Indian Energy Exchange Limited held its 20th Annual General Meeting on September 9, 2026. The board confirmed an interim dividend and declared a final payout for FY26.

The meeting was conducted via video conferencing from 11:00 am to 12:03 pm IST. Chairman Satyanarayan Goel addressed shareholders, highlighting key performance metrics for the fiscal year ended March 31, 2026.

Dividend Declaration

The company approved a total dividend payout comprising both interim and final components for FY26. Shareholders will receive the following amounts per equity share of face value ₹1:

The combined payout reflects the company's financial position for the year. The Board authorized CFO Vineet Harlalka to communicate voting results to stock exchanges within two working days.

Governance and Audits

Statutory auditors Walker Chandiok & Co LLP and secretarial auditors MNK And Associates LLP issued unqualified opinions on the financial statements. No qualifications or adverse comments were noted regarding the company's functioning.

Mr. Gautam Dalmia was appointed as a director liable to retire by rotation. The requisite quorum was present, with 352 members attending virtually. Directors Rajeev Gupta and Gautam Dalmia were absent due to professional commitments.

Indian Energy Exchange recorded its highest-ever monthly electricity traded volume of 13,938 MU in August 2026, marking a 20.2% year-on-year increase. The surge was driven by rising national power demand and increased participation across day-ahead and real-time market segments.

The exchange also reported a decline in Renewable Energy Certificate (REC) trading volumes, which fell 86.6% year-on-year to 2.91 lakh units due to lower participation. Despite the drop in REC activity, physical electricity trading saw robust growth across all major segments.

Market Volume Breakdown

The Day-Ahead Market (DAM), including HP-DAM, achieved a volume of 5,517 MU in August 2026, up 15.0% from 4,797 MU in August 2025. The Real-Time Electricity Market (RTM) volume rose to 5,565 MU, an increase of 10.6% year-on-year from 5,029 MU.

Term-Ahead Market (TAM) activity, comprising contingency, daily, weekly, and monthly contracts up to three months, saw significant expansion. TAM volume reached 1,765 MU in August 2026, a sharp rise of 111.3% from 835 MU in the previous year.

Price Movements

Rising buy bids in the Day-Ahead Market, which increased by 61.7% year-on-year, pushed average market clearing prices higher. The average clearing price in the DAM stood at ₹4.88/unit, a 22% increase from the previous year. Similarly, the Real-Time Market average clearing price rose 30.4% year-on-year to ₹4.41/unit.

In the Green Market, comprising Green Day-Ahead and Green Term-Ahead segments, volume grew 17.3% to 1,091 MU. The weighted average price in the Green Day-Ahead Market (G-DAM) increased 5.1% year-on-year to ₹3.92/unit.

What the Numbers Show

The divergence between volume growth and price appreciation highlights shifting market dynamics. While overall traded volume grew by 20.2%, the average clearing price in the Day-Ahead Market rose by 22%, outpacing volume growth. This suggests that demand-side pressure, evidenced by a 61.7% surge in buy bids, is exerting upward pressure on prices even as supply availability increases. The disproportionate growth in Term-Ahead Market volume (111.3%) compared to Day-Ahead (15.0%) indicates growing participant preference for longer-term hedging instruments amidst price volatility.