Indian Energy Exchange Ltd. · NSE:IEX
Indian Energy Exchange — Q2 FY2026 Earnings Presentation
34 slides from Indian Energy Exchange's earnings presentation, Oct 30, 2025
Slide 1: Cover letter to stock exchanges
Dated: October 30, 2025 The Manager The Manager BSE Limited National Stock Exchange of India Ltd Corporate Relationship Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot No. C/1 Dalal Street G Block, Bandra Kurla Complex Mumbai- 400001 Bandra (E), Mumbai-400 051
Slide 2: Investor Presentation Q2 FY'26
Investor Presentation Q2 FY’26
Slide 3: In this presentation
In this presentation: Sector and Business Update Customer Centricity and Technology Financial Performance Indian Gas Exchange 2
Slide 4: Power Sector Summary
Power Sector Summary Generation Mix Transmission Distribution & Consumption Indian Generation Mix: Apr-Sep FY’26 World’s Largest Network Reforms Underway Others Nuclear Hydro 3% 0% • Improving credit ratings of 12% • Inter-reg. trans. Cap.: 119 GW distribution companies (FY’25); 168 GW (FY’32) Wind
Slide 5: Energy Sector Transition
Energy Sector Transition Nuclear 15 GW 2% Nuclear 8GW 2% Thermal Cap Thermal 327 Cap 245 RE & Hydro 38% RE & Hydro 49% 507 247 60% 49% Sep’25 Installed Capacity FY 2030 CEA Projections 501 GW 849 GW Source: CEA; MoP; RE also includes BESS India achieves 50% share of non-fossil fuel in installed elec
Slide 6: Renewables Are Leading Energy Sector Transition
Renewables Are Leading Energy Sector Transition Technology Progress Changing Preferences • Low Carbon Technologies – Wind, • Shift Towards RE and storage Solar, Hybrid • Electrification of economy – • Falling RE cost driving higher EVs, roof top solar, cooking, penetration railway traction, data cen
Slide 7: IEX: India's Premier Technology-led Electricity Marketplace
IEX: India’s Premier Technology-led Electricity Marketplace ➢ Nation wide, automated and transparent trading platform for physical delivery of electricity, renewables Robust Ecosystem & certificates ➢ Commenced operations in 2008; CERC regulated 8,500+ 5,700+ 2,500+ ➢ Publicly listed company – 2017
Slide 8: IEX Product Mix
IEX Product Mix H1 FY’26 - Electricity Volumes: 67.6 BUs; Certificates: 96.9 Lakh Certificates 13% Green DAM DAC 7% 35% 2% TAM 7% RTM 36% • RTM continues substantial growth of 40% YoY in H1 FY26; RTM share overtakes DAM - first time ever. • Collectives (DAM, RTM, G-DAM) at ~ 78% of volumes. 7
Slide 9: Stable Prices on IEX, Ample Sell Side Liquidity
Stable Prices on IEX, Ample Sell Side Liquidity 7.00 9,38,815 9,36,939 9,35,063 9,33,187 9,31,311 9,29,435 9,27,560 9,25,684 9,23,808 9,21,932 9,20,056 9,18,180 9,16,305 9,14,429 9,12,553 9,10,677 9,08,801 9,06,926 9,05,050 9,03,174 9,01,298 8,99,422 8,97,546 8,95,671 8,93,795 8,91,919 8,90,043 8,88
Slide 10: Growth Levers for IEX
Growth Levers for IEX (1) (2) (3) (4) (5) (6) Increase in New Products Diversity in Ample Re-designing Energy Power & Regulatory Demand/Supply Supply Side electricity market Transition Consumption Developments Patterns Availability • High GDP • TAM up to 11 • Report on • Changing • Diurnal Variation
Slide 11: Growth Driver 1: Demand Increase
Growth Driver 1: Demand Increase India placed as the most promising economy on the global map 2,600 300 ➢ Industrialization 2,300 ✓ High GDP growth of about 6-7% expected to drive 250 electricity 2,100 ✓ Core sector, traction, EV, Roof Top Solar, Data Centres 1,694 200 1,622 to drive electricity con
Slide 12: Growth Driver 2: New Products & Regulatory Developments
Growth Driver 2: New Products & Regulatory Developments ➢ Trade up to 11 months shall help shift DEEP platform volume to Exchanges; Currently DEEP ~40 BU 11-Month ➢ Awaiting CERC approval on petition. Contract, Green RTM, ➢ Petition in CERC for launching Green RTM heard, public comments closed. Fina
Slide 13: Growth Driver 3: Roadmap for Deepening Market
Growth Driver 3: Roadmap for Deepening Market MoP Report of the Group on Development of Electricity Market in India, 2023 Short Term Medium Term Long Term (up to 1 year) (1 -2 years) (2 years and beyond) • Market based Ancillary • Increase share of RE addition • Overall interaction of Services throu
Slide 14: Growth Driver 4: Energy Transition
Growth Driver 4: Energy Transition • Future demand requirements will predominantly be met through RE sources. • European experience of renewables shows adoption of Market Models to support Energy market-based models increased RE penetration. Transition • Capacity awarded through CfD auction in UK st
Slide 15: New Market Models: FDRE & RTC, BESS
New Market Models: FDRE & RTC, BESS Firm Dispatch RE & Round The Clock RE Battery Energy Storage Systems (BESS) • FDRE mandatorily includes ESS to provide dispatchable RE • As per CEA, BESS Storage of 47GW/236 GWh required by 2032. power such as assured peak power, load following etc. • Charging (No
Slide 16: Growth Driver 5: Diversity
Growth Driver 5: Diversity Regional Diversity All India Demand Profile 245 Demand Met (GW) – 24th Sep 2025 Consumption: 225 • North India has high demand in Summers/Paddy season 205 185 Demand Met (GW) - 14th June 2019 • Lift irrigation/Agricultural demand of Telangana between August to October. 165
Slide 17: Growth Driver 6: Increasing Sell Side Liquidity
Growth Driver 6: Increasing Sell Side Liquidity • Supply side constraints continued to ease through FY’24 and FY’25 due to various measures taken by MoP. • Q2 FY’26 coal production at 203 MT, broadly similar to Q2 FY’25. • Imported coal & gas prices down to reasonable levels – PLFs improved signific
Slide 18: Other Opportunities for Growth
Other Opportunities for Growth Load Shifting ▪ Agri-load shifting & ToD tariff will shift demand to solar hours. to Solar Hrs ▪ Increase in cleared volumes during solar hours. ▪ CEA issued final Guidelines for Resource Adequacy (RA) Planning Framework for Capacity Centre and States. Market ▪ Leads t
Slide 19: Diversification
INNOVATION TECHNOLOGY FUTURE Diversification
Slide 20: Diversification
Diversification ✓ 1st Natural Gas trading exchange ✓ 45 registered Members and 200+ registered Clients ✓ Automated platform with cutting edge technology; Indigenous price benchmark ✓ ICX formed in December 2022 to facilitate voluntary carbon trade. ✓ India a seller of carbon credits (15-20% of the s
Slide 21: In Summary
In Summary Growth Levers for IEX: 1 Increase in Demand and Supply 2 Large Capacity Addition in RE and Storage and Declining Costs 3 Favorable Regulatory and Policy Framework for Market Development 4 Diversification 20
Slide 22: In this presentation
In this presentation: Sector and Business Update Customer Centricity and Technology Financial Performance Indian Gas Exchange 21
Slide 23: Customer Centricity
Customer Centricity • Capacity building workshops for all Discoms • Promoting Open Access through State wise conferences and seminars • Web Platform “EnergX” • Digital On-boarding • Financial Reconciliation • Web-based Bidding for all Products across Electricity and Certificate segments • Easy acces
Slide 24: Technology Implementations
Technology Implementations • Robust Business Continuity implementation with RTO (Recovery Time Objective) of 5 minutes and RPO (Recovery Point Objective) of near Zero • Implementation of best-in-class Perimeter Firewall and Panorama solutions to enhance Security Infrastructure and Management • Micro
Slide 25: In this presentation
In this presentation: Sector and Business Update Customer Centricity and Technology Financial Performance Indian Gas Exchange 24
Slide 26: Robust Financial Performance of IEX
Robust Financial Performance of IEX Consolidated Financials Rs Cr Breakup of standalone Q2FY25 Q1FY25 Q2FY26 367.4 revenues (%) 322.2 331.7 285.0 244.0 204.8 Transaction Fees 80% 74% 78% Admission and Annual H1 FY25 H1 FY26 3% 3% 3% Fees Total Revenue EBITDA PAT 184.2 183.3 167.8 151.2 164.4 167.3 O
Slide 27: ESG Leadership in Power Exchanges
ESG Leadership in Power Exchanges • IEX, India’s First Carbon Neutral Power Exchange since FY’22 Environmental • First to launch Green segment in India’s power markets. Leadership • ICX, India’s sole issuer of International RECs (I-RECs) • Nearly INR 842 lakh spent as part of CSR initiative in healt
Slide 28: In this presentation
In this presentation: Sector and Business Update Customer Centricity and Technology Financial Performance Indian Gas Exchange 27
Slide 29: Gas Exchange: Overview
Gas Exchange: Overview Physical Delivery based Gas Exchange Operating under PNGRB’s Gas Exchange Regulations, 2020 6 Regional Gas Hubs − 6 Regional Gas Hubs Hubs & Delivery − Multiple active delivery points within 4 points regional hubs ( Western, Southern, Eastern & Northern) Barmer 9 Contracts Sha
Slide 30: IGX Members and Clients
IGX Members and Clients IGX has 45+ registered Members and 200+ registered Clients Proprietary Member Clients Trading & Clearing Member *Selected representation 29
Slide 31: Business Performance Overview
Business Performance Overview Yearly Volumes (Mn MMBTU) Quarter Volumes (Mn MMBTU) 70 60.0 60 50.9 50 40.8 40.7 40 30 20 16.1 12.2 11.8 10 0 FY22 FY23 FY24 FY25 H1-FY26 Q2-FY25 Q2-FY26 Data till 30th Sept 2025 30
Slide 32: Future Plans
Future Plans Balance of Month Contracts (BOM): ➢ Awaiting approval from PNGRB for BOM Contract (Pipeline Natural Gas segment); PNGRB has already approved BOM contract for ssLNG segment. New Delivery Point: ➢ Introduction of New delivery point, Palanpur, located at the Interconnection point of GIGL &
Slide 33: Growth Levers
Growth Levers Government’s target Domestic Gas Infrastructure Development Market Developments for gas sector Production • Increasing share of Natural • LNG terminals capacity is expected to • ONGC aims to ramp up • PNGRB's proposed UFT reforms Gas in energy basket from grow from current 52.7 MMTPA t
Slide 34: Thank You
Thank You Phone: +91-120 4648100 Email: contact@iexindia.com Website: www.iexindia.com @IndianEnergy @IEX_India_ @indian-energy ExchangeLtdIEX -exchange-limited
Indian Energy Exchange — Q2 FY2026 Earnings Presentation on 6ix