Indian Energy Exchange (IEX) reported robust Q1 FY26 results, with total traded volumes rising ✅ 15% year-on-year to 32,382 MU. Strong growth in Real-Time and Green segments was partially offset by softer Day-Ahead volumes, reflecting shifting demand patterns and regulatory dynamics in India’s power market. Below is a structured breakdown.
1. Key Highlights
Total Electricity Traded Volume: 32,382 MU ✅ +15% YoY
Renewable Energy Certificates (RECs) Traded: 52.65 lakh ✅ +149% YoY
Average Day-Ahead Market (DAM) Price: ₹ 4.41/unit 🔻 –16% YoY
Average Real-Time Market (RTM) Price: ₹ 3.91/unit 🔻 –20% YoY
2. Overall Volume Growth (Proxy for Sales)
IEX’s fee income is directly linked to traded volumes. Volume growth thus serves as a proxy for top-line expansion.
Q1 FY26 vs. Q1 FY25:
32,382 MU vs. 28,160 MU ✅ +15%
June 2025 vs. June 2024:
10,852 MU vs. 10,188 MU ✅ +6.5%
3. Segment-Wise Performance & Growth
| Segment | June ’25 vs. June ’24 | Q1 FY26 vs. Q1 FY25 |
|---|---|---|
| Day-Ahead Market (DAM) | 4,610 MU vs. 4,849 MU 🔻 –5% | 12,399 MU vs. 13,349 MU 🔻 –7% |
| Real-Time Market (RTM) | 4,312 MU vs. 3,213 MU ✅ +34% | 12,975 MU vs. 9,198 MU ✅ +41% |
| Term-Ahead Market (TAM) | 966 MU vs. 1,380 MU 🔻 –30% | 4,348 MU vs. 3,889 MU ✅ +12% |
| Green Market | 964 MU vs. 744 MU ✅ +30% | 2,660 MU vs. 1,761 MU ✅ +51% |
| REC Market | 32.32 lakh vs. 4.39 lakh ✅ +636% | 52.65 lakh vs. 21.12 lakh ✅ +149% |
4. Key Pricing Metrics & Ratios
Average MCP (DAM): ₹ 4.41/unit 🔻 –16% YoY
Average MCP (RTM): ₹ 3.91/unit 🔻 –20% YoY
Peak-Low RTM Price (25 May 2025): ₹ 1.53/unit
Market Share (Power Trading): IEX ~85% vs. PXIL ~15%
5. Peer Comparison
Power Exchange India Ltd (PXIL):
Smaller volumes, ~15% market share vs. IEX’s ~85%
Other Exchanges:
Equity and commodity exchanges serve different asset classes; direct overlap is limited.
6. Industry Outlook
Rising Demand & Renewables:
Growing electricity consumption and renewable capacity additions will keep exchange volumes elevated.
Regulatory Support:
Push for real-time pricing and green power trading underpins strong RTM and Green segment growth.
Monsoon Variability:
Hydropower fluctuations may increase price volatility, boosting RTM participation.
7. IEX’s Future Prospects
Product Innovation:
Introduction of green RTM, long-duration contracts to drive sustained double-digit volume growth.
Revenue Diversification:
Expansion into gas, carbon and coal trading platforms to broaden fee-based income.
Technology & Membership:
Continued platform upgrades and wider participant onboarding to deepen market liquidity.
Disclosure:
This update is provided solely for informational purposes and does not constitute investment advice. Readers should conduct their own research before making any investment decisions.
 for Investors The provided chart outlines key metrics for Nifty 500 companies across different periods (FY22 t.png)
