Sector analysis · India
Power sector earnings growth, Q1 FY25
The 20 largest Power companies by market cap at the end of Q1 FY25 (30 Jun 2024), compared with Q1 FY24.
The top 20 at Q1 FY25
Q1 FY25 vs Q1 FY24: combined net profit ₹18,227 cr (−11%), median EPS +33% (15 of 19 up), market-cap-weighted price +93%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | NTPC Limited | 18.6% | 5.03 → 5.65 | +12% | +2.5 pp | +100% |
| 2 | Power Grid Corporation of India Limited | 15.6% | 3.87 → 4.00 | +3% | +0.5 pp | +30% |
| 3 | Adani Green | 14.4% | 2.03 → 2.82 | +39% | +0.5 pp | +89% |
| 4 | Adani Power | 14.1% | 4.54 → 2.03 | −55% | −20.5 pp | +188% |
| 5 | Tata Power Company Limited | 7.1% | 3.04 → 3.04 | 0% | 0.0 pp | +99% |
| 6 | JSW Energy | 6.5% | 1.76 → 2.99 | +70% | +1.0 pp | +169% |
| 7 | Adani Energy Solutions Limited | 5.6% | 1.57 → −7.39 | to loss one-off | −4.2 pp | +30% |
| 8 | NHPC Ltd | 5.1% | 1.03 → 1.02 | −1% | 0.0 pp | +119% |
| 9 | Torrent Power Limited | 3.7% | 10.76 → 20.23 | +88% | +1.9 pp | +144% |
| 10 | SJVN Limited | 2.6% | 0.69 → 0.91 | +32% | +0.4 pp | +222% |
| 11 | NLC India | 1.7% | 2.92 → 4.03 | +38% | +0.7 pp | +121% |
| 12 | CESC Limited | 1.1% | 2.62 → 2.85 | +9% | +0.1 pp | +126% |
| 13 | Jaiprakash Power Ventures Limited | 0.7% | 0.28 → 0.51 | +82% | +0.7 pp | +219% |
| 14 | Reliance Power Limited | 0.6% | −0.79 → −0.24 | loss, smaller | +0.8 pp | +117% |
| 15 | KPI Green Energy Limited | 0.6% | 2.05 → 3.66 | +79% | +0.1 pp | +121% |
| 16 | NAVA LIMITED | 0.5% | 9.00 → 12.26 | +36% | +0.4 pp | +144% |
| 17 | RattanIndia Power Limited | 0.5% | −1.02 → 0.17 | turned profitable | +2.7 pp | +267% |
| 18 | Reliance Infra. | 0.4% | −16.13 → −5.90 | loss, smaller | +1.4 pp | +45% |
| 19 | PTC India | 0.3% | 4.39 → 5.87 | +34% | +0.2 pp | +79% |
| 20 | GMR Urban | 0.3% | — → 20.30 | sources disagree one-off | — | +374% |
| Sector earnings growth | 100% | −10.8 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q4 FY24, as market caps moved.
Joined the top 20 since Q4 FY24
Left the top 20 since Q4 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% |
| 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% |
| ADANIPOWER | +850% | turned profitable | −48% | −55% | −49% | +12% | −4% | −13% | −12% | −19% | +52% | +41% |
| 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% |
| ADANIENSOL | +34% | −32% | −7% | to loss | +128% | +61% | +66% | turned profitable | −21% | −2% | +6% | +124% |
| 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% |
| 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% |
| NAVA | sources disagree | sources disagree | sources disagree | +36% | +69% | −24% | +16% | −11% | −47% | −9% | −46% | −10% |
| RTNPOWER | loss, bigger | loss, bigger | turned profitable | turned profitable | loss, smaller | outside | outside | to loss | outside | +900% | outside | outside |
| RELINFRA | loss, bigger | loss, bigger | loss, smaller | loss, smaller | turned profitable | loss, bigger | turned profitable | turned profitable | −55% | outside | outside | outside |
| PTC | +51% | −14% | −26% | +34% | outside | outside | outside | outside | outside | outside | 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 |