# Utilities - Diversified — company-by-company sector analysis > Utilities - Diversified: Brookfield Infrastructure Partners L.P. owns the largest revenue base; Unitil Corporation has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Utilities - Diversified has underperformed S&P 500 by 3.8% over 52 weeks and 1% over 13 weeks. 2 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 6 beat the sector itself. Brookfield Infrastructure Partners L.P. leads with revenue of $24,009 million, based on 6 of 6 comparable companies through Mar 2026. ### Is the Utilities - Diversified sector outperforming S&P 500? Utilities - Diversified has underperformed S&P 500 by 3.8% over 52 weeks and 1% over 13 weeks. 2 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 6 beat the sector itself. ### Which Utilities - Diversified company is largest by revenue? Brookfield Infrastructure Partners L.P. leads with revenue of $24,009 million, based on 6 of 6 comparable companies through Mar 2026. ### Which Utilities - Diversified company is growing fastest? Unitil Corporation has the fastest current revenue growth at 19.5%, across 6 of 6 comparable companies. ### Which Utilities - Diversified company has the strongest 4-Factor Sector Score? Unitil Corporation ranks first at 58.8/100 with 80.2% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Utilities - Diversified company reports the most CAPEX? Sempra reports the largest latest CAPEX at $2,461 million, with 6 of 6 companies comparable. ### Which Utilities - Diversified company has the least gross debt? Unitil Corporation has the lowest comparable gross debt at $934 million. Brookfield Infrastructure Partners L.P. has the highest at $67,832 million. ### Which Utilities - Diversified company has the lowest comparable PEG? Avista Corporation has the lowest comparable Guarded PEG at 1.14, among 4 of 6 companies that pass the metric’s comparability rules. ### How much history does this Utilities - Diversified comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 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 Utilities - Diversified has underperformed S&P 500 by 3.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 1%. 2 of 6 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Brookfield Infrastructure Partners L.P. is the strongest against the sector itself at +10%. 13-week sector return versus NIFTY 500: 1.0% 52-week sector return versus NIFTY 500: -3.8% Stocks leading NIFTY: 2/6 Stocks leading sector: 2/6 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 6 Combined market value: ₹98.3K 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. Unitil Corporation (UTL): 59/100 — Mixed-positive evidence; evidence 80% - Growth & earnings 21.8/35 | Capital efficiency 14.0/25 | Valuation 8.4/20 | Relative strength 14.6/20 - Exact sum: 21.8 + 14 + 8.4 + 14.6 = 58.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Brookfield Infrastructure Partners L.P. (BIP): 55/100 — Mixed-positive evidence; evidence 80% - Growth & earnings 22.6/35 | Capital efficiency 11.6/25 | Valuation 3.5/20 | Relative strength 17.0/20 - Exact sum: 22.6 + 11.6 + 3.5 + 17 = 54.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Avista Corporation (AVA): 53/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 14.2/35 | Capital efficiency 14.7/25 | Valuation 13.7/20 | Relative strength 10.3/20 - Exact sum: 14.2 + 14.7 + 13.7 + 10.3 = 52.9 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 4. The AES Corporation (AES): 44/100 — Mixed-negative evidence; evidence 68% - Growth & earnings 20.9/35 | Capital efficiency 5.1/25 | Valuation 11.5/20 | Relative strength 6.2/20 - Exact sum: 20.9 + 5.1 + 11.5 + 6.2 = 43.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. Algonquin Power & Utilities Corp. (AQN): 32/100 — Adverse evidence; evidence 76% - Growth & earnings 10.8/35 | Capital efficiency 8.9/25 | Valuation 9.7/20 | Relative strength 2.3/20 - Exact sum: 10.8 + 8.9 + 9.7 + 2.3 = 31.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Sempra (SRE): 29/100 — Adverse evidence; evidence 86% - Growth & earnings 12.4/35 | Capital efficiency 12.4/25 | Valuation 4.1/20 | Relative strength 0.0/20 - Exact sum: 12.4 + 12.4 + 4.1 + 0 = 28.9 - 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: Brookfield Infrastructure Partners L.P. is the scale leader at $24,009 million, 77.1% ahead of Sempra. Unitil Corporation's growth is 19.5% from a $583 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Brookfield Infrastructure Partners L.P. is the scale benchmark; Unitil Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Brookfield Infrastructure Partners L.P.'s growth falls below Unitil Corporation's for two consecutive comparable reports while operating margin also compresses. Evidence: Brookfield Infrastructure Partners L.P. · $24,009 million | 77.1% versus #2 · Sempra | 8/8 recent comparable periods | 6/6 companies · 120 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. Brookfield Infrastructure Partners L.P. (BIP): ₹24.0K Cr 2. Sempra (SRE): ₹13.6K Cr 3. The AES Corporation (AES): ₹12.5K Cr 4. Algonquin Power & Utilities Corp. (AQN): ₹2.5K Cr 5. Avista Corporation (AVA): ₹1.9K Cr ### Revenue growth — fastest growers 1. Unitil Corporation (UTL): 20% 2. Brookfield Infrastructure Partners L.P. (BIP): 13% 3. Algonquin Power & Utilities Corp. (AQN): 7.2% 4. The AES Corporation (AES): 3.0% 5. Sempra (SRE): 1.6% ### 20-quarter Revenue history - SRE: Jun 2021 ₹2.7K Cr | Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.7K Cr - BIP: Jun 2021 ₹2.7K Cr | Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.4K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹6.3K Cr - AES: Jun 2021 ₹2.7K Cr | Sep 2021 ₹3.0K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.2K Cr - AQN: Jun 2021 ₹528 Cr | Sep 2021 ₹529 Cr | Dec 2021 ₹584 Cr | Mar 2022 ₹733 Cr | Jun 2022 ₹619 Cr | Sep 2022 ₹664 Cr | Dec 2022 ₹748 Cr | Mar 2023 ₹779 Cr | Jun 2023 ₹628 Cr | Sep 2023 ₹565 Cr | Dec 2023 ₹586 Cr | Mar 2024 ₹646 Cr | Jun 2024 ₹515 Cr | Sep 2024 ₹573 Cr | Dec 2024 ₹585 Cr | Mar 2025 ₹692 Cr | Jun 2025 ₹528 Cr | Sep 2025 ₹583 Cr | Dec 2025 ₹631 Cr | Mar 2026 ₹792 Cr - AVA: Jun 2021 ₹298 Cr | Sep 2021 ₹296 Cr | Dec 2021 ₹432 Cr | Mar 2022 ₹462 Cr | Jun 2022 ₹379 Cr | Sep 2022 ₹359 Cr | Dec 2022 ₹510 Cr | Mar 2023 ₹475 Cr | Jun 2023 ₹380 Cr | Sep 2023 ₹380 Cr | Dec 2023 ₹518 Cr | Mar 2024 ₹609 Cr | Jun 2024 ₹402 Cr | Sep 2024 ₹394 Cr | Dec 2024 ₹533 Cr | Mar 2025 ₹617 Cr | Jun 2025 ₹411 Cr | Sep 2025 ₹403 Cr | Dec 2025 ₹533 Cr | Mar 2026 ₹570 Cr - UTL: Jun 2021 ₹97 Cr | Sep 2021 ₹98 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹193 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹162 Cr | Mar 2023 ₹220 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹179 Cr | Jun 2024 ₹96 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹171 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹101 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹217 Cr ### 20-quarter Revenue growth history - SRE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 20% | Dec 2022 -10% | Mar 2023 72% | Jun 2023 -6.0% | Sep 2023 -7.8% | Dec 2023 1.0% | Mar 2024 -45% | Jun 2024 -9.7% | Sep 2024 -17% | Dec 2024 7.7% | Mar 2025 4.5% | Jun 2025 -0.4% | Sep 2025 14% | Dec 2025 -0.2% | Mar 2026 -3.9% - BIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 23% | Dec 2022 14% | Mar 2023 24% | Jun 2023 16% | Sep 2023 24% | Dec 2023 34% | Mar 2024 23% | Jun 2024 21% | Sep 2024 17% | Dec 2024 9.5% | Mar 2025 4.0% | Jun 2025 5.7% | Sep 2025 13% | Dec 2025 16% | Mar 2026 17% - AES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 19% | Dec 2022 10% | Mar 2023 14% | Jun 2023 -1.7% | Sep 2023 -5.3% | Dec 2023 -3.0% | Mar 2024 -4.8% | Jun 2024 -2.8% | Sep 2024 -4.2% | Dec 2024 -0.2% | Mar 2025 -5.2% | Jun 2025 -3.0% | Sep 2025 1.9% | Dec 2025 4.7% | Mar 2026 8.7% - AQN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 26% | Dec 2022 28% | Mar 2023 6.3% | Jun 2023 1.5% | Sep 2023 -15% | Dec 2023 -22% | Mar 2024 -17% | Jun 2024 -18% | Sep 2024 1.4% | Dec 2024 -0.2% | Mar 2025 7.1% | Jun 2025 2.5% | Sep 2025 1.8% | Dec 2025 7.9% | Mar 2026 14% - AVA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 21% | Dec 2022 18% | Mar 2023 2.8% | Jun 2023 0.3% | Sep 2023 5.9% | Dec 2023 1.6% | Mar 2024 28% | Jun 2024 5.8% | Sep 2024 3.7% | Dec 2024 2.9% | Mar 2025 1.3% | Jun 2025 2.2% | Sep 2025 2.3% | Dec 2025 0.0% | Mar 2026 -7.6% - UTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.1% | Sep 2022 12% | Dec 2022 16% | Mar 2023 14% | Jun 2023 4.0% | Sep 2023 -5.5% | Dec 2023 -20% | Mar 2024 -19% | Jun 2024 -6.8% | Sep 2024 -11% | Dec 2024 -1.5% | Mar 2025 -4.5% | Jun 2025 7.3% | Sep 2025 8.6% | Dec 2025 27% | Mar 2026 27% ## Operating Economics & Margin Trend What the numbers say: Sempra leads opm at 29.8%; The AES Corporation leads margin change at +6 percentage points. Investor read: Sempra 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: Sempra · 29.8% | 15.5% versus #2 · Unitil Corporation | 4/8 recent comparable periods | 6/6 companies · 120 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Sempra (SRE): 30% 2. Unitil Corporation (UTL): 26% 3. Brookfield Infrastructure Partners L.P. (BIP): 25% 4. Avista Corporation (AVA): 24% 5. Algonquin Power & Utilities Corp. (AQN): 23% ### Margin change — fastest expanders 1. The AES Corporation (AES): +6.0 pp 2. Sempra (SRE): +4.6 pp 3. Avista Corporation (AVA): +3.2 pp 4. Brookfield Infrastructure Partners L.P. (BIP): +0.5 pp 5. Unitil Corporation (UTL): −1.2 pp ### 20-quarter OPM history - SRE: Jun 2021 17% | Sep 2021 -35% | Dec 2021 23% | Mar 2022 22% | Jun 2022 18% | Sep 2022 13% | Dec 2022 11% | Mar 2023 25% | Jun 2023 24% | Sep 2023 18% | Dec 2023 20% | Mar 2024 25% | Jun 2024 19% | Sep 2024 16% | Dec 2024 28% | Mar 2025 25% | Jun 2025 20% | Sep 2025 16% | Dec 2025 28% | Mar 2026 30% - BIP: Jun 2021 24% | Sep 2021 24% | Dec 2021 24% | Mar 2022 23% | Jun 2022 23% | Sep 2022 26% | Dec 2022 25% | Mar 2023 21% | Jun 2023 20% | Sep 2023 22% | Dec 2023 26% | Mar 2024 23% | Jun 2024 23% | Sep 2024 24% | Dec 2024 25% | Mar 2025 25% | Jun 2025 24% | Sep 2025 24% | Dec 2025 27% | Mar 2026 25% - AES: Jun 2021 25% | Sep 2021 24% | Dec 2021 19% | Mar 2022 17% | Jun 2022 17% | Sep 2022 23% | Dec 2022 17% | Mar 2023 17% | Jun 2023 14% | Sep 2023 25% | Dec 2023 15% | Mar 2024 18% | Jun 2024 17% | Sep 2024 20% | Dec 2024 11% | Mar 2025 12% | Jun 2025 14% | Sep 2025 21% | Dec 2025 17% | Mar 2026 18% - AQN: Jun 2021 16% | Sep 2021 22% | Dec 2021 22% | Mar 2022 19% | Jun 2022 17% | Sep 2022 20% | Dec 2022 3.1% | Mar 2023 18% | Jun 2023 15% | Sep 2023 22% | Dec 2023 18% | Mar 2024 22% | Jun 2024 17% | Sep 2024 19% | Dec 2024 18% | Mar 2025 26% | Jun 2025 12% | Sep 2025 26% | Dec 2025 18% | Mar 2026 23% - AVA: Jun 2021 11% | Sep 2021 8.2% | Dec 2021 16% | Mar 2022 18% | Jun 2022 6.4% | Sep 2022 5.4% | Dec 2022 12% | Mar 2023 16% | Jun 2023 12% | Sep 2023 10% | Dec 2023 19% | Mar 2024 17% | Jun 2024 14% | Sep 2024 12% | Dec 2024 19% | Mar 2025 20% | Jun 2025 14% | Sep 2025 15% | Dec 2025 21% | Mar 2026 24% - UTL: Jun 2021 11% | Sep 2021 7.3% | Dec 2021 19% | Mar 2022 19% | Jun 2022 12% | Sep 2022 6.5% | Dec 2022 16% | Mar 2023 18% | Jun 2023 11% | Sep 2023 7.7% | Dec 2023 22% | Mar 2024 25% | Jun 2024 13% | Sep 2024 6.2% | Dec 2024 22% | Mar 2025 27% | Jun 2025 13% | Sep 2025 6.9% | Dec 2025 22% | Mar 2026 26% ### 20-quarter Margin change history - SRE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.0 pp | Sep 2022 +48.4 pp | Dec 2022 −12.8 pp | Mar 2023 +2.7 pp | Jun 2023 +6.2 pp | Sep 2023 +5.4 pp | Dec 2023 +9.0 pp | Mar 2024 −0.1 pp | Jun 2024 −4.7 pp | Sep 2024 −2.3 pp | Dec 2024 +8.3 pp | Mar 2025 +0.5 pp | Jun 2025 +0.5 pp | Sep 2025 −0.3 pp | Dec 2025 −0.1 pp | Mar 2026 +4.6 pp - BIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.7 pp | Sep 2022 +1.6 pp | Dec 2022 +1.1 pp | Mar 2023 −2.0 pp | Jun 2023 −3.0 pp | Sep 2023 −3.2 pp | Dec 2023 +1.4 pp | Mar 2024 +1.7 pp | Jun 2024 +2.4 pp | Sep 2024 +1.5 pp | Dec 2024 −1.2 pp | Mar 2025 +2.0 pp | Jun 2025 +1.6 pp | Sep 2025 +0.4 pp | Dec 2025 +2.0 pp | Mar 2026 +0.5 pp - AES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.5 pp | Sep 2022 −0.5 pp | Dec 2022 −2.4 pp | Mar 2023 −0.2 pp | Jun 2023 −2.7 pp | Sep 2023 +1.7 pp | Dec 2023 −2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.5 pp | Sep 2024 −4.7 pp | Dec 2024 −3.4 pp | Mar 2025 −5.2 pp | Jun 2025 −2.4 pp | Sep 2025 +0.4 pp | Dec 2025 +5.4 pp | Mar 2026 +6.0 pp - AQN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.1 pp | Sep 2022 −1.2 pp | Dec 2022 −18.8 pp | Mar 2023 −0.4 pp | Jun 2023 −2.4 pp | Sep 2023 +1.9 pp | Dec 2023 +15.0 pp | Mar 2024 +3.9 pp | Jun 2024 +1.7 pp | Sep 2024 −2.8 pp | Dec 2024 0.0 pp | Mar 2025 +3.6 pp | Jun 2025 −4.3 pp | Sep 2025 +6.3 pp | Dec 2025 −0.5 pp | Mar 2026 −3.0 pp - AVA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.2 pp | Sep 2022 −2.8 pp | Dec 2022 −3.9 pp | Mar 2023 −1.9 pp | Jun 2023 +5.1 pp | Sep 2023 +4.6 pp | Dec 2023 +6.8 pp | Mar 2024 +0.5 pp | Jun 2024 +2.2 pp | Sep 2024 +2.4 pp | Dec 2024 −0.1 pp | Mar 2025 +3.7 pp | Jun 2025 +0.2 pp | Sep 2025 +2.5 pp | Dec 2025 +1.9 pp | Mar 2026 +3.2 pp - UTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.8 pp | Sep 2022 −0.8 pp | Dec 2022 −3.0 pp | Mar 2023 −0.7 pp | Jun 2023 −0.6 pp | Sep 2023 +1.2 pp | Dec 2023 +5.6 pp | Mar 2024 +6.8 pp | Jun 2024 +1.6 pp | Sep 2024 −1.5 pp | Dec 2024 +0.6 pp | Mar 2025 +2.3 pp | Jun 2025 0.0 pp | Sep 2025 +0.7 pp | Dec 2025 −0.6 pp | Mar 2026 −1.2 pp ## Profit Scale & Acceleration What the numbers say: Sempra leads with $2,886 million of TTM profit, 34% above Brookfield Infrastructure Partners L.P.. Brookfield Infrastructure Partners L.P. shows 54.4% growth from a $2,154 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Sempra 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: Sempra · $2,886 million | 34% versus #2 · Brookfield Infrastructure Partners L.P. | 5/8 recent comparable periods | 6/6 companies · 120 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. Sempra (SRE): ₹2.9K Cr 2. Brookfield Infrastructure Partners L.P. (BIP): ₹2.2K Cr 3. The AES Corporation (AES): ₹395 Cr 4. Avista Corporation (AVA): ₹206 Cr 5. Algonquin Power & Utilities Corp. (AQN): ₹136 Cr ### Profit growth — fastest growers 1. Brookfield Infrastructure Partners L.P. (BIP): 54% 2. Unitil Corporation (UTL): 17% 3. Avista Corporation (AVA): 10% 4. Algonquin Power & Utilities Corp. (AQN): -3.6% 5. Sempra (SRE): -17% ### 20-quarter Net profit history - SRE: Jun 2021 ₹455 Cr | Sep 2021 ₹-632 Cr | Dec 2021 ₹820 Cr | Mar 2022 ₹657 Cr | Jun 2022 ₹659 Cr | Sep 2022 ₹561 Cr | Dec 2022 ₹529 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹736 Cr | Sep 2023 ₹854 Cr | Dec 2023 ₹847 Cr | Mar 2024 ₹881 Cr | Jun 2024 ₹871 Cr | Sep 2024 ₹629 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹919 Cr | Jun 2025 ₹519 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr - BIP: Jun 2021 ₹1.3K Cr | Sep 2021 ₹536 Cr | Dec 2021 ₹380 Cr | Mar 2022 ₹294 Cr | Jun 2022 ₹425 Cr | Sep 2022 ₹361 Cr | Dec 2022 ₹295 Cr | Mar 2023 ₹143 Cr | Jun 2023 ₹773 Cr | Sep 2023 ₹256 Cr | Dec 2023 ₹276 Cr | Mar 2024 ₹814 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹451 Cr | Mar 2025 ₹526 Cr | Jun 2025 ₹252 Cr | Sep 2025 ₹750 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹148 Cr - AES: Jun 2021 ₹-91 Cr | Sep 2021 ₹510 Cr | Dec 2021 ₹-513 Cr | Mar 2022 ₹-33 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹-26 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-25 Cr | Sep 2023 ₹277 Cr | Dec 2023 ₹-639 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹213 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹-34 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹555 Cr | Dec 2025 ₹-130 Cr | Mar 2026 ₹-8 Cr - AQN: Jun 2021 ₹85 Cr | Sep 2021 ₹-39 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹-62 Cr | Sep 2022 ₹-207 Cr | Dec 2022 ₹-91 Cr | Mar 2023 ₹250 Cr | Jun 2023 ₹-262 Cr | Sep 2023 ₹-174 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹-73 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹-127 Cr | Mar 2025 ₹78 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹68 Cr - AVA: Jun 2021 ₹14 Cr | Sep 2021 ₹14 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹78 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹92 Cr - UTL: Jun 2021 ₹3 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹33 Cr ### 20-quarter Profit growth history - SRE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 — | Dec 2022 -35% | Mar 2023 78% | Jun 2023 12% | Sep 2023 52% | Dec 2023 60% | Mar 2024 -25% | Jun 2024 18% | Sep 2024 -26% | Dec 2024 24% | Mar 2025 4.3% | Jun 2025 -40% | Sep 2025 -92% | Dec 2025 11% | Mar 2026 25% - BIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -67% | Sep 2022 -33% | Dec 2022 -22% | Mar 2023 -51% | Jun 2023 82% | Sep 2023 -29% | Dec 2023 -6.4% | Mar 2024 469% | Jun 2024 -76% | Sep 2024 -8.6% | Dec 2024 63% | Mar 2025 -35% | Jun 2025 37% | Sep 2025 221% | Dec 2025 123% | Mar 2026 -72% - AES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -105% | Dec 2022 — | Mar 2023 — | Jun 2023 -600% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -23% | Dec 2024 — | Mar 2025 — | Jun 2025 -833% | Sep 2025 161% | Dec 2025 -183% | Mar 2026 — - AQN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -173% | Sep 2022 — | Dec 2022 -163% | Mar 2023 372% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -129% | Jun 2024 — | Sep 2024 — | Dec 2024 -178% | Mar 2025 — | Jun 2025 -101% | Sep 2025 79% | Dec 2025 — | Mar 2026 -13% - AVA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -21% | Sep 2022 -143% | Dec 2022 53% | Mar 2023 -24% | Jun 2023 55% | Sep 2023 — | Dec 2023 7.7% | Mar 2024 29% | Jun 2024 35% | Sep 2024 20% | Dec 2024 -20% | Mar 2025 11% | Jun 2025 -39% | Sep 2025 61% | Dec 2025 6.0% | Mar 2026 16% - UTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 — | Dec 2022 0.0% | Mar 2023 9.1% | Jun 2023 -20% | Sep 2023 0.0% | Dec 2023 6.7% | Mar 2024 13% | Jun 2024 0.0% | Sep 2024 -100% | Dec 2024 0.0% | Mar 2025 3.7% | Jun 2025 0.0% | Sep 2025 — | Dec 2025 19% | Mar 2026 18% ## Capacity Spending & Returns On It What the numbers say: Sempra reports $2,461 million of CAPEX; Sempra has the highest covered intensity at 67.3%. Coverage is only 6 of 6 companies and 120 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: Sempra · $2,461 million | 16.5% versus #2 · Brookfield Infrastructure Partners L.P. | 8/8 recent comparable periods | 6/6 companies · 120 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. Sempra (SRE): ₹2.5K Cr 2. Brookfield Infrastructure Partners L.P. (BIP): ₹2.1K Cr 3. The AES Corporation (AES): ₹1.8K Cr 4. Avista Corporation (AVA): ₹150 Cr 5. Algonquin Power & Utilities Corp. (AQN): ₹129 Cr ### CAPEX intensity — highest reinvestment intensity 1. Sempra (SRE): 67% 2. The AES Corporation (AES): 56% 3. Brookfield Infrastructure Partners L.P. (BIP): 34% 4. Avista Corporation (AVA): 26% 5. Algonquin Power & Utilities Corp. (AQN): 16% ### 20-quarter CAPEX history - SRE: Jun 2021 ₹1.2K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹2.5K Cr - BIP: Jun 2021 ₹414 Cr | Sep 2021 ₹588 Cr | Dec 2021 ₹733 Cr | Mar 2022 ₹599 Cr | Jun 2022 ₹735 Cr | Sep 2022 ₹769 Cr | Dec 2022 ₹672 Cr | Mar 2023 ₹498 Cr | Jun 2023 ₹572 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹991 Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹980 Cr | Mar 2025 ₹870 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.1K Cr - AES: Jun 2021 ₹567 Cr | Sep 2021 ₹535 Cr | Dec 2021 ₹582 Cr | Mar 2022 ₹766 Cr | Jun 2022 ₹893 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.8K Cr - AQN: Jun 2021 ₹408 Cr | Sep 2021 ₹348 Cr | Dec 2021 ₹294 Cr | Mar 2022 ₹328 Cr | Jun 2022 ₹248 Cr | Sep 2022 ₹322 Cr | Dec 2022 ₹192 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹245 Cr | Sep 2023 ₹279 Cr | Dec 2023 ₹332 Cr | Mar 2024 ₹213 Cr | Jun 2024 ₹204 Cr | Sep 2024 ₹182 Cr | Dec 2024 ₹273 Cr | Mar 2025 ₹223 Cr | Jun 2025 ₹186 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹220 Cr | Mar 2026 ₹129 Cr - AVA: Jun 2021 ₹117 Cr | Sep 2021 ₹109 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹121 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹126 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹154 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹143 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹191 Cr | Mar 2026 ₹150 Cr - UTL: Jun 2021 ₹28 Cr | Sep 2021 ₹39 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹32 Cr ### 20-quarter CAPEX intensity history - SRE: Jun 2021 45% | Sep 2021 39% | Dec 2021 37% | Mar 2022 32% | Jun 2022 33% | Sep 2022 33% | Dec 2022 53% | Mar 2023 28% | Jun 2023 74% | Sep 2023 54% | Dec 2023 67% | Mar 2024 53% | Jun 2024 63% | Sep 2024 70% | Dec 2024 65% | Mar 2025 61% | Jun 2025 77% | Sep 2025 81% | Dec 2025 91% | Mar 2026 67% - BIP: Jun 2021 16% | Sep 2021 20% | Dec 2021 23% | Mar 2022 18% | Jun 2022 20% | Sep 2022 21% | Dec 2022 18% | Mar 2023 12% | Jun 2023 13% | Sep 2023 26% | Dec 2023 25% | Mar 2024 30% | Jun 2024 19% | Sep 2024 40% | Dec 2024 18% | Mar 2025 16% | Jun 2025 19% | Sep 2025 35% | Dec 2025 32% | Mar 2026 34% - AES: Jun 2021 21% | Sep 2021 18% | Dec 2021 21% | Mar 2022 27% | Jun 2022 29% | Sep 2022 29% | Dec 2022 60% | Mar 2023 48% | Jun 2023 61% | Sep 2023 55% | Dec 2023 82% | Mar 2024 70% | Jun 2024 57% | Sep 2024 56% | Dec 2024 58% | Mar 2025 43% | Jun 2025 47% | Sep 2025 54% | Dec 2025 50% | Mar 2026 56% - AQN: Jun 2021 77% | Sep 2021 66% | Dec 2021 50% | Mar 2022 45% | Jun 2022 40% | Sep 2022 49% | Dec 2022 26% | Mar 2023 22% | Jun 2023 39% | Sep 2023 49% | Dec 2023 57% | Mar 2024 33% | Jun 2024 40% | Sep 2024 32% | Dec 2024 47% | Mar 2025 32% | Jun 2025 35% | Sep 2025 26% | Dec 2025 35% | Mar 2026 16% - AVA: Jun 2021 39% | Sep 2021 37% | Dec 2021 27% | Mar 2022 21% | Jun 2022 30% | Sep 2022 34% | Dec 2022 24% | Mar 2023 21% | Jun 2023 33% | Sep 2023 35% | Dec 2023 27% | Mar 2024 20% | Jun 2024 33% | Sep 2024 39% | Dec 2024 24% | Mar 2025 17% | Jun 2025 35% | Sep 2025 33% | Dec 2025 36% | Mar 2026 26% - UTL: Jun 2021 29% | Sep 2021 40% | Dec 2021 24% | Mar 2022 7.8% | Jun 2022 30% | Sep 2022 34% | Dec 2022 25% | Mar 2023 10% | Jun 2023 34% | Sep 2023 35% | Dec 2023 37% | Mar 2024 11% | Jun 2024 39% | Sep 2024 61% | Dec 2024 44% | Mar 2025 19% | Jun 2025 39% | Sep 2025 55% | Dec 2025 36% | Mar 2026 15% ## Debt Load & Balance-Sheet Headroom What the numbers say: Unitil Corporation has the clearest covered balance-sheet capacity with $917 million and gross debt of $934 million. 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: Unitil Corporation · $934 million | 70.7% versus #2 · Avista Corporation | 0/8 recent comparable periods | 6/6 companies · 120 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. Unitil Corporation (UTL): ₹934 Cr 2. Avista Corporation (AVA): ₹3.2K Cr 3. Algonquin Power & Utilities Corp. (AQN): ₹6.7K Cr 4. The AES Corporation (AES): ₹31.8K Cr 5. Sempra (SRE): ₹36.4K Cr ### Net debt — lowest net debt 1. Unitil Corporation (UTL): ₹917 Cr 2. Avista Corporation (AVA): ₹3.2K Cr 3. Algonquin Power & Utilities Corp. (AQN): ₹6.6K Cr 4. The AES Corporation (AES): ₹29.6K Cr 5. Sempra (SRE): ₹35.6K Cr ### 20-quarter Gross debt history - SRE: Jun 2021 ₹24.9K Cr | Sep 2021 ₹26.1K Cr | Dec 2021 ₹24.6K Cr | Mar 2022 ₹26.9K Cr | Jun 2022 ₹25.9K Cr | Sep 2022 ₹26.6K Cr | Dec 2022 ₹28.9K Cr | Mar 2023 ₹29.5K Cr | Jun 2023 ₹31.0K Cr | Sep 2023 ₹30.7K Cr | Dec 2023 ₹31.1K Cr | Mar 2024 ₹31.8K Cr | Jun 2024 ₹32.9K Cr | Sep 2024 ₹34.4K Cr | Dec 2024 ₹35.8K Cr | Mar 2025 ₹37.7K Cr | Jun 2025 ₹38.6K Cr | Sep 2025 ₹32.7K Cr | Dec 2025 ₹35.0K Cr | Mar 2026 ₹36.4K Cr - BIP: Jun 2021 ₹25.7K Cr | Sep 2021 ₹32.7K Cr | Dec 2021 ₹32.5K Cr | Mar 2022 ₹34.1K Cr | Jun 2022 ₹32.5K Cr | Sep 2022 ₹31.1K Cr | Dec 2022 ₹32.3K Cr | Mar 2023 ₹36.9K Cr | Jun 2023 ₹37.7K Cr | Sep 2023 ₹46.7K Cr | Dec 2023 ₹48.7K Cr | Mar 2024 ₹51.8K Cr | Jun 2024 ₹52.5K Cr | Sep 2024 ₹56.0K Cr | Dec 2024 ₹53.9K Cr | Mar 2025 ₹53.6K Cr | Jun 2025 ₹55.8K Cr | Sep 2025 ₹65.4K Cr | Dec 2025 ₹67.9K Cr | Mar 2026 ₹67.8K Cr - AES: Jun 2021 ₹20.0K Cr | Sep 2021 ₹20.0K Cr | Dec 2021 ₹18.7K Cr | Mar 2022 ₹20.3K Cr | Jun 2022 ₹21.4K Cr | Sep 2022 ₹22.2K Cr | Dec 2022 ₹24.2K Cr | Mar 2023 ₹24.8K Cr | Jun 2023 ₹26.5K Cr | Sep 2023 ₹22.5K Cr | Dec 2023 ₹27.9K Cr | Mar 2024 ₹30.5K Cr | Jun 2024 ₹29.1K Cr | Sep 2024 ₹30.2K Cr | Dec 2024 ₹29.9K Cr | Mar 2025 ₹31.2K Cr | Jun 2025 ₹30.9K Cr | Sep 2025 ₹31.9K Cr | Dec 2025 ₹30.5K Cr | Mar 2026 ₹31.8K Cr - AQN: Jun 2021 ₹6.6K Cr | Sep 2021 ₹6.9K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹7.2K Cr | Jun 2022 ₹7.5K Cr | Sep 2022 ₹7.7K Cr | Dec 2022 ₹7.5K Cr | Mar 2023 ₹7.8K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹8.4K Cr | Dec 2023 ₹7.5K Cr | Mar 2024 ₹9.1K Cr | Jun 2024 ₹8.3K Cr | Sep 2024 ₹7.5K Cr | Dec 2024 ₹6.7K Cr | Mar 2025 ₹6.3K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹6.5K Cr | Mar 2026 ₹6.7K Cr - AVA: Jun 2021 ₹2.4K Cr | Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.2K Cr - UTL: Jun 2021 ₹554 Cr | Sep 2021 ₹542 Cr | Dec 2021 ₹570 Cr | Mar 2022 ₹569 Cr | Jun 2022 ₹550 Cr | Sep 2022 ₹573 Cr | Dec 2022 ₹616 Cr | Mar 2023 ₹635 Cr | Jun 2023 ₹625 Cr | Sep 2023 ₹646 Cr | Dec 2023 ₹682 Cr | Mar 2024 ₹688 Cr | Jun 2024 ₹674 Cr | Sep 2024 ₹712 Cr | Dec 2024 ₹756 Cr | Mar 2025 ₹821 Cr | Jun 2025 ₹818 Cr | Sep 2025 ₹795 Cr | Dec 2025 ₹933 Cr | Mar 2026 ₹934 Cr ### 20-quarter Net debt history - SRE: Jun 2021 ₹24.5K Cr | Sep 2021 ₹25.2K Cr | Dec 2021 ₹24.1K Cr | Mar 2022 ₹24.4K Cr | Jun 2022 ₹23.9K Cr | Sep 2022 ₹25.9K Cr | Dec 2022 ₹28.5K Cr | Mar 2023 ₹28.8K Cr | Jun 2023 ₹29.8K Cr | Sep 2023 ₹29.3K Cr | Dec 2023 ₹30.8K Cr | Mar 2024 ₹31.0K Cr | Jun 2024 ₹32.6K Cr | Sep 2024 ₹33.8K Cr | Dec 2024 ₹34.3K Cr | Mar 2025 ₹36.0K Cr | Jun 2025 ₹38.4K Cr | Sep 2025 ₹32.7K Cr | Dec 2025 ₹35.0K Cr | Mar 2026 ₹35.6K Cr - BIP: Jun 2021 ₹23.3K Cr | Sep 2021 ₹29.9K Cr | Dec 2021 ₹30.3K Cr | Mar 2022 ₹31.4K Cr | Jun 2022 ₹30.4K Cr | Sep 2022 ₹29.0K Cr | Dec 2022 ₹29.6K Cr | Mar 2023 ₹34.3K Cr | Jun 2023 ₹35.4K Cr | Sep 2023 ₹44.4K Cr | Dec 2023 ₹45.9K Cr | Mar 2024 ₹49.1K Cr | Jun 2024 ₹50.3K Cr | Sep 2024 ₹53.9K Cr | Dec 2024 ₹51.1K Cr | Mar 2025 ₹51.9K Cr | Jun 2025 ₹53.2K Cr | Sep 2025 ₹62.1K Cr | Dec 2025 ₹64.2K Cr | Mar 2026 ₹65.4K Cr - AES: Jun 2021 ₹18.1K Cr | Sep 2021 ₹18.2K Cr | Dec 2021 ₹17.5K Cr | Mar 2022 ₹18.4K Cr | Jun 2022 ₹19.3K Cr | Sep 2022 ₹19.7K Cr | Dec 2022 ₹21.5K Cr | Mar 2023 ₹22.1K Cr | Jun 2023 ₹24.0K Cr | Sep 2023 ₹19.9K Cr | Dec 2023 ₹25.7K Cr | Mar 2024 ₹27.7K Cr | Jun 2024 ₹27.0K Cr | Sep 2024 ₹27.6K Cr | Dec 2024 ₹27.9K Cr | Mar 2025 ₹28.6K Cr | Jun 2025 ₹28.8K Cr | Sep 2025 ₹29.4K Cr | Dec 2025 ₹28.3K Cr | Mar 2026 ₹29.6K Cr - AQN: Jun 2021 ₹6.4K Cr | Sep 2021 ₹6.7K Cr | Dec 2021 ₹6.1K Cr | Mar 2022 ₹7.1K Cr | Jun 2022 ₹7.4K Cr | Sep 2022 ₹7.6K Cr | Dec 2022 ₹7.4K Cr | Mar 2023 ₹7.8K Cr | Jun 2023 ₹8.0K Cr | Sep 2023 ₹8.3K Cr | Dec 2023 ₹7.5K Cr | Mar 2024 ₹9.0K Cr | Jun 2024 ₹8.1K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹6.7K Cr | Mar 2025 ₹6.2K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹6.5K Cr | Mar 2026 ₹6.6K Cr - AVA: Jun 2021 ₹2.3K Cr | Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.2K Cr - UTL: Jun 2021 ₹549 Cr | Sep 2021 ₹533 Cr | Dec 2021 ₹563 Cr | Mar 2022 ₹562 Cr | Jun 2022 ₹545 Cr | Sep 2022 ₹565 Cr | Dec 2022 ₹607 Cr | Mar 2023 ₹628 Cr | Jun 2023 ₹618 Cr | Sep 2023 ₹640 Cr | Dec 2023 ₹675 Cr | Mar 2024 ₹682 Cr | Jun 2024 ₹671 Cr | Sep 2024 ₹706 Cr | Dec 2024 ₹750 Cr | Mar 2025 ₹811 Cr | Jun 2025 ₹809 Cr | Sep 2025 ₹780 Cr | Dec 2025 ₹917 Cr | Mar 2026 ₹917 Cr ## Return On Capital Employed What the numbers say: Unitil Corporation leads ROCE at 3.4%, 1.6 percentage points above Avista Corporation. The AES Corporation has the strongest latest improvement at +0.5 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: Unitil Corporation 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: Unitil Corporation · 3.4% | 88.9% versus #2 · Avista Corporation | 2/8 recent comparable periods | 6/6 companies · 114 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. Unitil Corporation (UTL): 3.4% 2. Avista Corporation (AVA): 1.8% 3. Brookfield Infrastructure Partners L.P. (BIP): 1.5% 4. The AES Corporation (AES): 1.4% 5. Algonquin Power & Utilities Corp. (AQN): 1.4% ### ROCE change — fastest improvers 1. The AES Corporation (AES): +0.5 pp 2. Unitil Corporation (UTL): +0.3 pp 3. Algonquin Power & Utilities Corp. (AQN): +0.2 pp 4. Avista Corporation (AVA): +0.1 pp 5. Brookfield Infrastructure Partners L.P. (BIP): +0.1 pp ### 20-quarter ROCE history - SRE: Jun 2021 — | Sep 2021 -1.8% | Dec 2021 1.5% | Mar 2022 1.3% | Jun 2022 1.0% | Sep 2022 0.7% | Dec 2022 0.6% | Mar 2023 2.4% | Jun 2023 1.1% | Sep 2023 0.8% | Dec 2023 0.9% | Mar 2024 1.2% | Jun 2024 0.7% | Sep 2024 0.6% | Dec 2024 1.3% | Mar 2025 1.1% | Jun 2025 0.7% | Sep 2025 0.6% | Dec 2025 1.2% | Mar 2026 1.2% - BIP: Jun 2021 — | Sep 2021 1.2% | Dec 2021 1.3% | Mar 2022 1.3% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 1.4% | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 1.3% | Dec 2023 1.7% | Mar 2024 1.4% | Jun 2024 1.4% | Sep 2024 1.4% | Dec 2024 1.5% | Mar 2025 1.4% | Jun 2025 1.4% | Sep 2025 1.4% | Dec 2025 1.6% | Mar 2026 1.5% - AES: Jun 2021 — | Sep 2021 2.4% | Dec 2021 1.8% | Mar 2022 1.6% | Jun 2022 1.7% | Sep 2022 2.7% | Dec 2022 1.7% | Mar 2023 1.8% | Jun 2023 1.3% | Sep 2023 2.6% | Dec 2023 1.3% | Mar 2024 1.5% | Jun 2024 1.4% | Sep 2024 1.8% | Dec 2024 0.9% | Mar 2025 0.9% | Jun 2025 1.0% | Sep 2025 1.7% | Dec 2025 1.2% | Mar 2026 1.4% - AQN: Jun 2021 — | Sep 2021 0.9% | Dec 2021 0.9% | Mar 2022 0.9% | Jun 2022 0.7% | Sep 2022 0.9% | Dec 2022 0.1% | Mar 2023 0.9% | Jun 2023 0.6% | Sep 2023 0.8% | Dec 2023 0.6% | Mar 2024 0.9% | Jun 2024 0.5% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 1.2% | Jun 2025 0.4% | Sep 2025 1.0% | Dec 2025 0.8% | Mar 2026 1.4% - AVA: Jun 2021 — | Sep 2021 0.4% | Dec 2021 1.2% | Mar 2022 1.3% | Jun 2022 0.4% | Sep 2022 0.3% | Dec 2022 1.0% | Mar 2023 1.2% | Jun 2023 0.7% | Sep 2023 0.6% | Dec 2023 1.5% | Mar 2024 1.5% | Jun 2024 0.8% | Sep 2024 0.7% | Dec 2024 1.4% | Mar 2025 1.7% | Jun 2025 0.8% | Sep 2025 0.8% | Dec 2025 1.5% | Mar 2026 1.8% - UTL: Jun 2021 — | Sep 2021 0.5% | Dec 2021 1.9% | Mar 2022 2.6% | Jun 2022 0.9% | Sep 2022 0.5% | Dec 2022 1.9% | Mar 2023 2.9% | Jun 2023 0.9% | Sep 2023 0.6% | Dec 2023 2.0% | Mar 2024 3.2% | Jun 2024 0.9% | Sep 2024 0.4% | Dec 2024 1.9% | Mar 2025 3.1% | Jun 2025 0.9% | Sep 2025 0.4% | Dec 2025 2.1% | Mar 2026 3.4% ### 20-quarter ROCE change history - SRE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 −0.9 pp | Mar 2023 +1.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.3 pp | Mar 2024 −1.2 pp | Jun 2024 −0.4 pp | Sep 2024 −0.2 pp | Dec 2024 +0.4 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp - BIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.1 pp | Mar 2023 0.0 pp | Jun 2023 −0.2 pp | Sep 2023 −0.2 pp | Dec 2023 +0.3 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.1 pp | Dec 2024 −0.2 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp - AES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.1 pp | Mar 2023 +0.2 pp | Jun 2023 −0.4 pp | Sep 2023 −0.1 pp | Dec 2023 −0.4 pp | Mar 2024 −0.3 pp | Jun 2024 +0.1 pp | Sep 2024 −0.8 pp | Dec 2024 −0.4 pp | Mar 2025 −0.6 pp | Jun 2025 −0.4 pp | Sep 2025 −0.1 pp | Dec 2025 +0.3 pp | Mar 2026 +0.5 pp - AQN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.8 pp | Mar 2023 0.0 pp | Jun 2023 −0.1 pp | Sep 2023 −0.1 pp | Dec 2023 +0.5 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 −0.1 pp | Dec 2024 +0.1 pp | Mar 2025 +0.3 pp | Jun 2025 −0.1 pp | Sep 2025 +0.3 pp | Dec 2025 +0.1 pp | Mar 2026 +0.2 pp - AVA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.2 pp | Mar 2023 −0.1 pp | Jun 2023 +0.3 pp | Sep 2023 +0.3 pp | Dec 2023 +0.5 pp | Mar 2024 +0.3 pp | Jun 2024 +0.1 pp | Sep 2024 +0.1 pp | Dec 2024 −0.1 pp | Mar 2025 +0.2 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp - UTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 +0.3 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.3 pp | Jun 2024 0.0 pp | Sep 2024 −0.2 pp | Dec 2024 −0.1 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +0.2 pp | Mar 2026 +0.3 pp ## Valuation Against Growth & Quality What the numbers say: Avista Corporation has the lowest comparable Guarded PEG at 1.14×, 46% below Unitil Corporation. Only 4 of 6 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: Avista Corporation · 1.14× | 46% versus #2 · Unitil Corporation | 0/8 recent comparable periods | 4/6 companies · 19 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. Avista Corporation (AVA): 1.1 2. Unitil Corporation (UTL): 2.1 3. Sempra (SRE): 3.5 4. Brookfield Infrastructure Partners L.P. (BIP): 4.9 ### P/E — lowest P/E 1. The AES Corporation (AES): 7.5 2. Avista Corporation (AVA): 16.0 3. Unitil Corporation (UTL): 16.5 4. Algonquin Power & Utilities Corp. (AQN): 26.7 5. Sempra (SRE): 32.9 ### 20-quarter Guarded PEG history - SRE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.8 | Dec 2023 0.4 | Mar 2024 1.0 | Jun 2024 0.9 | Sep 2024 3.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — - BIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — - AVA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.7 | Dec 2023 3.1 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 1.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.4 | Mar 2026 1.1 - UTL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.8 | Jun 2023 — | Sep 2023 2.7 | Dec 2023 2.1 | Mar 2024 1.9 | Jun 2024 1.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.1 ### 20-quarter P/E history - SRE: Jun 2021 — | Sep 2021 34.8 | Dec 2021 32.9 | Mar 2022 53.0 | Jun 2022 42.1 | Sep 2022 21.0 | Dec 2022 23.3 | Mar 2023 19.5 | Jun 2023 18.5 | Sep 2023 15.8 | Dec 2023 15.6 | Mar 2024 15.9 | Jun 2024 16.3 | Sep 2024 18.4 | Dec 2024 19.9 | Mar 2025 15.7 | Jun 2025 18.3 | Sep 2025 27.6 | Dec 2025 32.1 | Mar 2026 32.9 - BIP: Jun 2021 — | Sep 2021 25.7 | Dec 2021 35.0 | Mar 2022 45.5 | Jun 2022 55.4 | Sep 2022 138.1 | Dec 2022 221.4 | Mar 2023 422.1 | Jun 2023 110.6 | Sep 2023 94.8 | Dec 2023 224.9 | Mar 2024 100.7 | Jun 2024 — | Sep 2024 — | Dec 2024 794.8 | Mar 2025 — | Jun 2025 670.0 | Sep 2025 49.1 | Dec 2025 38.6 | Mar 2026 54.7 - AES: Jun 2021 — | Sep 2021 29.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 55.0 | Mar 2024 24.9 | Jun 2024 15.0 | Sep 2024 12.9 | Dec 2024 5.5 | Mar 2025 6.3 | Jun 2025 7.4 | Sep 2025 8.2 | Dec 2025 11.4 | Mar 2026 7.5 - AQN: Jun 2021 — | Sep 2021 15.1 | Dec 2021 35.3 | Mar 2022 30.4 | Jun 2022 44.8 | Sep 2022 181.8 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 210.1 | Mar 2024 — | Jun 2024 39.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 89.5 | Dec 2025 28.0 | Mar 2026 26.7 - AVA: Jun 2021 — | Sep 2021 18.7 | Dec 2021 20.2 | Mar 2022 21.1 | Jun 2022 20.7 | Sep 2022 20.4 | Dec 2022 20.9 | Mar 2023 22.8 | Jun 2023 20.4 | Sep 2023 14.7 | Dec 2023 16.0 | Mar 2024 14.5 | Jun 2024 14.0 | Sep 2024 15.4 | Dec 2024 16.0 | Mar 2025 19.0 | Jun 2025 18.3 | Sep 2025 17.1 | Dec 2025 16.2 | Mar 2026 16.0 - UTL: Jun 2021 — | Sep 2021 18.3 | Dec 2021 19.6 | Mar 2022 20.3 | Jun 2022 22.8 | Sep 2022 17.8 | Dec 2022 19.8 | Mar 2023 20.7 | Jun 2023 18.8 | Sep 2023 15.5 | Dec 2023 18.6 | Mar 2024 17.5 | Jun 2024 17.2 | Sep 2024 20.7 | Dec 2024 18.5 | Mar 2025 19.7 | Jun 2025 17.9 | Sep 2025 16.6 | Dec 2025 16.3 | Mar 2026 16.5 ## Enterprise Value & Book Value What the numbers say: Unitil Corporation leads ev/ebitda at 9.23×; Algonquin Power & Utilities Corp. leads p/bv at 1.01×. 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: Unitil Corporation · 9.23× | 7.7% versus #2 · Avista Corporation | 0/8 recent comparable periods | 6/6 companies · 114 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. Unitil Corporation (UTL): 9.2 2. Avista Corporation (AVA): 10.0 3. Brookfield Infrastructure Partners L.P. (BIP): 10.9 4. The AES Corporation (AES): 12.7 5. Algonquin Power & Utilities Corp. (AQN): 13.0 ### P/BV — lowest P/BV 1. Algonquin Power & Utilities Corp. (AQN): 1.0 2. Avista Corporation (AVA): 1.2 3. Unitil Corporation (UTL): 1.5 4. Sempra (SRE): 2.0 5. The AES Corporation (AES): 2.3 ### 20-quarter EV/EBITDA history - SRE: Jun 2021 — | Sep 2021 24.5 | Dec 2021 21.7 | Mar 2022 26.3 | Jun 2022 22.9 | Sep 2022 15.8 | Dec 2022 18.6 | Mar 2023 15.0 | Jun 2023 14.5 | Sep 2023 14.0 | Dec 2023 14.1 | Mar 2024 15.7 | Jun 2024 17.2 | Sep 2024 18.8 | Dec 2024 18.3 | Mar 2025 16.3 | Jun 2025 17.1 | Sep 2025 17.7 | Dec 2025 18.3 | Mar 2026 19.1 - BIP: Jun 2021 — | Sep 2021 14.2 | Dec 2021 16.7 | Mar 2022 16.3 | Jun 2022 14.4 | Sep 2022 13.1 | Dec 2022 13.1 | Mar 2023 14.3 | Jun 2023 14.7 | Sep 2023 14.6 | Dec 2023 13.1 | Mar 2024 14.2 | Jun 2024 12.0 | Sep 2024 12.1 | Dec 2024 10.6 | Mar 2025 11.6 | Jun 2025 11.3 | Sep 2025 11.8 | Dec 2025 11.3 | Mar 2026 11.0 - AES: Jun 2021 — | Sep 2021 9.6 | Dec 2021 10.4 | Mar 2022 11.4 | Jun 2022 11.3 | Sep 2022 11.4 | Dec 2022 12.6 | Mar 2023 12.2 | Jun 2023 12.4 | Sep 2023 10.1 | Dec 2023 12.0 | Mar 2024 13.2 | Jun 2024 12.5 | Sep 2024 12.7 | Dec 2024 12.8 | Mar 2025 13.6 | Jun 2025 13.9 | Sep 2025 14.4 | Dec 2025 13.5 | Mar 2026 12.7 - AQN: Jun 2021 — | Sep 2021 21.1 | Dec 2021 20.0 | Mar 2022 20.3 | Jun 2022 18.3 | Sep 2022 16.2 | Dec 2022 14.5 | Mar 2023 16.3 | Jun 2023 16.5 | Sep 2023 15.2 | Dec 2023 13.2 | Mar 2024 14.4 | Jun 2024 13.5 | Sep 2024 12.5 | Dec 2024 12.7 | Mar 2025 11.2 | Jun 2025 12.4 | Sep 2025 11.9 | Dec 2025 13.1 | Mar 2026 13.0 - AVA: Jun 2021 — | Sep 2021 11.0 | Dec 2021 12.0 | Mar 2022 12.6 | Jun 2022 12.6 | Sep 2022 11.9 | Dec 2022 13.8 | Mar 2023 13.7 | Jun 2023 12.5 | Sep 2023 10.9 | Dec 2023 10.9 | Mar 2024 10.2 | Jun 2024 10.0 | Sep 2024 10.5 | Dec 2024 10.2 | Mar 2025 10.4 | Jun 2025 10.0 | Sep 2025 9.7 | Dec 2025 9.9 | Mar 2026 10.0 - UTL: Jun 2021 — | Sep 2021 9.0 | Dec 2021 9.5 | Mar 2022 9.7 | Jun 2022 10.5 | Sep 2022 9.2 | Dec 2022 10.0 | Mar 2023 10.5 | Jun 2023 9.6 | Sep 2023 8.8 | Dec 2023 9.9 | Mar 2024 9.5 | Jun 2024 9.3 | Sep 2024 10.4 | Dec 2024 9.8 | Mar 2025 10.1 | Jun 2025 9.4 | Sep 2025 9.0 | Dec 2025 9.4 | Mar 2026 9.2 ### 20-quarter P/BV history - SRE: Jun 2021 — | Sep 2021 1.6 | Dec 2021 1.6 | Mar 2022 2.0 | Jun 2022 1.8 | Sep 2022 1.7 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 1.5 | Dec 2023 1.7 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 2.0 - BIP: Jun 2021 — | Sep 2021 3.9 | Dec 2021 4.6 | Mar 2022 4.3 | Jun 2022 3.9 | Sep 2022 3.8 | Dec 2022 3.8 | Mar 2023 4.3 | Jun 2023 4.6 | Sep 2023 3.0 | Dec 2023 2.3 | Mar 2024 3.3 | Jun 2024 2.2 | Sep 2024 2.9 | Dec 2024 2.6 | Mar 2025 4.3 | Jun 2025 4.1 | Sep 2025 2.9 | Dec 2025 2.9 | Mar 2026 3.1 - AES: Jun 2021 — | Sep 2021 4.4 | Dec 2021 5.8 | Mar 2022 5.7 | Jun 2022 4.7 | Sep 2022 4.4 | Dec 2022 7.9 | Mar 2023 6.8 | Jun 2023 5.6 | Sep 2023 3.7 | Dec 2023 5.2 | Mar 2024 4.4 | Jun 2024 4.0 | Sep 2024 4.3 | Dec 2024 2.5 | Mar 2025 2.6 | Jun 2025 2.2 | Sep 2025 2.4 | Dec 2025 2.5 | Mar 2026 2.3 - AQN: Jun 2021 — | Sep 2021 1.8 | Dec 2021 1.7 | Mar 2022 1.8 | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 0.9 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.7 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 1.0 - AVA: Jun 2021 — | Sep 2021 1.3 | Dec 2021 1.4 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.2 - UTL: Jun 2021 — | Sep 2021 1.6 | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 2.0 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 1.9 | Jun 2023 1.7 | Sep 2023 1.4 | Dec 2023 1.7 | Mar 2024 1.7 | Jun 2024 1.7 | Sep 2024 2.0 | Dec 2024 1.7 | Mar 2025 1.8 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.5 ## Market action Brookfield Infrastructure Partners L.P. has the strongest one-year price move in Utilities - Diversified at +34.6%. It also leads on Mansfield relative strength against the S&P 500 at +9.4%. 2 of 6 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Brookfield Infrastructure Partners L.P. (BIP): 35% 2. The AES Corporation (AES): 12% 3. Sempra (SRE): 12% 4. Avista Corporation (AVA): 12% 5. Unitil Corporation (UTL): 8.1% ### Strongest relative strength versus NIFTY 500 1. Brookfield Infrastructure Partners L.P. (BIP): 9.4% 2. Unitil Corporation (UTL): 3.3% 3. Avista Corporation (AVA): -2.2% 4. The AES Corporation (AES): -3.7% 5. Algonquin Power & Utilities Corp. (AQN): -6.6% ## 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. ## Every company - Sempra (SRE) — market value ₹59.2K Cr; latest fundamentals Mar 2026 - Brookfield Infrastructure Partners L.P. (BIP) — market value ₹19.4K Cr; latest fundamentals Mar 2026 - The AES Corporation (AES) — market value ₹10.6K Cr; latest fundamentals Mar 2026 - Algonquin Power & Utilities Corp. (AQN) — market value ₹4.7K Cr; latest fundamentals Mar 2026 - Avista Corporation (AVA) — market value ₹3.5K Cr; latest fundamentals Mar 2026 - Unitil Corporation (UTL) — market value ₹1.0K Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Mar 2026; prices through 2026-07-28. 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 ### Which Utilities - Diversified company is the biggest? Brookfield Infrastructure Partners L.P. is the largest, with trailing-twelve-month revenue of $24,009 million, ahead of Sempra at $13,555 million. That covers 6 of 6 companies with comparable reporting through Mar 2026. ### Which Utilities - Diversified company is growing fastest? Unitil Corporation has the fastest revenue growth at 19.5% year on year, across 6 of 6 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 Utilities - Diversified company has the best profit margins? Sempra has the highest operating margin at 29.8%, from 6 of 6 comparable companies. The AES Corporation shows the biggest recent improvement, at +6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Utilities - Diversified company makes the most profit? Sempra earns the most, at $2,886 million of trailing-twelve-month net profit, from 6 of 6 comparable companies. Brookfield Infrastructure Partners L.P. has the fastest profit growth at 54.4%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Utilities - Diversified company earns the highest return on capital? Unitil Corporation leads on return on capital employed at 3.4%, across 6 of 6 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 Utilities - Diversified stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Avista Corporation screens cheapest at 1.14×. Only 4 of 6 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 Utilities - Diversified company has the strongest balance sheet? Unitil Corporation carries the lowest comparable gross debt at $934 million, from 6 of 6 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. ### Which Utilities - Diversified company is investing most in new capacity? Sempra reports the largest capital spending at $2,461 million, across 6 of 6 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Utilities - Diversified sector beating the market? Utilities - Diversified has underperformed S&P 500 by 3.8% over the last 52 weeks and 1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Utilities - Diversified stock has the strongest price momentum? Brookfield Infrastructure Partners L.P. has the strongest relative strength against S&P 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 Utilities - Diversified company scores highest for research priority? Unitil Corporation scores 58.8 out of 100 with 80.2% evidence confidence, from 21.8 points on growth and earnings, 14 on capital efficiency, 8.4 on valuation and 14.6 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 Utilities - Diversified companies does this comparison cover, and over what period? It compares 6 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 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 Utilities - Diversified sector? The 6 Utilities - Diversified companies on this page carry $98,343 million of combined market value. Sempra is the largest at $59,200 million, about 60% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Utilities - Diversified sector's P/E ratio? The median price-to-earnings ratio across the 6 Utilities - Diversified companies on this page is 26.7×, measured on the 6 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 2026-07-28. ### How is the Utilities - Diversified sector performing? 2 of the 6 covered Utilities - Diversified companies are beating S&P 500 on Mansfield relative strength. The sector itself is 3.8% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Utilities - Diversified stocks are listed in the US? This comparison covers 6 listed Utilities - Diversified companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data. ### 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/utilities-diversified