Indian Energy Exchange (IEX), India's premier electricity exchange, recorded a monthly electricity traded volume of 12,341 MUs in April 2026, reflecting a robust 16.6% increase year-on-year. The month was marked by highly dynamic weather conditions — ranging from unseasonal rainfall to peak summer heat — which drove India's energy consumption to 154 BUs, up 4% year-on-year, and pushed electricity demand to an all-time high of 256 GW.

Key Highlights at a Glance

The following table summarises the headline performance metrics for April 2026:

Electricity Market: Day-Ahead, Term-Ahead & Real-Time Market

In the Day-Ahead Market (DAM), including HP-DAM, strong demand drove buy bids up 31% year-on-year, while sell bids rose sharply by 35% YoY. The average market clearing price stood at Rs. 5.26/unit, a 1% increase year-on-year. However, unseasonal rainfall during the initial days of April moderated demand and kept DAM prices below Rs. 3.5/unit on several days, presenting DISCOMs and C&I consumers with an opportunity to procure power at competitive rates.

The Real-Time Market (RTM) mirrored this trend, with prices touching near-zero levels across multiple time blocks during the month, driven by surplus renewable energy during solar hours. The average RTM market clearing price stood at Rs. 4.82/unit, up 5.4% year-on-year. Notably, RTM recorded its highest-ever single-day trade of 250 MUs on April 30, 2026, underscoring its growing role in enabling flexible and cost-effective real-time procurement.

The Day Ahead Contingency and Term-Ahead Market (TAM), including HPTAM, comprising contingency, daily, weekly, and monthly contracts up to 3 months, traded 1,807 MU in April'26 compared to 1,656 MU in April'25, an increase of 9.1% YoY.

Green Market: Green Day-Ahead & Green Term-Ahead Market

The IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved a volume of 841 MU in April'26 compared to 782 MU in April'25, an increase of 7.5% YoY. The weighted average price in the Green Day-Ahead Market (G-DAM) for April'26 stood at Rs. 3.79/unit, a decrease of 6.9% YoY.

Renewable Energy Certificate (REC) Market

A total of 1.18 lakh RECs were traded in April'26, down 59.4% YoY. Trading sessions were held on April 8, 2026 and April 29, 2026, with clearing prices of Rs. 339/REC and Rs. 370/REC, respectively. Sell bids declined by nearly 87% YoY, while buy bids increased by 42% YoY, contributing to a rise in clearing prices during the month. The next REC trading sessions at the Exchange are scheduled on May 13, 2026 and May 27, 2026.

Market Pricing Summary

The following table provides a consolidated view of average market clearing prices for April'26:

Indian Energy Exchange Limited delivered exceptional financial performance for FY26, achieving record quarterly electricity volumes of 39.4 billion units in Q4, representing a 24.3% year-on-year increase. Full-year electricity volumes reached 141 billion units, growing 17% annually. The power exchange platform demonstrated strong operational efficiency across all market segments.

Financial Performance Summary

Consolidated revenue for Q4 FY26 increased 12.5% year-on-year to ₹196.4 crores from ₹174.6 crores in Q4 FY25. Profit after tax rose 10.8% to ₹129.8 crores from ₹117.1 crores in the corresponding quarter. For the full year, consolidated profit after tax grew 14.9% to ₹492.9 crores from ₹429.2 crores in FY25.

Market Segment Performance

The Real-Time Market (RTM) segment demonstrated robust growth with volumes reaching 14.3 billion units in Q4, up 48.2% year-on-year. Full-year RTM volumes grew 41% to 55 billion units, capturing a 39% share of total electricity volumes at IEX. Green market volumes in Q4 rose 26.5% to 2.4 billion units, while full-year green market volumes increased 23% to 10.8 billion units. REC trading recorded a 5% annual growth to 187 lakh RECs.

Price discovery remained favorable for market participants. Day Ahead Market prices averaged ₹3.89 per unit in Q4, down 12.2% year-on-year, while RTM prices averaged ₹3.68 per unit, a 15% decline. For the full year, DAM prices averaged ₹3.86 per unit, down nearly 14%, and RTM prices averaged ₹3.59 per unit, down 16% compared to FY25.

Diversification and Strategic Initiatives

The Indian Gas Exchange (IGX), an associate company, completed five years of operations in FY26. IGX traded gas volumes of 76.8 million MMBtu for the full year, growing 28% year-on-year, with profit after tax reaching ₹41.9 crores, up 35% from ₹30.9 crores. ICX, the subsidiary, issued 179 lakh I-RECs during FY26, recording growth of over 200% compared to FY25.

The Board has accorded in-principle approval to explore establishing a coal exchange in line with proposed Coal Regulations 2025. The Ministry of Coal's draft regulations suggest significant opportunity, with approximately 80-90 million tonnes of coal currently sold through e-auction routes.

Dividend and Corporate Actions

The Board of Directors has recommended a final dividend of ₹2 per equity share, equivalent to 200% of face value. During FY26, the company also declared an interim dividend of ₹1.5 per equity share, which was approved by the Board on January 29, 2026.

Regulatory and Market Developments

CERC issued draft regulations for market coupling on April 17, 2026, proposing Grid India as the market coupling operator. Stakeholder comments have been invited until May 16, 2026. The company continues to engage with regulatory authorities on various fronts, including petitions for extending Term Ahead Market contracts to 11 months and introducing peak DAM and peak RTM segments.

The Ministry of New and Renewable Energy has approved a 500-megawatt pilot Contract for Difference for renewable energy, backed by a stabilization fund of ₹76 crores. This initiative is expected to enhance liquidity on power exchanges and support renewable energy integration.