Sector analysis · India

Power sector earnings growth, Q3 FY25

The 20 largest Power companies by market cap at the end of Q3 FY25 (31 Dec 2024), compared with Q2 FY25.

The top 20 at Q3 FY25

Q3 FY25 vs Q2 FY25: combined net profit ₹13,405 cr (−48%), median EPS −11% (5 of 19 up), market-cap-weighted price −22%. 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	18.3%	5.44 → 5.22	−4%	−0.8 pp	−25%
2	Power Grid Corporation of India LimitedPOWERGRID	16.3%	4.08 → 4.15	+2%	+0.3 pp	−13%
3	Adani PowerADANIPOWER	11.6%	1.73 → 1.59	−8%	−1.1 pp	−19%
4	Adani GreenADANIGREEN	9.3%	1.74 → 3.11	+79%	+0.8 pp	−45%
5	Tata Power Company LimitedTATAPOWER	7.1%	2.90 → 3.23	+11%	+0.4 pp	−19%
6	JSW EnergyJSWENERGY	6.4%	4.88 → 0.96	−80%	−2.7 pp	−12%
7	NTPC GreenNTPCGREEN	6.1%	0.09 → 0.08	−11% one source	0.0 pp	—
8	Adani Energy Solutions LimitedADANIENSOL	5.5%	5.62 → 4.68	−17%	−0.4 pp	−20%
9	NHPC LtdNHPC	4.6%	0.90 → 0.23	−74%	−2.6 pp	−15%
10	Torrent Power LimitedTORNTPOWER	4.2%	10.01 → 9.44	−6%	0.0 pp	−21%
11	SJVN LimitedSJVN	2.3%	1.12 → 0.38	−66%	−1.1 pp	−21%
12	NLC IndiaNLCINDIA	2.0%	6.58 → 4.82	−27%	−0.9 pp	−12%
13	CESC LimitedCESC	1.4%	2.66 → 2.00	−25%	−0.3 pp	−8%
14	Reliance Power LimitedRPOWER	1.0%	7.16 → 0.10	−99%	−11.0 pp	−12%
15	NAVA LIMITEDNAVA	0.8%	8.65 → 8.63	0%	0.0 pp	−14%
16	Acme Solar Holdings LimitedACMESOLAR	0.8%	0.25 → 1.85	+640%	+0.4 pp	—
17	Jaiprakash Power Ventures LimitedJPPOWER	0.7%	0.27 → 0.18	−33%	−0.2 pp	−3%
18	Reliance Infra.RELINFRA	0.7%	103.06 → −83.26	to loss one-off	−28.6 pp	−10%
19	KPI Green Energy LimitedKPIGREEN	0.6%	3.55 → 4.29	+21%	+0.1 pp	−6%
20	GMR UrbanGMRP&UI	0.5%	— → −1.49	sources disagree	—	−24%
	Sector earnings growth	100%			−48.0 pp

Who joined and who left

2 joined and 2 left the top 20 since Q2 FY25, as market caps moved.

Joined the top 20 since Q2 FY25 2

now #7 NTPC Green NTPCGREEN
now #16 Acme Solar Holdings Limited ACMESOLAR

Left the top 20 since Q2 FY25 2

was #19 RattanIndia Power Limited RTNPOWER
was #20 Ujaas Energy Limited UEL

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%
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%
ADANIGREEN	+16%	−31%	−41%	+197%	−38%	+79%	−53%	+203%	−19%	to loss	turned profitable	+113%
TATAPOWER	−10%	+9%	−6%	+9%	−5%	+11%	+1%	+2%	−13%	−16%	+29%	+18%
JSWENERGY	+194%	−73%	+52%	+40%	+63%	−80%	+143%	+82%	−5%	−40%	−12%	+22%
NTPCGREEN	outside	outside	outside	outside	outside	−11%	+250%	−7%	−62%	−80%	+1,050%	+57%
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%
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
NAVA	−43%	+121%	−37%	+72%	−29%	0%	−4%	+31%	−58%	+71%	−43%	+118%
ACMESOLAR	outside	outside	outside	outside	outside	+640%	+10%	+6%	−12%	−1%	+22%	+45%
JPPOWER	−64%	+150%	+244%	−41%	−47%	−33%	+28%	+78%	−34%	−96%	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
KPIGREEN	+4%	+31%	−15%	+54%	−3%	+21%	+17%	+5%	+5%	+8%	+23%	−41%
GMRP&UI	loss, smaller	turned profitable	+259%	sources disagree	sources disagree	sources disagree	sources disagree	outside	sources disagree	sources disagree	sources disagree	outside