Sector analysis · India
Power sector earnings growth, Q2 FY26
The 20 largest Power companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q2 FY25.
The top 20 at Q2 FY26
Q2 FY26 vs Q2 FY25: combined net profit ₹20,092 cr (−22%), median EPS −4% (7 of 19 up), market-cap-weighted price −21%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | NTPC Limited | 18.6% | 5.44 → 5.23 | −4% | −0.8 pp | −23% |
| 2 | Adani Power | 15.7% | 1.73 → 1.53 | −12% | −1.5 pp | +10% |
| 3 | Power Grid Corporation of India Limited | 14.7% | 4.08 → 3.83 | −6% | −0.9 pp | −21% |
| 4 | Adani Green | 9.4% | 1.74 → 3.54 | +103% one-off | +1.2 pp | −47% |
| 5 | Tata Power Company Limited | 7.0% | 2.90 → 2.88 | −1% | 0.0 pp | −19% |
| 6 | Adani Energy Solutions Limited | 5.9% | 5.62 → 4.44 | −21% | −0.5 pp | −14% |
| 7 | JSW Energy | 5.2% | 4.88 → 4.03 | −17% | −0.6 pp | −28% |
| 8 | NHPC Ltd | 4.9% | 0.90 → 1.02 | +13% | +0.4 pp | −9% |
| 9 | NTPC Green | 4.6% | 0.09 → 0.10 | +11% | +0.1 pp | — |
| 10 | Torrent Power Limited | 3.5% | 10.01 → 14.36 | +43% | +0.9 pp | −35% |
| 11 | NLC India | 2.2% | 6.58 → 4.80 | −27% | −1.0 pp | +1% |
| 12 | SJVN Limited | 2.0% | 1.12 → 0.78 | −30% | −0.5 pp | −32% |
| 13 | CESC Limited | 1.2% | 2.66 → 3.21 | +21% | +0.3 pp | −20% |
| 14 | NAVA LIMITED | 1.0% | 8.65 → 4.58 | −47% | −0.5 pp | +13% |
| 15 | Reliance Power Limited | 1.0% | 7.16 → 0.21 | −97% | −10.8 pp | −9% |
| 16 | Acme Solar Holdings Limited | 0.9% | 0.25 → 1.90 | +660% | +0.4 pp | — |
| 17 | Jaiprakash Power Ventures Limited | 0.7% | 0.27 → 0.27 | 0% | 0.0 pp | −4% |
| 18 | Reliance Infra. | 0.6% | 103.06 → 46.77 | −55% one-off | −8.4 pp | −28% |
| 19 | KPI Green Energy Limited | 0.5% | 3.55 → 5.53 | +56% | +0.2 pp | −24% |
| 20 | GMR Urban | 0.5% | — → 12.43 | sources disagree one-off | — | −29% |
| Sector earnings growth | 100% | −22.0 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q1 FY26, as market caps moved.
Joined the top 20 since Q1 FY26
Left the top 20 since Q1 FY26
- RattanIndia Power Limited
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% |
| ADANIPOWER | +850% | turned profitable | −48% | −55% | −49% | +12% | −4% | −13% | −12% | −19% | +52% | +41% |
| 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% |
| 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% |
| NHPC | +1% | −27% | −14% | −1% | −42% | −53% | +55% | +4% | +13% | −4% | +71% | +3% |
| NTPCGREEN | outside | outside | outside | outside | outside | −33% | +56% | +13% | +11% | −75% | −18% | +38% |
| TORNTPOWER | +9% | −47% | −4% | +88% | −9% | +26% | +135% | −28% | +43% | +35% | −70% | −13% |
| NLCINDIA | +164% | turned profitable | −86% | +38% | −16% | +166% | +324% | +43% | −27% | 0% | +189% | −45% |
| SJVN | −1% | −52% | +300% | +32% | 0% | +9% | to loss | −36% | −30% | +50% | loss, smaller | −2% |
| 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% |
| RPOWER | loss, smaller | loss, bigger | to loss | loss, smaller | turned profitable | turned profitable | turned profitable | turned profitable | −97% | −40% | to loss | +45% |
| 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% |
| RELINFRA | loss, bigger | loss, bigger | loss, smaller | loss, smaller | turned profitable | loss, bigger | turned profitable | turned profitable | −55% | outside | outside | outside |
| KPIGREEN | +65% | +32% | +22% | +79% | +66% | +53% | +112% | +44% | +56% | +39% | +46% | −18% |
| GMRP&UI | to loss | −87% | turned profitable | sources disagree | sources disagree | sources disagree | sources disagree | outside | sources disagree | sources disagree | sources disagree | outside |