The Indian Energy Exchange (IEX) has posted a revenue of ₹1.83 billion (~$20.63 million), a 9.2% YoY increase from ₹1.67 billion (~$18.82 million), in the second quarter of the financial year (FY) 2026.

It earned a post-tax profit of ₹1.23 billion (~$13.87 million), up 13.9% from ₹1.08 billion (~$12.16 million) in the same period last year.

Electricity volumes traded on the exchange during Q2 FY26 stood at 35.2 billion units (BUs), representing a 16.1% increase from the previous year. Renewable energy certificate volumes during the quarter were 4.4 million, representing a 29.9% decline YoY.

The company reported that electricity demand grew 3.4% YoY to 449 BUs during the quarter. Weather conditions continued to play a significant role in determining power sector performance during the quarter.

The International Carbon Exchange (ICX), a subsidiary of IEX, issued 3.8 million international renewable energy certificates (I-RECs) in Q2, bringing the total issuances in the first half of FY 2026 to 8.2 million, surpassing the 5.9 million issued in the same period last year.

ICX earned ₹19 million (~$214,000) in revenue during Q2 and ₹37 million (~$417,000) for the first half of FY 2026. Each I-REC represents proof of the generation of one MWh of renewable energy, recognized globally as a transferable digital certificate.

Operational Highlights

On the fuel side, IEX reported ample availability of coal at competitive prices. As of October 2025, coal inventories stood at approximately 20 days, while imported coal prices remained favorable at around $42/ton, compared to nearly $52 million British thermal units (MMBtu) in Q2 FY25.

Increased hydro and wind generation, along with steady supply from coal-based power plants, improved liquidity on the exchange and contributed to a notable decline in power prices.

The market-clearing price (MCP) in the day-ahead market averaged ₹3.93 (~$0.044)/kWh in Q2, 12.5% lower than the same quarter in the previous year. Similarly, the MCP in the real-time market averaged ₹3.51 (~$0.039)/kWh, down 16.1% YoY.

The company’s gas trading subsidiary, the Indian Gas Exchange (IGX), recorded 16.1 million MMBtu of traded gas volumes, registering 36.6% YoY growth. IGX reported a PAT of ₹96 million (~$1.08 million) for the quarter, a 57% YoY increase from ₹61 million (~$687,000).

IEX traded an electricity volume of 11,065 million units (MU) in September 2025, a 7.1% YoY increase. Tertiary reserve ancillary service (TRAS) volume stood at 289 MU, compared to 6.7 MU in September 2024.

The exchange reported a consolidated profit after tax of ₹1.17 billion (~$13.7 million) for the fourth quarter of the financial year 2025.