The Indian Energy Exchange (IEX) held its Q2 FY’26 earnings call on October 31, 2025. Key highlights included electricity trading volume growth of 16.1% year-over-year, revenue increase of 9.2%, and a profit after tax increase of 13.9%. The Real-Time Market (RTM) segment demonstrated strong growth, surpassing the Day-Ahead Market (DAM) for the first time. IGX also saw a significant profit increase.
Financial Performance Highlights
During Q2 FY’26, IEX reported an electricity trading volume of 35.2 billion units, reflecting a year-over-year growth of 16.1%. The company’s revenue increased by 9.2%, reaching Rs. 183.3 crores, up from Rs. 167.8 crores in Q2 FY’25. Profit after tax rose by 13.9%, from Rs. 108.3 crores to Rs. 123.4 crores.
Real-Time Market (RTM) Growth
The RTM segment continues to show strong growth, accounting for 36% of the total volume at IEX. RTM volumes reached nearly 15 billion units, a 39% increase year-over-year. This underscores RTM’s importance in helping DISCOMs and open access consumers manage their short-term energy needs effectively. RTM’s flexibility supports better integration of renewables into the grid.
Green Market Performance
The green market volume in Q2 FY’26 increased by 17.7% year-over-year, reaching 3 billion units. This growth promotes the integration of clean energy sources, helping obligated entities meet their renewable purchase obligations. Improved supply liquidity, driven by hydro, wind, and sustained coal-based generation, led to a decrease in prices. The average Day-Ahead Market price was Rs. 3.93 per unit (a 12.5% decrease), while the Real-Time Market price averaged Rs. 3.51 per unit (a 16% decrease).
IGX Performance
IGX traded a gas volume of 16.1 million MMBtu in Q2 FY’26, a 37% increase over the same period last year. IGX reported a profit after tax of Rs. 9.6 crores, a 57% increase compared to Rs. 6.1 crores in Q2 FY’25. Stable gas prices and positive policy initiatives are expected to maintain robust volumes at IGX.
Regulatory Updates and Market Outlook
Key regulatory updates include proposed amendments to the Electricity Act, empowering State Electricity Regulatory Commissions and promoting open access for commercial and industrial consumers. IEX awaits CERC approval for extending term-ahead market contracts and for the Green RTM petition. The company is also progressing with market coupling implementation, targeting completion by January 2026.
Source: BSE
