IEX Q2 FY26 Volumes Rise 16%, Revenue Up 9% as Supply Surge Eases Power Prices

Indian Energy Exchange (IEX) saw a surge in electricity volumes in Q2FY’26 at 35.2 BUs.  The company saw a  16.1% YoY increase in its latest financial results, as declared by the IEX on 30th October 2025. The company saw this growth in its key business performance highlights and the unaudited consolidated financial results for the second quarter ending September 30, 2025.

It also noted a surge in certificate volumes in Q2FY’26 to 44 lakhs, a 29.9% YoY decrease. On a consolidated basis, its revenue in Q2FY’26 was at Rs 183.27 Crore, and increased 9.2% from Rs 167.77 Crore in Q2 FY’25.

Whereas, its standalone Profit After Tax in Q2FY’26 increased by 14.6% to Rs 121.61 Crore from Rs 106.1 Crore in Q2 FY’25. Its consolidated Profit After Tax in Q2FY’26 was at Rs 123.35 Crore, increased 13.9% from Rs 108.32 Crore in Q2 FY’25. 

Weather Effects Power Demand  

Weather continued to play a key role in this quarter, impacting the power sector front.  Electricity demand growth during the second quarter remained moderate, with power demand at 449 BUs, 3.4% higher on a year-on-year basis.

On the fuel side, ample fuel has been available at competitive prices. Whereas the coal inventory as of October 2025 stood at nearly 20 days. For Q2 FY’26, prices of imported coal remained favourable at nearly $42/ton compared with nearly $52/MMBtu in Q2 FY’25. 

Renewable Energy Demand Supports Energy Supply

During the second quarter of this financial year, IEX saw an increase in hydro, wind, and sustained supply from coal-based generation, resulting in higher supply liquidity on the exchange platform. This led to a substantial drop in DAM and RTM prices. 

The Market Clearing Price in the Day-Ahead Market at Rs 3.93/unit during Q2 FY’26 declined 12.5% compared to Q2 FY’25. Similarly, the Market Clearing Price in the Real-Time Market at Rs 3.51/unit during Q2 FY’26 declined 16.1% compared to Q2 FY’26. 

In Q2 FY’26, the International Carbon Exchange (ICX) issued 38 lakh I-RECs, adding to a cumulative of 82 lakh issuances in the first half of FY’26, surpassing 59 lakh I-RECs issued in FY’25. Revenue for ICX in Q2 FY’26 stood at Rs. 1.9 Crore, and in H1FY’26, ICX reported revenue of Rs 3.7 Crore. The I-REC is a globally recognized digital certificate that serves as transferable proof of the generation of 1 MWh of energy from renewable sources.