Synopsis: Shares fell up to 5% after APTEL dismissed its plea in the market coupling case, allowing regulatory changes to proceed. Concerns over structural shifts weighed on sentiment. Despite this, Q3 showed 9% growth, net earnings rose 12%, and operating margins remained strong at 84–87%.
The shares of the power exchange company plummeted up to 5 percent in today’s trading session from an intraday low after the Appellate Tribunal for Electricity dismissed its plea against the market coupling direction of CERC.
With a market capitalization of Rs 10,860.42 crore, the shares of Indian Energy Exchange Ltd were trading at Rs 121.80 per share, decreasing around 3.26 percent as compared to the previous closing price of Rs 125.90 apiece.
Dismissal of Plea
The shares of Indian Energy Exchange Ltd have seen bearish movement after APTEL dismissed its petition challenging CERC’s market coupling direction. The tribunal permitted CERC to proceed with framing regulations, while allowing the company to file a fresh plea if new grievances arise. The development has raised concerns over potential regulatory changes impacting market structure and trading volumes.
Earlier this week, CERC filed its final affidavit before APTEL in the market coupling case, describing IEX as monopolistic and alleging that its plea aimed to preserve entrenched market power through litigation. The regulator argued that the appeal was not maintainable since it challenged a “direction” rather than a formal order.
CERC clarified that the coupling direction was part of a consultative, pre-legislative process intended only to initiate market coupling. It stated that the reclassification from “order” to “direction” was valid and that the appeal could not be used to stall regulatory progress, reinforcing its authority to proceed.
Additionally, Indian Energy Exchange Limited could face structural changes if market coupling moves ahead, as it may centralize price discovery across exchanges rather than allowing independent clearing. This could dilute its dominant market share over time. However, the plea dismissal alone does not end its leadership position it simply clears the way for regulatory reforms that may reshape competitive dynamics.
Financials
The company reported a 9% year-on-year rise in revenue from Rs 131 crore in Q3FY25 to Rs 144 crore in Q3FY26. Net profit increased 12% from Rs 103 crore to Rs 115 crore. The consistent growth in both topline and bottom line highlights steady operational performance and improving earnings momentum during the quarter.
Between Dec 2024 and Dec 2025, operating performance remained robust. Operating profit moved from ₹113 crore in Dec 2024 to ₹120 crore in Dec 2025, after touching ₹122 crore in Mar 2025, ₹114 crore in Jun 2025, and peaking at ₹132 crore in Sep 2025. OPM stayed strong between 84% to 87%, respectively.
Indian Energy Exchange Limited is India’s leading electronic power trading platform, facilitating transparent and efficient trading of electricity, renewable energy certificates, and related products. Established to modernize India’s power market, it connects generators, distribution companies, and consumers nationwide, enabling competitive price discovery and improved grid management.
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