IEX Reports 67.4 Percent Growth in H1FY27 Profit After Tax

Indian Gas Exchange (IGX) reported an increase in electricity trading volumes, revenue and profitability for the half year and second quarter ended September 30, 2026, according to its unaudited consolidated financial results declared on October 29, 2026.

For H1FY27, electricity volumes stood at 77.2 billion units (BUs), registering a 14.2 percent Year-on-Year (YoY) increase. The company's consolidated revenue rose by 10.4 percent to INR 405.8 crore, compared with INR 367.4 crore in H1FY26. Standalone Profit After Tax (PAT) increased by 10.6 percent to INR 259.5 crore from INR 234.7 crore, while consolidated PAT grew by 12.3 percent to INR 274 crore, compared with INR 244 crore in the corresponding period of the previous financial year.

During Q2FY27, electricity volumes increased by 12.7 percent YoY to 39.7 BUs. Consolidated revenue grew by 10.7 per cent to INR 203 crore, compared with INR 183.3 crore in Q2FY26. Standalone PAT increased by 9.2 per cent to INR 132.8 crore from INR 121.6 crore, while consolidated PAT registered a 12.9 per cent increase to INR 139.2 crore, compared with INR 123.3 crore in the corresponding quarter of the previous financial year. 

On the power sector front, the country witnessed sustained demand growth during the first half of the year, supported by strong industrial activity and higher irrigation demand amid a weak monsoon. Power demand grew 10.2 percent year-on-year to 897 BUs in H1 FY’27.

During Q2’FY27, elevated temperatures due to El Niño and deficient monsoon rainfall further contributed to electricity demand reaching 502 BUs, marking a record growth of 11.5 percent year-on-year. As a result of increase in power demand, the average market clearing price in the Day-Ahead Market at INR 5.7/unit during Q2 FY’27 increased 46 percent compared to Q2 FY’26. Similarly, the average market clearing price in the Real-Time Market at INR 5.2/unit during Q2 FY’27 increased 49 percent compared to Q2FY’26.

On the fuel side, domestic coal production was nearly 445 MT in H1 FY'27, 1.0 percent lower than H1 FY'26. Summer demand strained plant inventory, and weather disruptions tightened availability further. As of October 22, 2026, coal inventory stood at nearly 8 days, with stock at about 100 plants at a critical 3 days.  

On the gas market front, the Indian Gas Exchange (IGX), traded gas volumes of 69.5 million MMBtu in H1FY’27, higher by 71 percent over H1 FY’26. In Q2FY’27, IGX traded gas volumes of 42 million MMBtu, a growth of 160 percent over Q2 FY’26 led by volumes from domestic gas producers and heightened power demand being met by gas power plants during the months of August and September. In Q2 FY’27 nearly 30 percent of the traded gas volumes were from the power sector.

For H1FY’27, IGX recorded a profit after tax of INR 39.7 Crore, as compared to INR 23.7 crore in H1 FY’26, an increase of 67.4 percent YoY.  IGX’s Profit after tax in Q2 FY’27 at INR 23.4 crore, was higher by 144 percent compared with INR 9.6 Cr in Q2 FY’26.

In H1FY’27, ICX (formerly known as International Carbon Exchange) issued 94 lakh I-RECs, registering a growth of 15 percent over H1 FY’26. Revenue for ICX in H1FY’27 stood at INR 4.4 Crore, higher by 18.5 percent on a YoY basis. For Q2 FY’27 ICX issued nearly 52 lakh I-RECs, a growth of 38.4 percent YoY. Revenue for ICX in Q2 FY’27 stood at INR 2.3 crore, higher by 20.7 percent on a year-on-year basis. The I-REC is a globally recognized digital certificate that serves as transferable proof of generation of 1 MWh of energy from renewable sources.

In Q2FY’27, IEX’s wholly owned subsidiary, Indian Coal Exchange,  applied for a licence with the Coal Controller Organisation (CCO), the regulatory authority for coal exchanges.