Sector analysis · India
Power sector earnings growth, Q2 FY25
The 20 largest Power companies by market cap at the end of Q2 FY25 (30 Sep 2024), compared with Q2 FY24.
The top 20 at Q2 FY25
Q2 FY25 vs Q2 FY24: combined net profit ₹25,690 cr (+23%), median EPS 0% (12 of 19 up), market-cap-weighted price +81%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | NTPC Limited | 20.3% | 4.76 → 5.44 | +14% | +2.9 pp | +80% |
| 2 | Power Grid Corporation of India Limited | 15.5% | 4.07 → 4.08 | 0% | +0.1 pp | +77% |
| 3 | Adani Green | 14.2% | 2.35 → 1.74 | −26% | −0.4 pp | +93% |
| 4 | Adani Power | 11.9% | 3.42 → 1.73 | −49% | −14.4 pp | +74% |
| 5 | Tata Power Company Limited | 7.3% | 2.74 → 2.90 | +6% | +0.2 pp | +84% |
| 6 | JSW Energy | 6.0% | 5.17 → 4.88 | −6% | 0.0 pp | +68% |
| 7 | Adani Energy Solutions Limited | 5.7% | 2.47 → 5.62 | +128% | +1.8 pp | +25% |
| 8 | NHPC Ltd | 4.5% | 1.54 → 0.90 | −42% | −2.8 pp | +80% |
| 9 | Torrent Power Limited | 4.3% | 10.94 → 10.01 | −9% | −0.2 pp | +154% |
| 10 | SJVN Limited | 2.5% | 1.12 → 1.12 | 0% | 0.0 pp | +81% |
| 11 | NLC India | 1.8% | 7.82 → 6.58 | −16% | −0.8 pp | +109% |
| 12 | CESC Limited | 1.3% | 2.63 → 2.66 | +1% | 0.0 pp | +124% |
| 13 | Reliance Power Limited | 0.9% | −0.62 → 7.16 | turned profitable one-off | +13.7 pp | +166% |
| 14 | NAVA LIMITED | 0.8% | 5.11 → 8.65 | +69% | +0.5 pp | +154% |
| 15 | Reliance Infra. | 0.6% | −7.42 → 103.06 | turned profitable one-off | +19.3 pp | +94% |
| 16 | Jaiprakash Power Ventures Limited | 0.6% | 0.10 → 0.27 | +170% | +0.5 pp | +78% |
| 17 | GMR Urban | 0.5% | — → 3.57 | sources disagree one-off | — | +349% |
| 18 | KPI Green Energy Limited | 0.5% | 2.14 → 3.55 | +66% | +0.2 pp | +110% |
| 19 | RattanIndia Power Limited | 0.4% | −1.18 → 0.00 | loss, smaller | +2.8 pp | +122% |
| 20 | Ujaas Energy Limited | 0.3% | −0.05 → 0.01 | turned profitable | 0.0 pp | — |
| Sector earnings growth | 100% | +23.3 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q1 FY25, as market caps moved.
Joined the top 20 since Q1 FY25
Left the top 20 since Q1 FY25
- PTC India
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% |
| RPOWER | loss, smaller | loss, bigger | to loss | loss, smaller | turned profitable | turned profitable | turned profitable | turned profitable | −97% | −40% | to loss | +45% |
| NAVA | sources disagree | sources disagree | sources disagree | +36% | +69% | −24% | +16% | −11% | −47% | −9% | −46% | −10% |
| RELINFRA | loss, bigger | loss, bigger | loss, smaller | loss, smaller | turned profitable | loss, bigger | turned profitable | turned profitable | −55% | outside | outside | outside |
| JPPOWER | −9% | turned profitable | turned profitable | +82% | +170% | −28% | −73% | −20% | 0% | −94% | to loss | +66% |
| GMRP&UI | to loss | −87% | turned profitable | sources disagree | sources disagree | sources disagree | sources disagree | outside | sources disagree | sources disagree | sources disagree | outside |
| KPIGREEN | +65% | +32% | +22% | +79% | +66% | +53% | +112% | +44% | +56% | +39% | +46% | −18% |
| RTNPOWER | loss, bigger | loss, bigger | turned profitable | turned profitable | loss, smaller | outside | outside | to loss | outside | +900% | outside | outside |
| UEL | outside | outside | outside | outside | turned profitable | outside | outside | outside | outside | outside | outside | outside |