Indian Energy Exchange Limited (IEX) traded 39.7 billion units (BU) of electricity in the second quarter of FY27, up 12.7% from a year earlier, and reported consolidated profit after tax (PAT) of Rs 139.2 crore for the quarter ended 30 September 2026, up 12.9% from Rs 123.3 crore. The company announced the unaudited results, along with an investor presentation, to BSE and NSE on 29 October 2026.
Q2 FY27 results
Consolidated revenue for Q2 FY27 was Rs 203.0 crore, up 10.7% from Rs 183.3 crore in Q2 FY26. Standalone PAT was Rs 132.8 crore, up 9.2% from Rs 121.6 crore. Consolidated PAT of Rs 139.2 crore compares with Rs 123.3 crore a year earlier.
For the first half of FY27, electricity volume reached 77.2 BU, a rise of 14.2% year on year. Consolidated revenue was Rs 405.8 crore, up 10.4% from Rs 367.4 crore. Standalone PAT was Rs 259.5 crore, up 10.6% from Rs 234.7 crore, while consolidated PAT was Rs 274.0 crore, up 12.3% from Rs 244.0 crore.
The presentation shows the product mix for H1 FY27: the Real-Time Market (RTM) accounted for 41% of electricity volumes, or about 33 BU, against 35% for the Day-Ahead Market (DAM), 14% for the Term-Ahead Market (TAM), 7% for green products and 3% for certificates. IEX notes that DAM made up 95% of total electricity volume in FY16 and was 36% in Q2 FY27.
Power demand and prices
IEX said India’s power demand grew 10.2% year on year to 897 BU in H1 FY27, supported by strong industrial activity and higher irrigation demand amid a weak monsoon. In Q2 FY27, elevated temperatures linked to El Nino and deficient monsoon rainfall pushed demand to 502 BU, a record growth of 11.5% year on year.
The higher demand lifted prices. The average market clearing price in the Day-Ahead Market was Rs 5.7 per unit in Q2 FY27, 46% higher than in Q2 FY26. In the Real-Time Market, the average price was Rs 5.2 per unit, up 49%.
On the fuel side, domestic coal production was nearly 445 million tonnes in H1 FY27, 1.0% lower than in H1 FY26. Summer demand strained plant inventory and weather disruptions tightened availability further. As of 22 October 2026, coal inventory stood at nearly 8 days, with stock at about 100 plants at a critical 3 days.
Gas, certificates and coal exchange
The Indian Gas Exchange (IGX) traded 69.5 million MMBtu of gas in H1 FY27, 71% more than in H1 FY26. In Q2 FY27 it traded 42 million MMBtu, a growth of 160%, led by volumes from domestic gas producers and by gas power plants meeting higher power demand in August and September. Nearly 30% of the gas traded in Q2 came from the power sector. IGX recorded PAT of Rs 39.7 crore in H1 FY27, up 67.4% from Rs 23.7 crore, and Rs 23.4 crore in Q2 FY27 against Rs 9.6 crore a year earlier.
ICX Pvt Ltd, formerly the International Carbon Exchange, issued 94 lakh International Renewable Energy Certificates (I-RECs) in H1 FY27, a growth of 15%, and nearly 52 lakh in Q2, up 38.4%. Its revenue was Rs 4.4 crore in H1, up 18.5%, and Rs 2.3 crore in Q2, up 20.7%. An I-REC is a transferable digital certificate that serves as proof of generation of 1 MWh of energy from renewable sources.
In Q2 FY27, IEX’s wholly owned subsidiary, Indian Coal Exchange Limited, applied for a licence with the Coal Controller Organisation. The presentation says the company was incorporated in June 2026 and applied for the licence in September 2026, after the Ministry of Coal notified the Coal Exchange Rules on 4 June 2026. Under the final rules, existing e-auction platforms may operate only up to six months after the first coal exchange becomes operational.
Renewables, storage and market design
The presentation records that renewables, including hydro, supplied a record 29% of generation in H1 FY27, compared with 25.9% in FY26, while thermal supplied 68%, down from 71%. It cites Central Electricity Authority projections of installed capacity rising from 559 GW in FY26 to 958 GW by FY32, with renewables and hydro at 53% of the total.
On storage, the presentation says the Central Electricity Authority has targeted 37 GW/147 GWh of battery energy storage by FY32, and that Rs 9,160 crore has been earmarked for battery storage viability gap funding schemes. IEX quotes market-based arbitrage of Rs 6.70 per kWh for a two-hour system over April to October FY27, compared with Rs 4.81 in FY26, and has proposed separate peaking contracts for battery providers. It also says about 22 GW of firm and dispatchable renewable energy projects have been awarded, and that it has filed a petition with CERC for a Green RTM and for carbon credit certificate trading.
What it means for India’s clean-energy sector
The results show how a heat-driven demand surge and tight coal stocks raised exchange prices and volumes in the same quarter. Higher prices in the Day-Ahead and Real-Time markets, together with record renewable generation, strengthen the case for storage and firm renewable supply that can serve evening peaks. IEX says surplus solar-hour generation and low prices create an arbitrage opportunity that batteries can use, and that renewable tenders with storage will add sell and buy liquidity on exchanges.
Official references
- Indian Energy Exchange Limited, press release on unaudited financial results for the half year and second quarter ended 30 September 2026, filed on BSE (scrip 540750) on 29 October 2026: https://www.bseindia.com/xml-data/corpfiling/AttachLive/69980291-e3e2-4408-ae9b-44ce5145a3e0.pdf
- Indian Energy Exchange Limited, Investor Presentation Q2 FY27, filed on BSE on 29 October 2026: https://www.bseindia.com/xml-data/corpfiling/AttachLive/9155f08d-bc64-4848-9660-3e1279c3604d.pdf
- Indian Energy Exchange website: https://www.iexindia.com/
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