India · Delayed Price · Currency is INR Indian Energy Exchange Earnings Call Transcripts
Fiscal Year 2027
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Power exchange volumes and revenues grew strongly, led by Real-Time Market and new product segments. Regulatory reforms, technology integration, and expansion into gas, coal, and environmental markets position the platform for continued growth, despite ongoing regulatory and legal uncertainties.
Fiscal Year 2026
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Q4 FY26 saw record electricity volumes and double-digit profit growth, with strong performance in RTM and green segments. Regulatory changes, new market mechanisms, and robust renewables growth support a positive outlook, though market coupling and geopolitical risks remain.
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Electricity trading volume and revenue grew double digits YoY in Q3 FY 2026, with strong performance in RTM and Green Market segments. IGX gas volumes surged, and new regulatory initiatives like VPPAs and battery storage are set to drive future growth.
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Electricity trading volume grew 16.1% YoY in Q2 FY 2026, with revenue up 9.2% and profit after tax up 13.9%. RTM segment outperformed DAM for the first time, while regulatory and policy changes, including market coupling and carbon trading, are set to shape future growth.
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Q1 FY 2026 delivered strong revenue and profit growth, with trading volumes up across electricity, green, and gas segments. Regulatory changes, including market coupling and new product initiatives, are set to shape future growth and competition.
Fiscal Year 2025
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Record electricity and REC trading volumes drove double-digit revenue and profit growth in FY 2025, with strong performance in green and real-time markets. Regulatory changes, robust supply, and new market models are expected to support continued growth.
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Q3 FY25 saw 16% YOY electricity volume growth and 13.7% revenue growth, with strong market share and robust participation from discoms and open access consumers. Regulatory changes and new products are expected to drive future growth, while market coupling and competition remain key uncertainties.
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Q2 FY25 saw 26.2% revenue and 25.2% PAT growth, with trading volumes up 38.2% year-over-year. Market share in electricity remains strong at 83%, while new product initiatives and regulatory reforms are expected to drive future growth.