The Indian Energy Exchange (IEX) reported revenue from operations of ₹1.58 billion (~$16.33 million) in the first quarter (Q1) of the financial year (FY) 2027, an 11.4% year-over-year (YoY) increase from ₹1.42 billion (~$14.66 million).

IEX’s profit after tax (PAT) stood at ₹1.35 billion (~$13.94 million), up 11.7% YoY from ₹1.21 billion (~$12.49 million).

Earnings per share (EPS) for the quarter stood at ₹1.52 (~$0.016), compared to ₹1.36 (~$0.014) in the corresponding quarter last year.

During the quarter, IEX achieved electricity trading volumes of 37.5 billion units (BU), marking a 15.9% YoY increase.

India experienced a hotter-than-normal summer during the quarter, marked by persistent heatwaves and above-average temperatures. The country’s peak power demand reached an all-time high of 270.8 GW in May 2026, while electricity consumption rose 8.8% YoY to 485.4 BU in Q1 FY27.

Coal production stood at nearly 233 million metric tons during the quarter. Ample inventory at mine heads helped the country meet the higher summer demand, while coal stocks at power plants were sufficient for 17 days as of June 30, 2026.

The increase in electricity demand pushed the average Day-Ahead Market price up 15.7% YoY to ₹5.1 (~$0.053)/kWh in Q1 FY27. The average Real-Time Market price rose 13.8% YoY to ₹4.5 (~$0.047)/kWh during the quarter.

IEX said the Real-Time Market’s (RTM) share increased to 34% over the past four years, while the Day-Ahead Market’s (DAM) share fell to 39%. IEX projects that, with a five-year compound annual growth rate of 42%, RTM volumes will overtake DAM volumes.

The exchange identified strong GDP growth and accelerating electrification as key factors driving electricity demand. This growth is also supported by the government’s target of increasing per capita electricity consumption to 4,000 kWh by 2047.

IEX added that the growing preference among distribution companies (DISCOMs) and commercial and industrial (C&I) consumers for procuring cheaper power through exchanges has emerged as another growth driver.

Load shifting, time-of-day tariffs, and increasing sell-side liquidity resulting from the rapid expansion of India’s power sector are also expected to support exchange volumes.

IEX said the shift toward storage-integrated projects is creating additional opportunities for energy arbitrage and, consequently, higher trading volumes on power exchanges. The company has proposed separate contracts for battery energy storage systems, including peaking-power and RTM contracts.

In FY 2026, the average arbitrage spread stood at ₹4.81 (~$0.05)/kWh, strengthening the case for the exchange to serve as a marketplace for storage projects with a two-hour configuration.

The growing interest among DISCOMs in firm, dispatchable renewable energy and round-the-clock projects is also expected to drive trading on power exchanges. IEX said that oversizing in such projects could result in a 40%-45% surplus during solar hours, thereby increasing sell-side liquidity. These projects may also need to procure around 5% of their annual electricity requirement from the green market to meet supply commitments.

IEX added that recently introduced contracts for difference projects by the Solar Energy Corporation of India are expected to create both buy- and sell-side liquidity, while virtual power purchase agreements could bring additional renewable power volumes to exchanges. The development of local energy markets, capacity markets, and ancillary service markets is also expected to support future growth.

IEX also recorded a total of 977,000 renewable energy certificates (RECs) traded during Q1 FY 2027, declining 81.4% YoY.

On sessions held on June 10 and 24, a total of 249,000 RECs were traded at clearing prices of ₹400 (~$4.2)/REC and ₹395 (~$4.14), respectively.

The REC trading volume in June 2026 declined 92.3% YoY, with sell bids down 85.9% YoY, leading to a rise in clearing prices during the month.

In Q4 of FY 2026, the IEX clocked 1.74 billion (~$18.49 million) as revenue from operations, marking a 22.5% YoY increase from ₹1.42 billion (~$15.09 million).