Indian Energy Exchange: IEX shares in focus after September, Q2 update

Indian Energy Exchange (IEX) shares are in focus on Monday morning after the electricity exchange reported an electricity traded volume of 35,217 MU (excluding TRAS) in the September quarter of FY26, marking a 16.1 per cent year-on-year increase. TRAS volumes stood at 603 MU during the quarter, compared with 16.9 MU in Q2 FY25. The exchange also traded 44.22 lakh Renewable Energy Certificates (RECs), reflecting a 29.8 per cent decline from the year-ago period.

Improved supply from hydro, wind, and coal-based generation ensured higher liquidity on the platform, which in turn drove prices lower in both the Day-Ahead Market (DAM) and Real-Time Market (RTM). The Market Clearing Price in the DAM averaged Rs 3.93 per unit in Q2 FY26, down 12.5 per cent year-on-year, while the RTM price averaged Rs 3.51/unit, a decline of 16.1 per cent. On 25 August 2025, heavy rainfall boosted supply liquidity, pushing RTM prices to nearly zero, with a record low of Rs 0.01/kWh discovered in a single time block (07:45 AM to 8:00 AM).

In September 2025, IEX clocked 11,065 MU in traded electricity volume (excluding TRAS), up 7.1 per cent year-on-year. TRAS volumes stood at 289 MU compared with 6.7 MU in September 2024, while REC trading volumes fell sharply by 39.2 per cent to 6.27 lakh units. According to government data, India’s energy consumption in September reached 145.91 BUs, representing a 3.2 per cent year-on-year increase. The Market Clearing Price in the DAM averaged Rs 3.58/unit, down 14.5 per cent year-on-year, while the RTM averaged Rs 3.31/unit, a decline of 16.8 per cent. Lower prices created opportunities for discoms and commercial & industrial consumers to meet demand cost-effectively.

During the quarter, the DAM including HPDAM recorded 14,534 MU, up 1.4 per cent from the year-ago period and contributing 36.1 per cent to total volumes. In September, DAM volumes stood at 4,228 MU, down 8.3 per cent year-on-year and accounting for 35.3 per cent of traded volumes. RTM volumes rose sharply by 39.1 per cent year-on-year to 14,925 MU in Q2 FY26, contributing 37.1 per cent to overall volumes, while September RTM volumes increased 22.3 per cent to 4,786 MU, accounting for 39.9 per cent of total traded volumes. The Term-Ahead Market, comprising HPTAM, contingency, daily, weekly and contracts up to three months, traded 2,719 MU in Q2 FY26, up 1 per cent year-on-year, while in September volumes fell 11 per cent to 967 MU. TRAS volumes surged to 603 MU in Q2 FY26 compared with just 16.9 MU in Q2 FY25, and to 289 MU in September 2025 from 6.7 MU a year ago.

The Green Market, comprising the Green Day-Ahead and Green Term-Ahead segments, traded 3,040 MU in Q2 FY26, up 17.7 per cent year-on-year. In September 2025, volumes rose 50 per cent to 1,084 MU, with the weighted average GDAM price at Rs 3.15/unit. REC trading volumes, however, fell to 44.22 lakh in Q2 FY26, down 29.8 per cent year-on-year. In September 2025, REC volumes stood at 6.27 lakh, marking a 39.2 per cent year-on-year decline, with clearing prices at Rs 365/REC and Rs 370/REC across two trading sessions.