Sector analysis · India

Power sector earnings growth, Q1 FY27

The 20 largest Power companies by market cap at the end of Q1 FY27 (30 Jun 2026), compared with Q1 FY26.

The top 20 at Q1 FY27

Q1 FY27 vs Q1 FY26: combined net profit ₹22,626 cr (+11%), median EPS +4% (12 of 20 up), market-cap-weighted price +19%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Adani PowerADANIPOWER	20.2%	1.76 → 2.49	+41% one source	+7.0 pp	+91%
2	NTPC LimitedNTPC	16.2%	6.20 → 6.93	+12%	+3.5 pp	+6%
3	Power Grid Corporation of India LimitedPOWERGRID	12.5%	3.90 → 3.87	−1% one source	−0.2 pp	−5%
4	Adani GreenADANIGREEN	11.5%	4.39 → 5.13	+17%	+0.6 pp	+49%
5	Adani Energy Solutions LimitedADANIENSOL	8.4%	4.27 → 9.57	+124%	+3.1 pp	+69%
6	Tata Power Company LimitedTATAPOWER	5.8%	3.32 → 3.68	+11% one source	+0.6 pp	−5%
7	JSW EnergyJSWENERGY	5.0%	4.25 → 2.57	−40% one source	−1.3 pp	+12%
8	NHPC LtdNHPC	3.8%	1.06 → 1.09	+3% one source	+0.2 pp	−5%
9	NTPC GreenNTPCGREEN	3.8%	0.26 → 0.36	+38% one source	+0.4 pp	−9%
10	Torrent Power LimitedTORNTPOWER	3.3%	14.52 → 12.68	−13%	−0.5 pp	−4%
11	NLC IndiaNLCINDIA	2.1%	5.75 → 3.15	−45%	−1.8 pp	+40%
12	SJVN LimitedSJVN	1.3%	0.58 → 0.57	−2%	0.0 pp	−27%
13	Acme Solar Holdings LimitedACMESOLAR	1.3%	2.16 → 3.33	+54%	+0.5 pp	+53%
14	CESC LimitedCESC	1.0%	2.92 → 3.03	+4%	+0.1 pp	−2%
15	NAVA LIMITEDNAVA	0.8%	10.88 → 9.79	−10% one source	−0.2 pp	0%
16	Clean Max Enviro Energy Solutions LimitedCLEANMAX	0.7%	−2.80 → 4.14	turned profitable	+0.3 pp	—
17	VEDPOWERVEDPOWER	0.7%	0.23 → −1.08	to loss one source one-off	−2.4 pp	—
18	Jaiprakash Power Ventures LimitedJPPOWER	0.6%	0.41 → 0.68	+66% one source one-off	+0.9 pp	−4%
19	Reliance Power LimitedRPOWER	0.5%	0.11 → 0.16	+45% one source	+0.1 pp	−65%
20	KPI Green Energy LimitedKPIGREEN	0.4%	5.27 → 4.33	−18%	−0.1 pp	−23%
	Sector earnings growth	100%			+10.9 pp

Who joined and who left

1 joined and 1 left the top 20 since Q4 FY26, as market caps moved.

Joined the top 20 since Q4 FY26 1

now #17 VEDPOWER VEDPOWER

Left the top 20 since Q4 FY26 1

was #19 GMR Urban GMRP&UI

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth year on year, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
ADANIPOWER	+850%	turned profitable	−48%	−55%	−49%	+12%	−4%	−13%	−12%	−19%	+52%	+41%
NTPC	+38%	+8%	+27%	+12%	+14%	−2%	+23%	+10%	−4%	+8%	+38%	+12%
POWERGRID	+4%	+10%	−4%	+3%	0%	−4%	−1%	−3%	−6%	+8%	+10%	−1%
ADANIGREEN	+150%	+149%	−70%	+39%	−26%	+92%	+53%	+56%	+103%	to loss	+66%	+17%
ADANIENSOL	+34%	−32%	−7%	to loss	+128%	+61%	+66%	turned profitable	−21%	−2%	+6%	+124%
TATAPOWER	+7%	+1%	+15%	0%	+6%	+8%	+16%	+9%	−1%	−25%	−4%	+11%
JSWENERGY	+83%	+29%	+30%	+70%	−6%	−32%	+9%	+42%	−17%	+150%	−9%	−40%
NHPC	+1%	−27%	−14%	−1%	−42%	−53%	+55%	+4%	+13%	−4%	+71%	+3%
NTPCGREEN	outside	outside	outside	outside	outside	−33%	+56%	+13%	+11%	−75%	−18%	+38%
TORNTPOWER	+9%	−47%	−4%	+88%	−9%	+26%	+135%	−28%	+43%	+35%	−70%	−13%
NLCINDIA	+164%	turned profitable	−86%	+38%	−16%	+166%	+324%	+43%	−27%	0%	+189%	−45%
SJVN	−1%	−52%	+300%	+32%	0%	+9%	to loss	−36%	−30%	+50%	loss, smaller	−2%
ACMESOLAR	outside	outside	outside	outside	outside	+152%	−77%	+41,720%	+660%	+2%	+13%	+54%
CESC	+14%	−12%	−8%	+9%	+1%	−6%	−7%	+2%	+21%	+7%	+18%	+4%
NAVA	sources disagree	sources disagree	sources disagree	+36%	+69%	−24%	+16%	−11%	−47%	−9%	−46%	−10%
CLEANMAX	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	sources disagree	turned profitable
VEDPOWER	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	to loss
JPPOWER	−9%	turned profitable	turned profitable	+82%	+170%	−28%	−73%	−20%	0%	−94%	to loss	+66%
RPOWER	loss, smaller	loss, bigger	to loss	loss, smaller	turned profitable	turned profitable	turned profitable	turned profitable	−97%	−40%	to loss	+45%
KPIGREEN	+65%	+32%	+22%	+79%	+66%	+53%	+112%	+44%	+56%	+39%	+46%	−18%