IEX shares tumble 7% ahead of Q4 results; here's why
IEX shares fell 6.74 per cent to hit a low of Rs 126.50 on BSE. The scrip is down 32.36 per cent in the past one year against a flat BSE Sensex.
- Apr 20, 2026,
- Updated Apr 20, 2026 10:19 AM IST
Shares of Indian Energy Exchange Ltd (IEX) tumbled 7 per cent in Monday's trade after the Central Electricity Regulatory Commission's (CERC's) latest draft notification on power market regulations included a procedure for market coupling. As per the draft, for which the last date of submission of comments and suggestions is May 16, Grid India, with the approval of the Commission, will formulate the Power Market Coupling Procedure (PMCP) for the implementation of Market Coupling, within six months of the notification of the amendments.
These regulations are likely to be called the Central Electricity Regulatory Commission (Power Market) (Second Amendment) Regulations, 2026.
As per the draft, market coupling will apply to the Day-Ahead Market (DAM), Real-Time Market (RTM) and other market segments from such date(s) as may be notified by the commission.
IEX is an energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable energy and certificates including renewable energy certificates as well as the energy saving certificates. It achieved highest ever electricity traded volume of 141 BU in FY26, up 17 per cent on YoY basis. IEX recorded highest ever yearly trade of RECs in FY26. A total of 187.20 lakh Renewable Energy Certificates were traded during the year, marking 5 per cent YoY increase.
"All Power Exchanges shall collect bids in a uniform bid format from market participants in accordance with the procedure and format stipulated in the Power Market Coupling Procedure (PMCP). All anonymous and validated bids (both buy and sell bids) shall then be transmitted from Power Exchanges to the MCO through secured channel as per the timelines stipulated in the Power Market Coupling Procedure (PMCP)," the draft read.
Post this, the draft suggested that the MCO will aggregate bids for each market segment received across all power exchanges and ensure an efficient price discovery.
On Monday, IEX shares fell 6.74 per cent to hit a low of Rs 126.50 on BSE. The scrip is down 32.36 per cent in the past one year against a flat BSE Sensex. It had on April 17 informed stock exchanges that its board will consider and approve audited financial results for the quarter ended March 31, 2026 on April 23. It will also consider final dividend for the year.
As per the draft, price discovery mechanism shall adopt the principle of maximisation of economic surplus (sum of buyer surplus and seller surplus), taking into account all bid types.
"The price discovered for the unconstrained market shall be a uniform market clearing price for all buyers and sellers who are cleared: Provided that in case of congestion in transmission corridor, market splitting shall be adopted," the draft said.
IEX Q4 results preview For the March quarter, Nuvama Institutional Equities expects IEX to clock a 24.14 per cent YoY jump in adjusted profit after rax at Rs 145.40 crore against Rs 117.10 crore in the corresponding quarter last year. Revenue is seen rising 27.53 per cent YoY to Rs 181.40 crore from Rs 142.20 crore YoY. Ebitda is seen at Rs 154 crore and Ebitda margin at 84.90 per cent. Nuvama said total volume growth for IEX was a strong at 21 per cent in Q4, owing to strong RTM growth and REC growing 120 per cent YoY.
"We anticipate strong PAT growth of 24 per cent YoY in Q4FY26 largely in-line with similar Electricity volume growth in Q4," it said.
Shares of Indian Energy Exchange Ltd (IEX) tumbled 7 per cent in Monday's trade after the Central Electricity Regulatory Commission's (CERC's) latest draft notification on power market regulations included a procedure for market coupling. As per the draft, for which the last date of submission of comments and suggestions is May 16, Grid India, with the approval of the Commission, will formulate the Power Market Coupling Procedure (PMCP) for the implementation of Market Coupling, within six months of the notification of the amendments.
These regulations are likely to be called the Central Electricity Regulatory Commission (Power Market) (Second Amendment) Regulations, 2026.
As per the draft, market coupling will apply to the Day-Ahead Market (DAM), Real-Time Market (RTM) and other market segments from such date(s) as may be notified by the commission.
IEX is an energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable energy and certificates including renewable energy certificates as well as the energy saving certificates. It achieved highest ever electricity traded volume of 141 BU in FY26, up 17 per cent on YoY basis. IEX recorded highest ever yearly trade of RECs in FY26. A total of 187.20 lakh Renewable Energy Certificates were traded during the year, marking 5 per cent YoY increase.
"All Power Exchanges shall collect bids in a uniform bid format from market participants in accordance with the procedure and format stipulated in the Power Market Coupling Procedure (PMCP). All anonymous and validated bids (both buy and sell bids) shall then be transmitted from Power Exchanges to the MCO through secured channel as per the timelines stipulated in the Power Market Coupling Procedure (PMCP)," the draft read.
Post this, the draft suggested that the MCO will aggregate bids for each market segment received across all power exchanges and ensure an efficient price discovery.
On Monday, IEX shares fell 6.74 per cent to hit a low of Rs 126.50 on BSE. The scrip is down 32.36 per cent in the past one year against a flat BSE Sensex. It had on April 17 informed stock exchanges that its board will consider and approve audited financial results for the quarter ended March 31, 2026 on April 23. It will also consider final dividend for the year.
As per the draft, price discovery mechanism shall adopt the principle of maximisation of economic surplus (sum of buyer surplus and seller surplus), taking into account all bid types.
"The price discovered for the unconstrained market shall be a uniform market clearing price for all buyers and sellers who are cleared: Provided that in case of congestion in transmission corridor, market splitting shall be adopted," the draft said.
IEX Q4 results preview For the March quarter, Nuvama Institutional Equities expects IEX to clock a 24.14 per cent YoY jump in adjusted profit after rax at Rs 145.40 crore against Rs 117.10 crore in the corresponding quarter last year. Revenue is seen rising 27.53 per cent YoY to Rs 181.40 crore from Rs 142.20 crore YoY. Ebitda is seen at Rs 154 crore and Ebitda margin at 84.90 per cent. Nuvama said total volume growth for IEX was a strong at 21 per cent in Q4, owing to strong RTM growth and REC growing 120 per cent YoY.
"We anticipate strong PAT growth of 24 per cent YoY in Q4FY26 largely in-line with similar Electricity volume growth in Q4," it said.