Indian Energy Exchange Limited — Call Transcript 2026

Feb 5, 2026

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Dated: February 05, 2026

The Manager The Manager BSE Limited National Stock Exchange of India Ltd Corporate Relationship Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, 5[th] Floor, Plot No. C/1 Dalal Street G Block, Bandra Kurla Complex Mumbai- 400001 Bandra (E), Mumbai-400 051 Scrip Code: 540750 Symbol: IEX

Sub: Transcript of the Earnings Conference call with analysts and investors held on January 30, 2026.

Dear Sir / Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find the attached transcript of the earnings conference call held with analysts and investors on January 30, 2026, to discuss the financial results of the Company for the quarter ended December 31, 2025.

The above information will also be made available on the website of the Company: www.iexindia.com

You are requested to take the above information on record.

Thanking You.

Yours faithfully,

For Indian Energy Exchange Limited

VINEET Digitally signed by VINEET HARLALKA HARLALKA Date: 2026.02.05 15:03:58 +05'30'

Vineet Harlalka CFO, Company Secretary & Compliance Officer Membership No. ACS-16264

Encl: as above

Indian Energy Exchange Ltd

Registered Office: C/o Avanta Business Centre, First Floor, Unit No. 1.14(a), D2, Southern Park, District Centre, Saket, New Delhi–110017, India Corporate Office: 9th Floor, Max Towers, Sector 16B, Noida, Uttar Pradesh–201301 , India Tel: +91-011-3044 6511 | Tel: +91-120-4648 100 | Fax No.: +91-120-4648 115 CIN: L74999DL2007PLC277039 | Website: www.iexindia.com

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“Indian Energy Exchange Limited

Q3 FY '26 Results Conference Call” January 30, 2026

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– MANAGEMENT: MR. SATYANARAYAN GOEL CHAIRMAN AND

MANAGING DIRECTOR –INDIAN ENERGY EXCHANGE LIMITED

– – MR. ROHIT BAJAJ JOINT MANAGING DIRECTOR INDIAN ENERGY EXCHANGE LIMITED

MR. VINEET HARLALKA – CHIEF FINANCIAL OFFICER-INDIAN ENERGY EXCHANGE LIMITED

– MR. AMIT KUMAR HEAD MARKET OPERATIONS

NEW PRODUCT INITIATIVES AND EXCHANGE

TECHNOLOGY –INDIAN ENERGY EXCHANGE LIMITED – MS. APARNA GARG HEAD INVESTOR RELATIONS AND CORPORATE COMMUNICATIONS –INDIAN ENERGY EXCHANGE LIMITED

MR. ADITYA WALI -- INVESTOR RELATIONS –INDIAN ENERGY EXCHANGE LIMITED

– MANAGEMENT: MR. ROHAN GHEEWALA AXIS CAPITAL

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Moderator:

Ladies and gentlemen, good day, and welcome to Indian Energy Exchange Q3 FY '26 Results Call hosted by Axis Capital Limited. As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded.

I now hand the conference over to Rohan Gheewala from Axis Capital Limited. Thank you. And over to you, sir.

Rohan Gheewala:

Thank you. Good evening, ladies and gentlemen. On behalf of Axis Capital, I'm pleased to welcome you all to the IEX Q3 FY '26 Earnings Conference Call. We have with us the management team of IEX, which is represented by Mr. Rohit Bajaj, Joint Managing Director; Mr. S.N. Goel, Chairman and Managing Director; Mr. Vineet Harlalka, Chief Financial Officer; Mr. Amit Kumar, Head of Market Operations, New Product Initiatives and Exchange Technology; and Ms. Aparna Garg, Head, Investor Relations and Corporate Communications.

We will begin with the opening remarks from Mr. Rohit Bajaj, followed by an interactive Q&A session. Thank you. And over to you, sir.

Rohit Bajaj:

Good evening, friends. A very happy New Year to all of you, and a warm welcome to the IEX earnings call for Q3 FY '26. With me today on this call are Shri. Satyanarayan Goel, CMD, IEX; Mr. Vineet Harlalka, CFO and Company Secretary; Mr. Amit Kumar, Head of Market Operations and Exchange Technology; Ms. Aparna Garg, Head of Investor Relations and Corporate Communications; and Mr. Aditya Wali.

India continues to be the fastest-growing major economy in the world, posting a strong GDP growth of 8.2% in the second quarter of FY 2026. In the backdrop of continued global uncertainty, the International Monetary Fund, IMF, has recently revised India's GDP growth estimate for FY '26 to 7.3% from its earlier forecast of 6.6%.

This growth path has been driven by a robust domestic demand, heightened investment activity and steady performance across industry, services, agriculture and construction. Policy reforms such as rationalization of GST rates, new labour laws and the recently concluded India EU free trade agreement have also finally firmly positioned India on a long-term trajectory towards becoming the world's third largest economy by 2030.

On the power sector front, electricity demand picked up during December, with an increase of 6.6% on a year-on-year basis. However, prolonged monsoon in 2025 led to a lower electricity requirement across the country. Consequently, electricity demand during Q3 FY '26 remained flat at 392 billion units.

For nine months FY '26, demand also remained subdued at 1,286 billion units, similar to the corresponding period of FY '25. Going into January, demand has increased to 6% compared with a year ago. During the first nine months of FY '26, an additional 44.7 gigawatts of installed capacity across thermal and renewable sources was added, taking total installed capacity to over 500 gigawatts.

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Renewable energy accounted for more than 50% of the total installed capacity. Notably, India achieved the milestone of sourcing 50% of its cumulative installed electric power capacity from renewable sources, five years ahead of the 2030 target.

On the fuel side, ample fuel has been available at competitive prices. India's coal production reached 272 million tons in Q3 FY '26, similar to 273 million tons produced in Q3 FY '25. At nearly 722 million tons, production in the first nine months of FY '26 has also remained similar compared with the same period in FY '25.

Coal inventory as of January 17, stood at 25 days, but the quarter imported coal price for 4,200 GAR coal declined to nearly $47 per ton, a decline of 10% compared with the same quarter last fiscal. Overall, the fuel situation for the sector has remained comfortable.

Let us now talk about a few important regulatory updates and policy initiatives.

The government has released Draft National Electricity Policy 2026, aimed at aligning the power sector with Viksit Bharat goals over the next two decades. Draft prioritizes cost-reflective tariff reforms, a phased reduction in cross subsidies and time-of-day peak hour pricing to improve efficiency and strengthen DISCOM finances.

It sets ambitious consumption targets for per capita electricity used rising from 2,000 units by 2030 and over 4,000 units by 2047 and calls for stronger generation, transmission and distribution planning. Key strategies span resource adequacy planning, cost-reflective tariffs with ATC loss reduction to single digits, RE expansion with storage, thermal hydro nuclear enhancements, etcetera.

For deepening power markets, suitable policy and regulatory framework shall be established for generation capacity addition through market mechanisms such as bilateral contract settlements. Standardized contracts for collective transaction will be executed on power exchanges. Electricity from long-term PPAs may be encouraged to be routed through power exchanges or any other platform recognized by the Central Commission.

Recently, key amendments were proposed to the Draft Electricity Amendment Bill 2025, wherein state electricity regulatory commissions have been specifically empowered to determine tariffs, suo-moto to ensure timely cost recovery and avoid delays. Cross subsidies are to be progressively eliminated within 5 years for sectors such as manufacturing, railways and metro operations.

In a push for C&I and open access consumers, DISCOM may be exempted from their obligation of supplying to C&I users with more than 1 megawatt load. Also, DISCOMS would provide non-discriminatory open access to multiple distribution licenses on payment of wheeling charges. These proposals should open up DISCOM resources for supply, avoid tying up standard power and enhance competitiveness of the C&I segment.

Draft provides renewable purchase obligation, RPO, not be less than central RPO trajectory and proposes a specific penalty of INR0.35 to INR0.45 per unit for RPO non-fulfilment.

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CERC issued final guidelines for virtual power purchase agreements, VPPAs in December. These guidelines recognize power exchanges as authorized platforms for sale of electricity by RE generators under VPP arrangements. Renewable generators entering VPPAs would be selling the electricity component in the collective segment on power exchanges. This should help increase volume on exchanges.

In reference to the carbon market, final notification regarding greenhouse emission intensity (GEI) targets have been published by the Ministry of Environment, Forest and Climate Change for obligated entities across 7 sectors such as aluminium, chlor-alkali, cement, pulp and paper, petrochemicals, petroleum and textiles. Final notifications are awaited for the iron and steel sector.

The baseline emission of these 7 sectors with base year FY '24 is 480 million tons equivalent, with targeted reduction to 465.32 million tons equivalent by FY '27. These sectors cover around 16% of India's GHG emissions. This development has laid the foundation of trading of carbon credit certificates on power exchanges.

The MoP had earlier issued the final notification on renewable consumption obligation, RCOs. The notification defined RCO fulfilment method to also include RECs acquired under VPPAs, among others and also provided for fungibility of obligation under wind, hydro and other components.

We have sought CERC approval to align our green contracts with the revised RCO components. The order in the matter is reserved. Once aligned, these contracts will provide due clarity to market participants for RE sale procurement, which has the potential to increase RE participation going forward.

CERC issued an order on implementing market coupling on 23rd July, in which the regulator decided to initiate the process of implementation of market coupling of Day Ahead Market. According to the order, this was to be done by January 2026. IEX has filed an appeal in Appellate Tribunal for Electricity, APTEL, and today, the hearing has concluded. We expect the final order to be released shortly.

Moving on to performance. In Q3 FY '26, IEX recorded electricity trading volume of 34.1 billion units, a year-on-year growth of nearly 12%. For the first nine months of FY '26, electricity volume touched nearly 102 billion units, higher by 14.3% on a year-on-year basis.

Revenue for the company grew by 14% year-on-year, increasing from Rs. 160.5 crores in Q3 to Rs. 183.1 crores in Q3 FY '26. Profit after tax increased by 11%, rising from Rs. 107.3 crores in Q3 FY '25 to Rs. 119.1 crores in Q3 FY '26. For the first nine months of FY '26, profit after tax was higher by 16.4% from Rs. 312.1 crores in nine months FY '25 to Rs. 363.1 crores.

The Board of Directors have announced an interim dividend of Rs. 1.5 equivalent to 150% of face value of the equity share.

In Q3 FY '26, nearly 18.6 lakh renewable energy certificates were traded, lower than nearly 27 lakh certificates traded over the same quarter in FY '25. During the nine months till December,

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over 115 lakh RECs were traded, higher by 4% over the same period last fiscal. The RTM segment continues its strong growth, maintaining 40% share in the electricity volume at IEX. For Q3 FY '26, RTM volume at nearly 13 billion units were higher by 36% on a year-on-year basis. In the first nine months, RTM volumes have grown 38.6% on a year-on-year basis to reach 40.5 billion units. This segment has been playing a critical role by offering flexibility in power procurement, providing immediate responsiveness to efficiently integrate renewable with the grid.

Green market volume in Q3 FY '26 rose 7.2% on a year-on-year basis to nearly 3 billion units compared with Q3 FY '25. In the first nine months of FY '26, the segment traded over 8 billion units to be higher by 23% over the same period in FY '25. The green market helps obligated entities, including distribution companies, meet their renewable purchase obligations.

With capacity addition, increase in solar, hydro, wind and sustained supply from coal-based generation, supply liquidity on power exchanges improved and led to substantial drop in prices. In Q3 FY '26, sell bids in Day-Ahead Market of IEX increased 44% on a year-on-year basis. As a result, the average Day-Ahead Market price was Rs. 3.22 per unit, down 13.2% YoY, while price in the Real-Time Market averaged Rs. 3.56 per unit, a 16% YoY drop. Even on a 9-month basis, sell liquidity in the Day-Ahead Market in FY '26 has been higher by 43% compared with FY '25. The average DAM price, during this period at Rs. 3.85 per unit has been lower by 14% compared with the same period in FY '25. Similarly, the average price at Rs. 3.56 per unit in RTM segment over nine months since April has been lower by 16% on a year-on-year basis. These prices presented an opportunity for Discoms and Commercial & Industrial consumers to meet their demand at competitive prices and to replace their costlier power by procuring through exchanges.

On the product front, we continue to await approval from the CERC on our petition to extend the Term Ahead Market contracts to 11 months. With regards to our Green RTM petition, CERC has reserved its order. As mentioned previously, to facilitate merchant storage capacity in the country, we have filed a petition with the CERC for introduction of peak Day-Ahead Market and peak Real-Time Market segments.

This segment would facilitate trading of power during high-demand hours such as late evening and early mornings. Stakeholder consultation on the same has been completed and the matter awaits further proceedings.

Moving on to IGX performance. December 2025 marked five years of operations for the Indian Gas Exchange, IGX. IGX currently represent close to 3% of India's overall gas consumption and 20% of the spot market. Over the years, IGX has steadily expanded its market footprint, increasing the delivery points available from 4 in FY '22 to 23 today, covering both domestic as well as R-LNG. The product portfolio at IGX has also grown over the last 5 years, up from 6 contract types available initially to 10 contract types currently available.

For Q3 FY '26, IGX traded gas volumes of 17.5 million MMBtu, an increase of 8% over Q3 FY '25, led by volumes from domestic gas producers, heightened power demand and demand from

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city gas distribution. For the nine months period April to December in FY '26, IGX traded gas volume of 58.2 million MMBtu, a growth of 46% on a year-on-year basis.

IGX recorded a profit after tax of Rs. 8.8 crores in Q3 FY '26, which was higher by 6% compared with Rs. 8.3 crores in Q3 FY '25. For the nine months till December, IGX recorded a profit after tax of Rs. 32.5 crores, higher by 47.9% compared with Rs. 22 crores in the same period in FY '25. As gas price continue their downtrend and the policy initiative remains positive in the sector, volumes at IGX would continue to be robust.

Even as weather-related events softened power demand this year, CEA projection of consumption nearing 2,500 BU by 2032 would continue to drive exchange volume in the coming years. To meet this surging demand, nearly 4 to 5 gigawatts of capacity is being added in the country on a monthly basis.

The power sector also continues to evolve with the emergence of market mechanisms such as battery storage arbitrage, firm and dispatchable renewable energy (FDRE); virtual power purchase agreement (VPPA); and electricity derivatives and Battery Energy Storage Solutions, (BESS). Already 13,200 MWH of BESS projects have been awarded under the first tranche and tenders for nearly a third of 30,000-megawatt projects in the second tranche under VGF have also been awarded. The reduction in this battery storage costs has further accelerated BESS adoption. As recently as November 2025, AP Transco discovered Rs. 1.48 lakh per megawatt per month for 2,000 megawatt 2-hour, 2 cycle tender under the VGF mechanism. This is the lowest price discovered for BESS under the VGF mechanism. In a big positive start for BESS in the country earlier this month, we witnessed the first merchant BESS trades at IEX from Juniper Green Energy Limited, the largest operating BESS asset till date in the country. These developments are set to play a pivotal role in deepening BESS and power markets and facilitate a successful energy transition.

Our diversification initiatives are also gradually gathering momentum.

For Q3 FY '26, the International Carbon Exchange, ICX, issued 51 lakh I-RECs, higher by 219% compared with Q3 FY '25. For the first nine months of FY '26, cumulative 133 lakh I-RECs were issued, surpassing 59 lakh I-RECs issued in FY '25. Revenue for ICX in Q3 FY '26 stood at Rs. 1.8 crores and Rs. 5.5 crores for the first nine-month period, respectively.

With regards to the Coal Exchange, Ministry of Coal has appointed Coal Controller Organization as the regulator for the coal exchange. MoC has also come out with the revised draft rules for the exchange and invited public comments, which were open until January 19. IEX has been working with stakeholders to explore setting up the first coal exchange in India.

As India advances towards its net zero goal, energy exchanges are expected to play an increasingly significant role in shaping the nation's energy ecosystem.

Thank you. And now we can have question and answers.

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Moderator: Thank you very much! We will now begin the question-and-answer session. The first question is from the line of Ketan Jain from Avendus. Ketan: This is Ketan from Avendus. Sir, I had a question on the hearing. When would be the expected announcement date of the verdict? I understand we have to submit our written submissions by 4th Feb. When can we expect a verdict date? Satyanarayan Goel: Can't say, but it should happen within a month's time. Ketan: Okay. Within a month. Okay. So, just a follow-up on this. So, in a scenario where things don't go in favour of us, what is the next possible situation or next possible thing we are planning to do? Satyanarayan Goel: First of all, why are you saying that if things don't go in our favour? Things will definitely go in our favour. In any case, even if they have to go with the coupling, lot of things have to be done yet. I mean, if you are following up on the hearings, they have to issue the draft regulations, invite comments on that and give statement of reason for that, why they want to do coupling. Everybody will have opportunity to comment on that. Then they will have to issue final regulations, procedure to be finalized. I think a lot of work is to be done. So, we will have an opportunity to express our views at each and every stage. And let's see. Ketan: I just want to understand how long it can get drawn down for. I will get back in the queue, sir. Moderator: Thank you. The next question is from the line of Sumit Kishore from Axis Capital. Please go ahead. Sumit Kishore: My first question is in relation to the volume growth that we saw for electricity volumes on IEX in the month of December when power demand growth improved, your volume growth was about slightly under 3%. And so, I understand the merchant price sort of firm up as the demand increases on the grid. But even in January, the demand is not as good as December in terms of growth. But so how is the -- is the slowdown likely to remain? Let us say, if India's power demand grows 5%, 6% instead of 0% to 1% like it has been last few months, how would your power demand grow? How would your volumes be impacted in the electricity segment? Satyanarayan Goel: See, in Calendar Year '25, the demand in the country was subdued mainly because of the weather reason. We had more than above monsoon. So, because of the good monsoon, the agricultural load crashed and also because of the good weather, the air conditioning load was also low. So overall, the demand did not increase because of that. But otherwise, if you looked at the industrial production, there is definitely -- there is an increase in that. And since the demand growth was not there, but the availability of power was there, we have enough capacity. We had enough coal to generate power. The rate in the Day Ahead Market was lower than what it used to be. And because of the low rate, it provided opportunity to the

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distribution companies for optimizing their power procurement cost. So, as a result of that, even though there was no demand increase in the country, we saw reasonably good volume growth. I think it was almost about 14%, 15% kind of volume growth in the first nine months. And January month is also going strong with a volume growth of almost about 18%, 19%.

Sumit Kishore: So, January is 18%, 19%. Okay.

Satyanarayan Goel: Yes.

Sumit Kishore: So, I mean, is there any correlation that if power demand actually firms up, like December volume growth was 3%. So, I was just wondering whether -- is there anything to read there?

Satyanarayan Goel: You cannot make any correlation on month-to-month basis. Yes, we have seen that on a yearly basis, if the demand increases, definitely, it leads to increase in the volume. But this year, when the demand did not increase, then also there was a volume increase because of optimization opportunity (which presented itself) because of the low prices. So, I think exchange provides both ways. One can purchase power to meet the demand and also when the demand is less, they can optimize the power under the PPA.

Sumit Kishore: Yes, Sir. very clear. The second question is on the REC volume. In the nine -month period, you've seen that REC volume growth has been in low single digits. So, what is -- and we are hearing so much on RPO obligations and everything. So how -- I mean, why is the slowdown and what is the outlook?

Satyanarayan Goel: See, REC volume in the first 6 months are reasonably good. But subsequently, what happened was -- one is that the compliance, which was to be done by 30[th] September, that time- line has been extended up to 31[st] of March. So, some of the buyers now they have shifted their buying to the month of February, March.

Second is CERC also came out with a discussion paper on REC and wherein they have specified that in case somebody is not able to meet the RPO obligation, he can deposit amount with the Government, which is equivalent to 1.05% of the average price of REC in the preceding year.

So, with this kind of provision, many are thinking that maybe let’s see, maybe can even meet the RPO obligation by just depositing the money with the Government. So, because of this, the REC purchase is slightly low. But in any case, I think by the end of the year, we will be able to still do better than what we did last year.

Sumit Kishore: This sounds like a very regressive step, right? And if you are able to deposit money and not...

Satyanarayan Goel: Yes. We have made our submissions with the honourable commission that in case of REC, REC is based on the generation of green power. But in case of depositing money, it is not promoting renewable energy. So, we should continue with the existing process. We have made our suggestions and let's see what is the outcome of that.

Sumit Kishore: Sir, just last one question. Typically, if I divide the stand-alone revenue of the company by the total gross volume, the ratio comes to less than four paisa. But this time, it is coming at less than

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4 paisa. So typically, there is some discount that is there, which shows up in numbers because REC, I remember the pricing is lower and also you have some discount in TAM. But this time, it is not showing up. I mean, is there anything I'm missing?

Satyanarayan Goel:

No, in case of REC, the transaction fee is reduced to Rs. 20, in fact, for part of the year. This year for the full year, it is Rs. 20. And even out of that, also looking at the market conditions, we have to give incentives to the buyers and sellers, some amount of incentive. But otherwise, in case of electricity, I think it is around four paisa.

Sumit Kishore: Yes. But if you divide the revenue for December quarter standalone, Rs. 1,439 million by the volume, the ratio is coming to 4 paisa. It is typically less than that.

Satyanarayan Goel: Revenue also includes annual fees by the members. Sumit Kishore: In the past few quarters, it was always been less than four paisa. So, I was wondering if there is something else this time.

Satyanarayan Goel: Maybe there is a variation in the yearly fees.

Vineet Harlalka: Even in the TAM trade volume, sometimes the delivery is related to the revenue recognition, it happens. So that also impacts slightly with many times realization of the trade volume.

Moderator: Thank you. The next question is from the line of Devesh Agarwal from IIFL Capital. Please go ahead.

Devesh Agarwal: Thank you for the opportunity Sir. First question again on the market coupling case. If you could help us understand, does the case now boils down to whether the process was followed while the implementation of market coupling rather than the market coupling regulation itself? What are we kind of doing in the APTEL? Is it the process that we are challenging or just the whole regulation?

Satyanarayan Goel: What we had challenged in the APTEL was that this order should be set aside because the order has not followed the due process of order making. The transparency was not ensured, and there was no merit in implementing market coupling. But during the discussions, it also emerged that CERC has mentioned that they will be doing this market coupling only after making the regulations.

And during the regulation-making process, everybody will have the opportunity of making the submissions. So, the complete transparency will be maintained during that process. So, this order is basically to initiate the process of regulation making. So, let us see what is the final outcome of this.

Devesh Agarwal: There was one round of public comments that were invited on market coupling. So, you're saying for the regulation, again, CERC is required to do that.

Satyanarayan Goel: No that was the staff paper. That was on the staff paper that what are views on the staff paper. But when you make regulations, you issue draft regulations, which indicates the intent of the Commission and why that intent is and on that, they invite the comments.

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Devesh Agarwal: Right. And there was some news article mentioning...

Satyanarayan Goel: Out of the Commission, staff paper is invariably, is something like a discussion paper initiated by the Staff of the Commission. But draft regulations are by the Commission.

Devesh Agarwal: Understood. And so most likely post the APTEL, there is a possibility that CERC will start the process of the market coupling regulation. Satyanarayan Goel: Let us see. I mean, I can't say anything on that. Moderator: Thank you. The next question is from the line of Abhir Pandit from Old Bridge Mutual Fund. Please go ahead. Please unmute your line and go ahead. Due to no response, we will move to the next participant Pranav Jain from Ageless Capital and Finance. Please go ahead. Pranav Jain: I just had a couple of questions. So, the first one being, in your opening remarks, you said that electricity from long-term PPAs might be routed through the exchanges, if I heard correctly. Can you explain me more on that? How will that work? How will the tariffs work on that? Will it be the same process? Just a little idea on that. Rohit Bajaj: Okay. Yes. So, this was point related to deepening of power market where, as per the National Electricity Policy Draft, suitable policy and regulatory framework shall be established for generation capacity addition through mechanisms such as bilateral contract settlements. So, they are relating it to Contract for Difference model where the exchanges are used to dispatch that power and whatever realization is there from exchange, that will be kept by developer and whatever is the missing money as compared to the strike price, which is discussed, that is settled outside the market through bilateral contract settlement. So, that's the intent of this thing.

And this is similar to what is being done globally across Europe and other places and India also, this has been discussed for a long time. And in fact, the VPPA guidelines, which has come in the month of December, very recently, this is also very similar to it. It is also on the basis of bilateral contract settlement.

Pranav Jain: Got it, sir. Understood. And sir, just another question on -- just to understand, sir, even if coupling comes in DAM, I just want to understand how -- because now also it will take time for it to get implemented in the Day-Ahead Market at first. How much longer will it take if that happens -- for that to happen in the RTM market as well? Because my understanding is it is very complicated but just wanted to get your idea on it.

Satyanarayan Goel:

So first of all, for implementing in the DAM market itself, a lot of work is to be done. As I told you that there are going to be draft regulations, public hearing, final regulation. process to be finalized and a lot of things will be done. And after that, Commission has already in the order mentioned that they will look at the experience of this and thereafter decide whether they want to go for the RTM or not. Because in case of RTM, the complications are more. You have to do it 48 times in a day and the timelines available for execution of market is very short. And in case of coupling even whether the timelines is available, within that, whether the coupling will be possible or not. I think they will study all these things and then decide about that.

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Pranav Jain:

Got it, sir. And sir, just lastly, sir, there was this news article that mentioned that the tariffs like the exchange fees might be cut from four paise to whatever half of it on each side. What is your idea on that? Do you see that happening?

Satyanarayan Goel: I haven't heard any such thing. I mean, there are many news items, so I don't really pay any much attention to that. But as far as the Commission is concerned, we haven't heard anything like that from the Commission.

Moderator: The next question is from the line of Abhir Pandit from Old Bridge Mutual Fund. Abhir Pandit: Sir, my query is first related to market coupling. Sir, assuming if market coupling happens and if the round robin fashion is adapted, is it necessary that the volumes will flow to a particular exchange for a particular period of time? Or will it be open for all the exchanges at that period? How will it be? Satyanarayan Goel: It will be open to all the three exchanges on everyday basis. Buyers and sellers can submit their bid in any of the exchange. Only thing is that the bid of all three exchanges will be aggregated at one place for the purpose of price discovery. Abhir Pandit: Okay. So basically, price discovery moves to GRID India from the exchange currently. Satyanarayan Goel: No, no. Price discovery will be done on the round robin basis. Maybe for one month, one exchange will do. For next month, another exchange will do. For next third month, another exchange will do. And we'll keep on rotating between the exchanges on round robin method. Abhir Pandit: Okay. Fine. Sir, my second question is in terms of new products that was shared at the start of the call, right, I mean, which has come based on the recent government paper. Sir, how do you see IEX ability to introduce those products and the acceptance or reception of those products by customers and the timeline for the launch of these products? Satyanarayan Goel: See, when we file petition with the Honourable Commission, before that, we do the market survey. We interact with the customers and based on the requirement of the market, we file petition for introduction of the contracts. And in fact, when we do public consultation also, in that also, we have received good response from the market for introduction of these products, which we have filed with the Honourable Commission. The Commission has done the hearing. So, let us see this order is reserved in one or two cases. Abhir Pandit: Okay. Sir, just one final. For these products, Sir, what would be the total market size or TAM as such in a sense? How big will it be possibly? Satyanarayan Goel: See, for long-duration contract, the market size can be another 15 billion, 20 billion units. Abhir Pandit: 15 billion, 20 billion units. Okay. Satyanarayan Goel: And Green RTM is something, because there’s a lot of renewable capacity addition that is happening in the country now and renewable capacity has large variations. So, on Real-Time basis, they will be able to make good those variations to the Real-Time Green Market. Today,

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they don't have any such product. So, as the renewable capacity addition increases, the transactions to the Green RTM volume will keep on increasing.

And third product is basically Peaking Power. If today, we have a shortage of power for maybe 2 hours, 3 hours in a day during the peak hour time and generation capacities like battery storage or the pump storage or the gas-based plants where the cost of generation is slightly higher, maybe they can participate in this market and if in this market, the cap price is made slightly more, it will incentivize this kind of capacity additions in the market and help in meeting demand during peak time. So, that is the intent of the peaking power tariff.

Moderator:

The next question is from the line of S. Ramesh, an individual investor.

S. Ramesh:

So, in terms of your gas exchange and the carbon exchange, how would the growth in these two markets pan out, say, in the next 1 or 2 years compared to the growth in the power exchange? And how would that impact your growth in revenue and profitability?

Satyanarayan Goel:

See, in case of power exchange IEX, it is operating from the last 17 and a half years. So, it has attained that kind of a maturity. So, growth is going to be in the range of 15% to 20%, which we have been achieving over the years. But in case of gas exchange, it's at the nascent stage. And this year, in the first nine months, the volume increase is almost about 47%, 48%. And the trend in the market is that the gas prices are going to be reduced in the next 1 or 2 years. If that happens, there will be a good traction in the market and we expect that the gas volumes will definitely continue to grow at a rate of maybe 25%, 30% over the next 4, 5 years.

S. Ramesh:

And what about the carbon exchange?

Satyanarayan Goel:

Carbon exchange, in fact you know, earlier, we had the idea of starting a voluntary carbon market. But Government of India under the CCTS scheme, they have decided to launch this Mandatory and Voluntary carbon market under the regulatory framework. So, they are making their regulations for that. And hopefully, that market will start sometime in FY '27 or '28. And as and when that market starts, CERC will be the regulator for that market. So, it's very difficult to say at this stage what is going to be the opportunity in that. When the transaction starts and looking at the market participation, we will work out that.

S. Ramesh:

Yes. And request for your final couple of thoughts. Also on the gas exchange, as we see growth, would you also see higher margins in the gas products compared to the power products? And secondly, what is the timeline? How are you progressing on the proposed IPO for the gas exchange?

Satyanarayan Goel: See, in case of power or gas exchange, the margins are fixed. So, our revenue is based on the volume we do. As I told you that in case of gas exchange, we expect a significantly higher volume growth of 25%, 30% in the coming years. So, I'm sure there, the numbers will be much better. As far as IPO is concerned, basically, as per the regulations, our holding in the gas exchange is 47.5% and we have to bring it out to 25% as per regulations. So, we have requested IGX to proceed with the IPO for this. So, they have initiated action. Let's see. Maybe by, we plan to do it in this year. So, it all depends on the different activities to be done and the clearances when we get from SEBI. It all depends on that.

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The next question is from the line of Vijay from Spark Capital. Please go ahead.

Moderator:	The next question is from the line of Vijay from Spark Capital. Please go ahead.
Vijay:	Yes. So, there was this concept of whether coupling RTM and SCED markets would be feasible
	and if it's economically good, where is that right now, Sir? Or is it like only now regulations on
	market coupling is the priority after that DAM coupling will happen and only after that, all these
	things on RTM and SCED, all these things will happen?
Satyanarayan Goel:	As far as RTM and SCED is concerned, I think CERC in their order has already mentioned that
	this will involve redesigning of a lot of regulations and processes and other things. So, they will
	look at this at a later stage. They have not made any mind on that. So, at the moment, they are
	talking about the Day-Ahead Market. And based on the experience of Day-Ahead Market, they
	will think about RTM. They will take a view about RTM.
Vijay:	Okay. And from what I understand this, after regulation, public hearing, final regulations on
	market coupling… Correct, sir?
Satyanarayan Goel:	Yes, yes. Your voice is breaking.
Vijay:	Sorry. I was just taking how long according to you...
Satyanarayan Goel:	Can't say. It's a regulatory process, and we really cannot say how much time it will take. Your
	voice is cracking, Sir. There is some disturbance in the line. I'm not able to hear you.
Vijay:	Is it better?
Satyanarayan Goel:	Yes, it is better now.
Vijay:	No, so I was just...
Satyanarayan Goel:	No, no, no. I think...
Moderator:	Vijay, can you please work on your audio. Vijay, please come back in the question queue. The
	next question is from the line of Vinay Nadkarni from Hathway Investments.
Vinay Nadkarni:	Just one book-keeping question. What is the Cash and Cash equivalent as of 31stof December?
Vineet Harlalka:	We have a total cash of around INR1,500 crores as on 31st of December. And out of that, the
	shareholder fund is around INR1,200 crores.
Vinay Nadkarni:	Okay. And secondly, just wanted some idea of how this Virtual Power Purchase Agreements are
	expected to increase demand for IEX?
Satyanarayan Goel:	See, under the Virtual Power Purchase Agreement, a buyer will do the agreement with the
	generating company for generation of green electricity. That electricity will be sold on the
	exchanges. And green attribute will be taken by the company, which is getting into this Virtual
	PPA. So, definitely it will increase sell volume on the exchanges. And it will definitely have a
	positive impact on the volume cleared also. But it all depends on the quantum of virtual PPAs,
	which happen in the market and the interest of the market in getting into these transactions.

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Vinay Nadkarni: Okay. And secondly, the total un-requisitioned power that is available for transaction on the exchanges, that is currently at 7%, isn't it?

Satyanarayan Goel: Currently at? Vinay Nadkarni: 7%. How much is it? Satyanarayan Goel: Yes, it is almost about 9% to 10% now. Earlier NTPC was participating. Now, we find that many other generators are also participating in this market. Vinay Nadkarni: Okay. And lastly, from your vantage point, when I see the GDP growth at 7.4%, 7.5% and you have the IIP growth also coming up, but the power demand is not catching up. Is there some dichotomy there? What do you see? Why is it happening? Satyanarayan Goel: As I told at the beginning of this conference also that this year (2025) we had a very good monsoon, more than above monsoon. And because of good monsoon, the agricultural demand had crashed. In fact, even air conditioning load was also very low. As a result of that, the demand increase was not there. But this year (2026), if the weather is normal, definitely, the demand increase is going to be not less than 5%, 6%. Vinay Nadkarni: Okay. So out of this, the industrial demand continues to increase, but you're saying the agriculture and the household demand has gone down. Satyanarayan Goel: Yes, yes, yes. Moderator: The next question is from the line of Sumit Kishore from Axis Capital. Sumit Kishore: One question is, will the depth and the liquidity of electricity exchanges -- we are constrained on the extent of VPPAs that can be introduced as they are structured as Contracts for Differences. So, at the current moment, how much VPPA can you actually introduce given the volumes exchanges handled? Satyanarayan Goel: I think as of now -- Rohit, maybe you can give some figure on that. Rohit Bajaj: See, your point is related to how much buy is there. Let's say, if we start to execute more and more VPPAs, then all the surplus generation will come to market as a sell. So, what I understand is you want to ask how much buy is there and how much this sell can be absorbed in the market, right? So, let's take the worst case, which is solar, during the daytime and VPPA doesn't mean only solar. It could be hybrid. It could be wind. It could be BESS. It could be anything. So even if we take example of solar, on an average, during the daytime, there is 6,000, 7,000, 8,000 megawatt of demand is always there. I'm talking about average. There are extreme days where it is high. There are days where it is low. So, if we go by that logic, and VPPAs since they already have an agreement, that already a PPA is there, so they would be price takers, which means they would be putting the lowest price in their bids. That is the price point that they are placing for their sell. So, by that logic, if I collate both RTM as well as DAM, there is liquidity available to the extent of 10,000 megawatt. To that extent, there should not be any problem. And today, this number stands much, much less than 1,000 Megawatts. If I talk about how many VPPAs are

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there today and who are coming to exchange, this number is much less than 1,000 Megawatt, which means there is a large window available for them to come to this market and that will get absorbed.

Sumit Kishore: Rohit, what we also see is that during the daytime, the sell availability is a lot higher than the buy. So, the prices are depressed. So, if you are just going to increase more liquidity on the exchange in terms of sellers, it will just crash the price, right?

Rohit Bajaj: No. See, what is happening here is during the daytime, because many of these thermal power plants are also backed down, they are also participating on exchange. And there is very good quantum of URS power also coming in the market. Now, all this power is coming at a price point. None of these thermal generators are quoting less than Rupees 2.5 or Rupees 3.0, right? They're not going below that because that is their variable cost, the coal cost. Now if, let's say, 1,000, 2,000, 3,000 megawatts of additional VPPA power will come, it will bring down the price, no doubt about it. But how much that would be, that is to be seen. So, it's not that it will crash it left, right, center and price would come down to 0 or less than one rupee level. That will not happen. But yes, if there is more supply, then it will bring down the prices.

Satyanarayan Goel: In fact, in the Day-Ahead Market, it is more of conventional power, which is coming. But if you look at our G-DAM market. In the G-DAM market, we have large buy volumes. There is an interest from the buyers, but the quantum available in the G-DAM market is comparatively much lower. So, when VPPAs come, of course, they will come in the conventional market, but if green power comes to the market, yes, that will help us.

Sumit Kishore: Just one last data question. In the nine -month period, what was IEX market share in REC and the TAM segments? Rohit Bajaj: So, electricity overall, we are around 83% in first nine months. And REC is about 50%. I do not have exact number for REC available right away, but electricity is 83% for sure. REC about close to 50%. Sumit Kishore: So, TAM is what, 50%? Rohit Bajaj: TAM, it varies between 45%, 50%. You have that? So, TAM is generally below 50%, but overall electricity is 83%. Sumit Kishore: Got it. We can reverse calculate also. Assume 99% for RTM and DAM and rest we can. Rohit Bajaj: 83% number will help you arriving at the final. Moderator: We take that as the last question. And now I hand the conference over to the management for the closing comments. Rohit Bajaj: Thank you, friends. I would like to thank each one of you for being part of today's call. Throughout the third quarter, we witnessed efforts from the Government and regulators to establish a favorable policy and regulatory climate to develop the energy sector. We at IEX

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remain committed to contribute to the development of a sustainable and energy-efficient future for India. Have a wonderful evening. Thank you once again.

Moderator:

Thank you very much. On behalf of Axis Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

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