Indian Energy Exchange (IEX) has reported a strong performance for the financial year ending March 31, 2025, achieving record electricity trading volumes and robust growth across key business segments. The company announced its audited financial results today, highlighting a significant increase in both volume and profitability.
For FY25, IEX recorded its highest ever traded electricity volume of 121 billion units (BUs), marking an 18.7% year-on-year increase. Alongside this, the platform facilitated the trading of 178 lakh Renewable Energy Certificates (RECs), which also stands as the highest annual REC trade to date and represents a 136% rise over the previous year.
The company’s consolidated revenue for FY25 grew by 19.3% to ₹657.4 crore, compared to ₹550.8 crore in FY24. Consolidated profit after tax (PAT) rose to ₹429.2 crore, a 22.3% increase from ₹350.8 crore in the previous financial year. On a standalone basis, PAT for FY25 stood at ₹414.6 crore, up 21.4% from ₹341.4 crore in FY24.
The fourth quarter of FY25 also saw record-breaking performance, with the highest ever quarterly traded electricity volume of 31.7 BUs, an 18.1% year-on-year increase. IEX also recorded the highest quarterly REC trade of 68 lakh, reflecting a 108% jump compared to Q4FY24. Consolidated revenue for the quarter rose by 17% to ₹174.6 crore from ₹149.3 crore in Q4FY24, while consolidated PAT increased by 21.1% to ₹117.1 crore. Standalone PAT for Q4FY25 reached ₹112 crore, marking a 17.8% rise over the same period last year.
IEX’s Board of Directors has announced a final dividend of ₹1.5 per equity share, representing 150% of the face value.
In the broader power sector, India’s electricity consumption reached 1,694 BUs in FY25, a 4.4% increase year-on-year. In response to rising demand, the Ministry of Power implemented several supply-side interventions, including mandating imported coal-based power plants to operate at full capacity and promoting the sale of surplus power on exchanges. These measures contributed to higher availability and supply stability throughout the year.
India’s coal production rose by 5% in FY25 to 1,048 million tonnes, while dispatches to the power sector increased 5.9% to 843 million tonnes. By the end of March 2025, coal inventories stood at a 23-day supply—highest since 2021—further indicating an improved fuel situation. As a result, sell-side liquidity on the Day Ahead Market (DAM) rose 36% year-on-year, keeping power prices competitive. The average market clearing price in the DAM was ₹4.47 per unit in FY25, down from ₹5.24 per unit in FY24, reflecting a 14.7% reduction.
In the natural gas market, IEX’s subsidiary Indian Gas Exchange (IGX) also reported its best-ever performance, trading 60 million MMBtu in FY25—a 47% increase year-on-year. PAT for IGX rose by 34.3%, reaching ₹31 crore. In Q4FY25 alone, IGX traded 20.2 million MMBtu, up from 8.7 million MMBtu in the same quarter the previous year. Quarterly PAT doubled to ₹8.9 crore, compared to ₹4.4 crore in Q4FY24.
IEX’s wholly owned subsidiary, International Carbon Exchange (ICX), made significant strides as well. It became India’s first accredited issuer of International Renewable Energy Certificates (I-RECs) and issued a total of 59.27 lakh I-RECs over the last seven months. ICX posted a remarkable revenue growth of 964% year-on-year, earning ₹3.41 crore in FY25, compared to ₹32 lakh in FY24.
