The Company announced its unaudited consolidated financial results and business performance for the second quarter ended September 30, 2025, on October 30, 2025. The results reflect steady operational progress and a healthy year-on-year growth trajectory, supported by strong power market performance, stable fuel supply, and favorable pricing trends across segments.

For Q2 FY’26, electricity volumes reached 35.2 billion units (BUs), marking a 16.1% year-on-year increase, demonstrating growing participation and higher demand across the exchange platform. However, certificate volumes stood at 44 lakh, showing a 29.9% year-on-year decline, reflecting a temporary dip in certificate trading activity during the quarter.

The Company reported consolidated revenue of ₹183.27 crore for Q2 FY’26, a 9.2% increase from ₹167.77 crore in Q2 FY’25, highlighting consistent business expansion. On the profitability front, the standalone Profit After Tax (PAT) rose 14.6% to ₹121.61 crore from ₹106.1 crore in the same period last year, while consolidated PAT grew 13.9% to ₹123.35 crore, up from ₹108.32 crore in Q2 FY’25.

During the second quarter, the Indian power sector continued to be influenced by weather conditions, which moderated overall electricity demand growth. Total power demand during Q2 FY’26 was recorded at 449 BUs, reflecting a 3.4% increase compared to the same period last year. On the fuel supply front, availability remained robust, supported by adequate coal stocks and favorable international prices. As of October 2025, coal inventories were maintained at around 20 days. Imported coal prices during Q2 FY’26 averaged around $42 per ton, significantly lower than approximately $52 per MMBtu in Q2 FY’25, contributing to stable and affordable generation costs.

The quarter also saw strong contributions from hydro and wind generation, alongside sustained output from coal-based plants, leading to improved supply liquidity on the exchange platform. As a result, market prices saw a notable correction. The Market Clearing Price (MCP) in the Day-Ahead Market (DAM) averaged ₹3.93 per unit in Q2 FY’26, a decline of 12.5% compared to Q2 FY’25. Similarly, the Real-Time Market (RTM) MCP stood at ₹3.51 per unit, reflecting a 16.1% decline from the previous year. The overall decline in market prices signifies greater balance and competition in the electricity market.

The gas market also continued its upward momentum during the quarter. The Indian Gas Exchange (IGX) traded 161 lakh MMBtu in Q2 FY’26, representing an impressive 36.6% growth year-on-year. Profit after tax for IGX stood at ₹9.6 crore, up 57% from ₹6.1 crore in Q2 FY’25. The strong performance was driven by stable gas prices, enhanced liquidity, and positive policy developments in the sector. With ongoing policy support and steady pricing trends, IGX is expected to maintain strong growth in upcoming quarters.

The International Carbon Exchange (ICX) also recorded significant progress in the issuance of renewable energy certificates. During Q2 FY’26, ICX issued 38 lakh International Renewable Energy Certificates (I-RECs), bringing total issuances for the first half of FY’26 to 82 lakh—surpassing the 59 lakh I-RECs issued during the entirety of FY’25. Revenue for ICX during the second quarter stood at ₹1.9 crore, while revenue for the first half of FY’26 totaled ₹3.7 crore. The I-REC serves as a globally recognized digital certificate, representing transferable proof of the generation of 1 MWh of renewable energy, thereby strengthening India’s contribution to global sustainability and clean energy goals.

Overall, the Company’s strong Q2 FY’26 performance highlights its resilience and adaptability in a dynamic energy landscape. With continued growth in electricity and gas trading, stable market conditions, and a deepening presence in renewable and carbon markets, the Company remains well-positioned to drive sustainable growth and support India’s transition toward a more energy-efficient and low-carbon economy.