# Power - Generation/Distribution — company-by-company sector analysis

> Power - Generation/Distribution: NTPC Ltd owns the largest revenue base; Mac Charles (India) Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Power - Generation/Distribution has underperformed NIFTY 500 by 10.8% over 52 weeks and 7.9% over 13 weeks. 7 of 20 covered companies beat NIFTY on Mansfield relative strength, while 10 of 20 beat the sector itself. NTPC Ltd leads with revenue of ₹1,91,059 crore, based on 20 of 20 comparable companies through Jun 2026.

### Is the Power - Generation/Distribution sector outperforming NIFTY 500?

Power - Generation/Distribution has underperformed NIFTY 500 by 10.8% over 52 weeks and 7.9% over 13 weeks. 7 of 20 covered companies beat NIFTY on Mansfield relative strength, while 10 of 20 beat the sector itself.

### Which Power - Generation/Distribution company is largest by revenue?

NTPC Ltd leads with revenue of ₹1,91,059 crore, based on 20 of 20 comparable companies through Jun 2026.

### Which Power - Generation/Distribution company is growing fastest?

Mac Charles (India) Ltd has the fastest current revenue growth at 100%, across 20 of 20 comparable companies.

### Which Power - Generation/Distribution company has the strongest 4-Factor Sector Score?

NLC India Ltd ranks first at 61.9/100 with 79% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Power - Generation/Distribution company reports the most CAPEX?

NTPC Green Energy Ltd reports the largest latest CAPEX at ₹1,652 crore, with 1 of 20 companies comparable.

### Which Power - Generation/Distribution company has the least gross debt?

India Power Corporation Ltd has the lowest comparable gross debt at ₹127 crore. NTPC Ltd has the highest at ₹2,71,005 crore.

### Which Power - Generation/Distribution company has the lowest comparable PEG?

SJVN Ltd has the lowest comparable Guarded PEG at 0.29, among 7 of 20 companies that pass the metric’s comparability rules.

### How much history does this Power - Generation/Distribution comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Power - Generation/Distribution has underperformed NIFTY 500 by 10.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 7.9%. 7 of 20 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Adani Power Ltd is the strongest against the sector itself at +34.1%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: -7.9%
52-week sector return versus NIFTY 500: -11%
Stocks leading NIFTY: 7/20
Stocks leading sector: 10/20

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 20
Combined market value: ₹15.6 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. NLC India Ltd (NLCINDIA): 62/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 23.8/35 | Capital efficiency 12.8/25 | Valuation 10.5/20 | Relative strength 14.8/20
   - Exact sum: 23.8 + 12.8 + 10.5 + 14.8 = 61.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. JSW Energy Ltd (JSWENERGY): 58/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 21.8/35 | Capital efficiency 11.1/25 | Valuation 7.3/20 | Relative strength 17.9/20
   - Exact sum: 21.8 + 11.1 + 7.3 + 17.9 = 58.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Mac Charles (India) Ltd (507836): 58/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 25.8/35 | Capital efficiency 5.7/25 | Valuation 10.0/20 | Relative strength 16.2/20
   - Exact sum: 25.8 + 5.7 + 10 + 16.2 = 57.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. KPI Green Energy Ltd (KPIGREEN): 57/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 22.8/35 | Capital efficiency 14.7/25 | Valuation 13.2/20 | Relative strength 6.0/20
   - Exact sum: 22.8 + 14.7 + 13.2 + 6 = 56.7
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -5% and the one-year return is -28.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Adani Power Ltd (ADANIPOWER): 57/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 14.7/35 | Capital efficiency 16.4/25 | Valuation 11.5/20 | Relative strength 14.0/20
   - Exact sum: 14.7 + 16.4 + 11.5 + 14 = 56.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 29.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Adani Green Energy Ltd (ADANIGREEN): 56/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 16.4/35 | Capital efficiency 11.0/25 | Valuation 8.7/20 | Relative strength 19.5/20
   - Exact sum: 16.4 + 11 + 8.7 + 19.5 = 55.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 27.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Gujarat Industries Power Co Ltd (GIPCL): 55/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 26.5/35 | Capital efficiency 10.7/25 | Valuation 11.3/20 | Relative strength 6.4/20
   - Exact sum: 26.5 + 10.7 + 11.3 + 6.4 = 54.9
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -15.4% and the one-year return is -25.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8. SJVN Ltd (SJVN): 53/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 24.4/35 | Capital efficiency 9.0/25 | Valuation 14.4/20 | Relative strength 5.6/20
   - Exact sum: 24.4 + 9 + 14.4 + 5.6 = 53.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -10.8% and the one-year return is -31.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
9. BF Utilities Ltd (BFUTILITIE): 52/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 18.8/35 | Capital efficiency 15.5/25 | Valuation 13.8/20 | Relative strength 4.3/20
   - Exact sum: 18.8 + 15.5 + 13.8 + 4.3 = 52.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. CESC Ltd (CESC): 50/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 16.2/35 | Capital efficiency 12.6/25 | Valuation 10.6/20 | Relative strength 10.5/20
   - Exact sum: 16.2 + 12.6 + 10.6 + 10.5 = 49.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. NTPC Ltd (NTPC): 48/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 15.0/35 | Capital efficiency 12.7/25 | Valuation 11.7/20 | Relative strength 8.4/20
   - Exact sum: 15 + 12.7 + 11.7 + 8.4 = 47.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. NHPC Ltd (NHPC): 47/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 17.4/35 | Capital efficiency 9.4/25 | Valuation 4.4/20 | Relative strength 15.6/20
   - Exact sum: 17.4 + 9.4 + 4.4 + 15.6 = 46.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 0.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Torrent Power Ltd (TORNTPOWER): 47/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 8.7/35 | Capital efficiency 15.8/25 | Valuation 10.0/20 | Relative strength 12.2/20
   - Exact sum: 8.7 + 15.8 + 10 + 12.2 = 46.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Jaiprakash Power Ventures Ltd (JPPOWER): 43/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 11.2/35 | Capital efficiency 11.8/25 | Valuation 11.0/20 | Relative strength 9.0/20
   - Exact sum: 11.2 + 11.8 + 11 + 9 = 43
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. India Power Corporation Ltd (DPSCLTD): 41/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 18.2/35 | Capital efficiency 8.3/25 | Valuation 11.1/20 | Relative strength 3.8/20
   - Exact sum: 18.2 + 8.3 + 11.1 + 3.8 = 41.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. NTPC Green Energy Ltd (NTPCGREEN): 41/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 19.1/35 | Capital efficiency 8.5/25 | Valuation 3.5/20 | Relative strength 10.0/20
   - Exact sum: 19.1 + 8.5 + 3.5 + 10 = 41.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Orient Green Power Company Ltd (GREENPOWER): 41/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 12.7/35 | Capital efficiency 13.7/25 | Valuation 10.1/20 | Relative strength 4.4/20
   - Exact sum: 12.7 + 13.7 + 10.1 + 4.4 = 40.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Reliance Power Ltd (RPOWER): 35/100 — Adverse evidence; evidence 70%
   - Growth & earnings 11.2/35 | Capital efficiency 10.4/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 11.2 + 10.4 + 10 + 3 = 34.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. RattanIndia Power Ltd (RTNPOWER): 34/100 — Adverse evidence; evidence 75%
   - Growth & earnings 12.2/35 | Capital efficiency 8.2/25 | Valuation 7.9/20 | Relative strength 5.2/20
   - Exact sum: 12.2 + 8.2 + 7.9 + 5.2 = 33.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Tata Power Company Ltd (TATAPOWER): 31/100 — Adverse evidence; evidence 93%
   - Growth & earnings 8.6/35 | Capital efficiency 10.4/25 | Valuation 5.2/20 | Relative strength 6.5/20
   - Exact sum: 8.6 + 10.4 + 5.2 + 6.5 = 30.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: NTPC Ltd is the scale leader at ₹1,91,059 crore, 206% ahead of Tata Power Company Ltd. Mac Charles (India) Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 1010% from a ₹111 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: NTPC Ltd is the scale benchmark; Mac Charles (India) Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: NTPC Ltd's growth falls below Mac Charles (India) Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: NTPC Ltd · ₹1,91,059 crore | 206% versus #2 · Tata Power Company Ltd | 5/8 recent comparable periods | 20/20 companies · 329 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. NTPC Ltd (NTPC): ₹1.9 L Cr
2. Tata Power Company Ltd (TATAPOWER): ₹62.4K Cr
3. Adani Power Ltd (ADANIPOWER): ₹59.0K Cr
4. Torrent Power Ltd (TORNTPOWER): ₹29.0K Cr
5. JSW Energy Ltd (JSWENERGY): ₹19.0K Cr

### Revenue growth — fastest growers
1. Mac Charles (India) Ltd (507836): 100%
2. KPI Green Energy Ltd (KPIGREEN): 55%
3. SJVN Ltd (SJVN): 47%
4. NTPC Green Energy Ltd (NTPCGREEN): 42%
5. JSW Energy Ltd (JSWENERGY): 35%

### 20-quarter Revenue history
- 507836: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- ADANIPOWER: Sep 2021 ₹5.2K Cr | Dec 2021 ₹5.4K Cr | Mar 2022 ₹10.6K Cr | Jun 2022 ₹13.7K Cr | Sep 2022 ₹7.0K Cr | Dec 2022 ₹7.8K Cr | Mar 2023 ₹10.2K Cr | Jun 2023 ₹11.0K Cr | Sep 2023 ₹13.0K Cr | Dec 2023 ₹13.0K Cr | Mar 2024 ₹13.4K Cr | Jun 2024 ₹15.0K Cr | Sep 2024 ₹13.3K Cr | Dec 2024 ₹13.7K Cr | Mar 2025 ₹14.2K Cr | Jun 2025 ₹14.1K Cr | Sep 2025 ₹13.5K Cr | Dec 2025 ₹12.5K Cr | Mar 2026 ₹14.2K Cr | Jun 2026 ₹18.9K Cr
- NTPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹44.6K Cr | Mar 2023 ₹44.3K Cr | Jun 2023 ₹43.1K Cr | Sep 2023 ₹45.0K Cr | Dec 2023 ₹42.8K Cr | Mar 2024 ₹47.6K Cr | Jun 2024 ₹48.5K Cr | Sep 2024 ₹44.7K Cr | Dec 2024 ₹45.1K Cr | Mar 2025 ₹49.8K Cr | Jun 2025 ₹47.1K Cr | Sep 2025 ₹44.8K Cr | Dec 2025 ₹45.8K Cr | Mar 2026 ₹49.7K Cr | Jun 2026 ₹50.7K Cr
- ADANIGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 ₹4.4K Cr
- TATAPOWER: Sep 2021 ₹9.8K Cr | Dec 2021 ₹10.9K Cr | Mar 2022 — | Jun 2022 ₹14.5K Cr | Sep 2022 ₹14.0K Cr | Dec 2022 ₹14.1K Cr | Mar 2023 ₹12.5K Cr | Jun 2023 ₹15.2K Cr | Sep 2023 ₹15.7K Cr | Dec 2023 ₹14.7K Cr | Mar 2024 ₹15.8K Cr | Jun 2024 ₹17.3K Cr | Sep 2024 ₹15.7K Cr | Dec 2024 ₹15.4K Cr | Mar 2025 ₹17.1K Cr | Jun 2025 ₹18.0K Cr | Sep 2025 ₹15.5K Cr | Dec 2025 ₹13.9K Cr | Mar 2026 ₹14.9K Cr | Jun 2026 —
- JSWENERGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 ₹5.2K Cr
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹504 Cr | Sep 2023 ₹504 Cr | Dec 2023 ₹446 Cr | Mar 2024 ₹508 Cr | Jun 2024 ₹578 Cr | Sep 2024 ₹504 Cr | Dec 2024 ₹505 Cr | Mar 2025 ₹622 Cr | Jun 2025 ₹680 Cr | Sep 2025 ₹612 Cr | Dec 2025 ₹653 Cr | Mar 2026 ₹913 Cr | Jun 2026 ₹1.1K Cr
- NHPC: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- TORNTPOWER: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹6.5K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹7.3K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹6.4K Cr | Mar 2024 ₹6.5K Cr | Jun 2024 ₹9.0K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹6.5K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹7.9K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 —
- NLCINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.7K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- SJVN: Sep 2021 ₹882 Cr | Dec 2021 ₹549 Cr | Mar 2022 ₹323 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹878 Cr | Dec 2022 ₹552 Cr | Mar 2023 ₹504 Cr | Jun 2023 ₹675 Cr | Sep 2023 ₹878 Cr | Dec 2023 ₹543 Cr | Mar 2024 ₹483 Cr | Jun 2024 ₹870 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹671 Cr | Mar 2025 ₹504 Cr | Jun 2025 ₹917 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- CESC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- JPPOWER: Sep 2021 ₹902 Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.8K Cr
- RPOWER: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- KPIGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹179 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹189 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹330 Cr | Mar 2024 ₹289 Cr | Jun 2024 ₹348 Cr | Sep 2024 ₹360 Cr | Dec 2024 ₹458 Cr | Mar 2025 ₹569 Cr | Jun 2025 ₹603 Cr | Sep 2025 ₹634 Cr | Dec 2025 ₹663 Cr | Mar 2026 ₹796 Cr | Jun 2026 —
- RTNPOWER: Sep 2021 ₹757 Cr | Dec 2021 ₹805 Cr | Mar 2022 ₹823 Cr | Jun 2022 ₹843 Cr | Sep 2022 ₹638 Cr | Dec 2022 ₹850 Cr | Mar 2023 ₹901 Cr | Jun 2023 ₹847 Cr | Sep 2023 ₹796 Cr | Dec 2023 ₹806 Cr | Mar 2024 ₹914 Cr | Jun 2024 ₹932 Cr | Sep 2024 ₹682 Cr | Dec 2024 ₹733 Cr | Mar 2025 ₹936 Cr | Jun 2025 ₹822 Cr | Sep 2025 ₹654 Cr | Dec 2025 ₹728 Cr | Mar 2026 ₹788 Cr | Jun 2026 ₹799 Cr
- GIPCL: Sep 2021 ₹322 Cr | Dec 2021 ₹262 Cr | Mar 2022 ₹293 Cr | Jun 2022 ₹303 Cr | Sep 2022 ₹252 Cr | Dec 2022 ₹376 Cr | Mar 2023 ₹424 Cr | Jun 2023 ₹342 Cr | Sep 2023 ₹280 Cr | Dec 2023 ₹354 Cr | Mar 2024 ₹373 Cr | Jun 2024 ₹320 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹322 Cr | Mar 2025 ₹338 Cr | Jun 2025 ₹372 Cr | Sep 2025 ₹321 Cr | Dec 2025 ₹370 Cr | Mar 2026 ₹428 Cr | Jun 2026 —
- BFUTILITIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹194 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹166 Cr | Mar 2023 ₹232 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹218 Cr | Dec 2023 ₹246 Cr | Mar 2024 ₹242 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹221 Cr | Dec 2024 ₹210 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹232 Cr | Dec 2025 ₹235 Cr | Mar 2026 — | Jun 2026 —
- GREENPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹121 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹39 Cr | Jun 2026 ₹81 Cr
- DPSCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹149 Cr | Mar 2023 ₹160 Cr | Jun 2023 ₹179 Cr | Sep 2023 ₹165 Cr | Dec 2023 ₹143 Cr | Mar 2024 ₹162 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹198 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹166 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 507836: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 -25% | Dec 2024 50% | Mar 2025 0.0% | Jun 2025 1,000% | Sep 2025 700% | Dec 2025 1,000% | Mar 2026 1,500% | Jun 2026 —
- ADANIPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 109% | Sep 2022 36% | Dec 2022 45% | Mar 2023 -3.4% | Jun 2023 -20% | Sep 2023 84% | Dec 2023 67% | Mar 2024 30% | Jun 2024 36% | Sep 2024 2.7% | Dec 2024 5.2% | Mar 2025 6.5% | Jun 2025 -5.7% | Sep 2025 0.9% | Dec 2025 -8.9% | Mar 2026 -0.1% | Jun 2026 34%
- NTPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -4.0% | Mar 2024 7.6% | Jun 2024 13% | Sep 2024 -0.6% | Dec 2024 5.3% | Mar 2025 4.6% | Jun 2025 -3.0% | Sep 2025 0.2% | Dec 2025 1.7% | Mar 2026 -0.3% | Jun 2026 7.8%
- ADANIGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17% | Mar 2024 -2.7% | Jun 2024 29% | Sep 2024 35% | Dec 2024 1.3% | Mar 2025 22% | Jun 2025 36% | Sep 2025 0.1% | Dec 2025 12% | Mar 2026 14% | Jun 2026 17%
- TATAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 43% | Dec 2022 29% | Mar 2023 — | Jun 2023 5.0% | Sep 2023 12% | Dec 2023 3.7% | Mar 2024 27% | Jun 2024 14% | Sep 2024 -0.3% | Dec 2024 5.1% | Mar 2025 7.9% | Jun 2025 4.3% | Sep 2025 -1.0% | Dec 2025 -9.4% | Mar 2026 -13% | Jun 2026 —
- JSWENERGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 3.2% | Jun 2024 -1.7% | Sep 2024 -0.6% | Dec 2024 -4.1% | Mar 2025 16% | Jun 2025 79% | Sep 2025 60% | Dec 2025 67% | Mar 2026 41% | Jun 2026 1.2%
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 15% | Sep 2024 0.0% | Dec 2024 13% | Mar 2025 22% | Jun 2025 18% | Sep 2025 21% | Dec 2025 29% | Mar 2026 47% | Jun 2026 63%
- NHPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 14% | Dec 2022 20% | Mar 2023 24% | Jun 2023 -1.0% | Sep 2023 -13% | Dec 2023 -20% | Mar 2024 -7.0% | Jun 2024 -2.3% | Sep 2024 4.1% | Dec 2024 11% | Mar 2025 24% | Jun 2025 19% | Sep 2025 10% | Dec 2025 -2.9% | Mar 2026 20% | Jun 2026 —
- TORNTPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 110% | Sep 2022 38% | Dec 2022 71% | Mar 2023 61% | Jun 2023 13% | Sep 2023 39% | Dec 2023 -1.2% | Mar 2024 8.1% | Jun 2024 23% | Sep 2024 3.1% | Dec 2024 2.1% | Mar 2025 -1.1% | Jun 2025 -12% | Sep 2025 9.8% | Dec 2025 4.3% | Mar 2026 -0.8% | Jun 2026 —
- NLCINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -14% | Mar 2024 -31% | Jun 2024 1.8% | Sep 2024 23% | Dec 2024 39% | Mar 2025 8.3% | Jun 2025 13% | Sep 2025 14% | Dec 2025 0.7% | Mar 2026 31% | Jun 2026 —
- SJVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 -0.5% | Dec 2022 0.6% | Mar 2023 56% | Jun 2023 -33% | Sep 2023 0.0% | Dec 2023 -1.6% | Mar 2024 -4.2% | Jun 2024 29% | Sep 2024 17% | Dec 2024 24% | Mar 2025 4.4% | Jun 2025 5.4% | Sep 2025 0.6% | Dec 2025 61% | Mar 2026 197% | Jun 2026 —
- CESC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.7% | Mar 2024 9.2% | Jun 2024 13% | Sep 2024 8.0% | Dec 2024 9.8% | Mar 2025 14% | Jun 2025 7.0% | Sep 2025 12% | Dec 2025 12% | Mar 2026 5.7% | Jun 2026 —
- JPPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 54% | Dec 2022 -14% | Mar 2023 -1.9% | Jun 2023 -6.2% | Sep 2023 -2.5% | Dec 2023 82% | Mar 2024 9.8% | Jun 2024 2.8% | Sep 2024 -9.2% | Dec 2024 -48% | Mar 2025 -11% | Jun 2025 -9.8% | Sep 2025 17% | Dec 2025 1.4% | Mar 2026 3.4% | Jun 2026 12%
- RPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.4% | Sep 2022 0.9% | Dec 2022 5.0% | Mar 2023 -6.3% | Jun 2023 -6.8% | Sep 2023 9.3% | Dec 2023 3.1% | Mar 2024 15% | Jun 2024 3.6% | Sep 2024 -14% | Dec 2024 -4.7% | Mar 2025 -1.0% | Jun 2025 -5.3% | Sep 2025 12% | Dec 2025 1.1% | Mar 2026 -4.6% | Jun 2026 —
- KPIGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 84% | Mar 2024 59% | Jun 2024 84% | Sep 2024 67% | Dec 2024 39% | Mar 2025 97% | Jun 2025 73% | Sep 2025 76% | Dec 2025 45% | Mar 2026 40% | Jun 2026 —
- RTNPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.6% | Sep 2022 -16% | Dec 2022 5.6% | Mar 2023 9.5% | Jun 2023 0.5% | Sep 2023 25% | Dec 2023 -5.2% | Mar 2024 1.4% | Jun 2024 10% | Sep 2024 -14% | Dec 2024 -9.1% | Mar 2025 2.4% | Jun 2025 -12% | Sep 2025 -4.1% | Dec 2025 -0.7% | Mar 2026 -16% | Jun 2026 -2.8%
- GIPCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.4% | Sep 2022 -22% | Dec 2022 44% | Mar 2023 45% | Jun 2023 13% | Sep 2023 11% | Dec 2023 -6.0% | Mar 2024 -12% | Jun 2024 -6.4% | Sep 2024 -1.4% | Dec 2024 -9.0% | Mar 2025 -9.4% | Jun 2025 16% | Sep 2025 16% | Dec 2025 15% | Mar 2026 27% | Jun 2026 —
- BFUTILITIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 36% | Sep 2023 35% | Dec 2023 48% | Mar 2024 4.3% | Jun 2024 -25% | Sep 2024 1.4% | Dec 2024 -15% | Mar 2025 — | Jun 2025 — | Sep 2025 5.0% | Dec 2025 12% | Mar 2026 — | Jun 2026 —
- GREENPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 -18% | Jun 2024 -20% | Sep 2024 -0.8% | Dec 2024 2.9% | Mar 2025 17% | Jun 2025 38% | Sep 2025 8.3% | Dec 2025 2.9% | Mar 2026 -7.1% | Jun 2026 -6.9%
- DPSCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.6% | Mar 2024 1.4% | Jun 2024 -4.0% | Sep 2024 -7.4% | Dec 2024 11% | Mar 2025 -16% | Jun 2025 -4.7% | Sep 2025 29% | Dec 2025 -2.4% | Mar 2026 21% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Adani Green Energy Ltd leads opm at 90%; Mac Charles (India) Ltd leads margin change at +547 percentage points.

Investor read: Adani Green Energy Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Adani Green Energy Ltd · 90% | 1.1% versus #2 · NTPC Green Energy Ltd | 6/8 recent comparable periods | 20/20 companies · 377 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Adani Green Energy Ltd (ADANIGREEN): 90%
2. NTPC Green Energy Ltd (NTPCGREEN): 89%
3. Mac Charles (India) Ltd (507836): 76%
4. BF Utilities Ltd (BFUTILITIE): 76% — older report
5. Orient Green Power Company Ltd (GREENPOWER): 68%

### Margin change — fastest expanders
1. Mac Charles (India) Ltd (507836): +547.0 pp
2. India Power Corporation Ltd (DPSCLTD): +65.3 pp
3. NLC India Ltd (NLCINDIA): +13.0 pp
4. SJVN Ltd (SJVN): +13.0 pp
5. Gujarat Industries Power Co Ltd (GIPCL): +11.0 pp

### 20-quarter OPM history
- 507836: Sep 2021 40% | Dec 2021 48% | Mar 2022 -16% | Jun 2022 13% | Sep 2022 0.9% | Dec 2022 -74% | Mar 2023 -70% | Jun 2023 -29% | Sep 2023 16% | Dec 2023 -288% | Mar 2024 -244% | Jun 2024 -359% | Sep 2024 -167% | Dec 2024 -264% | Mar 2025 -471% | Jun 2025 61% | Sep 2025 73% | Dec 2025 74% | Mar 2026 76% | Jun 2026 —
- ADANIPOWER: Sep 2021 22% | Dec 2021 33% | Mar 2022 49% | Jun 2022 42% | Sep 2022 13% | Dec 2022 19% | Mar 2023 19% | Jun 2023 32% | Sep 2023 40% | Dec 2023 36% | Mar 2024 36% | Jun 2024 41% | Sep 2024 40% | Dec 2024 37% | Mar 2025 34% | Jun 2025 40% | Sep 2025 38% | Dec 2025 34% | Mar 2026 33% | Jun 2026 42%
- NTPC: Sep 2021 28% | Dec 2021 33% | Mar 2022 31% | Jun 2022 25% | Sep 2022 23% | Dec 2022 29% | Mar 2023 27% | Jun 2023 29% | Sep 2023 28% | Dec 2023 27% | Mar 2024 29% | Jun 2024 28% | Sep 2024 26% | Dec 2024 30% | Mar 2025 30% | Jun 2025 27% | Sep 2025 29% | Dec 2025 32% | Mar 2026 17% | Jun 2026 32%
- ADANIGREEN: Sep 2021 59% | Dec 2021 75% | Mar 2022 67% | Jun 2022 58% | Sep 2022 55% | Dec 2022 43% | Mar 2023 87% | Jun 2023 96% | Sep 2023 77% | Dec 2023 72% | Mar 2024 73% | Jun 2024 85% | Sep 2024 74% | Dec 2024 80% | Mar 2025 78% | Jun 2025 80% | Sep 2025 87% | Dec 2025 86% | Mar 2026 82% | Jun 2026 90%
- TATAPOWER: Sep 2021 14% | Dec 2021 15% | Mar 2022 16% | Jun 2022 12% | Sep 2022 13% | Dec 2022 16% | Mar 2023 15% | Jun 2023 18% | Sep 2023 18% | Dec 2023 16% | Mar 2024 15% | Jun 2024 18% | Sep 2024 21% | Dec 2024 20% | Mar 2025 19% | Jun 2025 20% | Sep 2025 21% | Dec 2025 22% | Mar 2026 17% | Jun 2026 —
- JSWENERGY: Sep 2021 45% | Dec 2021 42% | Mar 2022 46% | Jun 2022 34% | Sep 2022 37% | Dec 2022 28% | Mar 2023 28% | Jun 2023 42% | Sep 2023 58% | Dec 2023 44% | Mar 2024 42% | Jun 2024 49% | Sep 2024 52% | Dec 2024 37% | Mar 2025 38% | Jun 2025 54% | Sep 2025 58% | Dec 2025 50% | Mar 2026 50% | Jun 2026 55%
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 91% | Dec 2023 89% | Mar 2024 86% | Jun 2024 89% | Sep 2024 83% | Dec 2024 84% | Mar 2025 90% | Jun 2025 89% | Sep 2025 86% | Dec 2025 82% | Mar 2026 85% | Jun 2026 89%
- NHPC: Sep 2021 64% | Dec 2021 -3.7% | Mar 2022 31% | Jun 2022 53% | Sep 2022 65% | Dec 2022 46% | Mar 2023 44% | Jun 2023 55% | Sep 2023 60% | Dec 2023 37% | Mar 2024 61% | Jun 2024 60% | Sep 2024 59% | Dec 2024 44% | Mar 2025 51% | Jun 2025 56% | Sep 2025 60% | Dec 2025 10% | Mar 2026 23% | Jun 2026 —
- TORNTPOWER: Sep 2021 26% | Dec 2021 25% | Mar 2022 26% | Jun 2022 16% | Sep 2022 21% | Dec 2022 22% | Mar 2023 18% | Jun 2023 16% | Sep 2023 18% | Dec 2023 16% | Mar 2024 17% | Jun 2024 21% | Sep 2024 17% | Dec 2024 17% | Mar 2025 18% | Jun 2025 19% | Sep 2025 19% | Dec 2025 21% | Mar 2026 18% | Jun 2026 —
- NLCINDIA: Sep 2021 39% | Dec 2021 33% | Mar 2022 35% | Jun 2022 36% | Sep 2022 34% | Dec 2022 -8.0% | Mar 2023 24% | Jun 2023 36% | Sep 2023 28% | Dec 2023 29% | Mar 2024 9.0% | Jun 2024 32% | Sep 2024 28% | Dec 2024 23% | Mar 2025 22% | Jun 2025 24% | Sep 2025 34% | Dec 2025 30% | Mar 2026 35% | Jun 2026 —
- SJVN: Sep 2021 69% | Dec 2021 69% | Mar 2022 44% | Jun 2022 82% | Sep 2022 81% | Dec 2022 69% | Mar 2023 35% | Jun 2023 72% | Sep 2023 80% | Dec 2023 68% | Mar 2024 47% | Jun 2024 74% | Sep 2024 81% | Dec 2024 69% | Mar 2025 48% | Jun 2025 77% | Sep 2025 83% | Dec 2025 71% | Mar 2026 61% | Jun 2026 —
- CESC: Sep 2021 26% | Dec 2021 19% | Mar 2022 23% | Jun 2022 16% | Sep 2022 13% | Dec 2022 16% | Mar 2023 17% | Jun 2023 17% | Sep 2023 15% | Dec 2023 11% | Mar 2024 12% | Jun 2024 8.0% | Sep 2024 19% | Dec 2024 17% | Mar 2025 21% | Jun 2025 17% | Sep 2025 20% | Dec 2025 19% | Mar 2026 18% | Jun 2026 —
- JPPOWER: Sep 2021 24% | Dec 2021 26% | Mar 2022 20% | Jun 2022 35% | Sep 2022 18% | Dec 2022 0.8% | Mar 2023 16% | Jun 2023 31% | Sep 2023 30% | Dec 2023 26% | Mar 2024 48% | Jun 2024 45% | Sep 2024 32% | Dec 2024 25% | Mar 2025 29% | Jun 2025 38% | Sep 2025 33% | Dec 2025 15% | Mar 2026 9.0% | Jun 2026 43%
- RPOWER: Sep 2021 43% | Dec 2021 46% | Mar 2022 9.9% | Jun 2022 39% | Sep 2022 30% | Dec 2022 35% | Mar 2023 -9.0% | Jun 2023 32% | Sep 2023 35% | Dec 2023 -19% | Mar 2024 9.0% | Jun 2024 33% | Sep 2024 21% | Dec 2024 27% | Mar 2025 30% | Jun 2025 30% | Sep 2025 31% | Dec 2025 32% | Mar 2026 31% | Jun 2026 —
- KPIGREEN: Sep 2021 41% | Dec 2021 47% | Mar 2022 48% | Jun 2022 34% | Sep 2022 33% | Dec 2022 33% | Mar 2023 30% | Jun 2023 37% | Sep 2023 33% | Dec 2023 31% | Mar 2024 32% | Jun 2024 38% | Sep 2024 37% | Dec 2024 30% | Mar 2025 28% | Jun 2025 34% | Sep 2025 36% | Dec 2025 36% | Mar 2026 37% | Jun 2026 —
- RTNPOWER: Sep 2021 21% | Dec 2021 31% | Mar 2022 22% | Jun 2022 26% | Sep 2022 19% | Dec 2022 23% | Mar 2023 22% | Jun 2023 18% | Sep 2023 14% | Dec 2023 21% | Mar 2024 23% | Jun 2024 20% | Sep 2024 14% | Dec 2024 12% | Mar 2025 23% | Jun 2025 12% | Sep 2025 8.0% | Dec 2025 18% | Mar 2026 16% | Jun 2026 16%
- GIPCL: Sep 2021 37% | Dec 2021 33% | Mar 2022 40% | Jun 2022 41% | Sep 2022 30% | Dec 2022 22% | Mar 2023 29% | Jun 2023 31% | Sep 2023 22% | Dec 2023 27% | Mar 2024 32% | Jun 2024 36% | Sep 2024 29% | Dec 2024 28% | Mar 2025 35% | Jun 2025 30% | Sep 2025 34% | Dec 2025 33% | Mar 2026 46% | Jun 2026 —
- BFUTILITIE: Sep 2021 69% | Dec 2021 72% | Mar 2022 49% | Jun 2022 72% | Sep 2022 69% | Dec 2022 71% | Mar 2023 53% | Jun 2023 49% | Sep 2023 68% | Dec 2023 61% | Mar 2024 64% | Jun 2024 77% | Sep 2024 76% | Dec 2024 73% | Mar 2025 — | Jun 2025 — | Sep 2025 76% | Dec 2025 76% | Mar 2026 — | Jun 2026 —
- GREENPOWER: Sep 2021 81% | Dec 2021 73% | Mar 2022 44% | Jun 2022 69% | Sep 2022 80% | Dec 2022 31% | Mar 2023 49% | Jun 2023 74% | Sep 2023 82% | Dec 2023 41% | Mar 2024 40% | Jun 2024 64% | Sep 2024 83% | Dec 2024 33% | Mar 2025 40% | Jun 2025 69% | Sep 2025 76% | Dec 2025 36% | Mar 2026 26% | Jun 2026 68%
- DPSCLTD: Sep 2021 9.7% | Dec 2021 -4.7% | Mar 2022 -5.6% | Jun 2022 -8.6% | Sep 2022 -1.3% | Dec 2022 1.9% | Mar 2023 2.9% | Jun 2023 8.3% | Sep 2023 3.9% | Dec 2023 8.7% | Mar 2024 5.1% | Jun 2024 4.6% | Sep 2024 2.7% | Dec 2024 5.4% | Mar 2025 -67% | Jun 2025 3.5% | Sep 2025 3.4% | Dec 2025 -4.1% | Mar 2026 -1.8% | Jun 2026 —

### 20-quarter Margin change history
- 507836: Sep 2021 +16.9 pp | Dec 2021 −0.5 pp | Mar 2022 −64.2 pp | Jun 2022 −39.0 pp | Sep 2022 −39.2 pp | Dec 2022 −121.7 pp | Mar 2023 −54.2 pp | Jun 2023 −42.5 pp | Sep 2023 +15.1 pp | Dec 2023 −214.0 pp | Mar 2024 −174.0 pp | Jun 2024 −330.0 pp | Sep 2024 −183.0 pp | Dec 2024 +24.0 pp | Mar 2025 −227.0 pp | Jun 2025 +420.0 pp | Sep 2025 +240.0 pp | Dec 2025 +338.0 pp | Mar 2026 +547.0 pp | Jun 2026 —
- ADANIPOWER: Sep 2021 −29.7 pp | Dec 2021 +9.5 pp | Mar 2022 +24.0 pp | Jun 2022 +16.6 pp | Sep 2022 −9.0 pp | Dec 2022 −14.0 pp | Mar 2023 −30.4 pp | Jun 2023 −9.7 pp | Sep 2023 +26.5 pp | Dec 2023 +17.0 pp | Mar 2024 +17.0 pp | Jun 2024 +9.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 −2.0 pp | Dec 2025 −3.0 pp | Mar 2026 −1.0 pp | Jun 2026 +2.0 pp
- NTPC: Sep 2021 −3.0 pp | Dec 2021 +1.2 pp | Mar 2022 +6.1 pp | Jun 2022 −4.7 pp | Sep 2022 −4.2 pp | Dec 2022 −4.0 pp | Mar 2023 −3.8 pp | Jun 2023 +4.0 pp | Sep 2023 +4.5 pp | Dec 2023 −2.0 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 +3.0 pp | Mar 2025 +1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 −13.0 pp | Jun 2026 +5.0 pp
- ADANIGREEN: Sep 2021 −22.9 pp | Dec 2021 −6.5 pp | Mar 2022 +3.0 pp | Jun 2022 −19.2 pp | Sep 2022 −4.8 pp | Dec 2022 −31.2 pp | Mar 2023 +20.5 pp | Jun 2023 +38.0 pp | Sep 2023 +22.3 pp | Dec 2023 +28.7 pp | Mar 2024 −14.0 pp | Jun 2024 −11.0 pp | Sep 2024 −3.0 pp | Dec 2024 +8.0 pp | Mar 2025 +5.0 pp | Jun 2025 −5.0 pp | Sep 2025 +13.0 pp | Dec 2025 +6.0 pp | Mar 2026 +4.0 pp | Jun 2026 +10.0 pp
- TATAPOWER: Sep 2021 −10.2 pp | Dec 2021 −7.9 pp | Mar 2022 +1.9 pp | Jun 2022 −9.6 pp | Sep 2022 −1.0 pp | Dec 2022 +1.0 pp | Mar 2023 −0.6 pp | Jun 2023 +6.4 pp | Sep 2023 +5.5 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 +3.0 pp | Dec 2024 +4.0 pp | Mar 2025 +4.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 +2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- JSWENERGY: Sep 2021 −3.1 pp | Dec 2021 +4.6 pp | Mar 2022 +6.1 pp | Jun 2022 −6.7 pp | Sep 2022 −7.3 pp | Dec 2022 −14.1 pp | Mar 2023 −18.4 pp | Jun 2023 +8.2 pp | Sep 2023 +20.7 pp | Dec 2023 +16.0 pp | Mar 2024 +14.0 pp | Jun 2024 +7.0 pp | Sep 2024 −6.0 pp | Dec 2024 −7.0 pp | Mar 2025 −4.0 pp | Jun 2025 +5.0 pp | Sep 2025 +6.0 pp | Dec 2025 +13.0 pp | Mar 2026 +12.0 pp | Jun 2026 +1.0 pp
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −7.7 pp | Dec 2024 −5.0 pp | Mar 2025 +4.0 pp | Jun 2025 0.0 pp | Sep 2025 +3.0 pp | Dec 2025 −2.0 pp | Mar 2026 −5.0 pp | Jun 2026 0.0 pp
- NHPC: Sep 2021 +0.9 pp | Dec 2021 −48.1 pp | Mar 2022 −4.2 pp | Jun 2022 −6.9 pp | Sep 2022 +0.8 pp | Dec 2022 +49.7 pp | Mar 2023 +12.9 pp | Jun 2023 +2.0 pp | Sep 2023 −5.0 pp | Dec 2023 −9.0 pp | Mar 2024 +17.0 pp | Jun 2024 +5.0 pp | Sep 2024 −1.0 pp | Dec 2024 +7.0 pp | Mar 2025 −10.0 pp | Jun 2025 −4.0 pp | Sep 2025 +1.0 pp | Dec 2025 −34.0 pp | Mar 2026 −28.0 pp | Jun 2026 —
- TORNTPOWER: Sep 2021 +3.0 pp | Dec 2021 −4.7 pp | Mar 2022 −3.2 pp | Jun 2022 −7.2 pp | Sep 2022 −4.7 pp | Dec 2022 −2.8 pp | Mar 2023 −8.5 pp | Jun 2023 −0.3 pp | Sep 2023 −3.0 pp | Dec 2023 −6.0 pp | Mar 2024 −1.0 pp | Jun 2024 +5.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 −2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +4.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- NLCINDIA: Sep 2021 +14.4 pp | Dec 2021 +11.6 pp | Mar 2022 +4.9 pp | Jun 2022 +4.3 pp | Sep 2022 −5.4 pp | Dec 2022 −41.1 pp | Mar 2023 −10.6 pp | Jun 2023 −0.5 pp | Sep 2023 −5.8 pp | Dec 2023 +37.0 pp | Mar 2024 −15.0 pp | Jun 2024 −4.0 pp | Sep 2024 0.0 pp | Dec 2024 −6.0 pp | Mar 2025 +13.0 pp | Jun 2025 −8.0 pp | Sep 2025 +6.0 pp | Dec 2025 +7.0 pp | Mar 2026 +13.0 pp | Jun 2026 —
- SJVN: Sep 2021 −10.6 pp | Dec 2021 +2.9 pp | Mar 2022 −7.9 pp | Jun 2022 +5.8 pp | Sep 2022 +11.9 pp | Dec 2022 +0.1 pp | Mar 2023 −9.1 pp | Jun 2023 −10.5 pp | Sep 2023 −1.1 pp | Dec 2023 −1.0 pp | Mar 2024 +12.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +3.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 +13.0 pp | Jun 2026 —
- CESC: Sep 2021 −0.3 pp | Dec 2021 −10.7 pp | Mar 2022 −6.0 pp | Jun 2022 −7.9 pp | Sep 2022 −13.6 pp | Dec 2022 −3.3 pp | Mar 2023 −6.1 pp | Jun 2023 +1.2 pp | Sep 2023 +2.5 pp | Dec 2023 −5.0 pp | Mar 2024 −5.0 pp | Jun 2024 −9.0 pp | Sep 2024 +4.0 pp | Dec 2024 +6.0 pp | Mar 2025 +9.0 pp | Jun 2025 +9.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- JPPOWER: Sep 2021 −20.1 pp | Dec 2021 −6.8 pp | Mar 2022 −9.2 pp | Jun 2022 +6.5 pp | Sep 2022 −5.7 pp | Dec 2022 −25.2 pp | Mar 2023 −3.5 pp | Jun 2023 −3.5 pp | Sep 2023 +11.5 pp | Dec 2023 +25.2 pp | Mar 2024 +32.0 pp | Jun 2024 +14.0 pp | Sep 2024 +2.0 pp | Dec 2024 −1.0 pp | Mar 2025 −19.0 pp | Jun 2025 −7.0 pp | Sep 2025 +1.0 pp | Dec 2025 −10.0 pp | Mar 2026 −20.0 pp | Jun 2026 +5.0 pp
- RPOWER: Sep 2021 +1.4 pp | Dec 2021 −0.6 pp | Mar 2022 −41.6 pp | Jun 2022 −6.0 pp | Sep 2022 −12.6 pp | Dec 2022 −11.2 pp | Mar 2023 −18.9 pp | Jun 2023 −7.4 pp | Sep 2023 +4.5 pp | Dec 2023 −54.0 pp | Mar 2024 +18.0 pp | Jun 2024 +1.0 pp | Sep 2024 −14.0 pp | Dec 2024 +46.0 pp | Mar 2025 +21.0 pp | Jun 2025 −3.0 pp | Sep 2025 +10.0 pp | Dec 2025 +5.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- KPIGREEN: Sep 2021 −14.2 pp | Dec 2021 −30.4 pp | Mar 2022 −15.4 pp | Jun 2022 −23.4 pp | Sep 2022 −8.4 pp | Dec 2022 −13.6 pp | Mar 2023 −17.6 pp | Jun 2023 +2.8 pp | Sep 2023 −0.0 pp | Dec 2023 −2.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +4.0 pp | Dec 2024 −1.0 pp | Mar 2025 −4.0 pp | Jun 2025 −4.0 pp | Sep 2025 −1.0 pp | Dec 2025 +6.0 pp | Mar 2026 +9.0 pp | Jun 2026 —
- RTNPOWER: Sep 2021 −41.0 pp | Dec 2021 −25.1 pp | Mar 2022 −3.0 pp | Jun 2022 +1.5 pp | Sep 2022 −1.4 pp | Dec 2022 −7.8 pp | Mar 2023 −0.3 pp | Jun 2023 −8.0 pp | Sep 2023 −5.5 pp | Dec 2023 −2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 0.0 pp | Dec 2024 −9.0 pp | Mar 2025 0.0 pp | Jun 2025 −8.0 pp | Sep 2025 −6.0 pp | Dec 2025 +6.0 pp | Mar 2026 −7.0 pp | Jun 2026 +4.0 pp
- GIPCL: Sep 2021 +5.4 pp | Dec 2021 +3.9 pp | Mar 2022 +9.7 pp | Jun 2022 +12.9 pp | Sep 2022 −6.9 pp | Dec 2022 −11.6 pp | Mar 2023 −10.6 pp | Jun 2023 −10.3 pp | Sep 2023 −7.9 pp | Dec 2023 +5.1 pp | Mar 2024 +3.0 pp | Jun 2024 +5.0 pp | Sep 2024 +7.0 pp | Dec 2024 +1.0 pp | Mar 2025 +3.0 pp | Jun 2025 −6.0 pp | Sep 2025 +5.0 pp | Dec 2025 +5.0 pp | Mar 2026 +11.0 pp | Jun 2026 —
- BFUTILITIE: Sep 2021 +22.2 pp | Dec 2021 +0.4 pp | Mar 2022 −22.2 pp | Jun 2022 +7.9 pp | Sep 2022 −0.4 pp | Dec 2022 −1.4 pp | Mar 2023 +3.8 pp | Jun 2023 −23.0 pp | Sep 2023 −1.0 pp | Dec 2023 −10.0 pp | Mar 2024 +11.0 pp | Jun 2024 +28.0 pp | Sep 2024 +8.0 pp | Dec 2024 +12.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 +3.0 pp | Mar 2026 — | Jun 2026 —
- GREENPOWER: Sep 2021 +5.8 pp | Dec 2021 +19.3 pp | Mar 2022 +18.4 pp | Jun 2022 −2.0 pp | Sep 2022 −0.4 pp | Dec 2022 −41.7 pp | Mar 2023 +4.8 pp | Jun 2023 +4.9 pp | Sep 2023 +1.6 pp | Dec 2023 +10.0 pp | Mar 2024 −9.0 pp | Jun 2024 −10.0 pp | Sep 2024 +1.0 pp | Dec 2024 −8.0 pp | Mar 2025 0.0 pp | Jun 2025 +5.0 pp | Sep 2025 −7.0 pp | Dec 2025 +3.0 pp | Mar 2026 −14.0 pp | Jun 2026 −1.0 pp
- DPSCLTD: Sep 2021 −5.5 pp | Dec 2021 −17.5 pp | Mar 2022 −14.6 pp | Jun 2022 −14.4 pp | Sep 2022 −11.0 pp | Dec 2022 +6.6 pp | Mar 2023 +8.5 pp | Jun 2023 +16.9 pp | Sep 2023 +5.2 pp | Dec 2023 +6.8 pp | Mar 2024 +2.2 pp | Jun 2024 −3.7 pp | Sep 2024 −1.2 pp | Dec 2024 −3.3 pp | Mar 2025 −72.2 pp | Jun 2025 −1.1 pp | Sep 2025 +0.7 pp | Dec 2025 −9.5 pp | Mar 2026 +65.4 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: NTPC Ltd leads with ₹28,333 crore of TTM profit, 95% above Adani Power Ltd. Gujarat Industries Power Co Ltd shows 89.6% growth from a ₹402 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: NTPC Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: NTPC Ltd · ₹28,333 crore | 95% versus #2 · Adani Power Ltd | 6/8 recent comparable periods | 20/20 companies · 329 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. NTPC Ltd (NTPC): ₹28.3K Cr
2. Adani Power Ltd (ADANIPOWER): ₹14.5K Cr
3. Tata Power Company Ltd (TATAPOWER): ₹5.1K Cr
4. NHPC Ltd (NHPC): ₹4.2K Cr
5. NLC India Ltd (NLCINDIA): ₹3.8K Cr

### Profit growth — fastest growers
1. Gujarat Industries Power Co Ltd (GIPCL): 90%
2. KPI Green Energy Ltd (KPIGREEN): 57%
3. NLC India Ltd (NLCINDIA): 39%
4. NHPC Ltd (NHPC): 24%
5. Adani Power Ltd (ADANIPOWER): 20%

### 20-quarter Net profit history
- 507836: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-6 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-11 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹-22 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹-24 Cr | Dec 2024 ₹-23 Cr | Mar 2025 ₹-37 Cr | Jun 2025 ₹-21 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹-63 Cr | Mar 2026 ₹-15 Cr | Jun 2026 —
- ADANIPOWER: Sep 2021 ₹-231 Cr | Dec 2021 ₹218 Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹696 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹8.8K Cr | Sep 2023 ₹6.6K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹4.3K Cr | Jun 2026 ₹4.9K Cr
- NTPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.9K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹6.5K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹7.9K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹10.6K Cr | Jun 2026 ₹6.9K Cr
- ADANIGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹103 Cr | Mar 2023 ₹507 Cr | Jun 2023 ₹323 Cr | Sep 2023 ₹371 Cr | Dec 2023 ₹256 Cr | Mar 2024 ₹310 Cr | Jun 2024 ₹629 Cr | Sep 2024 ₹515 Cr | Dec 2024 ₹474 Cr | Mar 2025 ₹383 Cr | Jun 2025 ₹824 Cr | Sep 2025 ₹644 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹514 Cr | Jun 2026 ₹983 Cr
- TATAPOWER: Sep 2021 ₹506 Cr | Dec 2021 ₹552 Cr | Mar 2022 — | Jun 2022 ₹884 Cr | Sep 2022 ₹935 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹939 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- JSWENERGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹187 Cr | Mar 2023 ₹282 Cr | Jun 2023 ₹290 Cr | Sep 2023 ₹857 Cr | Dec 2023 ₹232 Cr | Mar 2024 ₹345 Cr | Jun 2024 ₹534 Cr | Sep 2024 ₹877 Cr | Dec 2024 ₹157 Cr | Mar 2025 ₹415 Cr | Jun 2025 ₹836 Cr | Sep 2025 ₹824 Cr | Dec 2025 ₹529 Cr | Mar 2026 ₹574 Cr | Jun 2026 ₹533 Cr
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹104 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹233 Cr | Jun 2025 ₹220 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹197 Cr | Jun 2026 ₹305 Cr
- NHPC: Sep 2021 ₹1.4K Cr | Dec 2021 ₹889 Cr | Mar 2022 ₹516 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹776 Cr | Mar 2023 ₹745 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹623 Cr | Mar 2024 ₹605 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹330 Cr | Mar 2025 ₹920 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹321 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- TORNTPOWER: Sep 2021 ₹367 Cr | Dec 2021 ₹368 Cr | Mar 2022 ₹-488 Cr | Jun 2022 ₹502 Cr | Sep 2022 ₹493 Cr | Dec 2022 ₹695 Cr | Mar 2023 ₹484 Cr | Jun 2023 ₹532 Cr | Sep 2023 ₹543 Cr | Dec 2023 ₹374 Cr | Mar 2024 ₹447 Cr | Jun 2024 ₹996 Cr | Sep 2024 ₹496 Cr | Dec 2024 ₹489 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹742 Cr | Sep 2025 ₹742 Cr | Dec 2025 ₹655 Cr | Mar 2026 ₹331 Cr | Jun 2026 —
- NLCINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-396 Cr | Mar 2023 ₹837 Cr | Jun 2023 ₹414 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹567 Cr | Sep 2024 ₹982 Cr | Dec 2024 ₹696 Cr | Mar 2025 ₹468 Cr | Jun 2025 ₹839 Cr | Sep 2025 ₹725 Cr | Dec 2025 ₹724 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- SJVN: Sep 2021 ₹405 Cr | Dec 2021 ₹235 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹609 Cr | Sep 2022 ₹445 Cr | Dec 2022 ₹287 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹272 Cr | Sep 2023 ₹440 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹357 Cr | Sep 2024 ₹440 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹-128 Cr | Jun 2025 ₹228 Cr | Sep 2025 ₹308 Cr | Dec 2025 ₹224 Cr | Mar 2026 ₹-118 Cr | Jun 2026 —
- CESC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹336 Cr | Mar 2023 ₹445 Cr | Jun 2023 ₹368 Cr | Sep 2023 ₹363 Cr | Dec 2023 ₹301 Cr | Mar 2024 ₹415 Cr | Jun 2024 ₹388 Cr | Sep 2024 ₹373 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹385 Cr | Jun 2025 ₹404 Cr | Sep 2025 ₹448 Cr | Dec 2025 ₹304 Cr | Mar 2026 ₹459 Cr | Jun 2026 —
- JPPOWER: Sep 2021 ₹-1 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹242 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹-218 Cr | Mar 2023 ₹-44 Cr | Jun 2023 ₹192 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹173 Cr | Mar 2024 ₹589 Cr | Jun 2024 ₹349 Cr | Sep 2024 ₹183 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹156 Cr | Jun 2025 ₹278 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-13 Cr | Jun 2026 ₹469 Cr
- RPOWER: Sep 2021 ₹5 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹-1.0K Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹-313 Cr | Dec 2022 ₹-245 Cr | Mar 2023 ₹257 Cr | Jun 2023 ₹-296 Cr | Sep 2023 ₹-238 Cr | Dec 2023 ₹-1.1K Cr | Mar 2024 ₹-398 Cr | Jun 2024 ₹-98 Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹-494 Cr | Jun 2026 —
- KPIGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹34 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹155 Cr | Jun 2026 —
- RTNPOWER: Sep 2021 ₹-460 Cr | Dec 2021 ₹-387 Cr | Mar 2022 ₹-310 Cr | Jun 2022 ₹-389 Cr | Sep 2022 ₹-518 Cr | Dec 2022 ₹-480 Cr | Mar 2023 ₹-483 Cr | Jun 2023 ₹-549 Cr | Sep 2023 ₹-633 Cr | Dec 2023 ₹-587 Cr | Mar 2024 ₹10.7K Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹-13 Cr | Sep 2025 ₹-32 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹43 Cr | Jun 2026 ₹46 Cr
- GIPCL: Sep 2021 ₹53 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹327 Cr | Jun 2026 —
- BFUTILITIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹81 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹84 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹98 Cr | Dec 2025 ₹103 Cr | Mar 2026 — | Jun 2026 —
- GREENPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹-21 Cr | Mar 2024 ₹-25 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹-22 Cr | Mar 2025 ₹-15 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹-21 Cr | Mar 2026 ₹-17 Cr | Jun 2026 ₹24 Cr
- DPSCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 —

### 20-quarter Profit growth history
- ADANIPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,619% | Sep 2022 — | Dec 2022 -96% | Mar 2023 13% | Jun 2023 83% | Sep 2023 847% | Dec 2023 — | Mar 2024 -48% | Jun 2024 -55% | Sep 2024 -50% | Dec 2024 7.4% | Mar 2025 -5.0% | Jun 2025 -16% | Sep 2025 -12% | Dec 2025 -15% | Mar 2026 64% | Jun 2026 47%
- NTPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.3% | Mar 2024 33% | Jun 2024 12% | Sep 2024 14% | Dec 2024 -0.8% | Mar 2025 22% | Jun 2025 11% | Sep 2025 -2.9% | Dec 2025 8.3% | Mar 2026 34% | Jun 2026 13%
- ADANIGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 149% | Mar 2024 -39% | Jun 2024 95% | Sep 2024 39% | Dec 2024 85% | Mar 2025 24% | Jun 2025 31% | Sep 2025 25% | Dec 2025 -99% | Mar 2026 34% | Jun 2026 19%
- TATAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 90% | Sep 2022 85% | Dec 2022 91% | Mar 2023 — | Jun 2023 29% | Sep 2023 8.8% | Dec 2023 2.3% | Mar 2024 11% | Jun 2024 4.2% | Sep 2024 7.5% | Dec 2024 10% | Mar 2025 25% | Jun 2025 6.1% | Sep 2025 14% | Dec 2025 0.5% | Mar 2026 8.4% | Jun 2026 —
- JSWENERGY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24% | Mar 2024 22% | Jun 2024 84% | Sep 2024 2.3% | Dec 2024 -32% | Mar 2025 20% | Jun 2025 57% | Sep 2025 -6.0% | Dec 2025 237% | Mar 2026 38% | Jun 2026 -36%
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 34% | Sep 2024 -64% | Dec 2024 18% | Mar 2025 188% | Jun 2025 58% | Sep 2025 132% | Dec 2025 -74% | Mar 2026 -15% | Jun 2026 39%
- NHPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.2% | Sep 2022 22% | Dec 2022 -13% | Mar 2023 44% | Jun 2023 3.9% | Sep 2023 0.4% | Dec 2023 -20% | Mar 2024 -19% | Jun 2024 0.6% | Sep 2024 -37% | Dec 2024 -47% | Mar 2025 52% | Jun 2025 2.6% | Sep 2025 15% | Dec 2025 -2.7% | Mar 2026 68% | Jun 2026 —
- TORNTPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 143% | Sep 2022 34% | Dec 2022 89% | Mar 2023 — | Jun 2023 6.0% | Sep 2023 10% | Dec 2023 -46% | Mar 2024 -7.6% | Jun 2024 87% | Sep 2024 -8.7% | Dec 2024 31% | Mar 2025 141% | Jun 2025 -26% | Sep 2025 50% | Dec 2025 34% | Mar 2026 -69% | Jun 2026 —
- NLCINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -86% | Jun 2024 37% | Sep 2024 -9.6% | Dec 2024 174% | Mar 2025 311% | Jun 2025 48% | Sep 2025 -26% | Dec 2025 4.0% | Mar 2026 216% | Jun 2026 —
- SJVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 78% | Sep 2022 9.9% | Dec 2022 22% | Mar 2023 143% | Jun 2023 -55% | Sep 2023 -1.1% | Dec 2023 -52% | Mar 2024 259% | Jun 2024 31% | Sep 2024 0.0% | Dec 2024 7.2% | Mar 2025 -310% | Jun 2025 -36% | Sep 2025 -30% | Dec 2025 50% | Mar 2026 — | Jun 2026 —
- CESC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -10% | Mar 2024 -6.7% | Jun 2024 5.4% | Sep 2024 2.8% | Dec 2024 -6.3% | Mar 2025 -7.2% | Jun 2025 4.1% | Sep 2025 20% | Dec 2025 7.8% | Mar 2026 19% | Jun 2026 —
- JPPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -304% | Mar 2023 — | Jun 2023 -21% | Sep 2023 -8.0% | Dec 2023 — | Mar 2024 — | Jun 2024 82% | Sep 2024 165% | Dec 2024 -27% | Mar 2025 -74% | Jun 2025 -20% | Sep 2025 -0.6% | Dec 2025 -97% | Mar 2026 -108% | Jun 2026 69%
- RPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -120% | Sep 2022 -6,360% | Dec 2022 -975% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -255% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -97% | Dec 2025 -40% | Mar 2026 -492% | Jun 2026 —
- KPIGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 50% | Mar 2024 34% | Jun 2024 100% | Sep 2024 100% | Dec 2024 67% | Mar 2025 142% | Jun 2025 68% | Sep 2025 67% | Dec 2025 48% | Mar 2026 49% | Jun 2026 —
- RTNPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -99% | Jun 2025 -114% | Sep 2025 — | Dec 2025 1,250% | Mar 2026 -66% | Jun 2026 —
- GIPCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 80% | Sep 2022 -49% | Dec 2022 22% | Mar 2023 18% | Jun 2023 -9.5% | Sep 2023 3.7% | Dec 2023 38% | Mar 2024 1.5% | Jun 2024 19% | Sep 2024 25% | Dec 2024 -17% | Mar 2025 6.1% | Jun 2025 -16% | Sep 2025 -40% | Dec 2025 -108% | Mar 2026 367% | Jun 2026 —
- BFUTILITIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -25% | Sep 2023 58% | Dec 2023 13% | Mar 2024 51% | Jun 2024 30% | Sep 2024 4.6% | Dec 2024 11% | Mar 2025 — | Jun 2025 — | Sep 2025 7.7% | Dec 2025 23% | Mar 2026 — | Jun 2026 —
- GREENPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -310% | Mar 2024 — | Jun 2024 -33% | Sep 2024 -12% | Dec 2024 — | Mar 2025 — | Jun 2025 383% | Sep 2025 23% | Dec 2025 — | Mar 2026 — | Jun 2026 -17%
- DPSCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 28% | Mar 2024 19% | Jun 2024 13% | Sep 2024 9.0% | Dec 2024 -33% | Mar 2025 -125% | Jun 2025 -1.6% | Sep 2025 20% | Dec 2025 -30% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: NTPC Green Energy Ltd reports ₹1,652 crore of CAPEX; NTPC Green Energy Ltd has the highest covered intensity at 327.8%. Coverage is only 1 of 20 companies and 4 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: NTPC Green Energy Ltd · ₹1,652 crore | Not enough peers | 4/4 recent comparable periods | 1/20 companies · 4 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. NTPC Green Energy Ltd (NTPCGREEN): ₹1.7K Cr

### CAPEX intensity — highest reinvestment intensity
1. NTPC Green Energy Ltd (NTPCGREEN): 328%

### 20-quarter CAPEX history
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹432 Cr | Sep 2023 ₹432 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 86% | Sep 2023 86% | Dec 2023 — | Mar 2024 — | Jun 2024 332% | Sep 2024 328% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: India Power Corporation Ltd has the clearest covered balance-sheet capacity with ₹96 crore and gross debt of ₹127 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: India Power Corporation Ltd · ₹127 crore | 75.8% versus #2 · Orient Green Power Company Ltd | 0/6 recent comparable periods | 20/20 companies · 261 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. India Power Corporation Ltd (DPSCLTD): ₹127 Cr
2. Orient Green Power Company Ltd (GREENPOWER): ₹524 Cr
3. BF Utilities Ltd (BFUTILITIE): ₹932 Cr — older report
4. Mac Charles (India) Ltd (507836): ₹1.5K Cr
5. Jaiprakash Power Ventures Ltd (JPPOWER): ₹3.4K Cr

### Net debt — lowest net debt
1. India Power Corporation Ltd (DPSCLTD): ₹96 Cr
2. Orient Green Power Company Ltd (GREENPOWER): ₹459 Cr
3. Jaiprakash Power Ventures Ltd (JPPOWER): ₹2.6K Cr
4. Gujarat Industries Power Co Ltd (GIPCL): ₹3.3K Cr
5. RattanIndia Power Ltd (RTNPOWER): ₹3.6K Cr

### 20-quarter Gross debt history
- 507836: Sep 2021 — | Dec 2021 — | Mar 2022 ₹122 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹532 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹827 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.1K Cr | Jun 2025 — | Sep 2025 ₹1.1K Cr | Dec 2025 — | Mar 2026 ₹1.5K Cr | Jun 2026 —
- ADANIPOWER: Sep 2021 ₹52.7K Cr | Dec 2021 ₹52.7K Cr | Mar 2022 ₹49.1K Cr | Jun 2022 ₹48.9K Cr | Sep 2022 ₹45.2K Cr | Dec 2022 ₹45.2K Cr | Mar 2023 ₹42.6K Cr | Jun 2023 ₹42.4K Cr | Sep 2023 ₹32.4K Cr | Dec 2023 ₹32.4K Cr | Mar 2024 ₹34.9K Cr | Jun 2024 ₹34.6K Cr | Sep 2024 ₹37.7K Cr | Dec 2024 ₹37.7K Cr | Mar 2025 ₹39.5K Cr | Jun 2025 ₹39.5K Cr | Sep 2025 ₹48.5K Cr | Dec 2025 ₹48.5K Cr | Mar 2026 ₹54.7K Cr | Jun 2026 —
- NTPC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.1 L Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.2 L Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.4 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.5 L Cr | Jun 2025 — | Sep 2025 ₹2.5 L Cr | Dec 2025 — | Mar 2026 ₹2.7 L Cr | Jun 2026 —
- ADANIGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹52.8K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹54.2K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹64.9K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹80.0K Cr | Jun 2025 — | Sep 2025 ₹88.2K Cr | Dec 2025 — | Mar 2026 ₹1.0 L Cr | Jun 2026 —
- TATAPOWER: Sep 2021 ₹49.1K Cr | Dec 2021 ₹49.1K Cr | Mar 2022 ₹51.2K Cr | Jun 2022 ₹51.8K Cr | Sep 2022 ₹53.3K Cr | Dec 2022 ₹53.3K Cr | Mar 2023 ₹52.9K Cr | Jun 2023 ₹53.5K Cr | Sep 2023 ₹52.5K Cr | Dec 2023 ₹52.5K Cr | Mar 2024 ₹53.7K Cr | Jun 2024 ₹54.6K Cr | Sep 2024 ₹58.3K Cr | Dec 2024 ₹58.3K Cr | Mar 2025 ₹62.9K Cr | Jun 2025 ₹68.5K Cr | Sep 2025 ₹70.1K Cr | Dec 2025 ₹70.1K Cr | Mar 2026 ₹76.1K Cr | Jun 2026 —
- JSWENERGY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹8.9K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹25.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹31.6K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹50.2K Cr | Jun 2025 — | Sep 2025 ₹69.1K Cr | Dec 2025 — | Mar 2026 ₹76.9K Cr | Jun 2026 —
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.1K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹13.9K Cr | Jun 2024 ₹16.2K Cr | Sep 2024 ₹18.0K Cr | Dec 2024 ₹18.0K Cr | Mar 2025 ₹19.4K Cr | Jun 2025 ₹19.4K Cr | Sep 2025 ₹21.8K Cr | Dec 2025 ₹21.8K Cr | Mar 2026 ₹31.7K Cr | Jun 2026 —
- NHPC: Sep 2021 ₹24.9K Cr | Dec 2021 ₹24.9K Cr | Mar 2022 ₹26.1K Cr | Jun 2022 ₹28.1K Cr | Sep 2022 ₹28.1K Cr | Dec 2022 ₹28.1K Cr | Mar 2023 ₹29.5K Cr | Jun 2023 ₹31.6K Cr | Sep 2023 ₹32.3K Cr | Dec 2023 ₹32.3K Cr | Mar 2024 ₹32.6K Cr | Jun 2024 ₹34.6K Cr | Sep 2024 ₹36.4K Cr | Dec 2024 ₹36.4K Cr | Mar 2025 ₹39.6K Cr | Jun 2025 ₹41.6K Cr | Sep 2025 ₹44.9K Cr | Dec 2025 ₹47.2K Cr | Mar 2026 ₹52.3K Cr | Jun 2026 —
- TORNTPOWER: Sep 2021 ₹7.7K Cr | Dec 2021 ₹7.7K Cr | Mar 2022 ₹9.1K Cr | Jun 2022 ₹9.1K Cr | Sep 2022 ₹10.4K Cr | Dec 2022 ₹10.4K Cr | Mar 2023 ₹10.5K Cr | Jun 2023 ₹10.5K Cr | Sep 2023 ₹10.7K Cr | Dec 2023 ₹10.7K Cr | Mar 2024 ₹11.6K Cr | Jun 2024 ₹11.6K Cr | Sep 2024 ₹11.6K Cr | Dec 2024 ₹11.6K Cr | Mar 2025 ₹8.8K Cr | Jun 2025 ₹8.8K Cr | Sep 2025 ₹10.4K Cr | Dec 2025 ₹10.4K Cr | Mar 2026 ₹14.0K Cr | Jun 2026 —
- NLCINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹22.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹22.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹22.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹22.4K Cr | Jun 2025 — | Sep 2025 ₹24.4K Cr | Dec 2025 — | Mar 2026 ₹27.9K Cr | Jun 2026 —
- SJVN: Sep 2021 ₹5.3K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹6.9K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹9.0K Cr | Dec 2022 ₹9.0K Cr | Mar 2023 ₹14.1K Cr | Jun 2023 ₹14.1K Cr | Sep 2023 ₹17.1K Cr | Dec 2023 ₹17.1K Cr | Mar 2024 ₹20.3K Cr | Jun 2024 ₹20.3K Cr | Sep 2024 ₹23.9K Cr | Dec 2024 ₹23.9K Cr | Mar 2025 ₹27.0K Cr | Jun 2025 ₹27.0K Cr | Sep 2025 ₹29.6K Cr | Dec 2025 ₹29.6K Cr | Mar 2026 ₹32.3K Cr | Jun 2026 —
- CESC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹15.0K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹14.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹14.5K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹18.0K Cr | Jun 2025 — | Sep 2025 ₹18.8K Cr | Dec 2025 — | Mar 2026 ₹21.7K Cr | Jun 2026 —
- JPPOWER: Sep 2021 ₹5.2K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹3.4K Cr
- RPOWER: Sep 2021 ₹23.9K Cr | Dec 2021 ₹23.9K Cr | Mar 2022 ₹23.1K Cr | Jun 2022 ₹23.1K Cr | Sep 2022 ₹22.8K Cr | Dec 2022 ₹22.8K Cr | Mar 2023 ₹21.2K Cr | Jun 2023 ₹21.2K Cr | Sep 2023 ₹20.6K Cr | Dec 2023 ₹20.6K Cr | Mar 2024 ₹18.8K Cr | Jun 2024 ₹18.8K Cr | Sep 2024 ₹14.9K Cr | Dec 2024 ₹14.9K Cr | Mar 2025 ₹15.2K Cr | Jun 2025 ₹15.2K Cr | Sep 2025 ₹15.2K Cr | Dec 2025 ₹15.2K Cr | Mar 2026 ₹14.8K Cr | Jun 2026 —
- KPIGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹446 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹676 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.5K Cr | Jun 2025 — | Sep 2025 ₹2.5K Cr | Dec 2025 — | Mar 2026 ₹5.2K Cr | Jun 2026 —
- RTNPOWER: Sep 2021 ₹12.2K Cr | Dec 2021 ₹12.2K Cr | Mar 2022 ₹11.5K Cr | Jun 2022 ₹11.5K Cr | Sep 2022 ₹11.3K Cr | Dec 2022 ₹11.3K Cr | Mar 2023 ₹11.0K Cr | Jun 2023 ₹11.0K Cr | Sep 2023 ₹11.0K Cr | Dec 2023 ₹11.0K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- GIPCL: Sep 2021 ₹486 Cr | Dec 2021 ₹486 Cr | Mar 2022 ₹529 Cr | Jun 2022 ₹529 Cr | Sep 2022 ₹531 Cr | Dec 2022 ₹531 Cr | Mar 2023 ₹493 Cr | Jun 2023 ₹493 Cr | Sep 2023 ₹636 Cr | Dec 2023 ₹636 Cr | Mar 2024 ₹614 Cr | Jun 2024 ₹614 Cr | Sep 2024 ₹696 Cr | Dec 2024 ₹696 Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- BFUTILITIE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.6K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.3K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹932 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GREENPOWER: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹845 Cr | Dec 2023 ₹845 Cr | Mar 2024 ₹754 Cr | Jun 2024 ₹754 Cr | Sep 2024 ₹602 Cr | Dec 2024 ₹602 Cr | Mar 2025 ₹552 Cr | Jun 2025 ₹552 Cr | Sep 2025 ₹490 Cr | Dec 2025 ₹490 Cr | Mar 2026 ₹524 Cr | Jun 2026 ₹524 Cr
- DPSCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹328 Cr | Jun 2022 ₹328 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹282 Cr | Jun 2023 ₹282 Cr | Sep 2023 ₹231 Cr | Dec 2023 ₹231 Cr | Mar 2024 ₹213 Cr | Jun 2024 ₹213 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹156 Cr | Jun 2025 ₹156 Cr | Sep 2025 ₹94 Cr | Dec 2025 — | Mar 2026 ₹127 Cr | Jun 2026 —

### 20-quarter Net debt history
- ADANIPOWER: Sep 2021 ₹51.1K Cr | Dec 2021 — | Mar 2022 ₹48.1K Cr | Jun 2022 — | Sep 2022 ₹43.2K Cr | Dec 2022 — | Mar 2023 ₹42.0K Cr | Jun 2023 — | Sep 2023 ₹29.6K Cr | Dec 2023 — | Mar 2024 ₹33.5K Cr | Jun 2024 — | Sep 2024 ₹31.6K Cr | Dec 2024 — | Mar 2025 ₹39.2K Cr | Jun 2025 — | Sep 2025 ₹38.2K Cr | Dec 2025 — | Mar 2026 ₹53.7K Cr | Jun 2026 —
- TATAPOWER: Sep 2021 ₹44.5K Cr | Dec 2021 — | Mar 2022 ₹48.7K Cr | Jun 2022 — | Sep 2022 ₹47.0K Cr | Dec 2022 — | Mar 2023 ₹49.3K Cr | Jun 2023 — | Sep 2023 ₹42.4K Cr | Dec 2023 — | Mar 2024 ₹56.6K Cr | Jun 2024 — | Sep 2024 ₹49.1K Cr | Dec 2024 — | Mar 2025 ₹63.6K Cr | Jun 2025 — | Sep 2025 ₹60.7K Cr | Dec 2025 — | Mar 2026 ₹75.5K Cr | Jun 2026 —
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹13.7K Cr | Jun 2024 ₹16.2K Cr | Sep 2024 ₹16.8K Cr | Dec 2024 — | Mar 2025 ₹19.4K Cr | Jun 2025 — | Sep 2025 ₹21.8K Cr | Dec 2025 — | Mar 2026 ₹31.1K Cr | Jun 2026 —
- NHPC: Sep 2021 ₹22.2K Cr | Dec 2021 — | Mar 2022 ₹26.8K Cr | Jun 2022 — | Sep 2022 ₹26.1K Cr | Dec 2022 — | Mar 2023 ₹30.5K Cr | Jun 2023 — | Sep 2023 ₹29.0K Cr | Dec 2023 — | Mar 2024 ₹33.2K Cr | Jun 2024 — | Sep 2024 ₹33.6K Cr | Dec 2024 — | Mar 2025 ₹40.8K Cr | Jun 2025 — | Sep 2025 ₹44.2K Cr | Dec 2025 — | Mar 2026 ₹51.1K Cr | Jun 2026 —
- TORNTPOWER: Sep 2021 ₹7.5K Cr | Dec 2021 — | Mar 2022 ₹8.9K Cr | Jun 2022 — | Sep 2022 ₹10.1K Cr | Dec 2022 — | Mar 2023 ₹10.4K Cr | Jun 2023 — | Sep 2023 ₹10.2K Cr | Dec 2023 — | Mar 2024 ₹11.3K Cr | Jun 2024 — | Sep 2024 ₹11.2K Cr | Dec 2024 — | Mar 2025 ₹8.6K Cr | Jun 2025 — | Sep 2025 ₹10.1K Cr | Dec 2025 — | Mar 2026 ₹13.2K Cr | Jun 2026 —
- SJVN: Sep 2021 ₹1.4K Cr | Dec 2021 — | Mar 2022 ₹6.9K Cr | Jun 2022 — | Sep 2022 ₹7.0K Cr | Dec 2022 — | Mar 2023 ₹13.7K Cr | Jun 2023 — | Sep 2023 ₹13.2K Cr | Dec 2023 — | Mar 2024 ₹20.0K Cr | Jun 2024 — | Sep 2024 ₹19.9K Cr | Dec 2024 — | Mar 2025 ₹26.7K Cr | Jun 2025 — | Sep 2025 ₹26.5K Cr | Dec 2025 — | Mar 2026 ₹29.8K Cr | Jun 2026 —
- JPPOWER: Sep 2021 ₹4.9K Cr | Dec 2021 — | Mar 2022 ₹5.0K Cr | Jun 2022 — | Sep 2022 ₹4.4K Cr | Dec 2022 — | Mar 2023 ₹4.7K Cr | Jun 2023 — | Sep 2023 ₹3.9K Cr | Dec 2023 — | Mar 2024 ₹4.2K Cr | Jun 2024 — | Sep 2024 ₹2.7K Cr | Dec 2024 — | Mar 2025 ₹2.9K Cr | Jun 2025 — | Sep 2025 ₹1.4K Cr | Dec 2025 — | Mar 2026 ₹2.6K Cr | Jun 2026 —
- RPOWER: Sep 2021 ₹23.4K Cr | Dec 2021 — | Mar 2022 ₹22.9K Cr | Jun 2022 — | Sep 2022 ₹22.1K Cr | Dec 2022 — | Mar 2023 ₹21.0K Cr | Jun 2023 — | Sep 2023 ₹19.9K Cr | Dec 2023 — | Mar 2024 ₹18.3K Cr | Jun 2024 — | Sep 2024 ₹14.1K Cr | Dec 2024 — | Mar 2025 ₹14.7K Cr | Jun 2025 — | Sep 2025 ₹13.5K Cr | Dec 2025 — | Mar 2026 ₹13.1K Cr | Jun 2026 —
- RTNPOWER: Sep 2021 ₹11.7K Cr | Dec 2021 — | Mar 2022 ₹11.4K Cr | Jun 2022 — | Sep 2022 ₹11.0K Cr | Dec 2022 — | Mar 2023 ₹10.8K Cr | Jun 2023 — | Sep 2023 ₹10.3K Cr | Dec 2023 — | Mar 2024 ₹3.4K Cr | Jun 2024 — | Sep 2024 ₹3.0K Cr | Dec 2024 — | Mar 2025 ₹3.4K Cr | Jun 2025 — | Sep 2025 ₹3.2K Cr | Dec 2025 — | Mar 2026 ₹3.6K Cr | Jun 2026 —
- GIPCL: Sep 2021 ₹334 Cr | Dec 2021 — | Mar 2022 ₹247 Cr | Jun 2022 — | Sep 2022 ₹89 Cr | Dec 2022 — | Mar 2023 ₹39 Cr | Jun 2023 — | Sep 2023 ₹-31 Cr | Dec 2023 — | Mar 2024 ₹5 Cr | Jun 2024 — | Sep 2024 ₹167 Cr | Dec 2024 — | Mar 2025 ₹1.6K Cr | Jun 2025 — | Sep 2025 ₹2.6K Cr | Dec 2025 — | Mar 2026 ₹3.3K Cr | Jun 2026 —
- GREENPOWER: Sep 2021 ₹1.3K Cr | Dec 2021 — | Mar 2022 ₹1.2K Cr | Jun 2022 — | Sep 2022 ₹1.2K Cr | Dec 2022 — | Mar 2023 ₹1.1K Cr | Jun 2023 — | Sep 2023 ₹743 Cr | Dec 2023 — | Mar 2024 ₹684 Cr | Jun 2024 — | Sep 2024 ₹415 Cr | Dec 2024 — | Mar 2025 ₹523 Cr | Jun 2025 — | Sep 2025 ₹332 Cr | Dec 2025 — | Mar 2026 ₹459 Cr | Jun 2026 —
- DPSCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹326 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹276 Cr | Jun 2023 — | Sep 2023 ₹195 Cr | Dec 2023 — | Mar 2024 ₹212 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹152 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹96 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: BF Utilities Ltd leads ROCE at 29.9%, 12.7 percentage points above Adani Power Ltd. Mac Charles (India) Ltd has the strongest latest improvement at +6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: BF Utilities Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: BF Utilities Ltd · 29.9% | 73.8% versus #2 · Adani Power Ltd | Not enough history | 20/20 companies · 172 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. BF Utilities Ltd (BFUTILITIE): 30% — older report
2. Adani Power Ltd (ADANIPOWER): 17%
3. KPI Green Energy Ltd (KPIGREEN): 14%
4. Torrent Power Ltd (TORNTPOWER): 14%
5. CESC Ltd (CESC): 11%

### ROCE change — fastest improvers
1. Mac Charles (India) Ltd (507836): +6.0 pp
2. BF Utilities Ltd (BFUTILITIE): +2.0 pp — older report
3. JSW Energy Ltd (JSWENERGY): +2.0 pp
4. SJVN Ltd (SJVN): +1.7 pp
5. Reliance Power Ltd (RPOWER): +0.2 pp

### 20-quarter ROCE history
- ADANIPOWER: Sep 2021 4.8% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 12% | Dec 2023 31% | Mar 2024 19% | Jun 2024 28% | Sep 2024 18% | Dec 2024 24% | Mar 2025 18% | Jun 2025 22% | Sep 2025 15% | Dec 2025 17% | Mar 2026 13% | Jun 2026 —
- TATAPOWER: Sep 2021 6.6% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.5% | Dec 2022 — | Mar 2023 5.5% | Jun 2023 — | Sep 2023 7.8% | Dec 2023 12% | Mar 2024 7.2% | Jun 2024 11% | Sep 2024 8.0% | Dec 2024 11% | Mar 2025 9.0% | Jun 2025 11% | Sep 2025 7.9% | Dec 2025 10% | Mar 2026 6.4% | Jun 2026 —
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.9% | Jun 2024 4.5% | Sep 2024 3.7% | Dec 2024 4.3% | Mar 2025 2.8% | Jun 2025 4.6% | Sep 2025 2.8% | Dec 2025 4.3% | Mar 2026 2.5% | Jun 2026 —
- NHPC: Sep 2021 6.2% | Dec 2021 — | Mar 2022 6.0% | Jun 2022 — | Sep 2022 6.2% | Dec 2022 — | Mar 2023 6.9% | Jun 2023 — | Sep 2023 6.2% | Dec 2023 7.1% | Mar 2024 5.9% | Jun 2024 7.5% | Sep 2024 5.7% | Dec 2024 7.6% | Mar 2025 4.9% | Jun 2025 6.9% | Sep 2025 4.7% | Dec 2025 6.6% | Mar 2026 3.1% | Jun 2026 —
- TORNTPOWER: Sep 2021 11% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 16% | Jun 2023 19% | Sep 2023 16% | Dec 2023 15% | Mar 2024 13% | Jun 2024 17% | Sep 2024 14% | Dec 2024 16% | Mar 2025 14% | Jun 2025 14% | Sep 2025 12% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- SJVN: Sep 2021 7.6% | Dec 2021 — | Mar 2022 6.7% | Jun 2022 — | Sep 2022 7.3% | Dec 2022 — | Mar 2023 6.7% | Jun 2023 — | Sep 2023 4.8% | Dec 2023 5.8% | Mar 2024 3.7% | Jun 2024 5.6% | Sep 2024 3.9% | Dec 2024 5.6% | Mar 2025 3.7% | Jun 2025 4.8% | Sep 2025 3.8% | Dec 2025 4.9% | Mar 2026 5.4% | Jun 2026 —
- JPPOWER: Sep 2021 3.4% | Dec 2021 — | Mar 2022 4.2% | Jun 2022 — | Sep 2022 6.9% | Dec 2022 — | Mar 2023 4.8% | Jun 2023 — | Sep 2023 5.0% | Dec 2023 7.6% | Mar 2024 11% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 8.8% | Jun 2025 9.2% | Sep 2025 7.9% | Dec 2025 8.2% | Mar 2026 5.5% | Jun 2026 6.6%
- RPOWER: Sep 2021 6.8% | Dec 2021 — | Mar 2022 5.2% | Jun 2022 — | Sep 2022 4.5% | Dec 2022 — | Mar 2023 2.9% | Jun 2023 — | Sep 2023 2.8% | Dec 2023 4.2% | Mar 2024 0.4% | Jun 2024 2.4% | Sep 2024 -0.6% | Dec 2024 16% | Mar 2025 4.7% | Jun 2025 18% | Sep 2025 5.5% | Dec 2025 6.5% | Mar 2026 4.9% | Jun 2026 —
- RTNPOWER: Sep 2021 4.4% | Dec 2021 — | Mar 2022 7.1% | Jun 2022 — | Sep 2022 218% | Dec 2022 — | Mar 2023 -33% | Jun 2023 — | Sep 2023 -22% | Dec 2023 345% | Mar 2024 3.4% | Jun 2024 267% | Sep 2024 4.6% | Dec 2024 265% | Mar 2025 4.0% | Jun 2025 7.3% | Sep 2025 2.4% | Dec 2025 7.3% | Mar 2026 2.0% | Jun 2026 —
- GIPCL: Sep 2021 7.2% | Dec 2021 — | Mar 2022 6.3% | Jun 2022 — | Sep 2022 5.8% | Dec 2022 — | Mar 2023 5.9% | Jun 2023 — | Sep 2023 4.7% | Dec 2023 6.7% | Mar 2024 4.4% | Jun 2024 6.7% | Sep 2024 4.6% | Dec 2024 6.3% | Mar 2025 3.3% | Jun 2025 4.9% | Sep 2025 2.8% | Dec 2025 4.4% | Mar 2026 3.1% | Jun 2026 —
- GREENPOWER: Sep 2021 6.1% | Dec 2021 — | Mar 2022 8.5% | Jun 2022 — | Sep 2022 8.3% | Dec 2022 — | Mar 2023 5.8% | Jun 2023 — | Sep 2023 6.7% | Dec 2023 8.4% | Mar 2024 6.5% | Jun 2024 7.8% | Sep 2024 4.8% | Dec 2024 6.3% | Mar 2025 5.6% | Jun 2025 8.6% | Sep 2025 6.4% | Dec 2025 8.4% | Mar 2026 5.9% | Jun 2026 7.9%
- DPSCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 -0.7% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -2.2% | Jun 2023 — | Sep 2023 0.1% | Dec 2023 3.3% | Mar 2024 0.7% | Jun 2024 3.6% | Sep 2024 — | Dec 2024 3.3% | Mar 2025 4.9% | Jun 2025 2.3% | Sep 2025 — | Dec 2025 2.0% | Mar 2026 2.6% | Jun 2026 —

### 20-quarter ROCE change history
- ADANIPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.8 pp | Dec 2022 — | Mar 2023 −0.3 pp | Jun 2023 — | Sep 2023 −3.6 pp | Dec 2023 — | Mar 2024 +8.5 pp | Jun 2024 — | Sep 2024 +5.8 pp | Dec 2024 −6.7 pp | Mar 2025 −0.9 pp | Jun 2025 −6.0 pp | Sep 2025 −2.8 pp | Dec 2025 −6.7 pp | Mar 2026 −5.3 pp | Jun 2026 —
- TATAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +4.3 pp | Dec 2023 — | Mar 2024 +1.7 pp | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 −0.8 pp | Mar 2025 +1.8 pp | Jun 2025 −0.6 pp | Sep 2025 −0.1 pp | Dec 2025 −1.0 pp | Mar 2026 −2.6 pp | Jun 2026 —
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −2.1 pp | Jun 2025 +0.1 pp | Sep 2025 −0.9 pp | Dec 2025 0.0 pp | Mar 2026 −0.3 pp | Jun 2026 —
- NHPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 +0.9 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 −1.0 pp | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 +0.5 pp | Mar 2025 −1.0 pp | Jun 2025 −0.6 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.8 pp | Jun 2026 —
- TORNTPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 — | Mar 2023 +3.6 pp | Jun 2023 — | Sep 2023 +3.2 pp | Dec 2023 — | Mar 2024 −2.6 pp | Jun 2024 −1.5 pp | Sep 2024 −1.4 pp | Dec 2024 +1.6 pp | Mar 2025 +0.5 pp | Jun 2025 −2.7 pp | Sep 2025 −2.5 pp | Dec 2025 −2.0 pp | Mar 2026 −2.2 pp | Jun 2026 —
- SJVN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 −2.5 pp | Dec 2023 — | Mar 2024 −3.0 pp | Jun 2024 — | Sep 2024 −0.9 pp | Dec 2024 −0.2 pp | Mar 2025 0.0 pp | Jun 2025 −0.8 pp | Sep 2025 −0.1 pp | Dec 2025 −0.7 pp | Mar 2026 +1.7 pp | Jun 2026 —
- JPPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.5 pp | Dec 2022 — | Mar 2023 +0.6 pp | Jun 2023 — | Sep 2023 −1.9 pp | Dec 2023 — | Mar 2024 +6.6 pp | Jun 2024 — | Sep 2024 +7.5 pp | Dec 2024 +5.2 pp | Mar 2025 −2.6 pp | Jun 2025 −3.9 pp | Sep 2025 −4.6 pp | Dec 2025 −4.6 pp | Mar 2026 −3.3 pp | Jun 2026 −2.6 pp
- RPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 — | Mar 2023 −2.3 pp | Jun 2023 — | Sep 2023 −1.7 pp | Dec 2023 — | Mar 2024 −2.5 pp | Jun 2024 — | Sep 2024 −3.4 pp | Dec 2024 +12.2 pp | Mar 2025 +4.3 pp | Jun 2025 +15.4 pp | Sep 2025 +6.1 pp | Dec 2025 −9.9 pp | Mar 2026 +0.2 pp | Jun 2026 —
- RTNPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +213.8 pp | Dec 2022 — | Mar 2023 −40.2 pp | Jun 2023 — | Sep 2023 −240.2 pp | Dec 2023 — | Mar 2024 +36.5 pp | Jun 2024 — | Sep 2024 +26.6 pp | Dec 2024 −79.6 pp | Mar 2025 +0.6 pp | Jun 2025 −259.5 pp | Sep 2025 −2.2 pp | Dec 2025 −257.7 pp | Mar 2026 −2.0 pp | Jun 2026 —
- GIPCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 — | Mar 2023 −0.4 pp | Jun 2023 — | Sep 2023 −1.1 pp | Dec 2023 — | Mar 2024 −1.5 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 −0.4 pp | Mar 2025 −1.1 pp | Jun 2025 −1.8 pp | Sep 2025 −1.8 pp | Dec 2025 −1.9 pp | Mar 2026 −0.2 pp | Jun 2026 —
- GREENPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 — | Mar 2023 −2.7 pp | Jun 2023 — | Sep 2023 −1.6 pp | Dec 2023 — | Mar 2024 +0.7 pp | Jun 2024 — | Sep 2024 −1.9 pp | Dec 2024 −2.1 pp | Mar 2025 −0.9 pp | Jun 2025 +0.8 pp | Sep 2025 +1.6 pp | Dec 2025 +2.1 pp | Mar 2026 +0.3 pp | Jun 2026 −0.7 pp
- DPSCLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −1.5 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +2.9 pp | Jun 2024 — | Sep 2024 — | Dec 2024 0.0 pp | Mar 2025 +4.2 pp | Jun 2025 −1.3 pp | Sep 2025 — | Dec 2025 −1.3 pp | Mar 2026 −2.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: SJVN Ltd has the lowest comparable Guarded PEG at 0.29×, 55.4% below Adani Power Ltd. Only 7 of 20 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: SJVN Ltd · 0.29× | 55.4% versus #2 · Adani Power Ltd | 0/8 recent comparable periods | 7/20 companies · 47 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. SJVN Ltd (SJVN): 0.3
2. Adani Power Ltd (ADANIPOWER): 0.7
3. Torrent Power Ltd (TORNTPOWER): 0.8
4. Gujarat Industries Power Co Ltd (GIPCL): 2.5
5. NHPC Ltd (NHPC): 3.3

### P/E — lowest P/E
1. Gujarat Industries Power Co Ltd (GIPCL): 6.1
2. NLC India Ltd (NLCINDIA): 11.5
3. NTPC Ltd (NTPC): 12.1
4. Jaiprakash Power Ventures Ltd (JPPOWER): 13.9
5. CESC Ltd (CESC): 14.0

### 20-quarter Guarded PEG history
- ADANIPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.8 | Dec 2024 — | Mar 2025 0.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TATAPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 2.5 | Jun 2024 5.9 | Sep 2024 4.5 | Dec 2024 3.0 | Mar 2025 1.8 | Jun 2025 2.1 | Sep 2025 — | Dec 2025 4.6 | Mar 2026 — | Jun 2026 —
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 19.6 | Sep 2025 — | Dec 2025 — | Mar 2026 4.9 | Jun 2026 —
- NHPC: Sep 2021 0.4 | Dec 2021 0.3 | Mar 2022 1.4 | Jun 2022 — | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 0.3 | Jun 2023 1.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3.3 | Mar 2026 — | Jun 2026 —
- TORNTPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.6 | Sep 2022 0.3 | Dec 2022 0.2 | Mar 2023 — | Jun 2023 0.5 | Sep 2023 1.4 | Dec 2023 2.8 | Mar 2024 — | Jun 2024 — | Sep 2024 5.5 | Dec 2024 — | Mar 2025 1.2 | Jun 2025 0.4 | Sep 2025 1.5 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 —
- SJVN: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.5 | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GIPCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.2 | Dec 2022 0.3 | Mar 2023 0.6 | Jun 2023 — | Sep 2023 — | Dec 2023 1.9 | Mar 2024 1.2 | Jun 2024 1.0 | Sep 2024 1.2 | Dec 2024 1.0 | Mar 2025 2.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 507836: Sep 2021 — | Dec 2021 9.7 | Mar 2022 10.9 | Jun 2022 6.8 | Sep 2022 4.2 | Dec 2022 9.2 | Mar 2023 8.5 | Jun 2023 13.5 | Sep 2023 13.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADANIPOWER: Sep 2021 16.5 | Dec 2021 20.2 | Mar 2022 19.2 | Jun 2022 20.7 | Sep 2022 15.3 | Dec 2022 11.2 | Mar 2023 7.3 | Jun 2023 9.0 | Sep 2023 9.9 | Dec 2023 9.8 | Mar 2024 8.8 | Jun 2024 13.3 | Sep 2024 15.8 | Dec 2024 15.4 | Mar 2025 15.1 | Jun 2025 17.4 | Sep 2025 22.7 | Dec 2025 22.8 | Mar 2026 25.9 | Jun 2026 34.6
- NTPC: Sep 2021 7.7 | Dec 2021 7.9 | Mar 2022 8.1 | Jun 2022 7.9 | Sep 2022 9.0 | Dec 2022 9.5 | Mar 2023 9.9 | Jun 2023 10.8 | Sep 2023 13.3 | Dec 2023 15.8 | Mar 2024 16.7 | Jun 2024 17.6 | Sep 2024 19.8 | Dec 2024 14.7 | Mar 2025 15.8 | Jun 2025 14.0 | Sep 2025 13.7 | Dec 2025 13.2 | Mar 2026 15.1 | Jun 2026 12.6
- ADANIGREEN: Sep 2021 543.3 | Dec 2021 502.0 | Mar 2022 716.9 | Jun 2022 668.2 | Sep 2022 715.4 | Dec 2022 558.3 | Mar 2023 220.3 | Jun 2023 132.3 | Sep 2023 127.7 | Dec 2023 173.4 | Mar 2024 176.6 | Jun 2024 224.4 | Sep 2024 232.9 | Dec 2024 129.5 | Mar 2025 102.0 | Jun 2025 96.6 | Sep 2025 90.2 | Dec 2025 75.1 | Mar 2026 82.1 | Jun 2026 137.4
- TATAPOWER: Sep 2021 32.9 | Dec 2021 47.2 | Mar 2022 47.2 | Jun 2022 31.1 | Sep 2022 26.3 | Dec 2022 21.9 | Mar 2023 17.1 | Jun 2023 21.9 | Sep 2023 25.0 | Dec 2023 31.1 | Mar 2024 36.8 | Jun 2024 40.8 | Sep 2024 42.2 | Dec 2024 33.6 | Mar 2025 31.0 | Jun 2025 32.8 | Sep 2025 29.8 | Dec 2025 30.0 | Mar 2026 32.6 | Jun 2026 —
- JSWENERGY: Sep 2021 73.4 | Dec 2021 64.1 | Mar 2022 50.2 | Jun 2022 20.2 | Sep 2022 24.7 | Dec 2022 22.2 | Mar 2023 20.0 | Jun 2023 34.5 | Sep 2023 59.6 | Dec 2023 42.3 | Mar 2024 52.9 | Jun 2024 72.9 | Sep 2024 63.3 | Dec 2024 54.9 | Mar 2025 49.1 | Jun 2025 51.2 | Sep 2025 41.8 | Dec 2025 41.4 | Mar 2026 36.6 | Jun 2026 46.2
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 216.4 | Mar 2025 197.3 | Jun 2025 163.0 | Sep 2025 148.3 | Dec 2025 129.1 | Mar 2026 144.0 | Jun 2026 154.4
- NHPC: Sep 2021 8.2 | Dec 2021 8.7 | Mar 2022 7.8 | Jun 2022 8.8 | Sep 2022 9.8 | Dec 2022 10.3 | Mar 2023 10.9 | Jun 2023 11.8 | Sep 2023 13.6 | Dec 2023 16.6 | Mar 2024 24.2 | Jun 2024 28.0 | Sep 2024 26.6 | Dec 2024 27.3 | Mar 2025 30.7 | Jun 2025 28.6 | Sep 2025 27.5 | Dec 2025 24.8 | Mar 2026 24.3 | Jun 2026 —
- TORNTPOWER: Sep 2021 21.3 | Dec 2021 20.6 | Mar 2022 17.4 | Jun 2022 13.8 | Sep 2022 12.2 | Dec 2022 11.7 | Mar 2023 10.5 | Jun 2023 14.0 | Sep 2023 16.6 | Dec 2023 20.6 | Mar 2024 35.2 | Jun 2024 39.3 | Sep 2024 40.1 | Dec 2024 31.1 | Mar 2025 30.6 | Jun 2025 24.3 | Sep 2025 22.4 | Dec 2025 21.9 | Mar 2026 21.6 | Jun 2026 —
- NLCINDIA: Sep 2021 6.1 | Dec 2021 6.4 | Mar 2022 6.0 | Jun 2022 8.2 | Sep 2022 7.3 | Dec 2022 7.5 | Mar 2023 11.9 | Jun 2023 10.7 | Sep 2023 15.0 | Dec 2023 18.3 | Mar 2024 12.3 | Jun 2024 18.0 | Sep 2024 20.0 | Dec 2024 18.0 | Mar 2025 15.1 | Jun 2025 12.1 | Sep 2025 13.6 | Dec 2025 13.3 | Mar 2026 14.4 | Jun 2026 —
- SJVN: Sep 2021 5.6 | Dec 2021 6.8 | Mar 2022 6.7 | Jun 2022 10.4 | Sep 2022 9.7 | Dec 2022 10.4 | Mar 2023 9.6 | Jun 2023 11.7 | Sep 2023 27.5 | Dec 2023 34.5 | Mar 2024 53.5 | Jun 2024 61.5 | Sep 2024 57.0 | Dec 2024 45.5 | Mar 2025 39.1 | Jun 2025 47.7 | Sep 2025 51.7 | Dec 2025 52.2 | Mar 2026 41.1 | Jun 2026 —
- CESC: Sep 2021 8.0 | Dec 2021 8.5 | Mar 2022 7.6 | Jun 2022 6.9 | Sep 2022 7.5 | Dec 2022 7.5 | Mar 2023 6.6 | Jun 2023 7.1 | Sep 2023 8.5 | Dec 2023 12.1 | Mar 2024 11.4 | Jun 2024 15.7 | Sep 2024 18.8 | Dec 2024 17.3 | Mar 2025 14.6 | Jun 2025 16.7 | Sep 2025 15.7 | Dec 2025 15.2 | Mar 2026 13.6 | Jun 2026 —
- JPPOWER: Sep 2021 18.7 | Dec 2021 38.8 | Mar 2022 20.8 | Jun 2022 40.9 | Sep 2022 14.7 | Dec 2022 12.2 | Mar 2023 39.6 | Jun 2023 76.9 | Sep 2023 74.4 | Dec 2023 199.3 | Mar 2024 21.5 | Jun 2024 9.5 | Sep 2024 7.6 | Dec 2024 7.6 | Mar 2025 6.3 | Jun 2025 15.2 | Sep 2025 16.3 | Dec 2025 16.0 | Mar 2026 16.4 | Jun 2026 27.2
- RPOWER: Sep 2021 15.2 | Dec 2021 17.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -9.8 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 15.7 | Dec 2024 7.1 | Mar 2025 5.9 | Jun 2025 9.4 | Sep 2025 61.3 | Dec 2025 49.4 | Mar 2026 30.9 | Jun 2026 —
- KPIGREEN: Sep 2021 10.9 | Dec 2021 16.8 | Mar 2022 17.1 | Jun 2022 27.4 | Sep 2022 27.1 | Dec 2022 23.8 | Mar 2023 17.2 | Jun 2023 26.8 | Sep 2023 24.6 | Dec 2023 39.4 | Mar 2024 56.6 | Jun 2024 64.2 | Sep 2024 52.5 | Dec 2024 42.6 | Mar 2025 29.2 | Jun 2025 29.7 | Sep 2025 24.6 | Dec 2025 20.7 | Mar 2026 17.0 | Jun 2026 —
- RTNPOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.5 | Jun 2024 1.0 | Sep 2024 — | Dec 2024 0.7 | Mar 2025 40.8 | Jun 2025 35.1 | Sep 2025 52.4 | Dec 2025 59.5 | Mar 2026 31.8 | Jun 2026 91.2
- GIPCL: Sep 2021 7.9 | Dec 2021 7.6 | Mar 2022 7.0 | Jun 2022 6.6 | Sep 2022 6.7 | Dec 2022 7.2 | Mar 2023 6.4 | Jun 2023 8.1 | Sep 2023 11.5 | Dec 2023 14.2 | Mar 2024 12.5 | Jun 2024 18.0 | Sep 2024 16.7 | Dec 2024 16.1 | Mar 2025 13.1 | Jun 2025 14.9 | Sep 2025 14.0 | Dec 2025 13.1 | Mar 2026 13.4 | Jun 2026 —
- BFUTILITIE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 16.9 | Dec 2022 13.4 | Mar 2023 9.5 | Jun 2023 11.1 | Sep 2023 21.0 | Dec 2023 16.8 | Mar 2024 21.1 | Jun 2024 24.5 | Sep 2024 26.8 | Dec 2024 24.4 | Mar 2025 18.8 | Jun 2025 — | Sep 2025 20.6 | Dec 2025 18.3 | Mar 2026 — | Jun 2026 —
- GREENPOWER: Sep 2021 -171.1 | Dec 2021 57.5 | Mar 2022 445.0 | Jun 2022 106.5 | Sep 2022 37.5 | Dec 2022 51.2 | Mar 2023 154.2 | Jun 2023 119.8 | Sep 2023 70.5 | Dec 2023 56.1 | Mar 2024 75.3 | Jun 2024 74.9 | Sep 2024 102.7 | Dec 2024 85.0 | Mar 2025 58.8 | Jun 2025 45.6 | Sep 2025 29.4 | Dec 2025 23.0 | Mar 2026 16.4 | Jun 2026 21.1
- DPSCLTD: Sep 2021 52.7 | Dec 2021 65.2 | Mar 2022 136.0 | Jun 2022 70.3 | Sep 2022 81.6 | Dec 2022 73.1 | Mar 2023 51.8 | Jun 2023 71.6 | Sep 2023 109.7 | Dec 2023 130.3 | Mar 2024 96.2 | Jun 2024 96.2 | Sep 2024 114.6 | Dec 2024 91.5 | Mar 2025 66.6 | Jun 2025 189.7 | Sep 2025 172.4 | Dec 2025 124.0 | Mar 2026 102.7 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: BF Utilities Ltd leads ev/ebitda at 5.3×; Reliance Power Ltd leads p/bv at 0.62×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: BF Utilities Ltd · 5.3× | 30.3% versus #2 · CESC Ltd | 5/8 recent comparable periods | 20/20 companies · 370 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. BF Utilities Ltd (BFUTILITIE): 5.3 — older report
2. CESC Ltd (CESC): 7.6
3. Orient Green Power Company Ltd (GREENPOWER): 8.0
4. Reliance Power Ltd (RPOWER): 8.1
5. Gujarat Industries Power Co Ltd (GIPCL): 8.5

### P/BV — lowest P/BV
1. Reliance Power Ltd (RPOWER): 0.6
2. Gujarat Industries Power Co Ltd (GIPCL): 0.6
3. India Power Corporation Ltd (DPSCLTD): 0.8
4. Jaiprakash Power Ventures Ltd (JPPOWER): 0.9
5. RattanIndia Power Ltd (RTNPOWER): 1.0

### 20-quarter EV/EBITDA history
- 507836: Sep 2021 55.2 | Dec 2021 9.1 | Mar 2022 10.4 | Jun 2022 7.3 | Sep 2022 4.4 | Dec 2022 8.4 | Mar 2023 6.0 | Jun 2023 7.1 | Sep 2023 76.5 | Dec 2023 60.9 | Mar 2024 83.5 | Jun 2024 155.7 | Sep 2024 198.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 189.8 | Dec 2025 59.4 | Mar 2026 29.2 | Jun 2026 —
- ADANIPOWER: Sep 2021 7.7 | Dec 2021 11.5 | Mar 2022 13.3 | Jun 2022 11.1 | Sep 2022 9.9 | Dec 2022 8.0 | Mar 2023 6.1 | Jun 2023 10.0 | Sep 2023 10.7 | Dec 2023 10.5 | Mar 2024 9.3 | Jun 2024 10.8 | Sep 2024 11.6 | Dec 2024 9.8 | Mar 2025 9.4 | Jun 2025 10.8 | Sep 2025 13.4 | Dec 2025 13.3 | Mar 2026 15.2 | Jun 2026 21.0
- NTPC: Sep 2021 8.1 | Dec 2021 7.8 | Mar 2022 7.9 | Jun 2022 7.5 | Sep 2022 8.1 | Dec 2022 8.0 | Mar 2023 7.6 | Jun 2023 7.8 | Sep 2023 8.8 | Dec 2023 9.6 | Mar 2024 10.0 | Jun 2024 10.4 | Sep 2024 11.3 | Dec 2024 9.5 | Mar 2025 9.8 | Jun 2025 8.9 | Sep 2025 8.8 | Dec 2025 8.7 | Mar 2026 9.2 | Jun 2026 10.4
- ADANIGREEN: Sep 2021 70.4 | Dec 2021 78.5 | Mar 2022 95.3 | Jun 2022 80.3 | Sep 2022 99.4 | Dec 2022 85.1 | Mar 2023 45.3 | Jun 2023 34.4 | Sep 2023 29.5 | Dec 2023 37.6 | Mar 2024 38.1 | Jun 2024 38.4 | Sep 2024 41.4 | Dec 2024 24.1 | Mar 2025 22.0 | Jun 2025 22.9 | Sep 2025 23.4 | Dec 2025 23.1 | Mar 2026 19.8 | Jun 2026 29.1
- TATAPOWER: Sep 2021 9.1 | Dec 2021 12.4 | Mar 2022 12.8 | Jun 2022 11.1 | Sep 2022 11.3 | Dec 2022 10.1 | Mar 2023 8.4 | Jun 2023 8.6 | Sep 2023 9.2 | Dec 2023 10.8 | Mar 2024 12.5 | Jun 2024 13.5 | Sep 2024 14.1 | Dec 2024 11.9 | Mar 2025 11.2 | Jun 2025 12.0 | Sep 2025 11.1 | Dec 2025 11.5 | Mar 2026 11.3 | Jun 2026 —
- JSWENERGY: Sep 2021 20.7 | Dec 2021 17.5 | Mar 2022 16.2 | Jun 2022 10.3 | Sep 2022 13.3 | Dec 2022 12.8 | Mar 2023 11.0 | Jun 2023 17.7 | Sep 2023 23.1 | Dec 2023 18.6 | Mar 2024 20.6 | Jun 2024 27.0 | Sep 2024 25.6 | Dec 2024 22.6 | Mar 2025 20.4 | Jun 2025 23.1 | Sep 2025 17.9 | Dec 2025 16.7 | Mar 2026 15.0 | Jun 2026 16.1
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 69.2 | Mar 2025 50.0 | Jun 2025 47.3 | Sep 2025 42.9 | Dec 2025 40.4 | Mar 2026 40.0 | Jun 2026 41.8
- NHPC: Sep 2021 7.6 | Dec 2021 7.8 | Mar 2022 8.8 | Jun 2022 10.6 | Sep 2022 12.0 | Dec 2022 11.8 | Mar 2023 9.8 | Jun 2023 10.2 | Sep 2023 11.4 | Dec 2023 14.2 | Mar 2024 18.0 | Jun 2024 18.4 | Sep 2024 17.4 | Dec 2024 15.1 | Mar 2025 15.3 | Jun 2025 16.1 | Sep 2025 16.5 | Dec 2025 16.0 | Mar 2026 15.2 | Jun 2026 —
- TORNTPOWER: Sep 2021 9.4 | Dec 2021 9.5 | Mar 2022 8.4 | Jun 2022 7.8 | Sep 2022 7.9 | Dec 2022 7.5 | Mar 2023 6.6 | Jun 2023 7.5 | Sep 2023 8.7 | Dec 2023 10.4 | Mar 2024 15.5 | Jun 2024 16.8 | Sep 2024 18.5 | Dec 2024 15.1 | Mar 2025 14.9 | Jun 2025 14.8 | Sep 2025 13.0 | Dec 2025 13.3 | Mar 2026 13.3 | Jun 2026 —
- NLCINDIA: Sep 2021 6.8 | Dec 2021 5.3 | Mar 2022 5.2 | Jun 2022 6.9 | Sep 2022 5.7 | Dec 2022 6.3 | Mar 2023 7.8 | Jun 2023 7.5 | Sep 2023 8.7 | Dec 2023 9.9 | Mar 2024 7.8 | Jun 2024 10.0 | Sep 2024 10.9 | Dec 2024 10.8 | Mar 2025 10.1 | Jun 2025 8.2 | Sep 2025 9.4 | Dec 2025 8.9 | Mar 2026 9.1 | Jun 2026 —
- SJVN: Sep 2021 4.0 | Dec 2021 4.9 | Mar 2022 4.6 | Jun 2022 5.9 | Sep 2022 8.5 | Dec 2022 8.5 | Mar 2023 6.7 | Jun 2023 7.8 | Sep 2023 17.9 | Dec 2023 22.4 | Mar 2024 29.7 | Jun 2024 29.4 | Sep 2024 30.2 | Dec 2024 25.7 | Mar 2025 22.1 | Jun 2025 22.2 | Sep 2025 23.5 | Dec 2025 21.8 | Mar 2026 19.8 | Jun 2026 —
- CESC: Sep 2021 6.1 | Dec 2021 5.8 | Mar 2022 5.5 | Jun 2022 5.5 | Sep 2022 5.5 | Dec 2022 5.5 | Mar 2023 5.4 | Jun 2023 5.7 | Sep 2023 6.0 | Dec 2023 7.0 | Mar 2024 6.6 | Jun 2024 8.0 | Sep 2024 9.1 | Dec 2024 8.8 | Mar 2025 7.7 | Jun 2025 8.0 | Sep 2025 8.2 | Dec 2025 8.1 | Mar 2026 7.6 | Jun 2026 —
- JPPOWER: Sep 2021 5.8 | Dec 2021 7.3 | Mar 2022 7.1 | Jun 2022 7.0 | Sep 2022 5.5 | Dec 2022 5.2 | Mar 2023 6.0 | Jun 2023 7.1 | Sep 2023 10.1 | Dec 2023 11.2 | Mar 2024 8.0 | Jun 2024 6.9 | Sep 2024 5.3 | Dec 2024 5.1 | Mar 2025 4.5 | Jun 2025 7.0 | Sep 2025 7.4 | Dec 2025 6.7 | Mar 2026 6.3 | Jun 2026 9.1
- RPOWER: Sep 2021 7.4 | Dec 2021 7.6 | Mar 2022 7.8 | Jun 2022 9.1 | Sep 2022 9.8 | Dec 2022 10.3 | Mar 2023 10.6 | Jun 2023 12.5 | Sep 2023 14.0 | Dec 2023 13.4 | Mar 2024 28.1 | Jun 2024 21.1 | Sep 2024 22.8 | Dec 2024 22.7 | Mar 2025 12.6 | Jun 2025 16.7 | Sep 2025 11.8 | Dec 2025 9.9 | Mar 2026 8.1 | Jun 2026 —
- KPIGREEN: Sep 2021 7.8 | Dec 2021 9.8 | Mar 2022 10.8 | Jun 2022 12.7 | Sep 2022 15.5 | Dec 2022 12.9 | Mar 2023 9.0 | Jun 2023 14.9 | Sep 2023 15.0 | Dec 2023 25.7 | Mar 2024 32.7 | Jun 2024 33.5 | Sep 2024 30.2 | Dec 2024 22.6 | Mar 2025 16.1 | Jun 2025 18.2 | Sep 2025 14.6 | Dec 2025 13.0 | Mar 2026 10.3 | Jun 2026 —
- RTNPOWER: Sep 2021 8.0 | Dec 2021 8.6 | Mar 2022 9.8 | Jun 2022 11.3 | Sep 2022 10.9 | Dec 2022 11.0 | Mar 2023 10.8 | Jun 2023 12.8 | Sep 2023 14.3 | Dec 2023 15.0 | Mar 2024 14.9 | Jun 2024 20.6 | Sep 2024 10.8 | Dec 2024 10.2 | Mar 2025 8.9 | Jun 2025 11.5 | Sep 2025 10.9 | Dec 2025 10.1 | Mar 2026 8.6 | Jun 2026 11.2
- GIPCL: Sep 2021 3.4 | Dec 2021 3.7 | Mar 2022 3.5 | Jun 2022 3.1 | Sep 2022 3.0 | Dec 2022 3.1 | Mar 2023 3.1 | Jun 2023 3.9 | Sep 2023 4.8 | Dec 2023 5.8 | Mar 2024 5.3 | Jun 2024 7.9 | Sep 2024 7.4 | Dec 2024 7.6 | Mar 2025 6.2 | Jun 2025 6.8 | Sep 2025 9.4 | Dec 2025 10.1 | Mar 2026 8.5 | Jun 2026 —
- BFUTILITIE: Sep 2021 13.8 | Dec 2021 12.7 | Mar 2022 11.7 | Jun 2022 11.4 | Sep 2022 7.0 | Dec 2022 6.4 | Mar 2023 5.5 | Jun 2023 5.7 | Sep 2023 7.4 | Dec 2023 6.4 | Mar 2024 7.3 | Jun 2024 8.3 | Sep 2024 8.8 | Dec 2024 7.1 | Mar 2025 5.8 | Jun 2025 — | Sep 2025 6.4 | Dec 2025 5.3 | Mar 2026 — | Jun 2026 —
- GREENPOWER: Sep 2021 9.4 | Dec 2021 16.9 | Mar 2022 12.3 | Jun 2022 8.5 | Sep 2022 8.8 | Dec 2022 10.2 | Mar 2023 10.6 | Jun 2023 10.9 | Sep 2023 12.0 | Dec 2023 14.0 | Mar 2024 13.7 | Jun 2024 15.0 | Sep 2024 16.2 | Dec 2024 13.1 | Mar 2025 9.8 | Jun 2025 10.9 | Sep 2025 9.3 | Dec 2025 8.0 | Mar 2026 6.5 | Jun 2026 8.0
- DPSCLTD: Sep 2021 20.2 | Dec 2021 24.2 | Mar 2022 21.2 | Jun 2022 16.6 | Sep 2022 18.3 | Dec 2022 17.8 | Mar 2023 14.7 | Jun 2023 16.2 | Sep 2023 22.3 | Dec 2023 24.0 | Mar 2024 19.1 | Jun 2024 22.0 | Sep 2024 25.0 | Dec 2024 19.9 | Mar 2025 14.6 | Jun 2025 20.7 | Sep 2025 18.9 | Dec 2025 15.4 | Mar 2026 12.0 | Jun 2026 —

### 20-quarter P/BV history
- 507836: Sep 2021 10.3 | Dec 2021 5.3 | Mar 2022 6.1 | Jun 2022 8.1 | Sep 2022 2.5 | Dec 2022 2.3 | Mar 2023 2.5 | Jun 2023 3.1 | Sep 2023 2.7 | Dec 2023 2.9 | Mar 2024 2.6 | Jun 2024 2.5 | Sep 2024 4.5 | Dec 2024 6.1 | Mar 2025 5.7 | Jun 2025 4.4 | Sep 2025 8.5 | Dec 2025 13.3 | Mar 2026 11.8 | Jun 2026 —
- ADANIPOWER: Sep 2021 2.8 | Dec 2021 2.9 | Mar 2022 4.1 | Jun 2022 7.8 | Sep 2022 6.0 | Dec 2022 4.8 | Mar 2023 4.0 | Jun 2023 5.2 | Sep 2023 4.9 | Dec 2023 5.0 | Mar 2024 5.1 | Jun 2024 6.5 | Sep 2024 5.9 | Dec 2024 3.5 | Mar 2025 3.5 | Jun 2025 4.0 | Sep 2025 5.0 | Dec 2025 4.7 | Mar 2026 5.1 | Jun 2026 6.8
- NTPC: Sep 2021 1.0 | Dec 2021 0.9 | Mar 2022 1.0 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.4 | Sep 2023 1.6 | Dec 2023 2.0 | Mar 2024 2.1 | Jun 2024 2.5 | Sep 2024 2.6 | Dec 2024 1.9 | Mar 2025 2.1 | Jun 2025 2.0 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.9 | Jun 2026 1.7
- ADANIGREEN: Sep 2021 81.9 | Dec 2021 84.1 | Mar 2022 121.5 | Jun 2022 132.0 | Sep 2022 53.0 | Dec 2022 45.3 | Mar 2023 52.3 | Jun 2023 20.5 | Sep 2023 21.4 | Dec 2023 31.9 | Mar 2024 36.6 | Jun 2024 28.8 | Sep 2024 31.9 | Dec 2024 15.8 | Mar 2025 14.2 | Jun 2025 13.3 | Sep 2025 13.7 | Dec 2025 8.6 | Mar 2026 7.0 | Jun 2026 12.6
- TATAPOWER: Sep 2021 2.0 | Dec 2021 3.3 | Mar 2022 3.6 | Jun 2022 3.0 | Sep 2022 2.7 | Dec 2022 2.6 | Mar 2023 2.7 | Jun 2023 2.5 | Sep 2023 2.9 | Dec 2023 3.5 | Mar 2024 4.2 | Jun 2024 4.3 | Sep 2024 4.8 | Dec 2024 3.8 | Mar 2025 3.6 | Jun 2025 3.6 | Sep 2025 3.4 | Dec 2025 3.2 | Mar 2026 3.3 | Jun 2026 —
- JSWENERGY: Sep 2021 4.0 | Dec 2021 3.1 | Mar 2022 3.1 | Jun 2022 2.0 | Sep 2022 2.8 | Dec 2022 2.7 | Mar 2023 2.3 | Jun 2023 2.4 | Sep 2023 3.9 | Dec 2023 3.4 | Mar 2024 4.4 | Jun 2024 5.8 | Sep 2024 5.8 | Dec 2024 3.9 | Mar 2025 3.4 | Jun 2025 3.3 | Sep 2025 3.3 | Dec 2025 2.9 | Mar 2026 2.9 | Jun 2026 3.3
- NTPCGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 12.9 | Mar 2025 4.6 | Jun 2025 4.8 | Sep 2025 4.5 | Dec 2025 4.2 | Mar 2026 4.3 | Jun 2026 4.2
- NHPC: Sep 2021 0.8 | Dec 2021 0.9 | Mar 2022 0.8 | Jun 2022 0.9 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.4 | Dec 2023 1.7 | Mar 2024 2.3 | Jun 2024 2.7 | Sep 2024 2.5 | Dec 2024 2.0 | Mar 2025 2.1 | Jun 2025 2.2 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 1.9 | Jun 2026 —
- TORNTPOWER: Sep 2021 2.4 | Dec 2021 2.5 | Mar 2022 2.2 | Jun 2022 2.2 | Sep 2022 2.1 | Dec 2022 2.2 | Mar 2023 2.5 | Jun 2023 3.0 | Sep 2023 3.2 | Dec 2023 3.8 | Mar 2024 5.5 | Jun 2024 6.5 | Sep 2024 7.6 | Dec 2024 5.2 | Mar 2025 5.6 | Jun 2025 5.9 | Sep 2025 3.5 | Dec 2025 3.5 | Mar 2026 3.6 | Jun 2026 —
- NLCINDIA: Sep 2021 0.6 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 1.1 | Sep 2023 1.2 | Dec 2023 2.1 | Mar 2024 1.9 | Jun 2024 2.2 | Sep 2024 2.4 | Dec 2024 1.9 | Mar 2025 1.9 | Jun 2025 1.9 | Sep 2025 2.1 | Dec 2025 1.7 | Mar 2026 1.9 | Jun 2026 —
- SJVN: Sep 2021 0.8 | Dec 2021 0.9 | Mar 2022 0.8 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 1.0 | Jun 2023 1.2 | Sep 2023 2.1 | Dec 2023 2.5 | Mar 2024 3.3 | Jun 2024 3.7 | Sep 2024 3.7 | Dec 2024 2.9 | Mar 2025 2.5 | Jun 2025 2.8 | Sep 2025 2.5 | Dec 2025 2.0 | Mar 2026 1.8 | Jun 2026 —
- CESC: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 1.1 | Dec 2023 1.5 | Mar 2024 1.4 | Jun 2024 2.0 | Sep 2024 2.3 | Dec 2024 2.0 | Mar 2025 1.7 | Jun 2025 2.0 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.6 | Jun 2026 —
- JPPOWER: Sep 2021 0.3 | Dec 2021 0.4 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.7 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 1.3 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 1.0
- RPOWER: Sep 2021 0.3 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 1.6 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 2.4 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.5 | Jun 2026 —
- KPIGREEN: Sep 2021 2.0 | Dec 2021 4.4 | Mar 2022 6.5 | Jun 2022 9.9 | Sep 2022 8.1 | Dec 2022 8.2 | Mar 2023 10.9 | Jun 2023 21.3 | Sep 2023 11.5 | Dec 2023 16.3 | Mar 2024 28.2 | Jun 2024 34.7 | Sep 2024 12.6 | Dec 2024 5.3 | Mar 2025 4.1 | Jun 2025 10.2 | Sep 2025 3.6 | Dec 2025 3.1 | Mar 2026 2.8 | Jun 2026 —
- RTNPOWER: Sep 2021 -3.8 | Dec 2021 -2.1 | Mar 2022 -1.6 | Jun 2022 -2.8 | Sep 2022 -0.7 | Dec 2022 -0.6 | Mar 2023 -0.6 | Jun 2023 -1.0 | Sep 2023 -0.8 | Dec 2023 -0.8 | Mar 2024 -0.8 | Jun 2024 -2.1 | Sep 2024 1.8 | Dec 2024 1.6 | Mar 2025 1.2 | Jun 2025 1.8 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 1.1
- GIPCL: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.5 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 —
- BFUTILITIE: Sep 2021 -7.6 | Dec 2021 -6.7 | Mar 2022 -5.6 | Jun 2022 -4.9 | Sep 2022 -8.2 | Dec 2022 -7.8 | Mar 2023 -6.5 | Jun 2023 -8.0 | Sep 2023 -26.8 | Dec 2023 — | Mar 2024 — | Jun 2024 -36.9 | Sep 2024 -40.3 | Dec 2024 28.0 | Mar 2025 21.5 | Jun 2025 — | Sep 2025 — | Dec 2025 13.2 | Mar 2026 — | Jun 2026 —
- GREENPOWER: Sep 2021 0.6 | Dec 2021 3.7 | Mar 2022 2.8 | Jun 2022 1.5 | Sep 2022 1.6 | Dec 2022 2.0 | Mar 2023 1.9 | Jun 2023 2.1 | Sep 2023 2.7 | Dec 2023 2.8 | Mar 2024 2.4 | Jun 2024 2.8 | Sep 2024 2.9 | Dec 2024 1.8 | Mar 2025 1.2 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 1.2
- DPSCLTD: Sep 2021 0.9 | Dec 2021 1.2 | Mar 2022 1.0 | Jun 2022 0.7 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 1.7 | Dec 2023 1.9 | Mar 2024 1.5 | Jun 2024 1.7 | Sep 2024 2.0 | Dec 2024 1.4 | Mar 2025 1.0 | Jun 2025 1.3 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 0.8 | Jun 2026 —

## Market action

Adani Power Ltd has the strongest one-year price move in Power - Generation/Distribution at +79.7%. It also leads on Mansfield relative strength against NIFTY at +29.7%. 7 of 20 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Adani Power Ltd (ADANIPOWER): 80%
2. Adani Green Energy Ltd (ADANIGREEN): 35%
3. NLC India Ltd (NLCINDIA): 25%
4. Mac Charles (India) Ltd (507836): 17%
5. Torrent Power Ltd (TORNTPOWER): 4.8%

### Strongest relative strength versus NIFTY 500
1. Adani Power Ltd (ADANIPOWER): 30%
2. Adani Green Energy Ltd (ADANIGREEN): 28%
3. NLC India Ltd (NLCINDIA): 7.6%
4. JSW Energy Ltd (JSWENERGY): 7.1%
5. Mac Charles (India) Ltd (507836): 4.9%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 7 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Adani Power Ltd (ADANIPOWER) — market value ₹4.1 L Cr; latest fundamentals Jun 2026
- NTPC Ltd (NTPC) — market value ₹3.4 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Adani Green Energy Ltd (ADANIGREEN) — market value ₹2.3 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Tata Power Company Ltd (TATAPOWER) — market value ₹1.2 L Cr; latest fundamentals Mar 2026
- JSW Energy Ltd (JSWENERGY) — market value ₹1.0 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- NTPC Green Energy Ltd (NTPCGREEN) — market value ₹81.2K Cr; latest fundamentals Jun 2026
- NHPC Ltd (NHPC) — market value ₹79.7K Cr; latest fundamentals Mar 2026
- Torrent Power Ltd (TORNTPOWER) — market value ₹72.3K Cr; latest fundamentals Mar 2026
- NLC India Ltd (NLCINDIA) — market value ₹40.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- SJVN Ltd (SJVN) — market value ₹26.6K Cr; latest fundamentals Mar 2026
- CESC Ltd (CESC) — market value ₹21.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Jaiprakash Power Ventures Ltd (JPPOWER) — market value ₹11.6K Cr; latest fundamentals Jun 2026
- Reliance Power Ltd (RPOWER) — market value ₹10.0K Cr; latest fundamentals Mar 2026
- KPI Green Energy Ltd (KPIGREEN) — market value ₹7.7K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- RattanIndia Power Ltd (RTNPOWER) — market value ₹4.6K Cr; latest fundamentals Jun 2026
- Gujarat Industries Power Co Ltd (GIPCL) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- BF Utilities Ltd (BFUTILITIE) — market value ₹2.2K Cr; latest fundamentals Dec 2025; second-feed figures WITHHELD
- Orient Green Power Company Ltd (GREENPOWER) — market value ₹1.2K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Mac Charles (India) Ltd (507836) — market value ₹938 Cr; latest fundamentals Mar 2026
- India Power Corporation Ltd (DPSCLTD) — market value ₹698 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 10. Unverified: 3. Withheld: 7. Graded companies: 20.

2 of 20 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

7 of 20 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: NTPC Ltd (NTPC) — its two data sources disagree by up to 4.9% on reported income across 14 comparable periods, so its derived ratios are withheld; Adani Green Energy Ltd (ADANIGREEN) — its two data sources disagree by up to 910% on reported income across 14 comparable periods, so its derived ratios are withheld; JSW Energy Ltd (JSWENERGY) — its two data sources disagree by up to 35% on reported income across 14 comparable periods, so its derived ratios are withheld; NLC India Ltd (NLCINDIA) — its two data sources disagree by up to 8.2% on reported income across 14 comparable periods, so its derived ratios are withheld; CESC Ltd (CESC) — its two data sources disagree by up to 6.5% on reported income across 14 comparable periods, so its derived ratios are withheld; KPI Green Energy Ltd (KPIGREEN) — its two data sources disagree by up to 6.3% on reported income across 14 comparable periods, so its derived ratios are withheld; BF Utilities Ltd (BFUTILITIE) — its two data sources disagree by up to 59% on reported income across 13 comparable periods, so its derived ratios are withheld.

- WITHHELD | NTPC | NTPC Ltd | diff_gt_2pct | disagreement up to 4.94% over 14 comparable periods
- WITHHELD | ADANIGREEN | Adani Green Energy Ltd | diff_gt_2pct | disagreement up to 910% over 14 comparable periods
- WITHHELD | JSWENERGY | JSW Energy Ltd | diff_gt_2pct | disagreement up to 35.18% over 14 comparable periods
- WITHHELD | NLCINDIA | NLC India Ltd | diff_gt_2pct | disagreement up to 8.19% over 14 comparable periods
- WITHHELD | CESC | CESC Ltd | diff_gt_2pct | disagreement up to 6.48% over 14 comparable periods
- WITHHELD | KPIGREEN | KPI Green Energy Ltd | diff_gt_2pct | disagreement up to 6.32% over 14 comparable periods
- WITHHELD | BFUTILITIE | BF Utilities Ltd | diff_gt_2pct | disagreement up to 59.09% over 13 comparable periods

- UNVERIFIED | GREENPOWER | Orient Green Power Company Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DPSCLTD | India Power Corporation Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Power - Generation/Distribution index?

The Nifty Power - Generation/Distribution index tracks India's listed Power - Generation/Distribution companies as a single basket. This page follows the same 20 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Power - Generation/Distribution sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Power - Generation/Distribution stocks in India?

Ranked by this page's four-factor score, NLC India Ltd places first among 20 listed Power - Generation/Distribution companies, followed by JSW Energy Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Power - Generation/Distribution stocks are listed in India?

This comparison covers 20 listed Power - Generation/Distribution companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Power - Generation/Distribution company is the biggest?

NTPC Ltd is the largest, with trailing-twelve-month revenue of ₹1,91,059 crore, ahead of Tata Power Company Ltd at ₹62,428 crore. That covers 20 of 20 companies with comparable reporting through Jun 2026.

### Which Power - Generation/Distribution company is growing fastest?

Mac Charles (India) Ltd has the fastest revenue growth at 100% year on year, across 20 of 20 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Power - Generation/Distribution company has the best profit margins?

Adani Green Energy Ltd has the highest operating margin at 90%, from 20 of 20 comparable companies. Mac Charles (India) Ltd shows the biggest recent improvement, at +547 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Power - Generation/Distribution company makes the most profit?

NTPC Ltd earns the most, at ₹28,333 crore of trailing-twelve-month net profit, from 20 of 20 comparable companies. Gujarat Industries Power Co Ltd has the fastest profit growth at 89.6%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Power - Generation/Distribution company earns the highest return on capital?

BF Utilities Ltd leads on return on capital employed at 29.9%, across 20 of 20 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Power - Generation/Distribution stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — SJVN Ltd screens cheapest at 0.29×. Only 7 of 20 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Power - Generation/Distribution company has the strongest balance sheet?

India Power Corporation Ltd carries the lowest comparable gross debt at ₹127 crore, from 20 of 20 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Power - Generation/Distribution sector beating the market?

Power - Generation/Distribution has underperformed NIFTY 500 by 10.8% over the last 52 weeks and 7.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 20 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Power - Generation/Distribution stock has the strongest price momentum?

Adani Power Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Power - Generation/Distribution company scores highest for research priority?

NLC India Ltd scores 61.9 out of 100 with 79% evidence confidence, from 23.8 points on growth and earnings, 12.8 on capital efficiency, 10.5 on valuation and 14.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Power - Generation/Distribution companies does this comparison cover, and over what period?

It compares 20 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Power - Generation/Distribution sector?

The 20 Power - Generation/Distribution companies on this page carry ₹15,62,600 crore of combined market value. Adani Power Ltd is the largest at ₹4,12,037 crore, about 26% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Power - Generation/Distribution sector's P/E ratio?

The median price-to-earnings ratio across the 20 Power - Generation/Distribution companies on this page is 28.9×, measured on the 18 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Power - Generation/Distribution sector performing?

7 of the 20 covered Power - Generation/Distribution companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 10.8% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/power-generation-distribution