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Revenue
₹154 Cr
verified against source
Revenue YoY
9.2%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IEX reported Q2 FY26 revenue of INR 183.3 crore (+9.2% YoY) and PAT of INR 123.4 crore (+13.9% YoY), driven by 16.1% YoY growth in electricity volumes to 35.2 BU. RTM volumes surpassed DAM for the first time, growing 39% YoY to 15 BU, aided by ample supply and lower prices. Management guided for 15-20% volume growth for FY26, citing favorable policy tailwinds like VPPA recognition, carbon market draft regulations, and battery storage expansion. Key risks include market coupling implementation (appeal pending in APTEL) and potential revenue dilution from lower REC fees and certificate volumes.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain electricity volume growth between 15-20% for the remaining fiscal year.
- IEX has applied for a 1.5-year extension to reduce its IGX equity stake from 47.5% to 25% as per PNGRB regulations.
- Management expects the carbon credit trading market to be as big as the REC market once regulations are finalized.
Risks flagged
- CERC order mandates DAM coupling by Jan 2026; IEX has appealed in APTEL. If implemented, it could reduce IEX's market share and pricing power.
- Revenue grew only 9.2% vs volume growth of 16.1% due to lower REC volumes and fee reduction from INR 40 to INR 20 per certificate.
- Key petitions like Green RTM, 11-month TAM contracts, and peak DAM/RTM segments are pending regulatory approval, delaying potential volume catalysts.
Key quotes
- We are not aware about any developments which have taken place so far. To the best of our knowledge, so far, nothing like that has happened.
- If you look at the order, the commission has not taken any view regarding the implementation of RTM. They have said that, looking at the time constants and based on the experience, it will be considered.
- I can tell you one thing. In the Term Ahead Market, all three exchanges are active, and there also, the price war is not there. I don't see any such situation that after coupling, there will be a price war in the DAM market.
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