Indian Energy Exchange (IEX) Q2 FY26 Concall Decoded – “16% Volume Growth, 100% Drama, and a Pending Market Coupling Showdown”

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 down market coupling in January 2026. Apparently, they’ve “filed an appeal,” which in India means the real deadline is “whenever the next hearing adjourns.”

As the Bhagavad Gita preaches — “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