Earnings call transcript of the Analyst meeting held on October 30, 2026.

Dated:November5,2026 TheManager TheManager BSELimited NationalStockExchangeofIndiaLtd CorporateRelationshipDepartment ListingDepartment PhirozeJeejeebhoyTowers ExchangePlaza,5thFloor,PlotNo.C/1 DalalStreet GBlock,BandraKurlaComplex Mumbai-400001 Bandra(E),Mumbai-400051 ScripCode:540750 Symbol:IEX Sub: Transcript of the Earnings Conference call with analysts and investors held on October30,2026. DearSir/Madam, PursuanttoRegulation30oftheSEBI(ListingObligationsandDisclosureRequirements) Regulations,2015,pleasefindtheattachedtranscriptoftheearningsconferencecallheld with analysts and investors on October 30, 2026, to discuss the financial results of the CompanyforthequarterendedSeptember30,2026. The above information will also be made available on the website of the Company: www.iexindia.com Youarerequestedtotaketheaboveinformationonrecord. ThankingYou. Yoursfaithfully, ForIndianEnergyExchangeLimited VineetHarlalka CFO,CompanySecretary&ComplianceOfficer MembershipNo.ACS-16264 Encl:asabove IndianEnergyExchangeLtd RegisteredOffice:C/oAvantaBusinessCentre,FirstFloor,UnitNo.1.14(a),D2,SouthernPark,DistrictCentre,Saket,NewDelhi–110017,India CorporateOffice:9thFloor,MaxTowers,Sector16B,Noida,UttarPradesh–201301,India Tel:+91-011-30446511|Tel:+91-120-4648100|FaxNo.:+91-120-4648115 CIN:L74999DL2007PLC277039 |Website:www.iexindia.com “Indian Energy Exchange Limited Q2 FY27 Earnings Conference Call” October 30, 2026 MANAGEMENT: MR. SATYANARAYAN GOEL – CHAIRMANAND MANAGING DIRECTOR –INDIAN ENERGY EXCHANGE LIMITED MR. ROHIT BAJAJ -- JOINT MANAGING DIRECTOR – INDIAN ENERGY EXCHANGE LIMITED MR. VINEET HARLALKA – CHIEF FINANCIAL OFFICER AND COMPANY SECRETARY – INDIAN ENERGY EXCHANGE LIMITED MS. APARNA GARG – HEAD, INVESTOR RELATIONS AND CORPORATE COMMUNICATIONS –INDIAN ENERGY EXCHANGE LIMITED AMIT KUMAR – HEAD OF OPERATIONS, NEW PRODUCT INITIATIVES AND TECHNOLOGY – INDIAN ENERGY EXCHANGE LIMITED MR. ADITYA WALI –INVESTOR RELATIONS – INDIAN ENERGY EXCHANGE LIMITED MANAGEMENT: MR. ROHAN GHEEWALA– AXISCAPITAL Page 1 of 18 Indian Energy Exchange Limited October 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to Indian Energy Exchange Q2 FY27 Earnings Conference Call hosted by Axis Capital Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rohan Gheewala from Axis Capital. Please go ahead. Rohan Gheewala: Thank you. Good afternoon, ladies and gentlemen. On behalf of Axis Capital, I am pleased to welcome you all to the IEX Q2 FY27 earnings conference call. We have with us the management team of IEX, which is represented by Mr. Rohit Bajaj, Joint Managing Director, Mr. Satyanarayan Goel, Chairman and Managing Director, Mr. Vineet Harlalka, Chief Financial Officer, Mr. Amit Kumar, Head of Operations, New Product Initiatives and Exchange Technology, and Ms. Aparna Garg, Head Investor Relations and Corporate Communications. We will begin with the opening remarks from Mr. Rohit Bajaj, followed by an interactive Q&A session. Thank you, and over to you, Sir. Rohit Bajaj: Thank you. Good afternoon, friends. I welcome you all to the IEX earning call for Q2 FY 2027. With me today on this call are Mr. Satyanarayan Goel, CMD, IEX, Mr. Vineet Harlalka, CFO and Company Secretary, Mr. Amit Kumar, Head of Market Operations and Exchange Technology, Ms. Aparna Garg, Head of Investor Relations and Corporate Communications; and Mr. Aditya Wali. Friends, amid global uncertainty and inflationary pressures driven by oil supply volatility, India continues to remain the fastest growing major economy in the world, having recorded strong GDP growth of 7.8% in Q1 FY27. Reinforcing this outlook, the IMF recently revised its forecast upwards and projects India’s GDP to grow by 7% in each of the next 2 years. This growth trajectory is powered by strong domestic demand, robust services activity, and favourable demographic trends. Notably, this performance comes despite severe El Nino conditions, which led to the fourth lowest performing monsoon season this century, with rainfall at just 87% of the long-period average. Looking at the bigger picture, India is steadily progressing toward a USD5 trillion economy by FY30, driven by reforms like GST rationalization, new labor codes, and FTAs with the UK, Switzerland, New Zealand, and the forthcoming one with EU and some other countries. Together, they are advancing the vision of a Viksit Bharat by 2047. This growth story will be fueled by electricity at its core. The power sector witnessed sustained demand growth during the first half of the year supported by strong industrial activity and higher irrigation demand amid the weak monsoon. In the first half of FY27, power demand grew 10.2% Y-o-Y to touch 897 billion units. Elevated temperatures due to El Nino and deficient monsoon rainfall drove Q2 electricity demand to 502 billion units, marking a record 11.5% year-on-year increase. Page 2 of 18 Indian Energy Exchange Limited October 30, 2026 While peak demand during the summer reached 271 gigawatt, it remained elevated at 269 gigawatt in September. The demand and supply scenario remained volatile during the quarter. A weak monsoon increased buy bids in IEX day-ahead market by nearly 120% Y-o-Y in Q2, pushing up average DAM prices nearly 46% Y-o-Y to INR5.72 per unit and average RTM price higher by 49% Y-o-Y to INR5.24 per unit. With prices touching INR20 per unit in certain time blocks during the quarter, the high-priced day-ahead market, (HP DAM), played a critical role by enabling unmet demand bids to transition into the high-price segment, ensuring supply for buyers with urgent power requirements. However, cyclones and unseasonal rains during the later part of the quarter moderated demand in several regions, providing ample supply liquidity and driving RTM prices to near zero in multiple time blocks on a few days. In the first half of fiscal, prices during solar hour touched an average of INR2.3 per unit pushing up arbitrage opportunity to over INR6.5 per unit for both 2-hour, 2 cycles per day and 4-hour, 1 cycle per day battery storage systems and providing further opportunity for addition of BESS capacity. On the fuel side, domestic coal production was largely flat at 445 million ton in H1 FY27 compared with H1 FY26. Summer demand strained plant inventories and weather disruption tightened availability further. As of 22nd October 2026, coal inventory stood at nearly 8 days with stock at about 100 plants at a critical 3 days level. The Ministry of Power has been closely monitoring coal stocks and has taken various measures to improve coal availability, and some of these measures can be seen on the ground. Further, MoP has invoked Section 11 of the Electricity Act to direct over 100 captive coal-fired plants as well as Coastal Gujarat Power Limited, CGPL, imported coal-based plant to maximize generation till 31st December 2026. Let us now talk about few important regulatory updates and policy initiatives during the quarter. • Earlier this May, CERC issued a discussion paper on strengthening and scheduling timelines for real-time market. The paper proposes reduction of RTM auction window from 15 minutes to 5 minutes, and thereby reducing gate closure time from 75 minutes to 50 minutes. The objective is to enable better forecasting, more efficient management of renewables, and enhance liquidity on the exchange platform. The same has now been proposed in draft grid code, (IEGC), and public comments on the proposal were invited and closed last week. • The CERC issued amendments to the Sharing of Inter-State Transmission Charges and Losses Regulation 2020, providing ISGF charges waiver for up to 25 years fo [Showing first 8,000 characters — download PDF for full document]