IEX Q4 results & dividend: Indian Energy Exchange Ltd (IEX) is set to announce its results for the quarter and financial year ended on March 31, 2026 on Thursday, April 23. Besides the earnings, the company board of the electricity bourses shall also consider and approve the financial dividend for the financial year 2025-26.

Shares of IEX rose more than 1.5 per cent on Thursday to Rs 127.70, commanding a total market capitalization of Rs 11,500 crore. The stock has rebounded nearly 12 per cent from its 52-week lows at Rs 114.50, hit on March 30, 2026. Despite the rebound, the stock is still over 40 down from its 52-week high at Rs 215.40, hit in June 2025.
 

IEX Q4 result preview

Motilal Oswal Financial Services Ltd has penciled IEX's revenue at Rs 536.3 crore, up 10 per cent YoY, while Ebitda is seen at Rs 475.5 crore, up 9 per cent YoY with margins coming in at 89 per cent. Net profit is seen at Rs 110 crore, down 20 per cent YoY with PAT margins contracting to 21 per cent for the March 2026 quarter.

"We expect revenue to grow 28 per cent YoY and APAT to grow at 15 per cent YoY. Growth is driven by a 24 per cent YoY increase in traded electricity volumes to 39.3BUs and 6 per cent  YoY growth in REC volumes," Motilal Oswal added.

Elara Capital has earmarked IEX's revenue at Rs 170 crore, up 21.6 per cent YoY and 18.7 per cent QoQ. Ebitda is seen at Rs 110 crore, down 12.1 per cent YoY and 33.8 per cent QoQ. Net profit may come in at Rs 140 crore, up 22 per cent YoY and 20 per cent QoQ.

"IEX may continue with its growth momentum, supporting overall performance.  Market coupling erodes IEX’s core moat as the premiere price discovery platform, marking a materially negative shift. It will likely redirect volume to rival exchanges, challenging IEX ’s spot market dominance of nearly 85 per cent," it added.
 

IEX target price

Elara has an 'accumulate' rating on it with a target price of Rs 145, JM Financial Ltd has an 'add' rating with the same target price. Antique Stock Broking has a 'hold' rating on IEX with a target price of Rs 146. Motilal Oswal Financial Services has a 'neutral' rating on the stock with a target price of Rs 137.
 

IEX dividend history

IEX has been a consistent dividend stock, however, the dividend amount has been very small in the last eight payouts. It has announced a dividend of Rs 1.5 per share in the last four instances — Feb 2026, May 2025, January 2025 and May 2024. Similarly, it has announced a dividend of Rs 1 per share in other four instances — Feb 2024, July 2023, August 2022 and Feb 2022.