Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 electricity trading volume grew 12.7% y-y to 39.7 billion units; H1 FY27 volume up 14.2% y-y to 77 billion units - Revenue rose 10.7% y-y to INR 203 Cr; PAT increased 12.9% y-y to INR 139 Cr in Q2 FY27 - RTM segment share reached 42% of volume, surpassing DAM for second consecutive quarter; RTM volume grew 10.5% y-y - IGX gas volumes surged 160% y-y to 42 million MMBtu; IGX PAT up 144% y-y to INR 23.4 Cr - ICX I-REC issuance grew 38.4% y-y; revenue up 20.8% y-y to INR 2.3 Cr - Awaiting CERC approval for Term-Ahead Market extension, Green RTM, and Peak DAM/RTM segments - Market coupling regulations pending; implementation may take 1.5-2 years post notification - Battery Energy Storage Systems and FDRE contracts driving volume growth; merchant BESS capacity approx. 4 GW - API integration with DISCOMs enables seamless bidding and back-office reconciliation - Board considering share buyback amid current stock price; dividend payout ~60-65% of profits - Market share in DAM and RTM exceeds 99%; RTM volumes growing faster than DAM - REC volumes declined due to policy changes; REC no longer significant revenue source