Financial Data and Key Metrics Changes - Revenue for the company grew by 19.2% year-on-year, increasing from INR 154.5 crore in Q1 FY '25 to INR 184.2 crore in Q1 FY '26 [20] - FAT increased by 25.2%, rising from INR 96.4 crore in Q1 FY '25 to INR 120.7 crore in Q1 FY '26 [20] - Electricity trading volume recorded a growth of 15% year-on-year, reaching 32.4 billion units [19] Business Line Data and Key Metrics Changes - Nearly 53 lakh renewable energy certificates were traded, marking a growth of nearly 150% over the same quarter last year [21] - RTM volumes increased by 41% year-on-year, reaching nearly 13 billion units, highlighting its critical role in managing short-term requirements [21] - Green market volume rose by 51% year-on-year to 2.7 billion units, supporting the integration of clean energy sources [22] Market Data and Key Metrics Changes - India's power consumption in Q1 FY '26 was 446 billion units, a decrease of 1.3% compared to Q1 FY '25 [10] - Average day-ahead market price was INR 4.41 per unit, down 16% year-on-year, while the real-time market price averaged INR 3.91 per unit, a 20% drop [22] - Imported coal prices remained steady at around USD 50 per tonne, lower by 9% compared to the same period last year [10] Company Strategy and Development Direction - The company is focused on maintaining its leadership position in the day-ahead and RTM markets, leveraging robust technology and customer engagement [33][34] - The introduction of electricity derivatives and market coupling is expected to enhance market participation and volumes [18][19] - The company is actively working on diversification initiatives and adapting to regulatory changes to ensure continued growth [25][27] Management Comments on Operating Environment and Future Outlook - The management highlighted India's macroeconomic stability and growth potential, with a GDP forecast of 6.5% for FY '26 [8] - Despite lower than expected power demand due to weather conditions, the long-term outlook for power demand growth remains positive at 6% per annum [11] - The management expressed confidence in maintaining market share and customer loyalty even after market coupling implementation [37][38] Other Important Information - The company is awaiting regulatory approval for extending the Term Air market contract and has completed public comments on the Green segment petition [23] - The Ministry of Power has finalized funding mechanisms for battery energy storage solutions, indicating a shift towards renewable energy integration [12][27] Q&A Session Summary Question: What advantages does IEX have over competitors in the diamond RCM segment? - IEX has maintained a leadership position due to robust technology, customer engagement, and advisory roles with state regulatory commissions [33][34] Question: What percentage of volumes does CTC India contribute to IEX? - CTC India contributes approximately 12% of the volumes on the IEX platform [40] Question: Will competition use transaction fees to gain market share post-market coupling? - The management indicated that they will address any competitive pricing strategies as they arise, emphasizing the small impact of transaction fees on overall power procurement costs [44][45] Question: Is there any mention of MBED in the recent market coupling order? - There is no mention of MBED in the order, and the management expressed uncertainty about its future implementation [60][61] Question: What explains the sharp increase in gas volume in the quarter? - The increase in gas volume was attributed to significant demand from global marketing companies and favorable pricing conditions [116] Question: What are the key advantages needed to sustain a market share above 50%? - The management is focused on retaining current market share and is working on strategies to maintain leadership in the market [102]