Indian Energy Exchange (IEX), India's premier power trading platform, has reported a robust performance for the second quarter of fiscal year 2026, with significant growth in trading volumes and financial metrics.

Key Highlights

• Electricity trading volume reached 35.2 billion units, up 16.1% year-on-year
• Revenue increased by 9.2% to Rs. 183.30 crores
• Profit after tax rose 13.9% to Rs. 123.40 crores
• Real-Time Market (RTM) segment achieved 36% share of volumes, surpassing Day-Ahead Market (DAM) for the first time

Financial Performance

IEX demonstrated strong financial growth in Q2 FY26:

Market Performance

The exchange witnessed significant growth in its electricity trading volumes, which increased by 16.1% year-on-year to reach 35.2 billion units in Q2 FY26. This growth is particularly noteworthy given the flat power demand in the country during this period.

Segment-wise Performance

Real-Time Market (RTM)

• Achieved 36% share of volumes, surpassing the Day-Ahead Market for the first time
• RTM volumes reached nearly 15 billion units, marking a 39% year-on-year growth
• Average price in RTM was Rs. 3.51 per unit, down 16% year-on-year

Day-Ahead Market (DAM)

• Average price in DAM was Rs. 3.93 per unit, down 12.5% year-on-year

Green Market

• Volume rose 17.7% year-on-year to 3 billion units

Renewable Energy Certificates (RECs)

• Nearly 44 lakh RECs were traded, lower than the 63 lakh certificates traded in Q2 FY25

Market Dynamics

The increase in trading volumes can be attributed to several factors:

1. Improved supply liquidity, leading to a substantial drop in prices
2. Sell bids in the Day-Ahead Market increased by 39.3% year-on-year
3. Government mandate for thermal generators to sell un-requisitioned power in DAM and RTM markets

IGX Performance

Indian Gas Exchange (IGX), a subsidiary of IEX, also reported strong growth:

• Gas trading volume reached 16.1 million MMBtu, a 37% year-on-year growth
• Recorded a profit after tax of Rs. 9.60 crores, up 57% from Rs. 6.10 crores in Q2 FY25

Future Outlook

IEX management expects to maintain a 15-20% volume growth. The company is optimistic about long-term growth prospects, driven by India's expanding economy and energy transition initiatives. The exchange is also preparing for upcoming developments in the power sector, including:

1. Implementation of market coupling by January 2026
2. Introduction of carbon credit trading
3. Potential establishment of a coal exchange

As India progresses towards its net-zero goals, energy exchanges like IEX are poised to play an increasingly significant role in shaping the nation's energy ecosystem.

Regulatory Developments

IEX is closely monitoring several regulatory developments that could impact the power trading landscape:

1. Proposed amendments to the Electricity Act
2. Introduction of Virtual Power Purchase Agreements (VPPAs)
3. Potential implementation of a capacity market

These initiatives aim to improve the viability of the power sector and enhance the performance of distribution companies, which could further boost demand for power trading on exchanges.

As the Indian power sector continues to evolve, IEX remains well-positioned to capitalize on emerging opportunities and contribute to the development of a more efficient and sustainable energy market in India.

Indian Energy Exchange (IEX), India's premier electricity exchange, has reported a significant increase in its monthly electricity trading volume for October 2025. The company's performance shows robust growth in various segments, particularly in the Real-Time Market.

Key Highlights

• Total electricity traded volume reached 11,233 MU, up 16.5% year-on-year
• Real-Time Market volume surged by 46.8% year-on-year to 4,583 MU
• Day-Ahead Market volume increased by 6.7% year-on-year to 4,684 MU
• Green Market volume grew by 21% year-on-year to 1,055 MU
• Renewable Energy Certificates trading volume increased by 39.4% year-on-year

Market Performance

The exchange witnessed substantial growth across its various market segments. Here's a detailed breakdown of the performance:

Price Trends and Market Dynamics

The exchange reported a significant decline in electricity prices across its markets. The Day-Ahead Market saw prices drop by 32% year-on-year to Rs 2.67 per unit, while the Real-Time Market experienced a 27.8% decrease to Rs 2.73 per unit.

This price decline is attributed to enhanced hydro, wind, and solar generation, combined with steady coal-based supply, resulting in higher supply liquidity on the exchange platform. These competitive prices present an opportunity for power distribution companies (Discoms) and commercial & industrial consumers to meet their demand cost-effectively.

Renewable Energy Certificates (REC) Trading

The REC market showed strong performance with 6.19 lakh certificates traded in October 2025, marking a 39.4% year-on-year increase. The clearing price for these certificates was Rs 370 per REC.

Green Market Performance

IEX's Green Market, which includes both Green Day-Ahead and Green Term-Ahead segments, achieved a volume of 1,055 MU in October 2025, representing a 21% year-on-year growth. The weighted average price in the Green Day-Ahead Market (G-DAM) stood at Rs 2.47 per unit.

Outlook

The robust growth across various segments, particularly in the Real-Time Market and Green Market, indicates a positive trend for IEX. The significant decrease in electricity prices suggests improved efficiency and liquidity in the market, which could attract more participants and potentially drive further growth in trading volumes.

As India continues to focus on renewable energy integration and market-based mechanisms for power trading, IEX's performance in the coming months will be crucial to watch, especially in terms of volume growth and price trends across its diverse market segments.