Sector analysis · India
Power sector earnings growth, Q3 FY24
The 20 largest Power companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q3 FY23.
The top 20 at Q3 FY24
Q3 FY24 vs Q3 FY23: combined net profit ₹13,740 cr (+17%), median EPS −12% (9 of 19 up), market-cap-weighted price +16%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | NTPC Limited | 19.8% | 4.93 → 5.32 | +8% | +2.7 pp | +87% |
| 2 | Adani Green | 16.6% | 0.65 → 1.62 | +149% one-off | +1.1 pp | −17% |
| 3 | Power Grid Corporation of India Limited | 14.5% | 3.92 → 4.33 | +10% | +2.7 pp | +11% |
| 4 | Adani Power | 13.3% | 0.00 → 1.42 | turned profitable | +19.2 pp | +75% |
| 5 | Adani Energy Solutions Limited | 7.7% | 4.26 → 2.91 | −32% | −1.1 pp | −60% |
| 6 | Tata Power Company Limited | 7.0% | 2.96 → 2.98 | +1% | +0.1 pp | +60% |
| 7 | JSW Energy | 4.4% | 1.09 → 1.41 | +29% | +0.4 pp | +42% |
| 8 | NHPC Ltd | 4.3% | 0.67 → 0.49 | −27% | −1.3 pp | +63% |
| 9 | Torrent Power Limited | 2.9% | 14.24 → 7.49 | −47% | −2.3 pp | +90% |
| 10 | SJVN Limited | 2.3% | 0.73 → 0.35 | −52% | −1.0 pp | +166% |
| 11 | NLC India | 2.3% | −2.93 → 1.81 | turned profitable | +4.6 pp | +194% |
| 12 | CESC Limited | 1.2% | 2.41 → 2.12 | −12% | −0.3 pp | +73% |
| 13 | Jaiprakash Power Ventures Limited | 0.6% | −0.32 → 0.25 | turned profitable one-off | +2.8 pp | +85% |
| 14 | KPI Green Energy Limited | 0.6% | 2.12 → 2.80 | +32% | +0.1 pp | +68% |
| 15 | Reliance Power Limited | 0.6% | −0.68 → −2.98 | loss, bigger | −6.3 pp | +62% |
| 16 | Reliance Infra. | 0.5% | −9.31 → −10.63 | loss, bigger one-off | −1.1 pp | +52% |
| 17 | NAVA LIMITED | 0.4% | — → 11.31 | sources disagree | — | +78% |
| 18 | PTC India | 0.4% | 3.10 → 2.68 | −14% | −0.1 pp | +134% |
| 19 | RattanIndia Power Limited | 0.3% | −0.89 → −1.09 | loss, bigger | −0.8 pp | +128% |
| 20 | GMR Urban | 0.2% | 5.97 → 0.75 | −87% one-off | −2.2 pp | +144% |
| Sector earnings growth | 100% | +17.2 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q2 FY24, as market caps moved.
Joined the top 20 since Q2 FY24
Left the top 20 since Q2 FY24
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.
| 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 | +38% | +8% | +27% | +12% | +14% | −2% | +23% | +10% | −4% | +8% | +38% | +12% |
| ADANIGREEN | +150% | +149% | −70% | +39% | −26% | +92% | +53% | +56% | +103% | to loss | +66% | +17% |
| POWERGRID | +4% | +10% | −4% | +3% | 0% | −4% | −1% | −3% | −6% | +8% | +10% | −1% |
| ADANIPOWER | +850% | turned profitable | −48% | −55% | −49% | +12% | −4% | −13% | −12% | −19% | +52% | +41% |
| 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% |
| TORNTPOWER | +9% | −47% | −4% | +88% | −9% | +26% | +135% | −28% | +43% | +35% | −70% | −13% |
| SJVN | −1% | −52% | +300% | +32% | 0% | +9% | to loss | −36% | −30% | +50% | loss, smaller | −2% |
| NLCINDIA | +164% | turned profitable | −86% | +38% | −16% | +166% | +324% | +43% | −27% | 0% | +189% | −45% |
| CESC | +14% | −12% | −8% | +9% | +1% | −6% | −7% | +2% | +21% | +7% | +18% | +4% |
| JPPOWER | −9% | turned profitable | turned profitable | +82% | +170% | −28% | −73% | −20% | 0% | −94% | to loss | +66% |
| KPIGREEN | +65% | +32% | +22% | +79% | +66% | +53% | +112% | +44% | +56% | +39% | +46% | −18% |
| RPOWER | loss, smaller | loss, bigger | to loss | loss, smaller | turned profitable | turned profitable | turned profitable | turned profitable | −97% | −40% | to loss | +45% |
| RELINFRA | loss, bigger | loss, bigger | loss, smaller | loss, smaller | turned profitable | loss, bigger | turned profitable | turned profitable | −55% | outside | outside | outside |
| NAVA | sources disagree | sources disagree | sources disagree | +36% | +69% | −24% | +16% | −11% | −47% | −9% | −46% | −10% |
| PTC | +51% | −14% | −26% | +34% | outside | outside | outside | outside | outside | outside | outside | outside |
| RTNPOWER | loss, bigger | loss, bigger | turned profitable | turned profitable | loss, smaller | outside | outside | to loss | outside | +900% | outside | outside |
| GMRP&UI | to loss | −87% | turned profitable | sources disagree | sources disagree | sources disagree | sources disagree | outside | sources disagree | sources disagree | sources disagree | outside |