Power Generation industry

36 companies · ₹8.8 L cr · 19 with AI deep dives · Q1FY27 report

RE commissioning drives EBITDA to a five-quarter high, but grid congestion and the PAT J-curve persist

Turning upmargin troughed at 32.5% and has risen for 5 quarters to 39.2%, on positive revenue growth

Revenue YoY: +10.3%
EBITDA margin: 39.2%; +490bps YoY
Price, 1 year: -22.0%; 15% of names up
P/E vs own 5y: -17.6%; 18.2x now

Exhibit 1The quarter in numbers

constant panel of 18 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	80,444 cr	76,768 cr	+4.8%	72,949 cr	+10.3%	80,444 cr	0.0%
EBITDA margin	39.2%	35.3%	+390bps	34.3%	+490bps	39.2%	0bps

Revenue

Jun 26: 80,444 cr
Mar 26: 76,768 cr
QoQ: +4.8%
Jun 25: 72,949 cr
YoY: +10.3%
Peak: 80,444 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 39.2%
Mar 26: 35.3%
QoQ: +390bps
Jun 25: 34.3%

Sept 26: 2 of 23 reported so far, so it is not in the trend above.

Breadth: 84% of 19 companies grew revenue year on year (was 74% a quarter earlier) and 63% expanded margin (was 53%).

Exhibit 2What it costs

11.99x - 38.63x across the panel today

The median name trades at 18.2x, -17.6% against this industry's own 5-year median of 22.0x, and -64.0% against its own peak of 50.5x.

Exhibit 3Structure

₹8.8 L cr

NTPC Ltd is 32.9% of this industry by market cap. The top 5 are 80.2% and the top 10 are 92%.

large 5mid 7small 10micro 1423 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 18.16x, 5y ROCE above its median of 7.09%, 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.

Diwali open house: sign in free and Premium is open to you until 8 Nov.See plans →

Exhibit 5Coverage (25 of 36)

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
NTPC Ltd	₹2.9 L cr	10.4x	9.6x	8.2%	29.5%	+7.8%	Unlock
Adani Green Energy Ltd	₹2.0 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindTransmission grid congestion is the sector's primary execution bottleneck7 managements

Seven companies reported curtailment or commissioning deferral from grid unavailability. NTPC added only 0.6 GW of RE in Q1 against a 7-8 GW FY27 target due to transmission…

NTPC: “We have done merely 0.6 gigawatt. We understand that there are challenges... 7 gigawatt…”

tailwind8 managements headwind7 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.

Create a free account →

AppendixThe other 11 companies

1-11

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Waaree Technologies Ltd	₹173 cr	-	-60.1x	-32.2%	-49.8%	-34.7%	Unlock