In a flash note on Indian Energy Exchange Ltd, MOFSL said the company's standalone revenue for the March quarter missed its estimates by 4.7 per cent. Earnings Before Interest, Taxes, Depreciation, and Amortization (Ebitda) came in line with MOFSL's estimate of Rs 150 crore. Net profit for the quarter missed the brokerage's estimate but the domestic brokerage kept its 'Neutral' stance on the stock intact. JM Financial, on the other hand, said IEX Q4 results were largely in-line but the market coupling overhang has continued.  The two brokerages will come out with detailed note following the conference call.

For the quarter, IEX reported a 10.81 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 129.77 crore for the March quarter compared with Rs 117.11 crore in the corresponding period last year. The company's revenue from operations for the quarter grew 22.53 per cent YoY to Rs 174.30 crore, up from Rs 142.24 crore a year ago.

"IEX reported in-line results, with trading volumes growing 24 per cent YoY. FY26 market clearing prices in the DAM (down 14 per cent YoY) and RTM (down 16 per cent YoY) declined due to subdued power demand and increase in supply side liquidity," JM Finacnial said.

MOFSL said IEX's electricity and REC volumes for the quarter stood at 39.4BUs and 7.2m respectively, which were in line with its estimates. Standalone profit after tax missed its estimate by 4 per cent, primarily due to lower-than-expected other income.

Electricity volumes rose 24 per cent YoY to 39.4BUs in 4QFY26, the highest ever in a quarter. MOFSL said real-time market segment drove the growth, increasing 48 per cent YoY. The Day Ahead Market and Green Market Segments also reported strong growth, rising 24 per cent and 27 per cent, respectively.

MOFSL said volumes in the REC market grew 6.4 per cent YoY to 72 lakh certificates. IGX recorded gas volumes of 76.8 MMBtu in FY26, up 28 per cent YoY, while PAT grew 35 per cent YoY to Rs 41.90 crore.

IEX has issued its clarification over CERC's draft notification on market coupling norms, saying the said draft regulations have been issued for stakeholder consultation and are available in the public domain on CERC website. 

"We would like to further submit that CERC, vide its Su-Moto Order dated July 23, 2025, had issued directions for implementation of Market Coupling of power exchanges in the Day-Ahead Market (DAM) segment with effect from January 2026, the said CERC Order was duly intimated to the stock exchanges by the Company, in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”). The present draft notification is in continuation of earlier CERC Order," it stated.

The IEX board approved a final dividend of Rs 2 per share for FY26.