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 [19] - FAT increased by 25.2%, rising from INR 96.4 crore in Q1 FY '25 to INR 120.7 crore in Q1 FY '26 [19] - Electricity trading volume recorded a growth of 15% year-on-year, reaching 32.4 billion units [18] Business Line Data and Key Metrics Changes - Nearly 5.3 million renewable energy certificates were traded, marking a growth of nearly 150% over the same quarter last year [20] - RTM volumes increased by 41% year-on-year, reaching nearly 13 billion units, highlighting its critical role in managing short-term requirements [20] - Green market volume rose by 51% year-on-year to 2.7 billion units, supporting the integration of clean energy sources [21] Market Data and Key Metrics Changes - India's power consumption in Q1 FY '26 was 446 billion units, down by 1.3% compared to Q1 FY '25 [8] - The 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 [21] - Supply liquidity in the day-ahead market increased by 45.2% year-on-year [21] Company Strategy and Development Direction - The company is focusing on maintaining its leadership position in the day-ahead and RTM markets, leveraging robust technology and customer engagement [30][32] - The introduction of electricity derivatives and market coupling is expected to deepen India's power market and enhance liquidity [16][27] - The company is actively working on regulatory updates and policy initiatives to support power market development [12][14] Management Comments on Operating Environment and Future Outlook - The management highlighted India's macroeconomic stability and growth potential, with a GDP growth forecast of 6.5% for FY '26 [6] - Despite lower than expected power demand due to early monsoons, the long-term outlook for power demand growth remains positive, projected at 6% per annum until 2032 [9] - The management expressed confidence in maintaining market share and customer loyalty even after the implementation of market coupling [34][70] Other Important Information - The company is awaiting approval from the CRC for extending the Term Air market contract from three months to eleven months [22] - The Ministry of Power has finalized two tranches of viability gap funding for battery energy storage solutions, indicating a push towards renewable energy integration [10] - The company is also involved in developing an Extended Producer Responsibility trading platform and is awaiting further directives regarding coal exchange legislation [26][27] Q&A Session Summary Question: What advantages does IEX have over competitors in the market coupling context? - IEX has maintained a leadership position due to robust technology, customer engagement, and advisory roles with regulatory commissions, resulting in over 95% market share [30][32] Question: What percentage of volumes does CTC India contribute to IEX? - CTC India contributes approximately 12% of the volumes on the IEX platform, but cannot trade on IEX due to holding more than 5% equity in a competing exchange [35] Question: Will transaction fees be a tool for competition post-market coupling? - The management indicated that transaction fees are a small component of total power procurement costs, and they will address any competitive pricing strategies as they arise [38] Question: What is the timeline for implementing market coupling? - The management expressed uncertainty about the January 2026 timeline for market coupling implementation, citing the need for common software and regulatory frameworks [40][41] Question: Is there any mention of MBED in the recent market coupling order? - There was no mention of MBED in the order, and the management could not comment on its future implementation [46] Question: What are the options available post-CRC order? - The company has several options, including seeking a review from CRC or appealing to APTEL, and is currently evaluating the order [102]