Indian Energy Exchange Limited (IEX) has released the transcript of its earnings conference call held on January 30, 2026, to discuss the financial results for the quarter ended December 31, 2025. The call featured management, including Chairman and Managing Director Mr. Satyanarayan Goel and CFO Mr. Vineet Harlalka, alongside representatives from Axis Capital. The management highlighted India's strong GDP growth and policy reforms positioning the country as a major global economy. Despite a flat electricity demand of 392 billion units in Q3 FY26 due to prolonged monsoons, IEX recorded a 12% year-on-year growth in electricity trading volume, reaching 34.1 billion units. Revenue grew by 14% to ₹183.1 crore, and profit after tax increased by 11% to ₹119.1 crore for the quarter. Key regulatory updates discussed included the Draft National Electricity Policy 2026, proposed amendments to the Draft Electricity Amendment Bill 2025, and final guidelines for virtual power purchase agreements (VPPAs). The company also mentioned progress on the carbon market, with final notifications for greenhouse emission intensity targets published, laying the foundation for trading carbon credit certificates on power exchanges. The CERC's order on market coupling of the Day Ahead Market was also a significant point of discussion, with IEX having filed an appeal in the Appellate Tribunal for Electricity (APTEL). Performance highlights included a 36% year-on-year increase in Real-Time Market (RTM) volume to nearly 13 billion units in Q3 FY26. The green market saw a 7.2% rise in volume. Average Day-Ahead Market price decreased by 13.2% YoY to ₹3.22 per unit, and RTM prices dropped by 16% YoY to ₹3.56 per unit, offering competitive procurement opportunities. Indian Gas Exchange (IGX) traded 17.5 million MMBtu in Q3 FY26, an 8% increase YoY, with profit after tax at ₹8.8 crore. The company is progressing with the IPO for IGX to comply with regulatory holding limits. The International Carbon Exchange (ICX) issued 51 lakh I-RECs, a 219% increase YoY. The management also addressed questions regarding market coupling implementation timelines, the potential impact of regulatory changes on REC volumes, and the future growth prospects of the gas and carbon exchanges. The Board of Directors announced an interim dividend of ₹1.5 per equity share.
