Indian Energy Exchange / Q2-FY24

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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.

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Watch2023-10-20Back to IEX

Revenue

₹109 Cr

verified against source

Revenue YoY

16.9%

reported change

EBITDA

Pending

latest reported figure

Source

screener in

record provenance

Actual signal trajectory

Where this quarter sits.

source records only
Revenue (₹ Cr)PositiveWatchNegative
11 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 104 · Watch source sentiment · 2023-07-20Q1 FY24Q2 FY24: 109 · Watch source sentiment · 2023-10-20Q2 FY24Q3 FY24: 115 · Positive source sentiment · 2024-01-18Q3 FY24Q4 FY24: 121 · Positive source sentiment · 2024-04-30Q4 FY24Q2 FY25: 139 · Positive source sentiment · 2024-10-22Q2 FY25Q3 FY25: 132 · Positive source sentiment · 2025-01-20Q3 FY25Q4 FY25: 142 · Positive source sentiment · 2025-04-30Q4 FY25Q1 FY26: 142 · Watch source sentiment · 2025-07-23Q1 FY26Q2 FY26: 154 · Positive source sentiment · 2025-10-31Q2 FY26Q3 FY26: 146 · Positive source sentiment · 2026-01-20Q3 FY26Q4 FY26: 174 · Watch source sentiment · 2026-04-30Q4 FY26174104
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

IEX reported consolidated revenue of INR 133 crore (up 16.9% YoY) and PAT of INR 86.5 crore (up 21.5% YoY) for Q2 FY24, driven by a 15% increase in total traded volumes to 26.5 BU. Electricity volumes grew 17% YoY, while IGX volumes surged 262%. However, market share in the day-ahead market declined due to high power demand pushing DISCOMs toward bilateral contracts. Management expects volume recovery as supply conditions improve with higher coal production and easing prices. Key regulatory tailwinds include GNA implementation and new grid code, which should boost exchange volumes. Risks include potential market coupling (though management downplays near-term impact) and continued shift to bilateral trades during high-demand periods.

Colored figures show movement against the previous available record.

Guidance to track

  • IEX will file a petition with CERC in 10-15 days to offer contracts up to 11 months, expecting approval by end-December and launch from January 2024.
  • Management expects improved volumes in coming months due to GNA regulations, with October electricity volume growth already at ~20%.
  • Management believes CERC has not taken a view on market coupling; even if pursued, implementation would take 1.5-2 years.

Risks flagged

  • CERC is evaluating market coupling; if implemented, it could disrupt IEX's dominant market position. Management downplays likelihood but acknowledges potential impact.
  • In Q2, high power demand led DISCOMs to prefer bilateral contracts over exchange, reducing IEX's market share. This trend could recur during peak demand periods.
  • Green market volumes remain low despite policy support; management acknowledges need to improve liquidity but faces execution challenges.

Key quotes

  • We do believe that current market operations of IEX will continue undisturbed.
  • The overall philosophy of transmission planning has changed. Efforts are made to enable adequate transmission capacity addition, which will secure a congestion-free transmission system and reduce volume loss due to congestion.
  • We have seen historically, prices are lowest at this particular segment.

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