Indian Energy Exchange Ltd. · NSE:IEX
Indian Energy Exchange — Q2 FY2027 Earnings Presentation
39 slides from Indian Energy Exchange's earnings presentation, Oct 29, 2026
Slide 1: Exchange filing cover letter for Investor Presentation Q2 FY'27
Dated: October 29, 2026 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: Q2 FY'27: One Group. Multiple Exchanges. Infinite Opportunity.
Q2 FY’27 One Group. Multiple Exchanges. Infinite Opportunity.
Slide 3: Who We Are - Group
Who We Are - Group India’s Energy Exchange Ecosystem • Est. 2008, Publicly Listed 2017 • India’s Premier Power Exchange, 9,100+ Participants • FY26: Electricity Volumes - 141 BU Consolidated PAT - INR 493 Cr • Est. 2020 • Incorporated in 2026, License • Est. 2022 • India’s First, Only Natural Gas Ex
Slide 4: The Opportunity Canvas
The Opportunity Canvas Key Growth Drivers Shaping India’s Energy Markets • Electrification of the Economy • Per Capita Electricity Consumption - 2,000 kWh (2030); 4,000 kWh (2047) • Energy Transition and New Market Models • Increasing Share of Natural Gas in Energy Basket from Current ~6% to 15% by
Slide 5: Indian Energy Exchange
Indian Energy Exchange Business Overview, Growth Drivers and Performance 4
Slide 6: Power Sector Summary
Power Sector Summary Cleaner Generation, Stronger Grid and Healthier Distribution Generation Mix Transmission Distribution & Consumption Indian Generation Mix: H1 FY’27 World’s Largest Network Reforms Underway Others 1% Nuclear Hydro 9% 3% • Inter-regional trans. cap.: • Improving credit ratings and
Slide 7: Energy Sector Transition
Energy Sector Transition From 559 GW Today to 958 GW by FY’32 : Renewables Take the Lead Nuclear 16 GW 2% Nuclear 9GW 2% Thermal Cap 311 GW Thermal Cap 32% 251 GW RE & Hydro 45% RE & Hydro 299 GW 631 GW 53% 66% FY’26 Installed Capacity FY’32 CEA Projections 559 GW 958 GW • India Achieved 50% Share o
Slide 8: Energy Sector Transition
Energy Sector Transition Four Structural Forces Reshaping India’s Power Markets Technology Progress Changing Preferences • Low Carbon Technologies – Wind, • PM Surya Ghar Yojana Solar, Hybrid • Shift Towards RE and Storage • Falling RE & Battery Cost Driving • Electrification of Economy – Higher Pen
Slide 9: Our Company
Our Company India’s First and Largest Power Exchange Robust Ecosystem ➢ Nation wide, Automated and Transparent Trading Platform for Physical Delivery of Electricity, Renewables & Certificates 9,100+ 5,300+ ~3,000 Registered Commercial & RE Generators & ➢ Commenced Operations in 2008; CERC Regulated
Slide 10: IEX Product Timeline
IEX Product Timeline Carbon Credit Certificate Diversified Product Portfolio for a Dynamic Power Market 9
Slide 11: IEX Product Mix
IEX Product Mix RTM Share Increased from 20% to 40% in 4+ Years Total Volumes (H1) Certificates In FY’16 DAM was 95% of Total Electricity and now 36% (Q2 FY’27) 3% Green 7% 5-Year RTM CAGR Growth of 42%; Overtakes DAM Share TAM 60 41.0% 45% 14% DAM RTM Volume (BUs) 40% 35% 50 RTM Volumes 35% 29.2% +
Slide 12: Growth Driver 1: Demand Increase
Growth Driver 1: Demand Increase High GDP Growth, Electrification Compounding Power Demand – Govt Target of Per Capita Electricity Consumption 4,000 kWh by 2047 3,100 300 2,700 2,600 250 India placed as most promising global economy ✓ High GDP Growth of about 6-7% Expected to Drive Power Demand 2,10
Slide 13: Growth Driver 2: Optimisation Potential
Growth Driver 2: Optimisation Potential Portfolio Optimization by C&I, DISCOMS Replacing Costlier Power • Long Term PPA of Discoms have a Two-Part Tariff Structure ✓ Fixed Cost which is to be Paid Annually for Capacity and Variable Cost 6.0 for Every Unit Drawn 5.0 • Costlier Plants can be put on Re
Slide 14: Growth Driver 3: Structural Load Shifts, Regional Diversity
Growth Driver 3: Structural Load Shifts, Regional Diversity Demand Shift to Improve Volume Clearance on Exchange Load Shifting and Time of Day Tariff Regional Diversity IEX Demand Profile Shifting Agriculture Load Consumption • North India has High Demand in • Agriculture Power Demand of 290BU, Summ
Slide 15: Growth Driver 4: Increasing Sell Side Liquidity
Growth Driver 4: Increasing Sell Side Liquidity Capacity Augmentation and Fuel Supply to Keep Surplus Power Flowing to IEX Source-wise Projected Installed Capacity Requirement (GW) FY’32 Thermal Capacity and Coal Supply 958 1,000 871 • Thermal Capacity Addition Target Revised 900 794 to 115 GW (2035
Slide 16: Growth Driver 5: New Market Models
Growth Driver 5: New Market Models BESS & PSPs to Absorb Surplus Solar-Hour Supply, and Supply During Non-Solar Hours Excess Supply During Solar Hours Leads To: ✓ Low Market Clearing Price and High Uncleared Sell Volume ✓ RE Curtailment ✓ Missing Money Problem for Generators Serving Baseload ✓ Provi
Slide 17: Growth Driver 5: Govt Push on Addition of BESS & PSPs
Growth Driver 5: New Market Models Govt Push on Addition of BESS & PSPs • Targeted Addition of BESS (FY32): 37 GW/147 GWh (CEA) • Targeted Addition of PSP (FY32): 44 GW/ 236 GWh (CEA) • Financial Support of Rs 9,160 Cr has been Ear-marked for BESS VGF Schemes • ACME, Juniper and Adani will be Adding
Slide 18: Growth Driver: FDRE & RTC Tenders Deepen Liquidity
Growth Driver 5 : New Market Models FDRE & RTC Tenders Deepen Sell and Buy Liquidity; Structural Volume Upside for IEX Jan April ✓ Discoms Moving Towards Firm RE or Peak Supply from RE 1500 1500 1000 Sources (RE + Storage) 1000 500 500 0 o Discoms are Showing Interest in Firm RE which can Supply Dur
Slide 19: Growth Driver 5: New Market Models
Growth Driver 5 : New Market Models Innovative Market Mechanisms to Enhance market Liquidity & flexibility CFD: SECI Launched Contract for Difference pilot (500 MW) which gives RE Generators Price Certainty, Helping Them Secure Financing. This Provides Both Buy and Sell Side Liquidity on Exchanges V
Slide 20: Growth Driver 6: New Products and Policy Initiatives
Growth Driver 6: New Products and Policy Initiatives Green RTM, Peaking Contracts, 11-month LDC to Widen IEX’s Addressable Market ➢ Filed Petition in CERC for Launching Green RTM Green RTM ➢ Additional Market for RE Developers, Obligated Customers to Meet Sustainability Goals ➢ Filed Petition with C
Slide 21: Growth Driver 7: Policy Initiatives
Growth Driver 7: Policy Initiatives Other Market Transformation Drivers Draft National Electricity Policy (NEP) 2026 Draft Electricity (Amendment) Bill, 2025 Market Deepening: Larger role for power exchanges System Modernisation: Focus on resource adequacy, DISCOM efficiency, and RE + DISCOM Reforms
Slide 22: Growth Driver 8: Roadmap for Deepening Market
Growth Driver 8: Roadmap for Deepening Market MoP's 2023 roadmap, steadily expanding what trades on exchanges 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 through Markets E
Slide 23: Market Coupling Update
Market Coupling Update • CERC issued order dated July 23rd, 2025, on market coupling in which the regulator decided to initiate the process of implementation of market coupling of Day Ahead Market in January 2026 • IEX challenged above order dated 28th August 2025 in APTEL primarily on the grounds o
Slide 24: Market Coupling Update
Market Coupling Update • Grid India made following observations: o Clarification on Scope of Market Coupling is required. Regulation should clarify whether the scope is for the Day Ahead Market or Integrated DAM (DAM, G-DAM, HP-DAM) o Industry Grade Robust Clearing Engine Software should be adopted
Slide 25: Customer Centricity – Creating Customer Value
Customer Centricity – Creating Customer Value DISCOMs: Power procurement cost optimisation, benchmarking & capacity-building C&I Consumers: Green energy access, open access facilitation & cost savings RE Generators: Merchant sale through green markets & REC monetization Conventional Generators: Enha
Slide 26: Technology Powered Customer Centric Solutions
Technology Powered Customer Centric Solutions ➢ Automated Bidding through APIs • ~75% of the Cleared Volume in I-DAM contributed by Members using the Bidding APIs ➢ Real-time and Automated Trade Reports through APIs • Easy integration with the Financial / Back Office systems of the Members • Over 55
Slide 27: Technology Powered Customer Centric Solutions
Technology Powered Customer Centric Solutions Bid Data Analytics • Clearing Price Insights • Real Time RTM Session Price trend with DAM • Cleared Bids (Buy / Sell) Insights • Un-cleared Bids (Buy / Sell) Insights • Distribution of Un-cleared Bids (Buy / Sell) from the Clearing Price • DSM and RTM in
Slide 28: Platform – Secure, Intelligent, Resilient, and Scalable
Platform – Secure, Intelligent, Resilient, and Scalable ➢ Bid Data Security for Members to Ensure Complete Confidentiality of Bid data for our Members During the Bidding • Encryption in Communication • Encryption in Database ➢ Défense in Depth Security Implementation Ensuring Security at Multiple La
Slide 29: Platform – Secure, Intelligent, Resilient, and Scalable
Platform – Secure, Intelligent, Resilient, and Scalable ➢ Artificial Intelligence (AI) adoption to enhance Customer Value and Enterprise wide Productivity • AI Bidding Assistant for Discoms (in progress) • Auto Bidder Solutions for Consumer and Industrial Users (in progress) • AI powered Chatbot for
Slide 30: In this presentation: Indian Gas Exchange
In this presentation: Indian Gas Exchange 29
Slide 31: Indian Gas Exchange
Indian Gas Exchange Physical Delivery based Gas Exchange IGX traded-volume trend (Mn MMBTU) Delivery Network : 6 Regional Gas Hubs Operating under PNGRB’s Gas Exchange Regulations, West, South, East, North, Central, North-East 2020 Spot: Intraday · Day-Ahead · Daily 76.8 60 Forward: Weekday · Weekly
Slide 32: In this presentation: Indian Coal Exchange
In this presentation: Indian Coal Exchange 31
Slide 33: Coal Exchange: Developments
Coal Exchange: Developments ➢ Ministry of Coal notified the Rules for Coal Exchange on 4th June 2026 ➢ As per the Final Rules, existing E-Auction Platforms and Marketplaces are allowed to operate only upto 6 months from the operationalization of the 1st Coal Exchange. This implies that after 6 month
Slide 34: Coal Generation Growth to Continue
Coal Generation Growth to Continue Coal Demand (Million Tonnes) Captive and Commercial Coal SPOT Market Volume (Million Production (Million Tonnes) Tonnes) 2000 500 250 1650 350 1200 150 200 100 FY-26 FY-30 FY-35 FY-26 FY-30 FY-35 FY-26 FY-30 FY-35 Coal Exchange – Growth Drivers for 250 MT Trade by
Slide 35: In this presentation: CSR/Financial Performance/Investment Thesis
In this presentation: CSR/Financial Performance/Investment Thesis 34
Slide 36: CSR Initiatives – Creating Impact Beyond Business
CSR Initiatives – Creating Impact Beyond Business Health and Livelihoods Disaster Heritage Education Sanitation & Support Skill Development Relief 4,967 Students 15,345 Treatments done 543 Youth Trained 8,665 Beneficiaries 3.5 lakh Visitor Supported 81 Health Awareness Supported 4 Skill training Rea
Slide 37: Robust Financial Performance of IEX
Robust Financial Performance of IEX Consolidated Financials Rs Cr Breakup of standalone Q2FY26 Q1FY27 Q2FY27 revenues (%) 405.8 371.8 367.4 331.7 274.0 244.0 Transaction Fees 78% 75% 77% Admission and Annual H1 FY26 H1 FY27 3% 3% 3% Fees Total Revenue EBITDA PAT 202.8 203.0 188.2 Other Income 19% 22
Slide 38: The Next Phase of Growth for IEX is Broader
The Next Phase of Growth for IEX is Broader India’s Electricity Markets are Deepening Structurally and IEX will Capture a Prominent Share Structural Demand ➢ India’s Power Demand set to be 1.5x by 2032 Boom ➢ Electrification, Data Centers, EVs, Air Conditioning ➢ Exchanges: Still <10% of India’s Pow
Slide 39: Thank You
QIEX INNOVATION TECHNOLOGY FUTURE Thank You
Indian Energy Exchange — Q2 FY2027 Earnings Presentation on 6ix