H1 FY2027 Performance (April 2026 - September 2026)

Volume Metrics:

  • Electricity volumes: 77.2 BUs (Billion Units), representing 14.2% year-on-year growth

Financial Performance:

  • Consolidated Revenue: Rs 405.8 Crore, increased 10.4% from Rs 367.4 Crore in H1 FY2026
  • Standalone Profit After Tax: Rs 259.5 Crore, increased 10.6% from Rs 234.7 Crore in H1 FY2026
  • Consolidated Profit After Tax: Rs 274.0 Crore, increased 12.3% from Rs 244.0 Crore in H1 FY2026

Q2 FY2027 Performance (July 2026 - September 2026)

Volume Metrics:

  • Electricity volumes: 39.7 BUs (Billion Units), representing 12.7% year-on-year growth

Financial Performance:

  • Consolidated Revenue: Rs 203.0 Crore, increased 10.7% from Rs 183.3 Crore in Q2 FY2026
  • Standalone Profit After Tax: Rs 132.8 Crore, increased 9.2% from Rs 121.6 Crore in Q2 FY2026
  • Consolidated Profit After Tax: Rs 139.2 Crore, increased 12.9% from Rs 123.3 Crore in Q2 FY2026

Business Update and Market Context

Power Sector Performance:

  • Country power demand grew 10.2% year-on-year to 897 BUs in H1 FY2027
  • Q2 FY2027 power demand reached 502 BUs, marking record growth of 11.5% year-on-year
  • Demand drivers: strong industrial activity, higher irrigation demand amid weak monsoon, elevated temperatures due to El Niño

Market Pricing:

  • Day-Ahead Market average clearing price: Rs 5.7/unit during Q2 FY2027, increased 46% compared to Q2 FY2026
  • Real-Time Market average clearing price: Rs 5.2/unit during Q2 FY2027, increased 49% compared to Q2 FY2026

Fuel Supply Situation:

  • Domestic coal production: nearly 445 MT in H1 FY2027, 1.0% lower than H1 FY2026
  • Summer demand strained plant inventory, weather disruptions tightened availability
  • As of October 22, 2026: coal inventory stood at nearly 8 days, with stock at about 100 plants at critical 3 days

Subsidiary Performance

Indian Gas Exchange (IGX) - H1 FY2027:

  • Traded gas volumes: 69.5 million MMBtu, higher by 71% over H1 FY2026
  • Profit after tax: Rs 39.7 Crore, increased 67.4% YoY from Rs 23.7 crore in H1 FY2026

Indian Gas Exchange (IGX) - Q2 FY2027:

  • Traded gas volumes: 42 million MMBtu, growth of 160% over Q2 FY2026
  • Profit after tax: Rs 23.4 crore, higher by 144% compared with Rs 9.6 Cr in Q2 FY2026
  • Volume drivers: domestic gas producers, heightened power demand met by gas power plants during August and September
  • Power sector contribution: nearly 30% of traded gas volumes in Q2 FY2027

ICX Pvt Ltd (formerly International Carbon Exchange) - H1 FY2027:

  • I-RECs issued: 94 lakh, registering growth of 15% over H1 FY2026
  • Revenue: Rs 4.4 Crore, higher by 18.5% on YoY basis

ICX Pvt Ltd - Q2 FY2027:

  • I-RECs issued: nearly 52 lakh, growth of 38.4% YoY
  • Revenue: Rs 2.3 crore, higher by 20.7% on year-on-year basis
  • I-REC definition: globally recognized digital certificate serving as transferable proof of generation of 1 MWh of energy from renewable sources

Indian Coal Exchange Limited:

  • Wholly owned subsidiary of IEX
  • Applied for licence with Coal Controller Organisation (CCO), the regulatory authority for coal exchanges, in Q2 FY2027