Indian Energy Exchange Ltd. makes a corporate announcement

RTM materially outgrew DAM in the latest monthly disclosure. In September 2026, DAM volume including HP-DAM rose only 0.5% YoY to 4,251 MU, versus 10.6% YoY growth in RTM to 5,294 MU.^{[1] [2]}

The faster RTM growth shifted the combined DAM-plus-RTM mix toward RTM: RTM increased from 53.1% to 55.5% of these two markets, a derived 2.4 percentage-point shift, using the reported volumes.^{[1] [2]}

Impact on blended transaction-fee realization: there is no mix-driven change in fee realization per MWh if DAM and RTM carry the same electricity transaction-fee rate. Management has stated that the electricity transaction fee remains INR 0.02 per unit on each side.^[3] This equates to:

• Rs 20 per MWh per side, since 1 MWh = 1,000 units.
• Rs 40 per MWh on a two-sided basis, if both buyer and seller fees are included.

Therefore, the RTM mix increase raises the aggregate fee pool through higher traded volume, but does not dilute or enhance the blended fee per MWh on the disclosed tariff structure. The latest monthly disclosure does not provide market-wise realized revenue, so an accounting-based realization cannot be calculated separately from the statutory fee rate.

IEX’s latest monthly electricity volume grew 10.4% YoY in September 2026 to 12,220 MU. This was a moderation from the 20.2% growth recorded in August, but still represented positive volume expansion. ^{[1] [13]}

A quantified comparison with PXIL is not possible because PXIL’s September 2026 traded volume and YoY growth are not reported in the cited material. Therefore, the claimed divergence cannot yet be established as a market-share shift.

What the IEX data does indicate

• IEX’s September growth was driven mainly by RTM and term-ahead activity: RTM volume rose 10.6% YoY, while TAM volume increased 100.6% YoY. ^[2]
• DAM growth was only 0.5% YoY in September, indicating that the core day-ahead market was broadly flat even as other products expanded. ^[1]
• The recent IEX trajectory has been volatile rather than steadily accelerating: 16.6% growth in April, 18.6% in May, 7.7% in July, 20.2% in August and 10.4% in September. ^{[14] [15] [16] [13] [1]}

Analyst read: if PXIL is growing materially faster than IEX in the same month, that would suggest increasing competitive pressure and possible share redistribution, particularly in products where switching costs are lower. But if both exchanges are growing, the more likely explanation would be market expansion rather than direct displacement. The present evidence supports the first half of that framework—continued power-market activity and changing product mix—but not a conclusion on PXIL’s competitive gains.

The key missing datapoint is PXIL’s like-for-like September electricity volume and YoY growth; without it, competitive intensity should be treated as unquantified rather than demonstrably rising.

_Scope note: this comparison also included Multi Commodity Exchange of India Ltd. (MCX); BSE Ltd. (BSE); National Stock Exchange of India Limited (NSE), which the answer above does not cover. Ask about any of them for a full side-by-side._