IEX Q1 conference call at 2.30 pm; what MOFSL, JM Financial say
JM Financial said IEX's conference call is scheduled at 2:30 pm on Friday and that it would come up with a detailed note post the call.
- Jul 25, 2025,
- Updated Jul 25, 2025 10:34 AM IST
Indian Energy Exchange Ltd Q1 results were largely in line with brokerage estimates. MOFSL and JM Financial in their first cut notes said the profit beat for the quarter was largely due to surge in other income.
JM Financial said IEX's Q1FY26 results that were in-line with its estimates, except for PAT, which was beat due to higher other income. IEX in reported revenue of Rs 140 crore, up 15 per cent YoY. This was 3 per cent lower than JM Financial's sales forecast. Ebitda came in at Rs 120 crore, up 16 per cent YoY, driven by 24 per cent YoY increase in volumes. The was 2 per cent lower than JM Financial's estimate.
"Ebitda margin stood at 81.3 per cent in 1QFY26 against 80.4 per cent in 1QFY25. Adjusted PAT stood at Rs 113 core (23 per cent YoY/up 7 per cent JMFe) due to increase in other income by 37 per cent YoY," it said.
IEX's conference call is scheduled at 2:30 pm on Friday and that it would come up with a detailed note post the call. The call will start with a brief management discussion on the earnings performance followed by an interactive Q&A session. The management will be represented by Rohit Bajaj, Joint Managing Director; Satyanarayan Goel, Chairman and Managing Director; Vineet Harlalka, Chief Financial Officer; Amit Kumar, Head of Market Operations, New Product Initiatives and Exchange Technology; and Aparna Garg, Head Investor Relations and Corporate Communications.
MOFSL retained its neutral call on the IEX stock. It said Q1 revenue for IEX was in line with its estimates. Ebitda was 3 per cent below its estimates. Standalone PAT was 5 per cent above its estimates, mainly on account of higher-than-expected other income.
Shares of Indian Energy Exchange Ltd (IEX) came under sharp focus following a 29 per cent plunge on Thursday, triggered by regulatory developments related to market coupling. Market participants and investors are now keenly awaiting updates from the company’s upcoming conference call to assess the impact of the Central Electricity Regulatory Commission’s (CERC) latest order.
In a stock exchange filing, IEX said the Commission has initiated the phased implementation of market coupling, starting with the Day-Ahead Market (DAM).
“This regulatory development signals a proposed change in the market mechanism of the Day-Ahead Market (DAM). The company is currently conducting a detailed impact assessment of this change and will keep stakeholders updated on future developments,” IEX said.
As per the plan, DAM coupling will be executed through a round-robin mechanism, with all power exchanges acting as Market Coupling Operators (MCOs) on a rotational basis. Grid-India has been designated as the fourth MCO, primarily for backup and audit functions. The implementation of this framework is targeted for completion by January 2026.
Additionally, the Commission has directed shadow pilots and further consultations to explore market coupling in other segments, including the Real-Time Market (RTM) and the Term-Ahead Market (TAM).
Analysts noted that IEX currently commands nearly 90 per cent of all electricity traded on Indian power exchanges. The introduction of market coupling is expected to reduce IEX’s market dominance, potentially altering its competitive edge and earnings profile.
Established in 2008, IEX operates as a technology-driven platform for trading electricity, renewable energy certificates, and energy-saving certificates. It serves a participant base of over 7,900 entities, including distribution companies, generators, and large industrial consumers.
Indian Energy Exchange Ltd Q1 results were largely in line with brokerage estimates. MOFSL and JM Financial in their first cut notes said the profit beat for the quarter was largely due to surge in other income.
JM Financial said IEX's Q1FY26 results that were in-line with its estimates, except for PAT, which was beat due to higher other income. IEX in reported revenue of Rs 140 crore, up 15 per cent YoY. This was 3 per cent lower than JM Financial's sales forecast. Ebitda came in at Rs 120 crore, up 16 per cent YoY, driven by 24 per cent YoY increase in volumes. The was 2 per cent lower than JM Financial's estimate.
"Ebitda margin stood at 81.3 per cent in 1QFY26 against 80.4 per cent in 1QFY25. Adjusted PAT stood at Rs 113 core (23 per cent YoY/up 7 per cent JMFe) due to increase in other income by 37 per cent YoY," it said.
IEX's conference call is scheduled at 2:30 pm on Friday and that it would come up with a detailed note post the call. The call will start with a brief management discussion on the earnings performance followed by an interactive Q&A session. The management will be represented by Rohit Bajaj, Joint Managing Director; Satyanarayan Goel, Chairman and Managing Director; Vineet Harlalka, Chief Financial Officer; Amit Kumar, Head of Market Operations, New Product Initiatives and Exchange Technology; and Aparna Garg, Head Investor Relations and Corporate Communications.
MOFSL retained its neutral call on the IEX stock. It said Q1 revenue for IEX was in line with its estimates. Ebitda was 3 per cent below its estimates. Standalone PAT was 5 per cent above its estimates, mainly on account of higher-than-expected other income.
Shares of Indian Energy Exchange Ltd (IEX) came under sharp focus following a 29 per cent plunge on Thursday, triggered by regulatory developments related to market coupling. Market participants and investors are now keenly awaiting updates from the company’s upcoming conference call to assess the impact of the Central Electricity Regulatory Commission’s (CERC) latest order.
In a stock exchange filing, IEX said the Commission has initiated the phased implementation of market coupling, starting with the Day-Ahead Market (DAM).
“This regulatory development signals a proposed change in the market mechanism of the Day-Ahead Market (DAM). The company is currently conducting a detailed impact assessment of this change and will keep stakeholders updated on future developments,” IEX said.
As per the plan, DAM coupling will be executed through a round-robin mechanism, with all power exchanges acting as Market Coupling Operators (MCOs) on a rotational basis. Grid-India has been designated as the fourth MCO, primarily for backup and audit functions. The implementation of this framework is targeted for completion by January 2026.
Additionally, the Commission has directed shadow pilots and further consultations to explore market coupling in other segments, including the Real-Time Market (RTM) and the Term-Ahead Market (TAM).
Analysts noted that IEX currently commands nearly 90 per cent of all electricity traded on Indian power exchanges. The introduction of market coupling is expected to reduce IEX’s market dominance, potentially altering its competitive edge and earnings profile.
Established in 2008, IEX operates as a technology-driven platform for trading electricity, renewable energy certificates, and energy-saving certificates. It serves a participant base of over 7,900 entities, including distribution companies, generators, and large industrial consumers.