IEXNSEQ4 FY26April 30, 2026

Indian Energy Exchange Limited

8,528words

100turns

10analyst exchanges

5executives

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Management on call

Satyanarayan Goel

CHAIRMAN AND

Vineet Harlalka

CHIEF FINANCIAL OFFICER

Aparna Garg

HEAD, INVESTOR RELATIONS

Aditya Wali

INVESTOR RELATIONS – INDIAN ENERGY EXCHANGE LIMITED

Rohan Gheewala

AXIS CAPITAL

Key numbers — 40 extracted

7.8%

inues to remain the fastest-growing major economy in the world, delivering a strong GDP growth of 7.8% in the third quarter of fiscal 2026. Based on second advance estimates released by the National S

7.6%

the National Statistics Office, India is expected to end financial year '26 with a growth rate of 7.6%. The recent Middle East conflict has heightened risks to the growth outlook through elevated cr

423 billion

ecome the world's third largest economy. On the power sector front, India's electricity demand at 423 billion units in quarter four FY26 increased moderately by 2.2% compared with Q4 FY25, though at 1,709 bi

2.2%

ont, India's electricity demand at 423 billion units in quarter four FY26 increased moderately by 2.2% compared with Q4 FY25, though at 1,709 billion units, electricity consumption for FY26 remained a

1,709 billion

billion units in quarter four FY26 increased moderately by 2.2% compared with Q4 FY25, though at 1,709 billion units, electricity consumption for FY26 remained almost flat. Financial year 2026 witnessed an

58 gigawatt

tricity consumption for FY26 remained almost flat. Financial year 2026 witnessed an incremental 58 gigawatts of installed capacity across thermal and renewable sources, taking total installed capacity to 5

533 gigawatt

ts of installed capacity across thermal and renewable sources, taking total installed capacity to 533 gigawatts. Renewable energy accounted for more than 50% of the total installed cap

50%

alled capacity to 533 gigawatts. Renewable energy accounted for more than 50% of the total installed capacity at 275 gigawatts, making India the third largest in terms of rene

275 gigawatt

ble energy accounted for more than 50% of the total installed capacity at 275 gigawatts, making India the third largest in terms of renewable capacity globally. Notably, in FY26, India

322 million

On the fuel side, ample fuel was available at competitive prices. India's coal production reached 322 million tons in Q4 FY26. And in FY26, India's coal production recorded 1,041 million tons. Coal inventory

1,041 million

oal production reached 322 million tons in Q4 FY26. And in FY26, India's coal production recorded 1,041 million tons. Coal inventory as of 31st March 2026 stood at 25 days. According to the Ministry of Coal, t

210 million

potential energy shortages in the current evolving situation, the national coal stockpile of over 210 million tons represents a buffer of nearly 3 months of energy consumption. While imported coal price duri

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Guidance — 20 items

Rohan Gheewala

opening

“On behalf of Axis Capital, I'm pleased to welcome you all to the IEX Q4 FY26 Earnings Conference Call.”

Aparna Garg

opening

“I, Aparna Garg, will be making the opening remarks today.”

Aparna Garg

opening

“However, India's growth performance going forward will be driven by strong domestic consumption, increased capital investment and steady momentum across industry and services.”

Aparna Garg

opening

“Further reforms such as rationalization of GST rates, new labor laws and free trade agreements with the UK and EU position it on track to become the world's third largest economy.”

Aparna Garg

opening

“On the power sector front, India's electricity demand at 423 billion units in quarter four FY26 increased moderately by 2.2% compared with Q4 FY25, though at 1,709 billion units, electricity consumption for FY26 remained almost flat.”

Aparna Garg

opening

“Notably, in FY26, India achieved this milestone of sourcing 50% of its cumulative installed electricity power capacity from renewable sources, five years ahead of the 2030 target.”

Aparna Garg

opening

“India's coal production reached 322 million tons in Q4 FY26.”

Aparna Garg

opening

“And in FY26, India's coal production recorded 1,041 million tons.”

Aparna Garg

opening

“However, at $47 per ton, prices were lower by nearly 10% in FY26 compared with FY25.”

Aparna Garg

opening

“In a push for C&I and open access consumers, DISCOMs will be exempted from universal supply obligation to C&I users with more than 1 megawatt load.”

Risks & concerns — 7 flagged

These sectors account for about 16% of India's GHG emissions with a combined baseline of 480 million tons carbon dioxide equivalent in FY24 targeted to decline to 465.3 million tons by FY27.

— Aparna Garg

As per the order, as and when final regulations are issued and if IEX is aggrieved by them, they have the liberty to challenge the regulations before an appropriate forum, including all grounds raised in the appeal filed before APTEL.

— Aparna Garg

Sumit, it's very difficult to say on that.

— Satyanarayan Goel

In the domestic gas, like ONGC and Reliance, they have high-pressure, high-temperature gas from the East- Coast side, Krishna-Godavari, KG D6 fields, and they sell a part of that gas on the exchange platform.

— Satyanarayan Goel

Now obviously, as a risk management strategy, you would have decided to have strategies in place in case that were to happen.

— Nitin Shakdher

But is the understanding correct that the traders will have no functional reason to prefer IEX and maybe the smaller new exchanges like HPX and PXIL will be able to attract slightly more volumes and erode market share and might be some margin pressure.

— Nitin Shakdher

So that benefit is also still continuing or you are seeing some slowdown there?

— Lokesh Manik

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Q&A — 10 exchanges

Good afternoon, madam. Thank you so much for the opportunity. Madam, I am trying to understand coal exchange, ICX and mineral exchange as part of diversification. So, what is the estimated TAM and revenue potential of the coal exchange in India, given that coal is largely allocated via long-term linkages. So, I'm trying to understand what are the monetization models in terms of transaction fees, membership data, because it's not like gas, power, these things are standardized, while coal and all is heterogeneous, logistics heavy commodities. So I'm trying to understand how we are going to take

Satyanarayan Goel

Yes. Good afternoon, everyone. I am S. N. Goel. So let me respond to this question. As far as coal is concerned, today coal is allocated for thermal power generating stations. And the allocation of coal is not to meet the full requirement of the power plants. So many of these power plants who have PPAs still they purchase coal from the market. Then there are merchant power plants. There are other industries also who use coal. So there is large opportunity on the buy side. On the sell side, we used to have, shortage of coal that is why there were a lot of problems and the premium in the e-aucti

Good afternoon, Goel Sir and Aparna. My first question is on the fourth quarter results. The other income seems to have slowed down versus the quarterly run rate over the last four-odd quarters, down about 29%. Anything to call out here?

Satyanarayan Goel

I'll request my colleague, Mr. Vineet Harlalka, who is CFO and Company Secretary of the company to respond to this question. Yes. Sumit. Sumit the major reason was that if you look at the December quarter number, it was a significant increase over the treasury income because there was a one-time gain we got because the interest rates were there and the market was improving. And as you all know, because of the Iran conflict and rupee situation, there was a significant correction in the market during this month of March. So a bit of mark-to-market impacts were there. And that was reflecting in t

I had two questions. One was on the recent draft from CERC on market coupling. So, what we understand is like in the last when the draft had come in July 2025, it was about that round robin, which we kind of had a case against like we fought it. And then finally, this new thing has come where they're saying that Grid India will become the MCO. So when we were reading the first draft that was in July 2025, operationally, it looked like very cumbersome to implement. When you read this one, what is IEX’s sense on implementation of this kind of structure that now CERC is talking about? That is poi

Satyanarayan Goel

Yes. So let me first respond to your coupling question. As you are aware, CERC in their order in the month of July, they had mentioned that market coupling in the Day Ahead Market on round-robin basis will be done. And now they have changed their decision and in the draft regulations, they are talking about Grid India. So I think situation is still fluid. And I personally feel that situation is fluid even on the market coupling. So maybe in due course of time, they may review their own decision about the market coupling also and may not go ahead with this. So I cannot really say anything on th

My first question was on the coal exchange opportunity we are studying. So here, logistics in coal is usually a bottleneck, right? Because in many cases, the landed cost of coal for the user increases significantly because of the logistics cost. So from an exchange point of view, more than just price discovery, what are we adding in terms of building efficient logistics network?

Satyanarayan Goel

Yes. In case of coal, there are many challenges - quantity, quality and the transportation - all these are issues. So we'll have to work on all these things. I think logistics is definitely a very, very important part of it. Initially, what we intend to start is that maybe the buyer will have to make their own arrangement for lifting the coal. We will discover the price, finalize the price and then make arrangement, ensure that the coal is available to him at the loading point of the right quality and then he will have to make their own arrangement for lifting the coal. And subsequently, when

So if you can help us explain the new SECI tender on contracts for differences? How does it help exchanges? And what's the basic framework?

Satyanarayan Goel

Yes. As per that contract, SECI will contract certain battery capacity at a fixed price, and that gentleman (seller) will sell that power in the market. The important part is this. That battery capacity will be selling power in the Day Ahead Market. So exchanges will get that liquidity, that 500-megawatt power for 3 hours will be available for sale in the exchanges. That's the benefit which the exchanges will get. And if the sale price is more than their contracted price, maybe there will be some sharing of that profit gain between SECI and that party who is setting up this capacity. Understoo

This is Nitin Shakdher from Green Capital Single Family Office. My question is more as an investor rather than an analyst. Let's assume the worst-case scenario that the market coupling regulation goes against the company and you lose the legal case. Now obviously, as a risk management strategy, you would have decided to have strategies in place in case that were to happen. But is the understanding correct that the traders will have no functional reason to prefer IEX and maybe the smaller new exchanges like HPX and PXIL will be able to attract slightly more volumes and erode market share and mi

Satyanarayan Goel

Yes. First of all, as far as market coupling itself is concerned, it won't be fair to assume that market coupling is going to happen. There are still things under discussions. But when taking your question that, yes, in the worst-case scenario, if it happens. One is that customer loyalty is very important. And in the last 18 years, as I told earlier, that is what we have been doing. We have been interacting with the customer, understanding their problem, creating products to address that problem, telling them how to use the exchange platform, providing them data analytics, having API system fo

Okay. So, the question here is assuming that the guidelines come into place, IEX will have to forward the bids to GRID-INDIA. Now this would require a lot of software re-engineering at your end. That is at IEX, the software re-engineering has to be done. What would be the rough estimate cost and, like for this kind of an uncalled activity?

Satyanarayan Goel

We have our own software team. And I'm sure our team will be able to do all these things. So it will not have an additional cost, is it? No additional costs. Okay. Thank you.

Yes, Hi. Thanks for taking my question. Sir, on market coupling, so can you just share about, let's say, RTM, I think this time's notification said that they would also like to include RTM. But is there anywhere either in Europe or anywhere else where RTM actually has market coupling? And secondly, India probably has like some 48 sessions in a day, right, whereas Europe, I think at best could do some 3 sessions in a day or 4 sessions in a day. So, if you could kind of just share the operational side, how the RTM actually kind of functions. And with more and more intermittent power capacities c

Satyanarayan Goel

Yes, first question is that what is the, practice world over. In the RTM market, we haven't come across a case where there is a market coupling because RTM market, the time lines are very tight. And in fact, if you look at the CERC order, which was issued on 23rd of July 2025, that also says that looking at the tight time lines of the RTM market, they will like to look at the performance of the DAM market and then see whether it is feasible for the RTM market or not. As far as the draft guidelines are concerned, there is just an enabling provision that in the RTM to be done from a date to be n

Sir, my first question was on the coal exchange. So, if you can just give us a sense of what would be the current spot market in India in the coal industry, just to get an idea of the opportunity size?

Satyanarayan Goel

At present, almost about 80 million to 90 million tonnes of coal is being sold through the e- auction route, which is, you can say, the so-called market and in addition to that, we are also importing almost about 150 million tonnes of coal for the power generation. So increase in the domestic production, that market also should get replaced by the domestic coal market. The opportunity as of now is big. Let's see what is the final notification. So this should be higher than the gas because gas is 12% today at spot. And what you just mentioned, this turns out to be about 20%, 25% spot in coal, i

Thank you, everyone. I would like to thank each one of you for being a part of today's call. We at IEX remain committed to contribute to the development of a sustainable and energy-efficient future for India. Have a wonderful evening. Thank you.

Management

Speaking time

Satyanarayan Goel

Moderator

Lokesh Manik

Sumit Kishore

Balasubramanian

Ketan Jain

Ravi Purohit

Prawin Visesh

Vineet Harlalka

Kunal Thanvi

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Opening remarks

Rohan Gheewala

Thank you. Good afternoon, ladies and gentlemen. On behalf of Axis Capital, I'm pleased to welcome you all to the IEX Q4 FY26 Earnings Conference Call. We have with us the management team of IEX, which is represented by Mr. S.N. Goel, Chairman and Managing Director; Mr. Vineet Harlalka, Chief Financial Officer; Ms. Aparna Garg, Head, Investor Relations and Corporate Communications; and Mr. Aditya Wali, Investor Relations. We will begin with the opening remarks from Ms. Aparna, followed by an interactive Q&A session. Thank you, and over to you.

Aparna Garg

Hi. Good afternoon, everyone, and welcome to the IEX earnings call for the fourth quarter and full fiscal year 2026. I, Aparna Garg, will be making the opening remarks today. With me today on this call are Mr. Satyanarayan Goel, CMD, IEX; Mr. Vineet Harlalka, CFO and Company Secretary; and Mr. Aditya Wali from the Investor Relations team. Mr. Rohit Bajaj, JMD and Mr. Amit Kumar, Head of Market Operations and Exchange Technology are not available to join us today due to other official meetings. Amid geopolitical challenges in the Middle East and heightened global uncertainty, India continues to remain the fastest-growing major economy in the world, delivering a strong GDP growth of 7.8% in the third quarter of fiscal 2026. Based on second advance estimates released by the National Statistics Office, India is expected to end financial year '26 with a growth rate of 7.6%. The recent Middle East conflict has heightened risks to the growth outlook through elevated crude prices, supply disru

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