Sector analysis · India

Power sector earnings growth, Q4 FY24

The 20 largest Power companies by market cap at the end of Q4 FY24 (31 Mar 2024), compared with Q3 FY24.

The top 20 at Q4 FY24

Q4 FY24 vs Q3 FY24: combined net profit ₹27,520 cr (+76%), median EPS +9% (13 of 20 up), market-cap-weighted price +13%. 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	NTPC LimitedNTPC	18.9%	5.32 → 6.36	+20%	+5.6 pp	+8%
2	Adani GreenADANIGREEN	16.9%	1.62 → 0.95	−41%	−0.6 pp	+15%
3	Power Grid Corporation of India LimitedPOWERGRID	15.0%	4.33 → 4.48	+3%	+0.8 pp	+17%
4	Adani PowerADANIPOWER	12.0%	1.42 → 1.42	0%	0.0 pp	+2%
5	Tata Power Company LimitedTATAPOWER	7.3%	2.98 → 2.80	−6%	−0.3 pp	+19%
6	Adani Energy Solutions LimitedADANIENSOL	6.7%	2.91 → 3.24	+11%	+0.2 pp	−2%
7	NHPC LtdNHPC	5.2%	0.49 → 0.55	+12%	+0.3 pp	+39%
8	JSW EnergyJSWENERGY	5.1%	1.41 → 2.14	+52%	+0.7 pp	+29%
9	Torrent Power LimitedTORNTPOWER	3.8%	7.49 → 8.95	+19%	+0.4 pp	+45%
10	SJVN LimitedSJVN	2.8%	0.35 → 0.16	−54% one-off	−0.4 pp	+33%
11	NLC IndiaNLCINDIA	1.8%	1.81 → 0.82	−55%	−0.8 pp	−10%
12	CESC LimitedCESC	0.9%	2.12 → 3.02	+42%	+0.7 pp	−8%
13	Reliance Power LimitedRPOWER	0.6%	−2.98 → −0.99	loss, smaller	+4.1 pp	+21%
14	Reliance Infra.RELINFRA	0.6%	−10.63 → −5.56	loss, smaller one-off	+1.1 pp	+29%
15	Jaiprakash Power Ventures LimitedJPPOWER	0.6%	0.25 → 0.86	+244% one-off	+2.3 pp	+9%
16	KPI Green Energy LimitedKPIGREEN	0.5%	2.80 → 2.38	−15%	0.0 pp	+4%
17	NAVA LIMITEDNAVA	0.4%	11.31 → 7.11	−37%	−0.7 pp	+11%
18	PTC IndiaPTC	0.3%	2.68 → 2.91	+9%	0.0 pp	−2%
19	RattanIndia Power LimitedRTNPOWER	0.3%	−1.09 → 19.86	turned profitable one-off	+62.4 pp	−8%
20	GMR UrbanGMRP&UI	0.2%	0.75 → 2.69	+259% one-off	+0.6 pp	−24%
	Sector earnings growth	100%			+76.4 pp

Who joined and who left

0 joined and 0 left the top 20 since Q3 FY24, as market caps moved.

Joined the top 20 since Q3 FY24 0

Nobody joined.

Left the top 20 since Q3 FY24 0

Nobody left.

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, 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
NTPC	−5%	+12%	+20%	−11%	−4%	−4%	+50%	−21%	−16%	+8%	+91%	−36%
ADANIGREEN	+16%	−31%	−41%	+197%	−38%	+79%	−53%	+203%	−19%	to loss	turned profitable	+113%
POWERGRID	+5%	+6%	+3%	−11%	+2%	+2%	+7%	−12%	−2%	+17%	+9%	−21%
ADANIPOWER	−25%	−58%	0%	+43%	−15%	−8%	−14%	+28%	−13%	−16%	+61%	+20%
TATAPOWER	−10%	+9%	−6%	+9%	−5%	+11%	+1%	+2%	−13%	−16%	+29%	+18%
ADANIENSOL	+57%	+18%	+11%	to loss	turned profitable	−17%	+15%	−21%	+4%	+4%	+24%	+68%
NHPC	+50%	−68%	+12%	+85%	−12%	−74%	+270%	+25%	−4%	−78%	+559%	−25%
JSWENERGY	+194%	−73%	+52%	+40%	+63%	−80%	+143%	+82%	−5%	−40%	−12%	+22%
TORNTPOWER	+2%	−32%	+19%	+126%	−51%	−6%	+123%	−31%	−1%	−11%	−51%	+101%
SJVN	+62%	−69%	−54%	+469%	+23%	−66%	to loss	turned profitable	+34%	−27%	to loss	turned profitable
NLCINDIA	+168%	−77%	−55%	+391%	+63%	−27%	−28%	+65%	−17%	0%	+109%	−69%
CESC	0%	−19%	+42%	−6%	−7%	−25%	+41%	+4%	+10%	−33%	+54%	−8%
RPOWER	loss, smaller	loss, bigger	loss, smaller	loss, smaller	turned profitable	−99%	+210%	−65%	+91%	−71%	to loss	turned profitable
RELINFRA	loss, smaller	loss, bigger	loss, smaller	loss, bigger	turned profitable	to loss	turned profitable	−99%	+3,103%	outside	outside	outside
JPPOWER	−64%	+150%	+244%	−41%	−47%	−33%	+28%	+78%	−34%	−96%	to loss	turned profitable
KPIGREEN	+4%	+31%	−15%	+54%	−3%	+21%	+17%	+5%	+5%	+8%	+23%	−41%
NAVA	−43%	+121%	−37%	+72%	−29%	0%	−4%	+31%	−58%	+71%	−43%	+118%
PTC	+40%	−56%	+9%	+102%	outside	outside	outside	outside	outside	outside	outside	outside
RTNPOWER	loss, bigger	loss, smaller	turned profitable	−99%	to loss	outside	outside	to loss	outside	turned profitable	outside	outside
GMRP&UI	loss, smaller	turned profitable	+259%	sources disagree	sources disagree	sources disagree	sources disagree	outside	sources disagree	sources disagree	sources disagree	outside