Company Update : IEX by Motilal Oswal Financial Services Ltd
EBITDA and volume in line Financial performance
* IEX’s standalone revenue for 4QFY26 missed our est. by 4.7%, coming in at INR1.7b (+21.9% YoY, +19.7% QoQ). EBITDA came in line with our estimate at INR1.5b (+21% YoY, +23% QoQ).
* Electricity and REC volumes for the quarter stood at 39.4BUs and 7.2m respectively, in line with our estimates.
* Standalone PAT stood at INR1.2b (+10.7% YoY, +7.7% QoQ), missing our estimate by 4%, primarily due to lower-than-expected other income.
* The Board approved a final dividend of INR2/share for FY26.
Operational performance:
* Electricity volumes rose 24% YoY to 39.4BUs in 4QFY26, the highest ever in a quarter.
* Real-time market segment drove the growth, increasing 48% YoY.
* The Day Ahead Market and Green Market Segments also reported strong growth, growing 24% and 27% respectively.
* Volumes in the REC market grew 6.4% YoY to 7.2m certificates.
* IGX recorded gas volumes of 76.8 MMBtu in FY26, up 28% YoY, while PAT grew 35% YoY to INR419m.
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