Integrated Power Utilities industry
6 companies · ₹6.0 L cr · 4 with AI deep dives · Q1FY27 report
Transmission grid lag caps India's record RE build; heatwave demand lifts thermal PLFs to multi-year highs.
- Revenue YoY
- +13.2%
- EBITDA margin
- 24.6%
- +40bps YoY
- Price, 1 year
- -4.2%
- 33% of names up
- P/E vs own 5y
- +15.5%
- 27.5x now
Exhibit 1The quarter in numbers
constant panel of 5 companies above ₹500 cr- Jun 26
- 57,907 cr
- Mar 26
- 43,627 cr
- QoQ
- +32.7%
- Jun 25
- 51,160 cr
- YoY
- +13.2%
- Peak
- 57,907 cr
- vs peak
- 0.0%
- Jun 26
- 24.6%
- Mar 26
- 19.5%
- QoQ
- +510bps
- Jun 25
- 24.2%
- YoY
- +40bps
- Peak
- 26.5%
- vs peak
- -190bps
Breadth: 100% of 5 companies grew revenue year on year (was 33% a quarter earlier) and 40% expanded margin (was 33%).
Exhibit 2What it costs
16.1x - 29.58x across the panel todayThe median name trades at 27.5x, +15.5% against this industry's own 5-year median of 23.8x, and -37.2% against its own peak of 43.8x.
Exhibit 3Structure
₹6.0 L crAdani Power Ltd is 66.5% of this industry by market cap. The top 5 are 99.9% and the top 10 are 100%.
Exhibit 4Screen
P/E below the sub-industry median of 27.5x, 5y ROCE above its median of 8.85%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (6 of 6)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
Exhibit 6What managements said
from Power earnings calls · as of 2026-06-30Seven managements flagged that commissioned or near-commissioned RE capacity cannot evacuate power due to delayed transmission. NTPC reported only 0.6 GW of RE added in Q1 against…
- NTPC (Q1 FY27): “We have done merely 0.6 gigawatt. We understand that there are challenges... 7 gigawatt…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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