1. Opening Hook
While the world debates carbon credits and coal bans, IEX continues to make money by selling electrons faster than regulators can draft amendments. The CMD, S.N. Goel, sounded calm — maybe too calm — for a man staring downmarket couplingin January 2026. Apparently, they’ve “filed an appeal,” which in India means the real deadline is “whenever the next hearing adjourns.”
As theBhagavad Gitapreaches —“Perform your duty without attachment to results.”The exchange seems to be doing just that, even if the results are pending in APTEL court. Stay tuned — the sparks are only getting started ⚡.
2. At a Glance
- Revenue ₹183.3 Cr (↑9.2%)– Traders bought more, regulators wrote more.
- PAT ₹123.4 Cr (↑13.9%)– Cash keeps flowing, coupling or not.
- Electricity Volume 35.2 BU (↑16.1%)– India’s electrons are restless.
- RTM Share 36% (↑ from 30%)– Real-time’s the new prime time.
- Average DAM Price ₹3.93/unit (↓12.5%)– Power’s cheaper than coffee now.
- REC Trading 44 lakh vs 63 lakh YoY (↓30%)– Certificate fatigue is real.
- IGX PAT ₹9.6 Cr (↑57%)– Gas is finally having its moment.
3. Management’s Key Commentary
“We achieved 16% volume growth despite flat power demand.”(Translation: Even God couldn’t stop us from billing someone.)
“We are not aware of any operational progress on market coupling.”(Translation: Regulator ghosted us — again.)😏
“RTM overtook DAM for the first time ever.”(Translation: Power’s F&O segment just found its meme-stock moment.)
“Our petition for Green RTM awaits order.”(Translation: We sent the file to CERC. It’s on a spiritual journey now.)
“Battery Energy Storage will boost exchange liquidity.”(Translation: Please, someone buy those 1.78 lakh/MW tenders so our screens light up.)
“Coal exchange draft in progress; we’ll apply as soon as rules exist.”(Translation: Step 1: Hope. Step 2: Lobby. Step 3: Exchange.)
“Let us not talk of price war, let us talk of peace.”(Translation: IEX has seen things. They prefer détente over discounts.)⚖️
4. Numbers Decoded
| Metric | Q2 FY26 | Q2 FY25 | Change | Commentary |
|---|---|---|---|---|
| Electricity Volumes | 35.2 BU | 30.3 BU | +16.1% | Supply surge from renewables |
| Revenue | ₹183.3 Cr | ₹167.8 Cr | +9.2% | REC fee cut hit top line |
| PAT | ₹123.4 Cr | ₹108.3 Cr | +13.9% | Margin magic via efficiency |
| RTM Volume | 15 BU | 10.8 BU | +39% | Real-time gains traction |
| DAM Price | ₹3.93/unit | ₹4.49/unit | -12.5% | Solar oversupply glow |
| IGX Volumes | 16.1 mn MMBtu | 11.7 mn | +37% | Domestic gas uptrend |
| ICX I-RECs | 38 lakh | 30 lakh | +27% | Carbon credits on training wheels |
| Settlement Payables | ₹500 Cr | — | — | Strong liquidity buffer |
➡ Despite tariff drama, IEX’s 84% market share proves old habits die hard — especially in electricity.
5. Analyst Questions
Q:Market coupling implementation by Jan 2026?A:“We’re not aware of any progress.”(Translation: Bureaucracy > Blockchain.)
Q:Why 16% volume but only 10% revenue growth?A:“We halved REC fees.”(Translation: CSR in disguise.)
Q:Is RTM dominance sustainable?A:“Yes, as long as it’s cheaper.”(Discounted power, anyone?)⚡
Q:Gas prices still higher than Henry Hub?A:“Transportation, liquefaction, re-gasification.”(Basically, logistics ruined the party.)
Q:Carbon trading timeline?A:“One to one-and-a-half years.”(Or forever, whichever comes first.)
6. Guidance & Outlook
Management expects15–20% volume growthfor FY26 despite flat demand — a feat they
