Indian Energy Exchange reports Q2 volume, revenue growth

Indian Energy Exchange (IEX) reported significant growth for Q2 FY '26, with electricity trading volumes increasing by 16.1% year-on-year to 35.2 bn units. This led to a 9.2% year-on-year rise in revenue to INR 183.3 crores and a 13.9% increase in profit after tax, reaching INR 123.4 crores. The Real-Time Market (RTM) segment demonstrated strong momentum, with volumes up 39% year-on-year, now accounting for 36% of total IEX volumes. The Green Market also saw a 17.7% increase in volumes, reaching 3 bn units.

The growth in electricity revenue was 16%, however, overall revenue growth was impacted by a 53% decrease in certificate revenue due to lower certificate volumes and a reduction in transaction fees. The IGX segment also contributed positively, with traded gas volumes up 37% over Q2 FY '25 to 16.1 m MMBtu, resulting in a profit after tax of INR 9.6 crores, a 57% increase.

Regulatory updates are expected to further shape the market, including proposed amendments to the Electricity Act 2025 and ongoing discussions regarding market coupling. IEX has filed an appeal against the market coupling order in APTEL. The company remains optimistic about future growth, targeting 15-20% volume growth, driven by India's economic expansion and energy transition initiatives.