Indian Energy Ex

Indian Energy Exchange reported robust financial performance for Q4 FY26 and the full fiscal year 2026. In Q4 FY26, consolidated revenue grew by 12.5% year-on-year to INR 196.4 crores, with profit after tax increasing by 10.8% to INR 129.8 crores. For the full year FY26, PAT was INR 492.9 crores, a 14.9% increase over FY25. Total electricity volumes traded reached 39.4 billion units in Q4 FY26, up 24.3% YoY, and 141 billion units for FY26, marking a 17% YoY growth.

The power market experienced improved supply liquidity due to capacity additions, increased solar, hydro, and wind generation, and sustained coal-based generation. This led to a substantial drop in prices, with the Day Ahead Market (DAM) averaging INR 3.89 per unit in Q4 FY26 (down 12.2% YoY) and INR 3.86 per unit for FY26 (down 14% YoY). Similarly, Real-Time Market (RTM) prices averaged INR 3.68 per unit in Q4 FY26 (down 15% YoY) and INR 3.59 per unit for FY26 (down 16% YoY), offering competitive procurement opportunities for DISCOMs and C&I consumers.

The Real-Time Market continued its strong growth trajectory, with volumes reaching 14.3 billion units in Q4 FY26, a 48.2% increase year-on-year, and 55 billion units for FY26, up 41% YoY. RTM now accounts for 39% of IEX's total electricity volumes, playing a critical role in integrating renewables. Green market volumes also saw significant expansion, rising 26.5% YoY in Q4 FY26 to 2.4 billion units and 23% YoY in FY26 to 10.8 billion units, helping obligated entities meet their renewable purchase obligations.

The Indian Gas Exchange (IGX) completed five years of operations in FY26, trading 76.8 million MMBTU of gas, a 28% year-on-year growth. However, Q4 FY26 volumes were 18.6 million MMBtu, down 8% YoY, primarily due to supply disruptions in the Middle East. Despite this, IGX recorded a profit after tax of INR 9.4 crores in Q4 FY26 (up 5.4% YoY) and INR 41.9 crores for the full year (up 35% YoY). Management anticipates potential volume impacts from geopolitical challenges but expects domestic offsets and improved growth in subsequent quarters.

The Ministry of Power released a draft National Electricity Policy 2026, aiming to align the power sector with 'Viksit Bharat' goals, and CERC issued draft regulations for market coupling on April 17, 2026, proposing Grid India as the market coupling operator. IEX has filed an appeal against earlier market coupling orders and expressed concerns about the operational feasibility and potential adverse impact, especially on the Real-Time Market, due to tight timelines and risks to price discovery. The company is awaiting final regulations and CERC's decision on its petitions for Term Ahead Market contract extension and green RTM.

The Ministry of Coal has issued draft regulations for a coal exchange, which IEX views as a significant opportunity. Management estimates the e-auction coal market at 80-90 million tonnes and imported coal for power generation at 150 million tonnes, indicating a large potential spot market. IEX's Board has approved exploring a coal exchange, aiming to leverage its multi-buyer/multi-seller model and provide transparent price discovery, with final regulations expected later this calendar year. IEX also saw ICX issue 179 lakh I-RECs in FY26, a 200% YoY growth, generating INR 7.7 crores in revenue.

IEX utilizes AI for internal operational improvements, such as reducing coding time and enhancing efficiency in its software team, and for strengthening platform security. The company emphasizes customer loyalty and value-added services, with over 70% of cleared volumes now flowing through its API system, connecting distribution companies and generators. The customer base is diversifying beyond DISCOMs to include industrial consumers, captive generators, renewable generators, and battery suppliers, with over 5,000 industrial consumers actively using the platform.