Power Generation industry
36 companies · ₹9.9 L cr · 15 with AI deep dives · Q1FY27 report
Record RE commissioning meets a congested grid - margin recovery runs ahead of dispatchable capacity
- Revenue YoY
- +10.3%
- EBITDA margin
- 39.2%
- +490bps YoY
- Price, 1 year
- -11.4%
- 40% of names up
- P/E vs own 5y
- -7.0%
- 20.5x now
Exhibit 1The quarter in numbers
constant panel of 18 companies above ₹500 cr- 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%
- Jun 26
- 39.2%
- Mar 26
- 35.3%
- QoQ
- +390bps
- Jun 25
- 34.3%
- YoY
- +490bps
- Peak
- 39.2%
- vs peak
- 0bps
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
12.34x - 47x across the panel todayThe median name trades at 20.5x, -7.0% against this industry's own 5-year median of 22.0x, and -59.4% against its own peak of 50.5x.
Exhibit 3Structure
₹9.9 L crNTPC Ltd is 32.4% of this industry by market cap. The top 5 are 79.1% and the top 10 are 91.4%.
Exhibit 4Screen
P/E below the sub-industry median of 20.51x, 5y ROCE above its median of 7.13%, 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 (25 of 36)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹16,753 cr
- P/E
- 174.2x
- EV/EBITDA
- 22.5x
- ROCE
- 5.1%
- Margin
- 62.4%
- Rev YoY
- -
- Mcap
- ₹6,952 cr
- P/E
- 56.1x
- EV/EBITDA
- 41.8x
- ROCE
- 9.5%
- Margin
- 39.5%
- Rev YoY
- -23.0%
- Mcap
- ₹3,162 cr
- P/E
- 4.2x
- EV/EBITDA
- 10.3x
- ROCE
- 10.7%
- Margin
- 34.5%
- Rev YoY
- +34.4%
- Mcap
- ₹1,118 cr
- P/E
- 16.9x
- EV/EBITDA
- 7.5x
- ROCE
- 7.6%
- Margin
- 68.1%
- Rev YoY
- -6.8%
- Mcap
- ₹11,452 cr
- P/E
- 17.6x
- EV/EBITDA
- 9.3x
- ROCE
- 6.8%
- Margin
- 27.5%
- Rev YoY
- +12.2%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Grid evacuation is the most cited operational risk. ADANIGREEN's Khavda curtailment drags EBITDA by 5 - 7% and persists until ~7 GW of pending lines are available by end-CY2026…
- ADANIGREEN: “a curtailment has an impact of in the range of 5% to 7% on our overall EBITDA as we…”
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- Mcap
- ₹138 cr
- P/E
- -
- EV/EBITDA
- -
- ROCE
- -1.5%
- Margin
- 5059.0%
- Rev YoY
- -
- Mcap
- ₹29 cr
- P/E
- -
- EV/EBITDA
- -13.1x
- ROCE
- -10.2%
- Margin
- -14.4%
- Rev YoY
- -12.3%
- Mcap
- ₹20 cr
- P/E
- 52.5x
- EV/EBITDA
- -
- ROCE
- 0.4%
- Margin
- 11.7%
- Rev YoY
- +169.2%