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Revenue/EBITDA in line; PAT beats on higher other income

* IEX reported standalone revenue in line with our est. at INR1.5b in 2QFY26 (+9.3% YoY, +8.8% QoQ), with traded electricity volumes of 35.2BUs, in line with est.

* EBITDA stood at INR1.3b, marking a 9.7%/15.9% uptick YoY/QoQ, in line with our estimates. EBITDA margin stood at 86.7% (vs. 81.4% in 1QFY26, 86.4% in 2QFY25).

* Standalone PAT was 5% above our estimate at INR1.2b (+14.6% YoY, +7.6% QoQ), mainly on account of higher-than-expected other income.

* IGX recorded a PAT of INR96m, up 57% YoY from INR61m.

* Operational performance:

* Electricity volumes rose 16% YoY to 35.2BUs in 2QFY26.

* In the electricity segment, day ahead market (DAM) and term ahead market (TAM) volumes were flat YoY, whereas real time market (RTM) volumes registered 39% YoY growth in 2QFY26.

* Renewable energy certificate (REC) volumes saw a dip in 2QFY26, declining 30% YoY to 4.4m certificates.

* DAM and RTM prices dropped to INR3.93/unit (-12.5% YoY) and INR3.51/unit (-16% YoY), respectively, on account of increased liquidity due to higher generation from hydro, wind, and sustained coal-based generation.

* Indian Gas Exchange (IGX) traded gas volumes of 16.1m MMBtu in 2QFY26 (+37% YoY).

* International Carbon Exchange (ICX) issued over 3.8m I-RECs in 2QFY26 and reported revenue of INR19m.

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