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Q2 FY’27 One Group. Multiple Exchanges. Infinite Opportunity.
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3Market Opportunity Larger Than Ever • Est. 2022 • India’s only International REC (I-REC) issuer • FY’26: 179 Lakh I-RECs (+200% YoY); PAT INR 4.7 Cr • Est. 2020 • India’s First, Only Natural Gas Exchange • 50+ Registered Members, 200+ Registered Clients • FY26: Gas Volumes - 76.8 million MMBtu; PAT INR 42 Cr • Incorporated in 2026, License applied with Coal Controller • MoC Announces Coal Exchange Rules, 2026 • Foundation for a Competitive, Multi-seller Coal Market One Group. Multiple Exchanges. Infinite Opportunity. Who We Are - Group • Est. 2008, Publicly Listed 2017 • India’s Premier Power Exchange, 9,100+ Participants • FY26: Electricity Volumes - 141 BU Consolidated PAT - INR 493 Cr India’s Energy Exchange Ecosystem 2
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The Opportunity Canvas 3Source: CEA, MoPMarket Opportunity Larger Than Ever Key Growth Drivers Shaping India’s Energy Markets • Electrification of the Economy • Per Capita Electricity Consumption - 2,000 kWh (2030); 4,000 kWh (2047) • Energy Transition and New Market Models • Increasing Share of Natural Gas in Energy Basket from Current ~6% to 15% by 2030 • Expanding Infrastructure and Domestic Gas Production • Policy and Regulatory Measures to Deepen the Gas Market • Time Series Granularity of I-RECs to Drive Demand for GHG Protocol Scope2, RE100, SBTI Claims • Trading Platform for I-RECs • AI-Enabled Facility Registration and I-TRACK Standard for Biogas and Biomethane • Coal Demand to Grow from 1.2Bn to 2.0Bn MT by FY35 • Multi-seller Surplus Market Enables Transparent, Exchange-based Price Discovery • Market Opportunity: E-auction Coal, Surplus from Captive and Commercial Mines 3
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Indian Energy Exchange Business Overview, Growth Drivers and Performance 4
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Power Sector Summary World’s Largest Network Reforms Underway ▪ Thermal: 68% of H1 FY’27 Generation; 71% (FY’26) ▪ Renewables (incl. Hydro): Record 29% in H1 FY’27, 25.9% (FY’26) Indian Generation Mix: H1 FY’27 Generation Mix Transmission Distribution & Consumption • Inter-regional trans. cap.: 120 GW (FY’26); 168 GW (FY’32) • One Nation One Grid • Green Corridor: Evacuation of RE in RE-rich States • Integrated Market • 99.9% times no congestion • Improving credit ratings and profitability of distribution companies: ➢ 14th Annual Integrated Rating and Ranking of Discoms (A+ and A ratings - 31 FY’25 v/s 16 in FY’24) ➢ AT&C losses down to 15% in FY’25 from 16% in FY’24 • Generators being paid on timely basis • DISCOMS resorting to power procurement optimization Coal + Lignite 67% Gas + Diesel 1% Solar 11% Wind 8% Hydro 9% Others 1% Nuclear 3% Cleaner Generation, Stronger Grid and Healthier Distribution India’s Power Sector On Stronger Growth Trajectory, Creating Large Opportunity for Power Exchanges 5
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Energy Sector Transition FY’26 Installed Capacity 559 GW 958 GW Nuclear 9GW 2% FY’32 CEA Projections Thermal Cap 311 GW 32% RE & Hydro 631 GW 66% Nuclear 16 GW 2% Thermal Cap 251 GW 45%RE & Hydro 299 GW 53% From 559 GW Today to 958 GW by FY’32 : Renewables Take the Lead • India Achieved 50% Share of Non-fossil Fuel in Installed Generation Capacity 5 Yrs Ahead of 2030 Target • RE Generation Mix to Increase from 26% in FY’26 to ~40% by FY’32 6
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Energy Sector Transition Technology Progress • Low Carbon Technologies – Wind, Solar, Hybrid • Falling RE & Battery Cost Driving Higher Penetration & RE integration • India Energy Stack – National Digital Framework to Modernize Power Sector • AI Enabled Demand Price Forecasting, Advanced Analytics Changing Preferences • PM Surya Ghar Yojana • Shift Towards RE and Storage • Electrification of Economy – EVs, Railways, Data Centres • Distributed Generation New Market Models • Energy as a Service • RE Penetration Driving New Market Design – BESS (Price Arbitrage); Firm and Dispatchable RE (FDRE), VPPAs, CfDs • Generation Moving Closer to Consumer (Prosumer), P2P Trading Policy and Regulatory Framework • Draft National Electricity Policy 2026 • Draft Electricity (Amendment) Bill, 2025 • Renewable Consumption Obligations (RCO) • Green Energy Open Access • Carbon Credit Trading Scheme (CCTS) • Electricity Derivatives Drivers of Energy Transition 5 Four Structural Forces Reshaping India’s Power Markets Each Driver Converges On Outcomes: More Products, Participants, Volumes for Exchanges 7
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Leading the Future of Energy with Innovation and Technology Our Company ➢ Nation wide, Automated and Transparent Trading Platform for Physical Delivery of Electricity, Renewables & Certificates ➢ Commenced Operations in 2008; CERC Regulated ➢ Publicly Listed Company – 2017 (NSE and BSE) ➢ ISO 9001:2015, ISO 14001:2015, ISO 27001:2022 ➢ State Advisory Committee Member of 13 SERCs ➢ Member Holding Board Seat in Association of Power Exchanges (APEX) ➢ From 1 Product in FY’09 to a Bouquet of Over 20 Products in FY’26 26% Volume Growth CAGR since 2008 Robust Ecosystem 5,300+ Commercial & Industries 45+ Discoms (All) 200+ ESCert Entities 1,100+ Conventional Generators ~3,000 RE Generators & Obligated Entities 9,100+ Registered participants 43+ Cross Border Portfolios India’s First and Largest Power Exchange 8
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IEX Product Timeline Diversified Product Portfolio for a Dynamic Power Market 9 Carbon Credit Certificate
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IEX Product Mix RTM has Made Substantial Strides; 41% of Electricity Volumes in H1 FY’27 (~33 BUs) In FY’16 DAM was 95% of Total Electricity and now 36% (Q2 FY’27) 5-Year RTM CAGR Growth of 42%; Overtakes DAM Share RTM Volumes RTM Share Increased from 20% to 40% in 4+ Years 24.2 30.1 38.9 54.9 27.9 32.5 21.4% 24.6% 29.2% 41.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 10 20 30 40 50 60 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 IEX RTM YoY Growth +17% RTM Volume (BUs) 10 Total Volumes (H1) DAM 35% RTM 41% TAM 14% Green 7% Certificates 3%
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Growth Driver 1: Demand Increase India placed as most promising global economy ✓ High GDP Growthof about6-7% Expectedto Drive PowerDemand ✓ FY 2032 ForecastDemand~2,700 BU ✓ Peak Demandof 388 GW by 2032 ✓ Summer Peak Power Demand – 271 GW (Q1 FY’26); All Time High ✓ Core Sector, Traction, PM Surya Ghar Yojana to Drive Electricity Consumption ✓ Last Mile Connectivity – Power on 24x7 Basis ✓ EVs and Data Centres to Drive Demand Growth ✓ AC Consumption to Grow 9X by 2050 (IEA) 1,031 1,091 1,135 1,205 1,268 1,284 1,271 1,374 1,506 1,622 1,692 1,708 2,700 29 35 41 48 54 56 80 101 103 121 143 168 0 50 100 150 200 250 300 100 600 1,100 1,600 2,100 2,600 3,100 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY32 All India Power Demand (BU) Traded Volumes (Electricity) High GDP Growth, Electrification Compounding Power Demand – Govt Target of Per Capita Electricity Consumption 4,000 kWh by 2047 Source: CEA (Long Term National Resource Adequacy Plan FY’27 – FY’36); CERC MMR 11
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Growth Driver 2: Optimisation Potential • Long Term PPA of Discoms have a Two-Part Tariff Structure ✓ FixedCost whichis to be PaidAnnuallyfor CapacityandVariableCost for Every Unit Drawn • Costlier Plants can be put on Reserve Shutdown (RSD) when Exchange MCP is Less than Variable Cost • Currently Solar Hour Prices are around Rs. 2/unit, Providing Opportunity to Replace Costlier Generation by Backing Down to Technical Minimum • Similar Opportunity for C&I Consumers, More During Solar Hours because of Low Prevailing Prices • In Q2 FY’27 Prices Dipped to Near-Zero Levels in Specific Day-time Slots Across Roughly26 Days • States Optimizing Procurement through Exchanges can Lead Up to ~10% Cost Savings • States Actively Saving- – Andhra Pradesh (Rs.2350 Cr, FY’20 and FY’21), Telangana (~Rs.700 Cr., FY’26) , Uttarakhand (Rs.285 Cr. net effective savings, FY’26), West Bengal, Punjab, Maharashtra, etc. Portfolio Optimization by C&I, DISCOMS Replacing Costlier Power 5.0 4.5 4.0 3.5 3.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Genco 1 Genco 2 Genco 3 Genco 4 Genco 5 DAM Solar Hour Price = Rs.2.3/KwH DAM Average Price = Rs.4.0/KwH For Illustration Purposes 12
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Load Shifting and Regional Diversity to Continue to Drive Growth Load Shifting and Time of Day Tariff Shifting Agriculture Load • Agriculture Power Demand of 290BU, Growing at 5% YoY with Potential to Shift to Solar Hours • ~50 GW of Load Shift Potential to Solar Hours Available till FY35 Time of the Day Tariff at C&I Level • C&I Tariff with Broader Gap between Solar and Non-Solar Hours to Incentivize Consumption During Solar Hours • Linking ToD Tariff with Market MCP Regional Diversity Consumption • North India has High Demand in Summers and Paddy Season • Southern India Sees Higher Demand between August to October Generation (Top States): • High Wind Power: Tamil Nadu, Karnataka, Gujarat, Rajasthan, Maharashtra • High Solar Power: Rajasthan, Gujarat, Karnataka, Tamil Nadu, Maharashtra • High Hydro Power: HP, Uttarakhand, J&K/Ladakh, North- East • Thermal Power: Chhattisgarh, UP, Maharashtra, MP IEX Demand Profile 0 50 100 150 200 250 300 Demand Met (GW) - 21 May 2026 Demand Met (GW) - 30 May 2019 All India Demand Source: IEX, NLDC Daily PSP Report 13 Growth Driver 3: Structural Load Shifts, Regional Diversity Demand Shift to Improve Volume Clearance on Exchange
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Growth Driver 4: Increasing Sell Side Liquidity Capacity Augmentation and Fuel Supply to Keep Surplus Power Flowing to IEX • Thermal Capacity Addition Target Revised to 115 GW (2035) from 80 GW (2032) • Thermal Capacity of 41 GW Under Construction; 22 GW Awarded; 16 GW in Various Stages of Planning in the Country • Coal Demand FY’26 – 1.2 BT; Production FY’35 (E) – 2.0 BT • Import Substitution and Commercial Mining • Coal Supply Growth from Captive and Commercial Mines (crossed 200 million tonne in FY’26, expected at 500 million tonne by FY’35) Source-wise Projected Installed Capacity Requirement (GW) FY’32 Thermal Capacity and Coal Supply Supply Side to Remain Robust with Capacity Additions 0 100 200 300 400 500 600 700 800 900 1,000 FY27 FY28 FY29 FY30 FY31 FY32 Coal Gas Nuclear Large Hydro Solar Wind Other RE BESS PSP 648 717 794 871 958 582 Source: CEA (Long Term National Resource Adequacy Plan FY’27 – FY’36) 14
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Rs. 4-5/kWh Arbitrage and 500+ Cycles/Year Make Exchange the Marketplace for Storage Growth Driver 5: New Market Models BESS & PSPs to Absorb Surplus Solar-Hour Supply, and Supply During Non-Solar Hours Excess Supply During Solar Hours Leads To: ✓ Low Market Clearing Price and High Uncleared Sell Volume ✓ RE Curtailment ✓ Missing Money Problem for Generators Serving Baseload ✓ Provides for Arbitrage between Solar and Non-Solar Hours: ▪ 1-cycle Arbitrage During Summer-Time ▪ 2-cycle Arbitrage During Winter ✓ IEX has Proposed Separate Contracts for BESS - Peaking Power DAM and RTM Contracts Market Based Arbitrage opportunity FY 2 Hrs.(2 cycles/day) 4 Hrs.(1 cycle/day) Annual Arbitrage (Rs./kWh) No. of cycles Annual Arbitrage (Rs./kWh) No. of cycles FY 24 3.80 568 3.17 349 FY 25 5.03 523 4.22 365 FY 26 4.81 545 4.63 365 FY 27 (Apr-Oct) 6.70 270 6.57 242 15
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Growth Driver 5: New Market Models Govt Push on Addition of BESS & PSPs • Targeted Addition of BESS (FY32): 37 GW/147 GWh (CEA) • Targeted Addition of PSP (FY32): 44 GW/ 236 GWh (CEA) • Financial Support of Rs 9,160 Cr has been Ear-marked for BESS VGF Schemes • ACME, Juniper and Adani will be Adding Additional Energy Storage System (ESS) Capacities Tendering authority Location ESS (MWh) Tender scope Category ACME Rajasthan 3200 EPC Standalone (Merchant) Juniper Rajasthan 500 EPC Standalone (Merchant) Adani Gujarat 3400 EPC Standalone (Merchant) Standalone BESS Tariffs have been Dropping Significantly Over the Last Few Years Standalone BESS Tariff Discovery: A Sharp Downward Trend 16 11.3 10.8 4.8 4.5 3.7 3.8 2.4 2.2 2.3 2.2 2.4 2.5 2.8 2.2 2.5 2.1 2.5 1.8 1.9 1.7 1.5 1.8 2.1 2.0 3.4 2.3 2.4 2.4 0 2 4 6 8 10 12 KSEB SECI ESS 1 BRPL GUVNL Ph 2 GUVNL Ph 3 SECI ESS 2 NVNN ESS 1 MSEDCL GUVNL Ph 4 RVUNL TGGENCO KPTCL GUVNL NVVN TNGECL NHPC (Tranche-2) KPTCL RUVNL GUVNL-Ph.VII MSEDCL AP Transco NVVN GUVNL SJVN-Haryana PSPCL GUVNL-Ph.IX MSEDCL-Phase 2 SJVN-Haryana April Sep Nov Jun Oct Nov Nov Jan Mar Apr Jun Aug Oct Nov Feb May Aug Sep 2022 2023 2024 2025 2026 Bid Capacity (MWh) L1 Price (INR lac/MW/month)
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Growth Driver 5 : New Market Models FDRE & RTC Tenders Deepen Sell and Buy Liquidity; Structural Volume Upside for IEX ✓ Discoms Moving Towards Firm RE or Peak Supply from RE Sources (RE + Storage) o Discoms are Showing Interest in Firm RE which can Supply During Peak Hours o This Requires Significant Over-Sizing of RE Project and Mandatory Addition of Storage Technologies o Energy Over-capacity Goes Up to 40-45% During Solar Hours. Such Projects are Expected to Increase Sell Liquidity at Exchange as Surplus Generation Will be Sold on Exchange o Such Tenders Also Allow Buy from Green Market ~ 5% on Annual Basis which Will Increase Buying Liquidity at Exchange. o Under Such Category Projects of ~ 22 GW have been Awarded o Future FDRE Projects Expected with Cost Efficient Battery ✓ Such a shift shall lead to higher liquidity on Power Exchange 0 500 1000 1500 00:00:00 02:00:00 04:00:00 06:00:00 08:00:00 10:00:00 12:00:00 14:00:00 16:00:00 18:00:00 20:00:00 22:00:00 April 0 500 1000 1500 00:00:… 02:15:… 04:30:… 06:45:… 09:00:… 11:15:… 13:30:… 15:45:… 18:00:… 20:15:… 22:30:… Jan ~22 GW FDRE Awarded; Traction to Continue 17 5.0 4.6 4.6 4.3 4.4 4.5 4.7 4.4 4.8 8.5 4.8 6.8 6.3 6.0 0 2.5 5 7.5 10 0 500 1,000 1,500 2,000 2,500 3,000 3,500 SECI FDRE 4 NHPC FDRE 1 NTPC FDRE 1 SJVN FDRE 2 NHPC FDRE 2 NHPC FDRE 3 NTPC FDRE 2 SJVN FDRE 1 SJVN FDRE 3 SECI FDRE 6 TATA D SJVN FDRE 4 SECI FDRE 7 SECI FDRE 9 2023 2024 2025 2026 L1 Price(Rs./Kwh) MW FDRE Tender Trend RE Capacity Tendered (MW) L1 Price (Rs./kWh)
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Growth Driver 5 : New Market Models Innovative Market Mechanisms to Enhance market Liquidity & flexibility CFD: SECI Launched Contract for Difference pilot (500 MW) which gives RE Generators Price Certainty, Helping Them Secure Financing. This Provides Both Buy and Sell Side Liquidity on Exchanges VPPA: Virtual PPAs Let Corporates Procure Renewable Rower Flexibly. This Will Bring More Sell on Exchange Local Energy Market: Peer-to-Peer for Distributed, Energy Transactions, Prosumers and other Intra-State Entities Capacity Market: Proposed to Ensure Long-Term Resource Adequacy Through Market-Based Procurement Ancillary Market: Redesigned for Greater Liquidity via Market-based Procurement of Tertiary & Secondary Reserves 18
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Growth Driver 6: New Products and Policy Initiatives Green RTM, Peaking Contracts, 11-month LDC to Widen IEX’s Addressable Market TAM upto 11 Months ➢ Trade up to 11 Months Shall Help Shift DEEP Volume to Exchanges ➢ Currently DEEP Platform Trades about 40 BU Green RTM ➢ Filed Petition in CERC for Launching Green RTM ➢ Additional Market for RE Developers, Obligated Customers to Meet Sustainability Goals LPSC Rules ➢ As per LPSC Rules, Generators are Mandated to Offer Un-requisitioned (URS) Power on Exchanges ➢ While CGS were the First to Supply URS on Exchanges, States and IPPs to Scale ➢ Additional Sell Available in Both RTM and DAM, Expected to Increase Further ➢ Cleared Vol: 8.0 BUs (FY26), 8.4 BUs (H1 FY’27) Optimisation Potential ➢ Opportunity for Utilities/C&I to Replace High Variable Cost Power by Exchange Procurement ➢ Additional Buying Particularly During Solar Hours due to Low Prices Carbon Trading ➢ Ministry of Environment Issued Final Notifications on Greenhouse Gas Emission Intensity (GEI) Targets Across Seven Sectors; Along With Draft Targets for Iron and Steel ➢ Laid Foundation for Trading of Carbon Credit Certificates on Power Exchanges Expectedly in FY’27 ➢ Bureau of Energy Efficiency Issues Draft on Trading Procedures, Open for Public Comments till Nov 6th. ➢ IEX has filed petition with CERC for approval of Carbon Credit Certificate trading on its platform Peak Contracts ➢ Filed Petition with CERC for Peak DAM and Peak RTM Contracts for BESS Providers to Sell During Peak Hours. Order Reserved with CERC 19
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Growth Driver 7: Policy Initiatives Other Market Transformation Drivers Source: IEX, CERC Draft Electricity (Amendment) Bill, 2025 Draft National Electricity Policy (NEP) 2026 Policy Tailwinds Deepen India’s Power Markets Market Deepening: Larger role for power exchanges System Modernisation: Focus on resource adequacy, DISCOM efficiency, and RE + storage integration Supply Freedom: Promotes consumer choice by enabling direct supply through Open Access, reducing barriers to competition, and progressively introducing multiple electricity suppliers Derivatives Market: Progressively introduce forward contracts for further development to hedge price and volume risk by progressively introducing forward contracts India Energy Stack: Digitalinfrastructurefor power sectorto be establishedas a foundational frameworkfor interoperableenergysystemsand seamlessfinancialsettlements Regulatory Interventions: To Gradually Lower Power Market Interventions as the Markets Mature and Liquidity Increases DISCOM Reforms: Cost-reflective tariffs and financial sustainability focus Open Access Expansion: Greater participation from C&I consumers Rationalised Tariffs: Progressive removal of cross-subsidies for industrial & metro users 20
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Growth Driver 8: Roadmap for Deepening Market MoP's 2023 roadmap, steadily expanding what trades on exchanges Short Term Medium Term Long Term • Market based Ancillary Services • Market based RE • Resource Adequacy & integrated Resource Planning • Implementation of ToD & Demand Response • Increase share of RE addition through Markets • Utility Demand Response • Short Term Capacity Contracts • Market for Secondary Reserves • Overall interaction of Energy & Reserves • Capacity contracts • Demand Response (up to 1 year) (1 -2 years) (2 years and beyond) 12A Clear Policy Roadmap Toward Deeper, Market-Based Power Trading Source: MoP Report of the Group on Development of Electricity Market in India (2023) 21
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Market Coupling Update Source: IEX, CERC • CERC issued order dated July 23rd, 2025, on market coupling in which the regulator decided to initiate the process of implementation of market coupling of Day Ahead Market in January 2026 • IEX challenged above order dated 28th August 2025 in APTEL primarily on the grounds of: • In its order issued on February 13th, 2026, APTEL mentioned that as market coupling cannot be implemented without regulations, IEX is not an aggrieved party at this stage. As per the order, as and when final regulations are issued and if IEX is aggrieved by them, they have the liberty to challenge the regulations before an appropriate forum including all grounds raised in the appeal filed before APTEL • IEX filed a plea against the APTEL order in the Supreme Court in April 2026. SC also held a similar view and did not wish to interfere at this stage. The apex court added if IEX is aggrieved by the (final) regulations, they can approach the appropriate forum including the grounds raised in the appeal made. • CERC issued Draft Regulations on 17th April 2026 proposing Grid India as Market Coupling Operator. CERC invited stakeholder comments on the Draft till June 5th 2026 and Public Hearing held on June 10th 2026. o Insignificant gains of coupling as per simulations of CERC & NLDC including price gains in few instances: as admitted in their own order and reports o Order issued in July 2025, violated process prescribed by PMR 2021 and only sought to re-distribute market share of IEX o Lack of transparency in the entire process : Market design concerns remained unresolved; shadow pilot report undisclosed; July’25 Order tainted by insider trading allegations 22
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Market Coupling Update Source: IEX, CERC o Clarification on Scope of Market Coupling is required. Regulation should clarify whether the scope is for the Day Ahead Market or Integrated DAM (DAM, G-DAM, HP-DAM) o Industry Grade Robust Clearing Engine Software should be adopted having fast convergence ability in solving large MIQP problems, scalability to handle large volumes, robustness in handling complex order types o Grid-India as sole MCO will lead to single point of failure. The entire market clearing would be affected in case of any disruption. Such instances are observed in Europe. Fall back regulatory mechanism of allowing power exchanges to carry out price discovery is suggested o Power Market Coupling Procedure drafting should be undertaken by the steering committee comprising of CERC, Grid-India, all PXs, External Auditors/Market Monitors and coordinated by Grid-India o Provisions for inter-exchange financial settlement :Define a regulatory framework and timelines for inter- exchange settlements, as market coupling will impact existing Power Exchange pay-in/pay-out schedules governed by PX bye-laws • Grid India made following observations: 23
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Customer Centricity – Creating Customer Value Platform Where India’s Energy Participants Optimize Their Portfolios DISCOMs: Power procurement cost optimisation, benchmarking & capacity-building C&I Consumers: Green energy access, open access facilitation & cost savings RE Generators: Merchant sale through green markets & REC monetization Conventional Generators: Enhancing capacity utilization by efficient URS sell, Merchant Sell Obligated Entities: RECs, RCO compliance 24
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Technology Powered Customer Centric Solutions 3Source: CEA, MoPTechnology Prowess Positions us to Retain Prominent Market Share, Even Under Coupled Scenario ➢ Automated Bidding through APIs • ~75% of the Cleared Volume in I-DAM contributed by Members using the Bidding APIs ➢ Real-time and Automated Trade Reports through APIs • Easy integration with the Financial / Back Office systems of the Members • Over 55% of the Cleared Volume in I-DAM contributed by Members using the Trade Reports APIs ➢ Auto Bidder for Un-Requisitioned Surplus (URS) Power ➢ Ease of Manual Bidding through Intuitive Web-Platform ➢ Faster Pay-out through Close Integration with Clearing Banks • Pay-out to Sellers by 11:00 am on the next Bank Clearing Day of Electricity Delivery to enable our Sellers to utilise the Funds for their Operations • Rs. 40,000+ crores Pay-out done to Sellers in FY-26 without any delay 25
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Technology Powered Customer Centric Solutions 3Source: CEA, MoP Bid Data Analytics • Clearing Price Insights • Real Time RTM Session Price trend with DAM • Cleared Bids (Buy / Sell) Insights • Un-cleared Bids (Buy / Sell) Insights • Distribution of Un-cleared Bids (Buy / Sell) from the Clearing Price • DSM and RTM insights Ease of Financial Reconciliation • Self-service Web-bases Financial reconciliation functionality for Members • Multiple Options for doing Reconciliation • Trade Date • Product Segment • Bank Statement Description Digital Client Onboarding Technology Prowess Positions us to Retain Prominent Market Share, Even Under Coupled Scenario 26
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Platform – Secure, Intelligent, Resilient, and Scalable 3Source: CEA, MoP ➢ Bid Data Security for Members to Ensure Complete Confidentiality of Bid data for our Members During the Bidding • Encryption in Communication • Encryption in Database ➢ Défense in Depth Security Implementation Ensuring Security at Multiple Layers • Web Application Firewall to provide a strong layer of defence for Web-Application • Next Generation External and Internal Firewalls for Network protection • XDR (Extended Detection and Response) solutions • Multi factor Authentication • Database Activity Monitoring (DAM) tool implementation for real-time capturing, audit, and analysis all database transactions • 24x7 Security Operation Center (SOC) for real-time monitoring and action on alerts ➢ Scalable Platform to Manage Increased Load without Performance Degradation Technology Prowess Positions us to Retain Prominent Market Share, Even Under Coupled Scenario 27
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Platform – Secure, Intelligent, Resilient, and Scalable 3Source: CEA, MoPPowering India’s Energy Future with AI, Digital Innovation, Security, and Resilience ➢ Artificial Intelligence (AI) adoption to enhance Customer Value and Enterprise wide Productivity • AI Bidding Assistant for Discoms (in progress) • Auto Bidder Solutions for Consumer and Industrial Users (in progress) • AI powered Chatbot for key Market Data (in progress) • AI enabled Security Operations Center for proactive Threat detection • AI powered Software Development and Testing • Optimization and Automation of Business Process Workflows through implementation of AI and Robotic Process Automation (RPA) solutions ➢ Redundancy Built at Multiple Levels to Ensure High Availability • Application • Server • Database • Connectivity ➢ Hot Standby Implementation to Enable Achieving un-interrupted RTM Operations in Case of an Outage ➢ Robust Business Continuity through Seamless DC to DR Switch 28
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In this presentation: Indian Gas Exchange 29
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Indian Gas Exchange Physical Delivery-Based Gas Trading Across a Pan-India Network IGX traded-volume trend (Mn MMBTU) 0.2 12.2 50.9 40.8 60 76.8 FY21 FY22 FY23 FY24 FY25 FY26 19 delivery points Physical Delivery based Gas Exchange Operating under PNGRB’s Gas Exchange Regulations, 2020 Delivery Network : 6 Regional Gas Hubs West, South, East, North, Central, North-East Spot: Intraday · Day-Ahead · Daily Forward: Weekday · Weekly · Fortnightly · Monthly · BoM Index-linked: 3M & 6M — GIXI / JKM / WIM / Dated Brent ssLNG (by truck): Daily · Fortnightly · Monthly · BoM Price discovery: double-sided uniform-price auction & continuous matching Min Lot size: 50 MMBTU/day (INR Contracts) Segments: • RLNG • Domestic gas (Pricing freedom & Ceiling Price) • ssLNG 230.50 307.93 420.22 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 FY24 FY25 FY26 PAT (in million) IGX has filed DRHP, with the Securities and Exchange Board of India and BSE Limited for its proposed initial public offer of equity shares 30
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In this presentation: Indian Coal Exchange 31
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Coal Exchange: Developments 3Source: CEA, MoPBuilding India’s Most Trusted Digital Coal Trading Platform ➢ Ministry of Coal notified the Rules for Coal Exchange on 4th June 2026 ➢ As per the Final Rules, existing E-Auction Platforms and Marketplaces are allowed to operate only upto 6 months from the operationalization of the 1st Coal Exchange. This implies that after 6 months, all Coal Trading will happen only through Coal Exchange, including E-Auction by Coal India Limited ➢ As a result of this, the opportunity size for Coal Exchanges in the first year itself could be about 100 million tonnes ➢ The Registration Portal for submitting the Coal Exchange License Application has been launched by the Ministry of Coal and the Coal Controller Organization on 15th July 2026. ➢ Indian Coal Exchange Ltd incorporated June 2026; Applied for License in September 2026. 32
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Coal Generation Growth to Continue 3Source: CEA, MoPBuilding India’s Most Trusted Digital Coal Trading Platform Coal Exchange – Growth Drivers for 250 MT Trade by FY-35 • Shift of existing E-Auction volume to Coal Exchange • Coal Demand Growth • Captive and Commercial Mines Production Growth • Transition from “few to many” to “many to many” trade model We are Well Positioned to Operate the Coal Exchange • Rich experiencein RunningEfficientOperationsof RegulatedPhysicalDeliveryExchanges(18 Yearsin Power,6 Yearsin Gas) • Deep Customer Engagement Developed with Companies in Power, Steel, and Cement Sectors During 18 Years of Operations of IEX - Companies from these sectors Contribute to 90% of Coal Consumption and Will be Active Participants on the Coal Exchange) 200 350 500 FY-26 FY-30 FY-35 Captive and Commercial Coal Production (Million Tonnes) 1200 1650 2000 FY-26 FY-30 FY-35 Coal Demand (Million Tonnes) 100 150 250 FY-26 FY-30 FY-35 SPOT Market Volume (Million Tonnes) 33
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In this presentation: CSR/Financial Performance/Investment Thesis 34
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4,967 Students Supported 128 Schools/Institutions Focus: Retention, Quality Education, and Equality Education Health and Sanitation 15,345 Treatments done 81 Health Awareness Session Done Water coolers and RO systems provided to 7 schools and colleges. Focus: Preventive & Primary Care Livelihoods &Skill Development 543 Youth Trained Supported 4 Skill training centre 355 Successful Placements Focus: Sustainable Livelihoods Disaster Relief 8,665 Beneficiaries Reached 500 Families Supported 83 Health Camps Conducted Focus: Emergency Aid & Rehabilitation Heritage Support 3.5 lakh Visitor Experience Enhanced 2 Monuments (PQ & ST) Supported Focus: Infra & Illumination Initiatives Through CSR Initiatives, IEX has Supported 139 Schools/Institutions, Created a Direct Impact on 31,620 Individuals, and Extended Benefits to More Than 3.5 lakh Indirect Beneficiaries CSR Initiatives – Creating Impact Beyond Business 35
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Robust Financial Performance of IEX Robust business model and financial strength Consolidated Financials Rs Cr 36 Breakup of standalone revenues (%) Q2FY26 Q1FY27 Q2FY27 Transaction Fees 78% 75% 77% Admission and Annual Fees 3% 3% 3% Other Income 19% 22% 20% Total 100% 100% 100% 183.3 202.8 203.0 167.3 183.6 188.2 123.3 134.8 139.2 Q2FY26 Q1FY27 Q2FY27 Total Revenue EBITDA PAT 367.4 405.8 331.7 371.8 244.0 274.0 H1 FY26 H1 FY27 Total Revenue EBITDA PAT
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The Next Phase of Growth for IEX is Broader India’s Electricity Markets are Deepening Structurally and IEX will Capture a Prominent Share Source: IEX, CERC Robust Business Model ➢ 18 Years of Deep Relationships, API-led Integration and a Service Model Built Around Customers ➢ Asset-light, High-margin Platform ➢ Strong Free Cash Flow for Diversification Structural Demand Boom ➢ India’s Power Demand set to be 1.5x by 2032 ➢ Electrification, Data Centers, EVs, Air Conditioning Expansion Organic ➢ Volume Growth and New Products ➢ BESS (Price Arbitrage); Firm and Dispatchable RE (FDRE), VPPAs, CfDs, Capacity Markets, Carbon Markets, Ancillary Markets etc. Inorganic ➢ Govt. Thrust on Platform Businesses ➢ Gas, Coal, ICX ➢ Minerals Exchange – Final Rules Notified. Types of Minerals: Iron, Bauxite, Limestone, Manganese etc. ➢ BESS opportunity Compounding Shareholder Returns: High ROE, Consistent Dividend Payout A Large Market, Prominent Platform: Compounding Has a Long Way to Run Massive Penetration Headroom ➢ Exchanges: Still <10% of India’s Power Demand ➢ Mature Markets Several Times Higher. Europe Trades More than Half of its Power Generation through Power Exchanges ➢ Shift to Multi-layered Market-based Models 37
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Thank You