# Power - Transmission/Equipment — company-by-company sector analysis

> Power - Transmission/Equipment: Power Grid Corporation of India Ltd owns the largest revenue base; Adani Energy Solutions 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 - Transmission/Equipment has outperformed NIFTY 500 by 10.6% over 52 weeks and 3.8% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. Power Grid Corporation of India Ltd leads with revenue of ₹46,733 crore, based on 3 of 3 comparable companies through Mar 2026.

### Is the Power - Transmission/Equipment sector outperforming NIFTY 500?

Power - Transmission/Equipment has outperformed NIFTY 500 by 10.6% over 52 weeks and 3.8% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself.

### Which Power - Transmission/Equipment company is largest by revenue?

Power Grid Corporation of India Ltd leads with revenue of ₹46,733 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Power - Transmission/Equipment company is growing fastest?

Adani Energy Solutions Ltd has the fastest current revenue growth at 20.9%, across 3 of 3 comparable companies.

### Which Power - Transmission/Equipment company has the strongest 4-Factor Sector Score?

Adani Energy Solutions Ltd ranks first at 64.2/100 with 73.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Power - Transmission/Equipment company has the least gross debt?

KEC International Ltd has the lowest comparable gross debt at ₹5,378 crore. Power Grid Corporation of India Ltd has the highest at ₹1,48,071 crore.

### Which Power - Transmission/Equipment company has the lowest comparable PEG?

KEC International Ltd has the lowest comparable Guarded PEG at 0.34, among 2 of 3 companies that pass the metric’s comparability rules.

### How much history does this Power - Transmission/Equipment 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 - Transmission/Equipment has outperformed NIFTY 500 by 10.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 3.8%. 2 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Adani Energy Solutions Ltd is the strongest against the sector itself at +44%.

13-week sector return versus NIFTY 500: -3.8%
52-week sector return versus NIFTY 500: 11%
Stocks leading NIFTY: 2/3
Stocks leading sector: 1/3

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

Companies: 3
Combined market value: ₹4.9 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. Adani Energy Solutions Ltd (ADANIENSOL): 64/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 25.1/35 | Capital efficiency 9.1/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 25.1 + 9.1 + 10 + 20 = 64.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. KEC International Ltd (KEC): 41/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 11.4/35 | Capital efficiency 11.0/25 | Valuation 15.6/20 | Relative strength 3.0/20
   - Exact sum: 11.4 + 11 + 15.6 + 3 = 41
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
3. Power Grid Corporation of India Ltd (POWERGRID): 28/100 — Adverse evidence; evidence 93%
   - Growth & earnings 7.9/35 | Capital efficiency 9.5/25 | Valuation 7.2/20 | Relative strength 3.7/20
   - Exact sum: 7.9 + 9.5 + 7.2 + 3.7 = 28.3
   - 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: Power Grid Corporation of India Ltd is the scale leader at ₹46,733 crore, 53.3% ahead of Adani Energy Solutions Ltd. Adani Energy Solutions Ltd's growth is 20.9% from a ₹30,480 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Power Grid Corporation of India Ltd is the scale benchmark; Adani Energy Solutions Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Power Grid Corporation of India Ltd's growth falls below Adani Energy Solutions Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Power Grid Corporation of India Ltd · ₹46,733 crore | 53.3% versus #2 · Adani Energy Solutions Ltd | 5/8 recent comparable periods | 3/3 companies · 53 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. Power Grid Corporation of India Ltd (POWERGRID): ₹46.7K Cr
2. Adani Energy Solutions Ltd (ADANIENSOL): ₹30.5K Cr
3. KEC International Ltd (KEC): ₹23.5K Cr

### Revenue growth — fastest growers
1. Adani Energy Solutions Ltd (ADANIENSOL): 21%
2. KEC International Ltd (KEC): 7.6%
3. Power Grid Corporation of India Ltd (POWERGRID): 2.1%

### 20-quarter Revenue history
- POWERGRID: Sep 2021 ₹10.3K Cr | Dec 2021 ₹10.4K Cr | Mar 2022 ₹10.7K Cr | Jun 2022 ₹10.9K Cr | Sep 2022 ₹11.2K Cr | Dec 2022 ₹11.3K Cr | Mar 2023 ₹12.3K Cr | Jun 2023 ₹11.0K Cr | Sep 2023 ₹11.3K Cr | Dec 2023 ₹11.6K Cr | Mar 2024 ₹12.0K Cr | Jun 2024 ₹11.0K Cr | Sep 2024 ₹11.3K Cr | Dec 2024 ₹11.2K Cr | Mar 2025 ₹12.3K Cr | Jun 2025 ₹11.2K Cr | Sep 2025 ₹11.5K Cr | Dec 2025 ₹12.4K Cr | Mar 2026 ₹11.7K Cr | Jun 2026 —
- ADANIENSOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹6.7K Cr | Mar 2026 ₹7.4K Cr | Jun 2026 ₹9.7K Cr
- KEC: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹6.2K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹6.9K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 —

### 20-quarter Revenue growth history
- POWERGRID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.7% | Sep 2022 8.6% | Dec 2022 7.8% | Mar 2023 15% | Jun 2023 1.3% | Sep 2023 1.0% | Dec 2023 2.6% | Mar 2024 -2.3% | Jun 2024 -0.4% | Sep 2024 0.1% | Dec 2024 -2.7% | Mar 2025 2.5% | Jun 2025 1.7% | Sep 2025 1.8% | Dec 2025 10% | Mar 2026 -5.0% | Jun 2026 —
- ADANIENSOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 28% | Mar 2024 40% | Jun 2024 47% | Sep 2024 68% | Dec 2024 28% | Mar 2025 35% | Jun 2025 27% | Sep 2025 6.7% | Dec 2025 15% | Mar 2026 17% | Jun 2026 42%
- KEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 13% | Dec 2022 31% | Mar 2023 29% | Jun 2023 28% | Sep 2023 11% | Dec 2023 14% | Mar 2024 12% | Jun 2024 6.3% | Sep 2024 14% | Dec 2024 6.8% | Mar 2025 11% | Jun 2025 11% | Sep 2025 19% | Dec 2025 12% | Mar 2026 -7.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Power Grid Corporation of India Ltd leads opm at 45%; Adani Energy Solutions Ltd leads margin change at +4 percentage points.

Investor read: Power Grid Corporation of India 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: Power Grid Corporation of India Ltd · 45% | 45.2% versus #2 · Adani Energy Solutions Ltd | 2/8 recent comparable periods | 3/3 companies · 58 observations

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

### OPM — highest
1. Power Grid Corporation of India Ltd (POWERGRID): 45%
2. Adani Energy Solutions Ltd (ADANIENSOL): 31%
3. KEC International Ltd (KEC): 7.0%

### Margin change — fastest expanders
1. Adani Energy Solutions Ltd (ADANIENSOL): +4.0 pp
2. KEC International Ltd (KEC): −1.0 pp
3. Power Grid Corporation of India Ltd (POWERGRID): −38.0 pp

### 20-quarter OPM history
- POWERGRID: Sep 2021 85% | Dec 2021 86% | Mar 2022 81% | Jun 2022 85% | Sep 2022 84% | Dec 2022 88% | Mar 2023 88% | Jun 2023 84% | Sep 2023 86% | Dec 2023 88% | Mar 2024 83% | Jun 2024 87% | Sep 2024 85% | Dec 2024 85% | Mar 2025 83% | Jun 2025 81% | Sep 2025 79% | Dec 2025 86% | Mar 2026 45% | Jun 2026 —
- ADANIENSOL: Sep 2021 38% | Dec 2021 31% | Mar 2022 32% | Jun 2022 22% | Sep 2022 36% | Dec 2022 42% | Mar 2023 36% | Jun 2023 35% | Sep 2023 37% | Dec 2023 32% | Mar 2024 33% | Jun 2024 31% | Sep 2024 28% | Dec 2024 28% | Mar 2025 32% | Jun 2025 27% | Sep 2025 30% | Dec 2025 30% | Mar 2026 29% | Jun 2026 31%
- KEC: Sep 2021 7.1% | Dec 2021 7.2% | Mar 2022 5.9% | Jun 2022 5.1% | Sep 2022 4.4% | Dec 2022 5.0% | Mar 2023 5.0% | Jun 2023 6.0% | Sep 2023 6.0% | Dec 2023 6.0% | Mar 2024 6.0% | Jun 2024 6.0% | Sep 2024 6.0% | Dec 2024 7.0% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 7.0% | Mar 2026 7.0% | Jun 2026 —

### 20-quarter Margin change history
- POWERGRID: Sep 2021 −3.1 pp | Dec 2021 −1.4 pp | Mar 2022 −3.2 pp | Jun 2022 −3.3 pp | Sep 2022 −1.4 pp | Dec 2022 +1.5 pp | Mar 2023 +6.6 pp | Jun 2023 −0.8 pp | Sep 2023 +2.0 pp | Dec 2023 0.0 pp | Mar 2024 −5.0 pp | Jun 2024 +3.0 pp | Sep 2024 −1.0 pp | Dec 2024 −3.0 pp | Mar 2025 0.0 pp | Jun 2025 −6.0 pp | Sep 2025 −6.0 pp | Dec 2025 +1.0 pp | Mar 2026 −38.0 pp | Jun 2026 —
- ADANIENSOL: Sep 2021 −7.1 pp | Dec 2021 −7.7 pp | Mar 2022 +1.4 pp | Jun 2022 −27.6 pp | Sep 2022 −1.8 pp | Dec 2022 +11.1 pp | Mar 2023 +4.2 pp | Jun 2023 +13.5 pp | Sep 2023 +1.2 pp | Dec 2023 −10.0 pp | Mar 2024 −3.0 pp | Jun 2024 −4.0 pp | Sep 2024 −9.0 pp | Dec 2024 −4.0 pp | Mar 2025 −1.0 pp | Jun 2025 −4.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 −3.0 pp | Jun 2026 +4.0 pp
- KEC: Sep 2021 −2.0 pp | Dec 2021 −1.9 pp | Mar 2022 −2.2 pp | Jun 2022 −1.2 pp | Sep 2022 −2.7 pp | Dec 2022 −2.2 pp | Mar 2023 −0.9 pp | Jun 2023 +0.9 pp | Sep 2023 +1.6 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Power Grid Corporation of India Ltd leads with ₹15,928 crore of TTM profit, 415.3% above Adani Energy Solutions Ltd. Adani Energy Solutions Ltd shows 16.6% growth from a ₹3,091 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Power Grid Corporation of India 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: Power Grid Corporation of India Ltd · ₹15,928 crore | 415.3% versus #2 · Adani Energy Solutions Ltd | 4/8 recent comparable periods | 3/3 companies · 53 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. Power Grid Corporation of India Ltd (POWERGRID): ₹15.9K Cr
2. Adani Energy Solutions Ltd (ADANIENSOL): ₹3.1K Cr
3. KEC International Ltd (KEC): ₹606 Cr

### Profit growth — fastest growers
1. Adani Energy Solutions Ltd (ADANIENSOL): 17%
2. KEC International Ltd (KEC): 6.1%
3. Power Grid Corporation of India Ltd (POWERGRID): 2.6%

### 20-quarter Net profit history
- POWERGRID: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- ADANIENSOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹478 Cr | Mar 2023 ₹440 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹284 Cr | Dec 2023 ₹348 Cr | Mar 2024 ₹381 Cr | Jun 2024 ₹-1.2K Cr | Sep 2024 ₹773 Cr | Dec 2024 ₹625 Cr | Mar 2025 ₹714 Cr | Jun 2025 ₹539 Cr | Sep 2025 ₹557 Cr | Dec 2025 ₹574 Cr | Mar 2026 ₹723 Cr | Jun 2026 ₹1.2K Cr
- KEC: Sep 2021 ₹80 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹268 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹161 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹193 Cr | Jun 2026 —

### 20-quarter Profit growth history
- POWERGRID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -37% | Sep 2022 8.1% | Dec 2022 11% | Mar 2023 4.0% | Jun 2023 -5.4% | Sep 2023 3.6% | Dec 2023 11% | Mar 2024 -3.6% | Jun 2024 3.5% | Sep 2024 0.3% | Dec 2024 -4.1% | Mar 2025 -0.6% | Jun 2025 -2.5% | Sep 2025 -6.0% | Dec 2025 8.4% | Mar 2026 9.7% | Jun 2026 —
- ADANIENSOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -27% | Mar 2024 -13% | Jun 2024 -754% | Sep 2024 172% | Dec 2024 80% | Mar 2025 87% | Jun 2025 — | Sep 2025 -28% | Dec 2025 -8.2% | Mar 2026 1.3% | Jun 2026 130%
- KEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 -31% | Dec 2022 -81% | Mar 2023 -36% | Jun 2023 35% | Sep 2023 1.8% | Dec 2023 439% | Mar 2024 111% | Jun 2024 110% | Sep 2024 52% | Dec 2024 34% | Mar 2025 76% | Jun 2025 42% | Sep 2025 89% | Dec 2025 -2.3% | Mar 2026 -28% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

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: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 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

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: KEC International Ltd has the clearest covered balance-sheet capacity with ₹4,866 crore and gross debt of ₹5,378 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: KEC International Ltd · ₹5,378 crore | 89.1% versus #2 · Adani Energy Solutions Ltd | 0/8 recent comparable periods | 3/3 companies · 43 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. KEC International Ltd (KEC): ₹5.4K Cr
2. Adani Energy Solutions Ltd (ADANIENSOL): ₹49.2K Cr
3. Power Grid Corporation of India Ltd (POWERGRID): ₹1.5 L Cr

### Net debt — lowest net debt
1. KEC International Ltd (KEC): ₹4.9K Cr
2. Power Grid Corporation of India Ltd (POWERGRID): ₹1.4 L Cr

### 20-quarter Gross debt history
- POWERGRID: Sep 2021 ₹1.4 L Cr | Dec 2021 ₹1.4 L Cr | Mar 2022 ₹1.3 L Cr | Jun 2022 ₹1.4 L Cr | Sep 2022 ₹1.3 L Cr | Dec 2022 ₹1.3 L Cr | Mar 2023 ₹1.3 L Cr | Jun 2023 ₹1.3 L Cr | Sep 2023 ₹1.2 L Cr | Dec 2023 ₹1.2 L Cr | Mar 2024 ₹1.2 L Cr | Jun 2024 ₹1.3 L Cr | Sep 2024 ₹1.3 L Cr | Dec 2024 ₹1.3 L Cr | Mar 2025 ₹1.3 L Cr | Jun 2025 ₹1.3 L Cr | Sep 2025 ₹1.4 L Cr | Dec 2025 ₹1.4 L Cr | Mar 2026 ₹1.5 L Cr | Jun 2026 —
- ADANIENSOL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹29.9K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹34.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹37.1K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹39.9K Cr | Jun 2025 — | Sep 2025 ₹45.5K Cr | Dec 2025 — | Mar 2026 ₹49.2K Cr | Jun 2026 —
- KEC: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 — | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —

### 20-quarter Net debt history
- POWERGRID: Sep 2021 ₹1.3 L Cr | Dec 2021 — | Mar 2022 ₹1.4 L Cr | Jun 2022 — | Sep 2022 ₹1.3 L Cr | Dec 2022 — | Mar 2023 ₹1.3 L Cr | Jun 2023 — | Sep 2023 ₹1.2 L Cr | Dec 2023 — | Mar 2024 ₹1.2 L Cr | Jun 2024 — | Sep 2024 ₹1.2 L Cr | Dec 2024 — | Mar 2025 ₹1.3 L Cr | Jun 2025 — | Sep 2025 ₹1.3 L Cr | Dec 2025 — | Mar 2026 ₹1.4 L Cr | Jun 2026 —
- KEC: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 — | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: KEC International Ltd leads ROCE at 14.5%, 4.8 percentage points above Power Grid Corporation of India Ltd. Adani Energy Solutions Ltd has the strongest latest improvement at 0 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: KEC International 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: KEC International Ltd · 14.5% | 48.9% versus #2 · Power Grid Corporation of India Ltd | 6/8 recent comparable periods | 3/3 companies · 30 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. KEC International Ltd (KEC): 15%
2. Power Grid Corporation of India Ltd (POWERGRID): 9.7%
3. Adani Energy Solutions Ltd (ADANIENSOL): 9.7%

### ROCE change — fastest improvers
1. Adani Energy Solutions Ltd (ADANIENSOL): 0.0 pp
2. Power Grid Corporation of India Ltd (POWERGRID): −1.4 pp
3. KEC International Ltd (KEC): −1.7 pp

### 20-quarter ROCE history
- POWERGRID: Sep 2021 11% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 13% | Dec 2023 13% | Mar 2024 13% | Jun 2024 13% | Sep 2024 12% | Dec 2024 13% | Mar 2025 12% | Jun 2025 13% | Sep 2025 11% | Dec 2025 12% | Mar 2026 10% | Jun 2026 —
- KEC: Sep 2021 24% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 18% | Dec 2023 23% | Mar 2024 23% | Jun 2024 26% | Sep 2024 20% | Dec 2024 25% | Mar 2025 22% | Jun 2025 27% | Sep 2025 24% | Dec 2025 26% | Mar 2026 20% | Jun 2026 —

### 20-quarter ROCE change history
- POWERGRID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 — | Sep 2023 +1.7 pp | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 −0.6 pp | Dec 2024 −0.2 pp | Mar 2025 −0.8 pp | Jun 2025 0.0 pp | Sep 2025 −1.6 pp | Dec 2025 −0.5 pp | Mar 2026 −1.4 pp | Jun 2026 —
- KEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.0 pp | Dec 2022 — | Mar 2023 −1.8 pp | Jun 2023 — | Sep 2023 +3.2 pp | Dec 2023 — | Mar 2024 +8.4 pp | Jun 2024 — | Sep 2024 +2.1 pp | Dec 2024 +2.0 pp | Mar 2025 −0.7 pp | Jun 2025 +1.9 pp | Sep 2025 +3.8 pp | Dec 2025 +1.5 pp | Mar 2026 −1.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: KEC International Ltd has the lowest comparable Guarded PEG at 0.34×, 83.8% below Power Grid Corporation of India Ltd. Only 2 of 3 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: KEC International Ltd · 0.34× | 83.8% versus #2 · Power Grid Corporation of India Ltd | 0/8 recent comparable periods | 2/3 companies · 14 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. KEC International Ltd (KEC): 0.3
2. Power Grid Corporation of India Ltd (POWERGRID): 2.1

### P/E — lowest P/E
1. Power Grid Corporation of India Ltd (POWERGRID): 16.8
2. KEC International Ltd (KEC): 19.2
3. Adani Energy Solutions Ltd (ADANIENSOL): 70.0

### 20-quarter Guarded PEG history
- POWERGRID: Sep 2021 0.5 | Dec 2021 0.6 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 1.8 | Dec 2022 1.8 | Mar 2023 1.2 | Jun 2023 — | Sep 2023 2.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KEC: Sep 2021 1.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 0.5 | Mar 2026 0.3 | Jun 2026 —

### 20-quarter P/E history
- POWERGRID: Sep 2021 9.0 | Dec 2021 10.3 | Mar 2022 10.6 | Jun 2022 10.3 | Sep 2022 10.3 | Dec 2022 10.2 | Mar 2023 10.5 | Jun 2023 11.5 | Sep 2023 12.2 | Dec 2023 14.4 | Mar 2024 16.4 | Jun 2024 19.8 | Sep 2024 21.0 | Dec 2024 18.3 | Mar 2025 17.4 | Jun 2025 17.9 | Sep 2025 17.0 | Dec 2025 16.2 | Mar 2026 17.7 | Jun 2026 —
- ADANIENSOL: Sep 2021 132.9 | Dec 2021 142.7 | Mar 2022 222.0 | Jun 2022 196.5 | Sep 2022 379.9 | Dec 2022 322.4 | Mar 2023 100.7 | Jun 2023 68.1 | Sep 2023 72.6 | Dec 2023 88.7 | Mar 2024 98.2 | Jun 2024 106.2 | Sep 2024 103.8 | Dec 2024 62.6 | Mar 2025 59.6 | Jun 2025 46.4 | Sep 2025 44.1 | Dec 2025 54.1 | Mar 2026 51.1 | Jun 2026 80.8
- KEC: Sep 2021 22.0 | Dec 2021 25.2 | Mar 2022 23.0 | Jun 2022 29.3 | Sep 2022 34.1 | Dec 2022 43.6 | Mar 2023 54.3 | Jun 2023 80.5 | Sep 2023 90.9 | Dec 2023 80.6 | Mar 2024 66.8 | Jun 2024 65.7 | Sep 2024 67.2 | Dec 2024 70.9 | Mar 2025 45.0 | Jun 2025 42.0 | Sep 2025 37.1 | Dec 2025 28.5 | Mar 2026 19.5 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Power Grid Corporation of India Ltd leads ev/ebitda at 9.8×; KEC International Ltd leads p/bv at 2.03×.

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: Power Grid Corporation of India Ltd · 9.8× | 8.4% versus #2 · KEC International Ltd | 0/8 recent comparable periods | 3/3 companies · 58 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. Power Grid Corporation of India Ltd (POWERGRID): 9.8
2. KEC International Ltd (KEC): 10.7
3. Adani Energy Solutions Ltd (ADANIENSOL): 26.1

### P/BV — lowest P/BV
1. KEC International Ltd (KEC): 2.0
2. Power Grid Corporation of India Ltd (POWERGRID): 2.7
3. Adani Energy Solutions Ltd (ADANIENSOL): 8.0

### 20-quarter EV/EBITDA history
- POWERGRID: Sep 2021 7.0 | Dec 2021 7.2 | Mar 2022 7.3 | Jun 2022 7.6 | Sep 2022 7.4 | Dec 2022 7.3 | Mar 2023 7.4 | Jun 2023 7.6 | Sep 2023 7.5 | Dec 2023 8.1 | Mar 2024 9.0 | Jun 2024 10.6 | Sep 2024 10.9 | Dec 2024 9.8 | Mar 2025 9.4 | Jun 2025 9.6 | Sep 2025 9.4 | Dec 2025 9.4 | Mar 2026 9.8 | Jun 2026 —
- ADANIENSOL: Sep 2021 38.5 | Dec 2021 42.0 | Mar 2022 56.1 | Jun 2022 48.4 | Sep 2022 74.9 | Dec 2022 59.4 | Mar 2023 24.1 | Jun 2023 19.4 | Sep 2023 20.0 | Dec 2023 24.1 | Mar 2024 23.6 | Jun 2024 23.6 | Sep 2024 23.3 | Dec 2024 18.1 | Mar 2025 19.0 | Jun 2025 18.4 | Sep 2025 17.7 | Dec 2025 19.7 | Mar 2026 18.1 | Jun 2026 26.1
- KEC: Sep 2021 11.9 | Dec 2021 14.0 | Mar 2022 12.6 | Jun 2022 13.0 | Sep 2022 16.4 | Dec 2022 18.9 | Mar 2023 17.6 | Jun 2023 19.7 | Sep 2023 21.5 | Dec 2023 19.3 | Mar 2024 19.4 | Jun 2024 20.4 | Sep 2024 23.2 | Dec 2024 25.2 | Mar 2025 17.4 | Jun 2025 17.7 | Sep 2025 16.0 | Dec 2025 14.1 | Mar 2026 10.7 | Jun 2026 —

### 20-quarter P/BV history
- POWERGRID: Sep 2021 1.8 | Dec 2021 1.8 | Mar 2022 1.9 | Jun 2022 2.0 | Sep 2022 1.8 | Dec 2022 1.8 | Mar 2023 2.1 | Jun 2023 2.3 | Sep 2023 2.2 | Dec 2023 2.5 | Mar 2024 3.0 | Jun 2024 3.6 | Sep 2024 3.8 | Dec 2024 3.1 | Mar 2025 2.9 | Jun 2025 3.2 | Sep 2025 2.8 | Dec 2025 2.5 | Mar 2026 2.8 | Jun 2026 —
- ADANIENSOL: Sep 2021 19.0 | Dec 2021 19.8 | Mar 2022 27.9 | Jun 2022 26.5 | Sep 2022 34.5 | Dec 2022 27.2 | Mar 2023 11.0 | Jun 2023 7.3 | Sep 2023 7.7 | Dec 2023 9.8 | Mar 2024 9.6 | Jun 2024 8.8 | Sep 2024 8.9 | Dec 2024 4.6 | Mar 2025 5.0 | Jun 2025 4.8 | Sep 2025 4.8 | Dec 2025 5.2 | Mar 2026 4.9 | Jun 2026 7.1
- KEC: Sep 2021 3.5 | Dec 2021 3.6 | Mar 2022 3.0 | Jun 2022 2.9 | Sep 2022 3.2 | Dec 2022 3.5 | Mar 2023 3.2 | Jun 2023 3.9 | Sep 2023 4.5 | Dec 2023 3.9 | Mar 2024 4.6 | Jun 2024 6.0 | Sep 2024 6.4 | Dec 2024 6.1 | Mar 2025 4.1 | Jun 2025 5.7 | Sep 2025 4.2 | Dec 2025 3.5 | Mar 2026 2.5 | Jun 2026 —

## Market action

Adani Energy Solutions Ltd has the strongest one-year price move in Power - Transmission/Equipment at +95.8%. It also leads on Mansfield relative strength against NIFTY at +56.6%. 2 of 3 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 Energy Solutions Ltd (ADANIENSOL): 96%
2. Power Grid Corporation of India Ltd (POWERGRID): -2.0%
3. KEC International Ltd (KEC): -46%

### Strongest relative strength versus NIFTY 500
1. Adani Energy Solutions Ltd (ADANIENSOL): 57%
2. Power Grid Corporation of India Ltd (POWERGRID): 1.4%
3. KEC International Ltd (KEC): -28%

## 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 is 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, Valuation have fewer than three usable current readings.

## Every company
- Power Grid Corporation of India Ltd (POWERGRID) — market value ₹2.7 L Cr; latest fundamentals Mar 2026
- Adani Energy Solutions Ltd (ADANIENSOL) — market value ₹2.0 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- KEC International Ltd (KEC) — market value ₹12.5K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 0. Withheld: 1. Graded companies: 3.

1 of 3 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Adani Energy Solutions Ltd (ADANIENSOL) — its two data sources disagree by up to 85% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | ADANIENSOL | Adani Energy Solutions Ltd | diff_gt_2pct | disagreement up to 84.81% over 14 comparable periods

## 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 - Transmission/Equipment index?

The Nifty Power - Transmission/Equipment index tracks India's listed Power - Transmission/Equipment companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Power - Transmission/Equipment sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Power - Transmission/Equipment stocks in India?

Ranked by this page's four-factor score, Adani Energy Solutions Ltd places first among 3 listed Power - Transmission/Equipment companies, followed by KEC International 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 - Transmission/Equipment stocks are listed in India?

This comparison covers 3 listed Power - Transmission/Equipment 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 - Transmission/Equipment company is the biggest?

Power Grid Corporation of India Ltd is the largest, with trailing-twelve-month revenue of ₹46,733 crore, ahead of Adani Energy Solutions Ltd at ₹30,480 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Power - Transmission/Equipment company is growing fastest?

Adani Energy Solutions Ltd has the fastest revenue growth at 20.9% year on year, across 3 of 3 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 - Transmission/Equipment company has the best profit margins?

Power Grid Corporation of India Ltd has the highest operating margin at 45%, from 3 of 3 comparable companies. Adani Energy Solutions Ltd shows the biggest recent improvement, at +4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Power - Transmission/Equipment company makes the most profit?

Power Grid Corporation of India Ltd earns the most, at ₹15,928 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Adani Energy Solutions Ltd has the fastest profit growth at 16.6%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Power - Transmission/Equipment company earns the highest return on capital?

KEC International Ltd leads on return on capital employed at 14.5%, across 3 of 3 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 - Transmission/Equipment stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — KEC International Ltd screens cheapest at 0.34×. Only 2 of 3 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 - Transmission/Equipment company has the strongest balance sheet?

KEC International Ltd carries the lowest comparable gross debt at ₹5,378 crore, from 3 of 3 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 - Transmission/Equipment sector beating the market?

Power - Transmission/Equipment has outperformed NIFTY 500 by 10.6% over the last 52 weeks and 3.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Power - Transmission/Equipment stock has the strongest price momentum?

Adani Energy Solutions 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 - Transmission/Equipment company scores highest for research priority?

Adani Energy Solutions Ltd scores 64.2 out of 100 with 73.2% evidence confidence, from 25.1 points on growth and earnings, 9.1 on capital efficiency, 10 on valuation and 20 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 - Transmission/Equipment companies does this comparison cover, and over what period?

It compares 3 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 - Transmission/Equipment sector?

The 3 Power - Transmission/Equipment companies on this page carry ₹4,85,034 crore of combined market value. Power Grid Corporation of India Ltd is the largest at ₹2,68,043 crore, about 55% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Power - Transmission/Equipment sector performing?

2 of the 3 covered Power - Transmission/Equipment companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 10.6% ahead of 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-transmission-equipment