead market
This is a new segment under which IEX allows trading in renewable energy after CERC approval. This segment includes contracts such as green-intraday, green-day-ahead contingency (DAC), green-daily and green-weekly.
Green day-ahead market
This segment was launched on October 26, 2021. IEX allows anonymous and double-sided closed collective auctions in renewable energy on the day-ahead under this segment.
Certificate Market
IEX also offers trade in renewable energy certificates (RECs) and energy-saving certificates.
Renewable energy certificates (REC)
REC was introduced by CERC to ease the purchase of renewable energy by the state utilities and associated entities. The REC framework aims to create a national level market for renewable energy producers to recover their cost. One REC represents 1 MWh of energy generated from renewable sources.
Energy-saving certificates
The energy-saving certificates are created under the Perform, Achieve and Trade (PAT) scheme of the Ministry of Power. The certificates are a market-based instrument designed for designated consumers from energy-intensive industries and sectors who are given targets in every compliance period to reduce their specific energy consumption. The plants that are underachievers of their targets are entitled to purchase energy-saving certificates through exchanges like IEX from consumers that surpass their targets.
IEX Financial Highlights
- Revenue: IEX reported revenue of ₹746.95 crore in FY26 vs ₹657.36 crore in FY25. It showed an increase of 13.63% on a yearly basis.
- Operating Profit: IEX reported an operating profit of ₹645.56 crore in FY26 vs ₹564.54 crore in FY25. It showed an increase of 14.35% on a year-on-year basis.
- Net Profit: IEX reported a net profit of ₹492.92 crore in FY26 vs ₹429.17 crore in FY25. It showed an increase of 14.85% on a yearly basis.
IEX Quarterly Result Highlights
- IEX reported revenue of ₹196.44 crore in Mar 2026, compared with ₹183.07 crore in Dec 2025, representing an increase of 7.30% on a quarter-on-quarter (QoQ) basis.
- IEX reported an operating profit of ₹169.14 crore in Mar 2026, compared with ₹156.94 crore in Dec 2025, representing an increase of 7.77% on a quarter-on-quarter (QoQ) basis.
- IEX reported a profit of ₹129.77 crore in Mar 2026, compared with ₹119.11 crore in Dec 2025, reflecting an increase of 8.95% on a QoQ basis.
- The earnings per share (EPS) of IEX stood at ₹4.83 during Mar 2026.
