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IEX’s Profit Increases by 13.9% in Q2 FY 2026 Amid Strong Electricity Trade

AI Surge, Funding Gaps, and Geopolitics Delay Net Zero to 2060: Report


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					</table><p>Microinverter and battery storage supplier <a href="https://enphase.com/en-in" target="_blank" rel="noopener">Enphase Energy</a>’s revenue for the third quarter (Q3) of 2025 rose 7.8% year-over-year (YoY) to  $410.4 million from $380.87 million.</p>
<p>The company’s Q3 revenue is the highest in a quarter over the last two years.</p>
<p>The revenue in the quarter beat analysts’ expectations by $40.83 million.</p>
<p>Enphase attributed the revenue growth to higher demand for microinverters and batteries, as well as higher safe-harbor revenue in the quarter.</p>
<p>It secured safe-harbor revenue of $70.9 million, up from $40.4 million in the prior year.</p>
<p>Net income for the quarter also surged by 32.7% to $117.3 million from $88.4 million last year.</p>
<p>Earnings per share (EPS) were $0.9 compared to $0.65 in the same quarter of the previous year.</p>
<p>Its EPS for the quarter exceeded analysts’ expectations by $0.24.</p>
<p><strong>9M Results</strong></p>
<p>In the first nine months (9M) of 2025, Enphase reported a 19% YoY rise in revenue to $1.13 billion from $947.67 million.</p>
<p>Net income rose 52% to $296.41 million from $195.18 million during the same period of last year.</p>
<p>Its EPS stood at $2.26 compared to an EPS of $1.43 in 9M 2024.</p>
<p><strong>Business Highlights</strong></p>
<p>Enphase shipped 1.77 million microinverters and 195.0 MWh of IQ Batteries in Q3</p>
<p>Its U.S. manufacturing plant shipped 1.53 million microinverters and 67.5 MWh of IQ Batteries.</p>
<p>The company is shipping its IQ8HC Microinverters, IQ8P-3P Commercial Microinverters, IQ Battery 5Ps, and IQ Battery 10Cs from these facilities, which meet domestic content requirements.</p>
<p>It also ramped up shipments of the 4th-generation Enphase Energy System with integrated load control to customers in the U.S.</p>
<p>The company said in its earnings call that it is manufacturing the batteries using cell packs from China.</p>
<p>Badrinarayanan Kothandaraman, President, CEO &amp; Director at Enphase Energy, said that the company is on track to source non-China cell packs by the end of this year, scaling into battery builds in the first half of 2026. “We expect limited exposure to the recent China-related tariffs as our supply chain transitions away from China.”</p>
<p>Its U.S. and international revenue mix for Q3 2025 was 85% and 15%, respectively. Enphase’s revenue from the U.S. market increased 29% compared to last year, primarily due to higher demand. However, its revenue in the European market decreased by 38% from the previous quarter.</p>
<p>Enphase also announced increased support for virtual power plants (VPPs). Enphase products now enable advanced energy market steering smart grid features, such as one-minute data streaming, instant alerts for VPP events and system maintenance, and solar curtailment to support grid constraints.</p>
<p>It also announced a complete off-grid solar and battery solution for the U.S. market.</p>
<p><strong>Outlook</strong></p>
<p>In Q4 2025, Enphase expects the revenue to be within the range of $310 million to $350 million. It also aims to achieve shipments of 140 MWh-160 MWh of IQ Batteries.</p>
<p>The company explained that it lowered its revenue guidance due to $70.9 million in safe-harbor revenue being moved from Q4 to Q3. The move was driven by customers&#8217; demand for the product before the U.S. Treasury guidance in Q3.</p>
<p>It has also attributed the lowered revenue guidance to reduced product shipments to distributors, retailers, or wholesalers to remove excess inventory as it heads into 2026.</p>
<p>Enphase said it expects further ramp-up in U.S. demand in Q4, primarily due to homeowners moving to capture the expiring 25D tax credit before the end of this year.</p>
<p>In Q4 2025, the company plans to begin shipping its new IQ9N-3P Commercial Microinverter and IQ EV Charger 2 to customers in the U.S.</p>
<p>During its earnings call, the company said the industry will move towards a third-party operator (TPO) model in 2026.</p>
<p>Kothandaraman said that the company is working with several TPO partners on safe harbor planning and is well-positioned to support both methods—the 5% method and the physical work test method —based on each partner&#8217;s preference.</p>
<p>In Q1 2026, the company anticipates a larger-than-normal seasonal decline following the expiration of the 25D tax credit and estimates revenue of $250 million.</p>
<p>Enphase expects this decline due to rising U.S. power prices, declining interest rates, and new, attractive financing solutions entering the market.</p>
<p>In Q2 2025, Enphase Energy <a href="https://www.mercomindia.com/enphase-revenue-up-in-q2-fy-2025-on-uptick-in-european-demand" target="_blank" rel="noopener">reported</a> revenue of $363.2 million, a 19.6% increase YoY from $303.5 million. n Q1 2025, the company’s revenue <a href="https://www.mercomindia.com/enphase-lowers-q2-revenue-guidance-fears-adverse-impact-from-china-tariffs">rose</a> by 35.22% YoY to $356.1 million.</p>


Enphase Q3 Revenue Best in Two Years on Higher Inverter, Battery Demand


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					</table><p>Electric vehicle (EV) maker <a href="https://www.tesla.com/" target="_blank" rel="noopener">Tesla</a> reported a net income of $1.3 billion in the second quarter (Q2) of 2025, a 23% year-over-year (YoY) fall from the same period last year.</p>
<p>Total revenue for Q1 was $22.5 billion, a 12% YoY decline from $25.5 billion. Tesla’s earnings per share during the quarter came in at $0.40, down from $0.27 in the same period last year.</p>
<p>“We are in this transition period where we will lose a lot of incentives in the U.S. We probably could have a few rough quarters,” said Elon Musk, Co-Founder, CEO, and Director at Tesla.</p>
<p>The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $3.4 billion, a 7% decrease from $2.8 billion in the same quarter of the previous year. The adjusted EBIDTA margin stood at 15.1% at the end of Q2 2025.</p>
<p>Vaibhav Taneja, Chief Financial Officer at Tesla, referred to the One Big Beautiful Bill (Budget Reconciliation Bill) and its impact on the company. He said, “The One Big Bill has a lot of changes that would affect our business in the near term. The first among those changes is the repeal of the Inflation Reduction Act EV credit of $7,500 by the end of this quarter.”</p>
<p>Tesla has updated its entire automotive product portfolio. “Globally, we are seeing an increase in the number of test drives. We began production of the lower-cost model as planned in the first half of 2025.  However, given our focus on building and delivering as many vehicles as possible in the U.S. before the EV credit expires and the additional complexity of ramping a new product, the ramp will happen next quarter, slower than initially expected,” said Taneja.</p>
<p>The company reported an operating cash flow of $2.5 billion, along with $100 million in free cash flow, and $36.8 billion in cash and investments.</p>
<p>Tesla’s energy generation and battery storage business continued to show steady momentum, with revenue reaching $2.8 billion, a slight increase from last year’s ₹2.7 billion.</p>
<p>Musk said, “Energy is growing really well despite headwinds from tariffs and supply chain challenges. The Megapack is expanding its capacity quickly, and we have upgrades planned for the Megapack that will make it even better. We had another record Powerwall deployment in Q2. The current battery demand is enormous, and the way to think about it is that the U.S. sustained power output for the U.S. grid is around 1 TW, but average usage is less than half a terawatt.”</p>
<p>He added that the power projects can run 24/7 at full capacity if batteries are added to the mix. This would more than double the U.S.’s energy output per year with just the batteries.</p>
<p>Taneja claimed that the Budget Reconciliation Bill has adverse impacts for energy businesses, most notably on the residential storage segment, due to the early expiration of consumer credits by the end of this year.</p>
<p>“The challenges in the storage business, therefore, remain both from the bill and from the tariffs, and we are doing our best to try and manage through this, but we will see shifts in demand and profitability,” he said.</p>
<p>Tesla <a href="https://www.mercomindia.com/tesla-misses-analysts-expectations-in-q1" target="_blank" rel="noopener">reported</a> a net income of $934 million for Q1 2025, a 39% YoY drop. The decline in profitability was attributed to a broad operational transition involving a global production line switchover for its flagship Model Y, as well as a strategic push into artificial intelligence and energy solutions.</p>


Impacted by the Big Beautiful Bill, Tesla’s Net Income Drops 23% in Q2 2025


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					</table><p>NTPC Green Energy (<a href="https://www.ngel.in/ngel-home" target="_blank" rel="noopener">NGEL</a>) reported a net profit of ₹2.33 billion (~$27.1 million) in the fourth quarter (Q4) of the financial year (FY) 2025, up 187% year-over-year (YoY) from ₹809.5 million (~$9.4 million).</p>
<p>It reported a total income of ₹7.51 billion (~$87.3 million), increasing 35.8% from 5.53 billion (~$64.3 million) in the same period of the previous year.</p>
<p>The company’s revenue from operations grew slightly from ₹5 billion (~$58.1 million) to ₹6.22 billion (~$72.3 million).</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter stood at ₹5.6 billion (~$65.5 million), a 28% increase from ₹4.37 billion (~$51.1 million).</p>
<p>NGEL’s earnings per share (EPS) came in at ₹0.28 (~$0.0033) in Q4 FY 2025, rising from ₹0.17 (~$0.002) in Q4 FY 2024.</p>
<p><strong>Full Year FY 2025</strong></p>
<p>During FY 2025, NGEL netted a profit of ₹4.7 billion (~$54.6 million), a 38% YoY increase from ₹3.4 billion (~$39.5 million).</p>
<p>It earned a total income of ₹24.65 billion (~$286.7 million), compared to ₹20.3 billion (~$236.1 million) earned in the previous year.</p>
<p>The company’s revenue from operations at the end of FY 2025 stood at ₹22.09 billion (~$256.8 million), increasing 12.7% from ₹19.6 billion (~$227.9 million) in FY 2024. Its EBITDA saw a 10% YoY increase to ₹17.44 billion (~$204.4 million).</p>
<p>NGEL’s EPS at the end of the year came in at ₹0.67 (~$0.0078), declining from ₹0.72 (~$0.0084) in the previous year.</p>
<p>During the year, the company signed a contract with the Chhattisgarh State Power Generation Company to develop renewable energy projects of up to 2 GW capacity in FY 2025.</p>
<p>It completed its initial public offering of 926.3 million equity shares with a face value of ₹10 (~$0.12) each, raising ₹100 billion (~$1.19 billion). The price band was <a href="https://www.mercomindia.com/ntpc-green-energy-ipo-oversubscribed" target="_blank" rel="noopener">set</a> at ₹102-108 (~$1.21- $1.28) per equity share, with a face value of ₹10 (~$0.119). The IPO saw bids for 1.43 billion shares, exceeding the 593.17 million shares on offer.</p>
<p>In FY 2025, NGEL leased land for 33 years to develop a green hydrogen hub in Andhra Pradesh.</p>
<p>The company has 5,419 MW and 483 MW of operating solar and wind capacity, respectively.</p>
<p>In Q3 FY 2025, NGEL <a href="https://www.mercomindia.com/ntpc-green-revenue-q3-fy25" target="_blank" rel="noopener">reported</a> a total income of ₹5.81 billion (~$67.06 million) for FY 2025, up 25% YoY. The company’s net profit saw an 8% decline to ₹2.41 billion (~$27.82 million) in the first nine months of FY 2025.</p>


NTPC Green’s Net Profit Increases 187% in Q4 FY 2025


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					</table><p><a href="https://www.arraytechinc.com/" target="_blank" rel="noopener">Array Technologies</a>, a utility-scale solar tracker supplier, reported a net income of $2.3 million in the first quarter (Q1) of 2025, compared to a net loss of $11.3 million in Q1 2024.</p>
<p>The company’s revenue during Q1 2025 was $302.4 million, a 97% year-over-year (YoY) increase from $153.4 million. The company exceeded analyst estimates by 14%.</p>
<p>Array Technologies attributed this growth to a strong order book with an 18% contract growth, gaining traction with independent power producers across Europe, the Middle East, and Asia.</p>
<p>Kevin G Hostetler, CEO of Array Technologies, said the company achieved the second-largest quarter of shipped volume since 2023. He added that this growth indicated a solid market share recovery.</p>
<p>The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 55% YoY to $40.6 million from $26.2 million. Its net income per share stood at $0.02 in Q1 2025.</p>
<p>Keith Jennings, CFO, Array Technologies, said, “A regional mix shift drove the changes in EBIDTA, higher bad debt expense, roll off of 45X prior period amortization, slightly offset by higher volumes and Average Selling Price improvements.”</p>
<p>The company’s operating expenses increased from $46.6 million to $49.1 million. It maintained an order book of $2.08 billion at the close of Q1 .</p>
<p>Hostetler said that while utility-scale solar remains the lowest-cost and fastest-growing energy source, geopolitical headwinds have created uncertainty and volatility.</p>
<p>“The potential impacts of the current market uncertainty may lead to some project delays in the short term until there is a better understanding of tariffs, the associated commodity increases, and the potential reform to IRA tax credits,” he said.</p>
<p>However, given the cost structure of utility-scale solar projects, the company does not anticipate a significant impact from tariffs, as equipment typically only accounts for about 50% of a utility-scale project. A 15% increase in equipment costs would result in less than an 8% increase in the overall cost of a project.</p>
<p><strong>Full Year Guidance 2025</strong></p>
<p>Array Technologies expects its revenue to range from $1.05 billion to $1.15 billion for the full year. Its adjusted EBITDA is projected to be between $180 million and $200 million.</p>
<p>The company expects net income per share to come in at $0.60 to $0.70.</p>
<p>“We maintain our full year 2025 guidance and remain focused on long-term value creation, deepening customer partnerships, and demonstrating consistent product leadership,” said Hostetler.</p>
<p>The company is confident it can maintain operational agility and deliver long-term value for its shareholders.</p>
<p>“Array has built a network of over 50 suppliers in the U.S., with a committed capacity in excess of 40 GW. Driven by our efforts over the past several years, the U.S. source material drives over 93% of the content for domestic bills of material. So, we were in a good position heading into this tariff environment. Additional components are covered by the United States-Mexico-Canada Agreement treaty with zero tariffs currently,” said Neil Manning, President and COO, Array Technologies.</p>
<p>The company’s global supply chain outside the U.S. is focused on its center of excellence strategy, which will consolidate the purchasing volume with key partners in Asia and worldwide.</p>
<p>“We have over 75 supply partners supporting our international businesses, and with our 50 in the U.S., we maintain a total supply capacity of 75 GW,” said Manning.</p>
<p>Array Technologies <a href="https://www.mercomindia.com/array-technologies-posts-19-dip-in-q4-fy24-revenue-order-book-grows" target="_blank" rel="noopener">reported</a> a revenue of $275.2 million in the fourth quarter and $231.41 million in the <a href="https://www.mercomindia.com/array-technologies-q3-revenue" target="_blank" rel="noopener">third quarter</a> of 2024.</p>


Strong Solar Tracker Order Book Pushes Array Technologies Revenue by 97%


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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) has achieved the highest-ever electricity traded volume of 121 billion units (BU) in the financial year (FY) 2025, a 19% year-over-year (YoY) increase.</p>
<p>In the fourth quarter (Q4) of FY 2025, IEX achieved a record quarterly electricity traded volume of 31,747 MU, an 18% increase from the same period of the previous year.</p>
<p><strong>Green</strong><strong> Market </strong></p>
<p>IEX Green Market traded a volume of 1,925 MU in Q4 FY 2025, a 100% YoY increase.</p>
<p>The market achieved 8,746 MU in traded volumes for the entire year, a 170% YoY increase. The weighted average price in the Green DAM for FY 2025 was ₹4.01 (~$0.05) per unit.</p>
<p><strong>Renewable Energy Certificate Market </strong></p>
<p>In FY 2025, IEX saw its highest-ever increase in renewable energy certificates (REC) trading, up 136% YoY. A total of 17.8 million RECs were traded, a 136% increase from FY 2024.</p>
<p>The exchange also witnessed a record quarterly RECs traded volume of 6.8 million in Q4, rising 108% from the same quarter last year.</p>
<p>In March 2025, 1.3 million RECs were traded at clearing prices of ₹348 (~$4.08)/REC and ₹347 (~$4.07)/REC, with traded volumes increasing 18% from March 2024.</p>
<p><strong>Electricity Market: Day-ahead, Real-time, and Term Ahead </strong></p>
<p>The day-ahead market (DAM) saw 16,931 million units (MU) traded during Q4 FY 2025, a 14% YoY increase from 14,916 MU.</p>
<p>The market&#8217;s traded volumes reached 61,311 MU in FY 2025, rising 15% YoY from 53,353 MU.</p>
<p>In March 2025, the DAM&#8217;s trading volumes grew 19% YoY from 4,654 MW to 5,547 MU.</p>
<p>The real-time market registered traded volumes of 9,650 MU in Q4, a 29% increase from 7,505 MU during the same quarter last year.</p>
<p>The market achieved traded volumes of 38,896 MU in FY 2025, rising 29% YoY from 30,125 MU.</p>
<p>During Q4 FY 2025, the term-ahead market traded 3,241 MU, an 8% YoY decrease. The market traded 11,760 MU for the full year, a 21% decline from the previous year.</p>
<p>IEX <a href="https://www.mercomindia.com/iex-electricity-trade-december" target="_blank" rel="noopener">recorded</a> its highest-ever monthly electricity trading volume of 11,132 MU in December 2024, marking a 29% YoY increase.</p>
<p>It also <a href="https://www.mercomindia.com/green-energy-trade-on-iex-up-85-yoy-in-february-2025" target="_blank" rel="noopener">traded</a> 552 MU of green energy in February 2025, an 85% YoY increase from 298 MU.</p>


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