Tracking the market's concerns across 11 quarters.
Latest test: Management noted that comments on draft regulations are due May 16, 2026, and the outcome is uncertain. No final decision yet.
Latest test: Management stated that hearings for the 11-month contract are complete and order is reserved. Green RTM petition admitted; launch expected in 2-3 months. No final approval yet.
Killed by: Total electricity volume grew 15.7% YoY in Q4 FY24 to 30.1 BU, exceeding the 15% target. Full-year volume growth is likely above 15%.
Latest test: Revenue grew 12.5% YoY to ₹174 Cr (Screener-verified), while electricity volumes grew 24.3% YoY to 39.4 BU. Revenue growth lagged volume growth by ~12 percentage points.
Latest test: Management expects GDP-linked power demand growth of 6-7% to drive 15-20% volume growth in FY26. Q2 FY26 volumes grew 16.1% YoY, within the guided range.
Latest test: TAM volumes have stagnated at ~10 BU, and management noted that conversion of the 40 BU trader market depends on 11-month contract approval. No significant shift reported.
Killed by: Electricity volume grew 15.7% YoY to 30.1 BU, and long duration contracts grew 525% YoY to 10 BU in FY24, indicating strong exchange preference.
Latest test: Revenue grew 13.7% YoY to INR 132 Cr (Screener-verified), while volumes grew 16% YoY. Revenue growth lagged volume growth by ~2.3 percentage points, indicating potential fee pressure.
Latest test: REC volumes surged 65% YoY after price deregulation, but GDAM and GTAM volumes were not specifically mentioned. Overall green segment performance is mixed.
Latest test: REC volume in Q1 FY25 grew 277% YoY to 6.3M certificates, indicating strong demand. However, Q2 FY25 REC volume not separately reported.
Latest test: IGX volumes declined 65% YoY in Q3, a sharp reversal from the 262% growth in Q2. Management expects recovery with lower gas prices.
Latest test: Management reiterated that CERC has not taken a view on market coupling; even if pursued, implementation would take 1.5-2 years. No new regulatory filings or actions reported.
Latest test: IGX gas volume for FY26 was 76.8 MMBTU (+28% YoY), but Q4 saw a decline due to Middle East disruptions. Management expects flat Q1 FY27 and recovery from Q2.
Latest test: REC volumes declined due to extended compliance timelines and the proposed alternative compliance mechanism. Management argued that depositing money does not promote renewable energy and expects the existing process to continue.
