Market coupling implementation
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.
IEX / Q2-FY26 / risks
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Indian Energy Exchange · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Revenue divergence from volume growth
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.
Slow progress on new product approvals
Key petitions like Green RTM, 11-month TAM contracts, and peak DAM/RTM segments are pending regulatory approval, delaying potential volume catalysts.