INDIAN ENERGY EXC LTD

Operates an electronic platform that matches electricity sellers and buyers in India across multiple segments, including the Day Ahead Market (DAM), Real-Time Market (RTM) and Term Ahead Market (TAM). FY26 electricity volumes traded on the platform reached 141 billion units (BU), up 17% YoY, with Q4 FY26 hitting a record 39.4 BU (+24.3% YoY); the RTM segment made up 39% of electricity volumes in FY26 and grew 48.2% YoY in Q4. Beyond electricity, it runs a carbon exchange that issues Renewable Energy Certificates (I-RECs) — FY26 I-REC issuance was up over 200% YoY with 5,000+ industrial consumers active — and a gas exchange (IGX) which traded 76.8 MMBtu in FY26 (+28% YoY). A wholly owned subsidiary, Indian Coal Exchange Limited, has been incorporated to enter coal trading after in-principle board approval, and the gas subsidiary IGX has filed a DRHP with SEBI for an IPO. Revenue is generated primarily from transaction fees on matched electricity trades; per F_SEGMENTS the Power Exchange contributed 100% of period segment revenue (₹474.0636 crore) while the Carbon and Gas exchanges contributed negligibly. Costs are dominated by employee expenses (8% of revenue) and other operating expenses (7.6%), with depreciation at 3.8% and capex at 2.4%, reflecting an asset-light, technology-driven model.