Sector analysis · India
Power sector earnings growth, Q4 FY25
The 20 largest Power companies by market cap at the end of Q4 FY25 (31 Mar 2025), compared with Q4 FY24.
The top 20 at Q4 FY25
Q4 FY25 vs Q4 FY24: combined net profit ₹24,718 cr (+40%), median EPS +16% (13 of 19 up), market-cap-weighted price −7%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | NTPC Limited | 20.5% | 6.36 → 7.85 | +23% | +7.8 pp | +6% |
| 2 | Power Grid Corporation of India Limited | 15.9% | 4.48 → 4.45 | −1% | −0.1 pp | +5% |
| 3 | Adani Power | 11.6% | 1.42 → 1.37 | −4% | −0.5 pp | −5% |
| 4 | Adani Green | 8.9% | 0.95 → 1.45 | +53% one-off | +0.4 pp | −48% |
| 5 | Tata Power Company Limited | 7.1% | 2.80 → 3.26 | +16% | +0.8 pp | −5% |
| 6 | Adani Energy Solutions Limited | 6.2% | 3.24 → 5.39 | +66% | +1.5 pp | −15% |
| 7 | JSW Energy | 5.5% | 2.14 → 2.33 | +9% | +0.3 pp | +2% |
| 8 | NTPC Green | 5.0% | 0.18 → 0.28 | +56% one source | +0.7 pp | — |
| 9 | NHPC Ltd | 4.9% | 0.55 → 0.85 | +55% | +1.6 pp | −8% |
| 10 | Torrent Power Limited | 4.4% | 8.95 → 21.03 | +135% | +3.4 pp | +9% |
| 11 | SJVN Limited | 2.1% | 0.16 → −0.32 | to loss | −1.0 pp | −25% |
| 12 | NLC India | 2.0% | 0.82 → 3.48 | +324% | +2.0 pp | +7% |
| 13 | CESC Limited | 1.2% | 3.02 → 2.81 | −7% | −0.1 pp | +26% |
| 14 | Reliance Power Limited | 1.0% | −0.99 → 0.31 | turned profitable | +2.8 pp | +60% |
| 15 | NAVA LIMITED | 0.9% | 7.11 → 8.28 | +16% | +0.2 pp | +119% |
| 16 | Acme Solar Holdings Limited | 0.7% | 8.78 → 2.04 | −77% | −2.2 pp | — |
| 17 | Reliance Infra. | 0.6% | −5.56 → 110.75 | turned profitable one-off | +24.9 pp | −5% |
| 18 | Jaiprakash Power Ventures Limited | 0.6% | 0.86 → 0.23 | −73% | −2.3 pp | −7% |
| 19 | GMR Urban | 0.5% | — → 0.61 | sources disagree one-off | — | +167% |
| 20 | KPI Green Energy Limited | 0.5% | 2.38 → 5.04 | +112% | +0.3 pp | −20% |
| Sector earnings growth | 100% | +40.5 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q3 FY25, as market caps moved.
Joined the top 20 since Q3 FY25
Left the top 20 since Q3 FY25
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% |
| ADANIPOWER | +850% | turned profitable | −48% | −55% | −49% | +12% | −4% | −13% | −12% | −19% | +52% | +41% |
| ADANIGREEN | +150% | +149% | −70% | +39% | −26% | +92% | +53% | +56% | +103% | to loss | +66% | +17% |
| TATAPOWER | +7% | +1% | +15% | 0% | +6% | +8% | +16% | +9% | −1% | −25% | −4% | +11% |
| ADANIENSOL | +34% | −32% | −7% | to loss | +128% | +61% | +66% | turned profitable | −21% | −2% | +6% | +124% |
| JSWENERGY | +83% | +29% | +30% | +70% | −6% | −32% | +9% | +42% | −17% | +150% | −9% | −40% |
| NTPCGREEN | outside | outside | outside | outside | outside | −33% | +56% | +13% | +11% | −75% | −18% | +38% |
| 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% |
| ACMESOLAR | outside | outside | outside | outside | outside | +152% | −77% | +41,720% | +660% | +2% | +13% | +54% |
| 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% |