IEX Q1: consolidated PAT +11.7% YoY to ₹135 Cr as record power volumes lift revenue 11%

Indian Energy Exchange delivered a clean, volume-led June quarter. Consolidated net profit rose 11.7% YoY to ₹134.8 Cr (from ₹120.7 Cr), on revenue from operations of ₹157.9 Cr, up 11.4%, with EPS at ₹1.52 versus ₹1.36. Standalone tells the same story — PAT ₹126.7 Cr (+12.1%) on ₹155.9 Cr revenue — so there is no consolidated-vs-standalone divergence to reconcile. Sequentially the print looks softer, with revenue down 9.4% from the seasonally stronger March quarter (₹174.3 Cr), but for a power exchange the YoY comparison is the relevant read, and both lines grew double digits. Growth was driven by record electricity throughput: traded volume climbed 15.9% YoY to 37.5 BU with RTM up 23.5%, as a severe heatwave and weak monsoon pushed national power demand and day-ahead prices higher. That 15.9% volume growth sits inside management's 15–20% FY27 guidance from the April concall, so operational delivery is on-track. One tension: revenue grew slower than volume (11.4% vs 15.9%), pointing to softer per-unit realization/mix. Margins nonetheless held and expanded modestly YoY — net margin edged to 66.4% of total income (from 65.5%) and EBITDA margin to ~82% (from 81.3%) — though both sit below the March quarter's peak. Associate IGX contributed ₹7.7 Cr to consolidated profit, up 15.5% YoY and well above Q4's ₹4.4 Cr. The quarter also set up structural change: IEX incorporated wholly-owned Indian Coal Exchange (consolidated w.e.f. 1 June 2026) and associate IGX filed its DRHP with IEX set to sell 16.71 Mn shares — the coal/gas/REC diversification management flagged. No reliable pre-result brokerage PAT consensus was available for this quarter, so a firm beat/miss call against the street isn't warranted; against management's own guidance the volume delivery is in line. There are no exceptional items, so the double-digit growth is fully underlying. The overhang management itself rated high-risk — regulatory implementation of market coupling — did not touch this quarter's numbers and remains the key thing to watch.