Indian Energy Exchange Ltd. makes a corporate announcement

Latest read: September 2026 shows a sharp divergence between the two core markets: DAM was nearly flat at 4,251 MU, +0.5% YoY ^[1], while RTM grew 10.6% YoY to 5,294 MU ^[2]. Across April–September, RTM remained consistently positive, whereas DAM growth was volatile and weakened materially by September.

DAM and RTM monthly trend

Interpretation: RTM is the more durable growth engine, with YoY growth remaining positive in every month shown, although it moderated from April’s 30.2% to around 10.6% in August–September. DAM’s trajectory was less consistent: strong growth in April–May, contraction in June–July, a recovery in August, and then near-zero growth in September.

Market-share differential versus HPX

The latest quarter-specific market-share estimate, for April–June 2026, puts IEX at 75.15% of electricity traded across India’s three power exchanges, versus 5.94% for HPX ^[8].

IEX’s share had declined from 82.68% a year earlier to 75.15%, indicating rising competitive pressure from PXIL and HPX ^[8]. However, HPX remains a much smaller platform: IEX’s latest reported share was approximately 12.6 times HPX’s share, derived from 75.15% divided by 5.94%.

Caveat: the September monthly operational release provides IEX’s own DAM and RTM volumes, but a September all-exchange market-share split could not be confirmed. The 69.21 pp comparison is therefore the latest quarter-level market-share reference, not a September-specific measure.

_Scope note: this comparison also included BSE Ltd. (BSE), which the answer above does not cover. Ask about any of them for a full side-by-side._

The latest Q2 FY27 results do not provide a separately reported revenue contribution for either IGX or GTAM. The available figures show operational scale and profit for IGX, and traded-volume mix for the Green Market, but not revenue by business.

How this compares with the diversification strategy

The evidence supports strategic diversification, but not yet demonstrable revenue diversification:

• IGX is scaling operationally: Q2 gas volumes grew 160% YoY and IGX PAT rose 144% YoY, making it the more visible emerging contributor among the two businesses ^[14]. However, because IGX is an associate and its revenue is not separately reported, its contribution to IEX’s consolidated revenue cannot be calculated.
• GTAM remains a small-volume product within the broader Green Market: the combined Green Market accounted for 7% of H1 volumes, while Q2 Green Market volumes declined 5.8% YoY ^[2]. This does not yet indicate a material or accelerating revenue contribution from GTAM specifically.
• Management’s quantified IGX ambition is market penetration, not a revenue-share target: the company has indicated that IGX’s share of India’s overall gas consumption could rise from roughly 2% currently to 4–5% by 2030 ^[17]. Management has also discussed the broader objective of increasing natural gas’s share of India’s energy basket from 6% to 15% by 2030 ^[18].
• The broader strategy is to build multiple energy platforms—gas, coal, environmental products and minerals—around the core electricity exchange ^[19]. No explicit long-term target for IGX or GTAM as a percentage of group revenue was reported.

Assessment: the current mix is directionally consistent with management’s diversification plan, particularly through IGX’s strong volume and profit growth. But financially, IEX remains predominantly an electricity-exchange business: the quarterly disclosures show progress in adjacent platforms without yet establishing a measurable IGX or GTAM revenue share.