Analysts/Institutional Investor Meet/Con. Call Updates

Dated:July31,2026 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:TranscriptoftheIEXAnalystMeet2026heldonJuly24,2026. DearSir/Madam, PursuanttoRegulation30oftheSEBI(ListingObligationsandDisclosureRequirements) Regulations, 2015, please find the attached transcript of the IEX Analyst Meet held on July24,2026. 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 IEX Analyst Meet 2026 - Full Transcript Aparna Garg: Hi, Good Evening Everyone and Welcome to the Analyst Meet of Indian Energy Exchange. Most of you already know me, but for others, I am Aparna Garg. I am heading Corporate Communications and Investor Relations at IEX. We will soon be starting the event with opening remarks from our Chairman and Managing Director, Mr. Satyanarayan Goel, followed by detailed presentations by the Management Team, represented by Rohit Bajaj, JMD, Vineet Harlalka, Company Secretary and CFO and Amit Kumar, Executive Director. The presentation and the audio recording will be available on our website as well as the stock exchanges. I now request Mr. Goel to please come and make the opening remarks. Thank you. Satyanarayan Goel: Good Evening Friends! I welcome you all to the IEX Analyst Meet 2026. Today, I along with the Management Team of IEX will brief you about our business performance, our strategy and future outlook and we will also try to address your queries. Friends, India continues to remain one of the world's fastest growing major economies delivering a GDP of 7.7% in FY’26. This was supported by domestic consumption, expanding capital investment and steady industrial and services momentum. RBI has projected GDP growth rate of 6.6% for FY’27, a resilient trajectory even as global headwinds persist. Sustained investment and capex cycles are laying the foundation for a 5 trillion (dollar) economy before 2030. On the power sector front, India's overall electricity consumption during FY’26 was 1708 billion units. This was largely flat on a year-on-year basis because of good monsoons last year and a mild summer. But this year, right from the month of April, the summer has been very harsh and we have had less rain. So peak demand was almost about 271 gigawatt in the month of May and even in the month of July it almost touched about 271 gigawatt with about 12% increase in peak demand and 8% to 9% increase in energy consumption. To meet India's growing power demand, last year capacity addition of 58 gigawatt across thermal and renewable capacity was done taking India's total installed capacity to 533 gigawatt, out of which 275 gigawatt was the renewable capacity. We have achieved more than 50% of installed capacity as renewable capacity, the target which was to be achieved by 2030 as per the Paris Agreement. In fact, we have achieved that (target) four years in advance. And the CEA projects installed capacity of almost about 950 gigawatt by 2030 and out of that almost 66% is going to be renewable. Over the past year, the major development has been in the energy storage space. As you are aware, the cost of battery has come down significantly in the last 3-4 years. Battery cost has come down by almost 70%. The arbitrage available in the market last year, which was a year where prices were not very high, in spite of that, we found that arbitrage of 4.5 rupees for almost about 550 cycles of 2 hours being available in the market. This provides a compelling case for battery energy storage systems addition on merchant basis. And we have seen Juniper Green Energy followed by Acme and Adani Green, (they) have set up battery on a merchant basis and selling power in the market on the exchange platform. So a new class of market participants has come on the exchange platform. We find that storage and FDRE contracts are together going to provide a lot of liquidity on the exchange platform in future. On the fuel side, last year (coal) fuel production was more than 1 billion tonne, which was a record production. And there was ample supply of coal. Power stations had almost about 25 days of inventory which was an all-time high and, in this year, also in the first four months of this year there was enough coal available for meeting the demand of thermal power stations in the summer months. So, I am sure coal is not going to be a problem in the future also. Let us now talk about the important regulatory updates and the policy initiatives of the Government. • The Ministry of Power has released a draft National Electricity Policy (NEP) and what we hear is that this policy is going to be taken up for approval by the Cabinet maybe in the month of August-September. This policy is charting India's power sector roadmap aligned with Viksit Bharat goals targeting per capita electricity consumption of almost about 2,000 units by 2030 and 4,000 units by 2047. • The draft policy prioritizes cost-reflective tariff norms, a phased reduction in cross- subsidies, and TOD pricing to improve efficiency and strengthen discoms finances. As per the draft, in order to promote competition, State Commissions may allow multiple licenses in the same area. This is something which is being debated extensively these days. • The draft policy emphasizes the role of resource adequacy at the Center and State level to better manage Distributed Energy Resources (DERs) and ensure grid stability. In fact, many of the States have already started doing resource adequacy. CEA has come out with a software and many of the States have started entering (into) long- term contracts and ensuring resources at their disposal. • For deepening of power markets, suitable policy and regulatory framework shall be established for generation capacity addition through market mechanisms such as bilateral contract for difference. Further, the draft proposes: o Electricity from long-term PPA may be increased through the Exchanges. This is something which was discussed in 2018 also and this policy also envisions that long term contracts in future should be routed through the Exchanges. o Central Commission will also explore introduction of capacity market in a phased manner to ensure required capacity addition. o Market based system for consumer participation via demand response individually or through aggregators shall be promoted. o Regulatory framework to enable aggregation of Distributed Renewable Energy, small storage systems, and demand response mechanisms to increase market participation needs to be developed. This is something which I think is the need of the hour. And the India Energy Stack which is now being worked out, I think this will go a long way in providing demand response in the market and developing the local energy market. I think one of the immediate beneficiary of this will be the P2P market. o Appropriate Commissions shall facilitate long-term open access for consumers by ensuring stable and predictable open access charges, along with unidirectional and progressively reducing trajectory of cross-subsidy and additional surcharge. o In addition to market-based procurement, SCED and SUC needs to be expanded and this needs to be implemented at the State level also. Today it is being done at the Central Generating st [Showing first 8,000 characters — download PDF for full document]