Sector analysis · India
Power sector earnings growth, Q1 FY26
The 20 largest Power companies by market cap at the end of Q1 FY26 (30 Jun 2025), compared with Q1 FY25.
The top 20 at Q1 FY26
Q1 FY26 vs Q1 FY25: combined net profit ₹20,396 cr (+11%), median EPS +4% (13 of 20 up), market-cap-weighted price −16%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | NTPC Limited | 18.3% | 5.65 → 6.20 | +10% | +2.6 pp | −11% |
| 2 | Power Grid Corporation of India Limited | 15.8% | 4.00 → 3.90 | −3% | −0.5 pp | −9% |
| 3 | Adani Power | 12.8% | 2.03 → 1.76 | −13% | −2.6 pp | −18% |
| 4 | Adani Green | 9.2% | 2.82 → 4.39 | +56% | +1.3 pp | −44% |
| 5 | Tata Power Company Limited | 7.3% | 3.04 → 3.32 | +9% | +0.4 pp | −8% |
| 6 | Adani Energy Solutions Limited | 6.0% | −7.39 → 4.27 | turned profitable | +6.5 pp | −12% |
| 7 | JSW Energy | 5.2% | 2.99 → 4.25 | +42% | +1.1 pp | −29% |
| 8 | NTPC Green | 5.0% | 0.23 → 0.26 | +13% | +0.4 pp | — |
| 9 | NHPC Ltd | 4.9% | 1.02 → 1.06 | +4% | +0.2 pp | −15% |
| 10 | Torrent Power Limited | 4.2% | 20.23 → 14.52 | −28% | −1.2 pp | −2% |
| 11 | SJVN Limited | 2.2% | 0.91 → 0.58 | −36% | −0.6 pp | −24% |
| 12 | NLC India | 1.8% | 4.03 → 5.75 | +43% | +1.2 pp | −4% |
| 13 | Reliance Power Limited | 1.6% | −0.24 → 0.11 | turned profitable | +0.7 pp | +143% |
| 14 | CESC Limited | 1.3% | 2.85 → 2.92 | +2% | 0.0 pp | +6% |
| 15 | NAVA LIMITED | 1.0% | 12.26 → 10.88 | −11% | −0.2 pp | +63% |
| 16 | Reliance Infra. | 0.9% | −5.90 → 1.46 | turned profitable | +1.4 pp | +99% |
| 17 | Acme Solar Holdings Limited | 0.9% | 0.01 → 2.16 | +41,720% | +0.6 pp | — |
| 18 | Jaiprakash Power Ventures Limited | 0.7% | 0.51 → 0.41 | −20% | −0.3 pp | −7% |
| 19 | KPI Green Energy Limited | 0.6% | 3.66 → 5.27 | +44% | +0.2 pp | −14% |
| 20 | RattanIndia Power Limited | 0.5% | 0.17 → −0.02 | to loss | −0.5 pp | −13% |
| Sector earnings growth | 100% | +10.8 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q4 FY25, as market caps moved.
Joined the top 20 since Q4 FY25
Left the top 20 since Q4 FY25
- GMR Urban
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% |
| RPOWER | loss, smaller | loss, bigger | to loss | loss, smaller | turned profitable | turned profitable | turned profitable | turned profitable | −97% | −40% | to loss | +45% |
| CESC | +14% | −12% | −8% | +9% | +1% | −6% | −7% | +2% | +21% | +7% | +18% | +4% |
| 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 |
| ACMESOLAR | outside | outside | outside | outside | outside | +152% | −77% | +41,720% | +660% | +2% | +13% | +54% |
| 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% |
| RTNPOWER | loss, bigger | loss, bigger | turned profitable | turned profitable | loss, smaller | outside | outside | to loss | outside | +900% | outside | outside |