Company Update : IEX by Motilal Oswal Financial Services Ltd
1Q broadly in line; PAT beats on stronger Other Income
* IEX reported standalone revenue of INR1.4b in 1QFY26, reflecting a 13.3% YoY increase, in line with our estimates.
* EBITDA came in at INR1.1b, up 13.9% YoY, 3% below our estimates.
* Standalone PAT stood at INR1.1b in 1QFY26, up 21% YoY and 5% above our estimates, mainly on account of higher-than-expected other income.
* Operational performance:
* Electricity volumes rose ~15% YoY to 32.4BUs in 1QFY26.
* In the electricity segment, day ahead market (DAM) volumes fell 7% YoY, whereas real time market (RTM)/term ahead market (TAM) volumes registered a growth of 41%/11% YoY in 1QFY26.
* Renewable energy certificate (REC) volumes saw a surge in 1QFY26, rising 149.3% YoY to 5.3MUs. The Green Market segment also delivered strong volumes of 2.7BUs (50% YoY).
* In 1QFY26, higher hydro & wind and sustained coal-based generation improved supply liquidity on power exchanges. DAM liquidity rose 45.2% YoY, reducing prices by 16% to INR4.41/unit, while RTM prices fell 20% YoY to INR3.91/unit.
* On the gas market front, the Indian Gas Exchange (IGX) achieved recordhigh gas volumes of 24.6m MMBtu in 1QFY26 (+109% YoY), driven by increased demand from oil marketing companies and city gas distribution firms. Reported PAT for 1QFY26 grew 86.7% YoY to INR141m.
* International Carbon Exchange (ICX) issued over 4.4m I-RECs in 1QFY26, compared to 5.9m issued in FY25, and reported revenue of INR17.9m.
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