Power Distribution industry

2 companies · ₹1.5 L cr · 1 with AI deep dives · Q2FY27 report

Exhibit 3Structure

₹1.5 L cr

Adani Energy Solutions Ltd is 100% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.

large 1micro 11 above ₹500 cr

Exhibit 5Coverage (2 of 2)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Adani Energy Solutions Ltd	₹1.5 L cr	41.0x	20.7x	11.2%	32.9%	+52.8%	Unlock
Ampvolts Ltd	₹58 cr	19.5x	16.0x	5.7%	17.2%	+1175.5%

Adani Energy Solutions Ltd

Mcap: ₹1.5 L cr
P/E: 41.0x
EV/EBITDA: 20.7x
ROCE: 11.2%
Margin: 32.9%
Rev YoY: +52.8%

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Ampvolts Ltd

Mcap: ₹58 cr
P/E: 19.5x
EV/EBITDA: 16.0x
ROCE: 5.7%

Exhibit 6What managements said

from Power earnings calls · as of 2026-09-30

headwindTransmission/evacuation delays and curtailment hold back RE commissioning and generation10 managements

Ten managements tied missed or deferred commissioning, or lost generation, to grid readiness. NTPC added 0.6 GW of RE in Q1 against a 7-8 GW FY27 target. ADANIGREEN's Khavda Phase…

TATAPOWER (Q1 FY27): “there's been a general curtailment of roughly about 5%. And that we think is also the…”

headwind10 managements tailwind6 managements

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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AppendixThe other 0 companies

1-0

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