Sector analysis · India

Power sector earnings growth, Q3 FY26

The 20 largest Power companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q2 FY26.

The top 20 at Q3 FY26

Q3 FY26 vs Q2 FY26: combined net profit ₹16,448 cr (−9%), median EPS −16% (6 of 19 up), market-cap-weighted price −2%. 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	18.5%	5.23 → 5.66	+8%	+2.3 pp	−3%
2	Adani PowerADANIPOWER	16.0%	1.53 → 1.29	−16%	−2.6 pp	−1%
3	Power Grid Corporation of India LimitedPOWERGRID	14.2%	3.83 → 4.50	+17%	+3.4 pp	−6%
4	Adani GreenADANIGREEN	9.7%	3.54 → −0.25	to loss	−3.4 pp	0%
5	Adani Energy Solutions LimitedADANIENSOL	7.1%	4.44 → 4.60	+4%	+0.1 pp	+18%
6	Tata Power Company LimitedTATAPOWER	7.0%	2.88 → 2.42	−16%	−0.8 pp	−2%
7	JSW EnergyJSWENERGY	4.9%	4.03 → 2.40	−40% one-off	−1.6 pp	−9%
8	NTPC GreenNTPCGREEN	4.6%	0.10 → 0.02	−80%	−0.4 pp	−3%
9	NHPC LtdNHPC	4.6%	1.02 → 0.22	−78%	−4.4 pp	−8%
10	Torrent Power LimitedTORNTPOWER	3.8%	14.36 → 12.76	−11%	−0.4 pp	+7%
11	NLC IndiaNLCINDIA	2.0%	4.80 → 4.80	0%	0.0 pp	−12%
12	SJVN LimitedSJVN	1.7%	0.78 → 0.57	−27%	−0.5 pp	−17%
13	CESC LimitedCESC	1.3%	3.21 → 2.15	−33%	−0.8 pp	+3%
14	NAVA LIMITEDNAVA	0.9%	4.58 → 7.84	+71%	+0.5 pp	−13%
15	Reliance Power LimitedRPOWER	0.8%	0.21 → 0.06	−71%	−0.3 pp	−21%
16	Acme Solar Holdings LimitedACMESOLAR	0.8%	1.90 → 1.88	−1%	0.0 pp	−14%
17	Jaiprakash Power Ventures LimitedJPPOWER	0.7%	0.27 → 0.01	−96%	−1.0 pp	−1%
18	KPI Green Energy LimitedKPIGREEN	0.6%	5.53 → 5.97	+8%	0.0 pp	+15%
19	GMR UrbanGMRP&UI	0.5%	— → −2.36	sources disagree one-off	—	−2%
20	RattanIndia Power LimitedRTNPOWER	0.3%	−0.06 → 0.10	turned profitable	+0.5 pp	−16%
	Sector earnings growth	100%			−9.3 pp

Who joined and who left

1 joined and 1 left the top 20 since Q2 FY26, as market caps moved.

Joined the top 20 since Q2 FY26 1

now #20 RattanIndia Power Limited RTNPOWER

Left the top 20 since Q2 FY26 1

was #18 Reliance Infra. RELINFRA

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%
ADANIPOWER	−25%	−58%	0%	+43%	−15%	−8%	−14%	+28%	−13%	−16%	+61%	+20%
POWERGRID	+5%	+6%	+3%	−11%	+2%	+2%	+7%	−12%	−2%	+17%	+9%	−21%
ADANIGREEN	+16%	−31%	−41%	+197%	−38%	+79%	−53%	+203%	−19%	to loss	turned profitable	+113%
ADANIENSOL	+57%	+18%	+11%	to loss	turned profitable	−17%	+15%	−21%	+4%	+4%	+24%	+68%
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%
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%
NLCINDIA	+168%	−77%	−55%	+391%	+63%	−27%	−28%	+65%	−17%	0%	+109%	−69%
SJVN	+62%	−69%	−54%	+469%	+23%	−66%	to loss	turned profitable	+34%	−27%	to loss	turned profitable
CESC	0%	−19%	+42%	−6%	−7%	−25%	+41%	+4%	+10%	−33%	+54%	−8%
NAVA	−43%	+121%	−37%	+72%	−29%	0%	−4%	+31%	−58%	+71%	−43%	+118%
RPOWER	loss, smaller	loss, bigger	loss, smaller	loss, smaller	turned profitable	−99%	+210%	−65%	+91%	−71%	to loss	turned profitable
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
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
RTNPOWER	loss, bigger	loss, smaller	turned profitable	−99%	to loss	outside	outside	to loss	outside	turned profitable	outside	outside