# Utilities - Independent Power Producers — company-by-company sector analysis

> Utilities - Independent Power Producers: NRG Energy, Inc. owns the largest revenue base; Talen Energy 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 - Independent Power Producers has underperformed S&P 500 by 17.5% over 52 weeks and 18.1% over 13 weeks. 0 of 9 covered companies beat the S&P 500 on Mansfield relative strength, while 3 of 9 beat the sector itself. NRG Energy, Inc. leads with revenue of $32,384 million, based on 8 of 10 comparable companies through Mar 2026.

### Is the Utilities - Independent Power Producers sector outperforming S&P 500?

Utilities - Independent Power Producers has underperformed S&P 500 by 17.5% over 52 weeks and 18.1% over 13 weeks. 0 of 9 covered companies beat the S&P 500 on Mansfield relative strength, while 3 of 9 beat the sector itself.

### Which Utilities - Independent Power Producers company is largest by revenue?

NRG Energy, Inc. leads with revenue of $32,384 million, based on 8 of 10 comparable companies through Mar 2026.

### Which Utilities - Independent Power Producers company is growing fastest?

Talen Energy Corporation has the fastest current revenue growth at 66.3%, across 8 of 10 comparable companies.

### Which Utilities - Independent Power Producers company has the strongest 4-Factor Sector Score?

Constellation Energy Corporation ranks first at 65.9/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Utilities - Independent Power Producers company reports the most CAPEX?

Constellation Energy Corporation reports the largest latest CAPEX at $1,275 million, with 10 of 10 companies comparable.

### Which Utilities - Independent Power Producers company has the least gross debt?

Digi Power X Inc. has the lowest comparable gross debt at $0 million. NRG Energy, Inc. has the highest at $23,357 million.

### Which Utilities - Independent Power Producers company has the lowest comparable PEG?

Vistra Corp. has the lowest comparable Guarded PEG at 0.38, among 2 of 10 companies that pass the metric’s comparability rules.

### How much history does this Utilities - Independent Power Producers 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 - Independent Power Producers has underperformed S&P 500 by 17.5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 18.1%. 0 of 9 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Digi Power X Inc. is the strongest against the sector itself at +15.8%.

13-week sector return versus NIFTY 500: -18%
52-week sector return versus NIFTY 500: -18%
Stocks leading NIFTY: 0/9
Stocks leading sector: 3/9

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

Companies: 10
Combined market value: ₹2.1 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. Constellation Energy Corporation (CEG): 66/100 — Favorable setup; evidence 86%
   - Growth & earnings 28.0/35 | Capital efficiency 15.9/25 | Valuation 13.9/20 | Relative strength 8.1/20
   - Exact sum: 28 + 15.9 + 13.9 + 8.1 = 65.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Vistra Corp. (VST): 64/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 23.1/35 | Capital efficiency 13.6/25 | Valuation 15.6/20 | Relative strength 11.8/20
   - Exact sum: 23.1 + 13.6 + 15.6 + 11.8 = 64.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Talen Energy Corporation (TLN): 57/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 27.3/35 | Capital efficiency 10.6/25 | Valuation 8.9/20 | Relative strength 10.5/20
   - Exact sum: 27.3 + 10.6 + 8.9 + 10.5 = 57.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Digi Power X Inc. (DGXX): 50/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 14.7/35 | Capital efficiency 8.6/25 | Valuation 11.5/20 | Relative strength 14.8/20
   - Exact sum: 14.7 + 8.6 + 11.5 + 14.8 = 49.6
   - Decision use: Price leads the evidence: RS versus the benchmark is -5.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Kenon Holdings Ltd. (KEN): 46/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 14.0/35 | Capital efficiency 10.9/25 | Valuation 9.4/20 | Relative strength 11.5/20
   - Exact sum: 14 + 10.9 + 9.4 + 11.5 = 45.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. TransAlta Corporation (TAC): 44/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 9.2/35 | Capital efficiency 9.4/25 | Valuation 9.8/20 | Relative strength 15.3/20
   - Exact sum: 9.2 + 9.4 + 9.8 + 15.3 = 43.7
   - Decision use: Price leads the evidence: RS versus the benchmark is -12.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Hallador Energy Company (HNRG): 35/100 — Adverse evidence; evidence 62%
   - Growth & earnings 10.2/35 | Capital efficiency 10.2/25 | Valuation 10.2/20 | Relative strength 4.1/20
   - Exact sum: 10.2 + 10.2 + 10.2 + 4.1 = 34.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. NRG Energy, Inc. (NRG): 32/100 — Adverse evidence; evidence 76%
   - Growth & earnings 7.7/35 | Capital efficiency 9.3/25 | Valuation 8.5/20 | Relative strength 6.3/20
   - Exact sum: 7.7 + 9.3 + 8.5 + 6.3 = 31.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Fervo Energy Company (FRVO): 47/100 — Thin evidence · provisional; evidence 19%
   - Growth & earnings 17.3/35 | Capital efficiency 9.3/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.3 + 9.3 + 10 + 10 = 46.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Oklo Inc. (OKLO): 38/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 17.4/35 | Capital efficiency 10.1/25 | Valuation 10.0/20 | Relative strength 0.6/20
   - Exact sum: 17.4 + 10.1 + 10 + 0.6 = 38.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: NRG Energy, Inc. is the scale leader at $32,384 million, 8.4% ahead of Constellation Energy Corporation. Talen Energy Corporation's growth is 66.3% from a $3,320 million 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: NRG Energy, Inc. is the scale benchmark; Talen Energy Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: NRG Energy, Inc.'s growth falls below Talen Energy Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: NRG Energy, Inc. · $32,384 million | 8.4% versus #2 · Constellation Energy Corporation | 7/8 recent comparable periods | 8/10 companies · 156 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. NRG Energy, Inc. (NRG): ₹32.4K Cr
2. Constellation Energy Corporation (CEG): ₹29.9K Cr
3. Vistra Corp. (VST): ₹19.4K Cr
4. Talen Energy Corporation (TLN): ₹3.3K Cr
5. TransAlta Corporation (TAC): ₹2.2K Cr

### Revenue growth — fastest growers
1. Talen Energy Corporation (TLN): 66%
2. Kenon Holdings Ltd. (KEN): 32%
3. Constellation Energy Corporation (CEG): 23%
4. Hallador Energy Company (HNRG): 11%
5. NRG Energy, Inc. (NRG): 11%

### 20-quarter Revenue history
- CEG: Jun 2021 ₹4.2K Cr | Sep 2021 ₹4.4K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.6K Cr | Jun 2022 ₹5.5K Cr | Sep 2022 ₹6.1K Cr | Dec 2022 ₹7.3K Cr | Mar 2023 ₹7.6K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹6.2K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹6.6K Cr | Dec 2024 ₹5.4K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹11.1K Cr
- VST: Jun 2021 ₹2.6K Cr | Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹6.3K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹5.6K Cr
- NRG: Jun 2021 ₹5.2K Cr | Sep 2021 ₹6.6K Cr | Dec 2021 ₹7.0K Cr | Mar 2022 ₹7.9K Cr | Jun 2022 ₹7.3K Cr | Sep 2022 ₹8.5K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹7.7K Cr | Jun 2023 ₹6.3K Cr | Sep 2023 ₹7.9K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹8.6K Cr | Jun 2025 ₹6.7K Cr | Sep 2025 ₹7.6K Cr | Dec 2025 ₹7.8K Cr | Mar 2026 ₹10.3K Cr
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹926 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹438 Cr | Sep 2023 ₹516 Cr | Dec 2023 ₹527 Cr | Mar 2024 ₹509 Cr | Jun 2024 ₹489 Cr | Sep 2024 ₹650 Cr | Dec 2024 ₹467 Cr | Mar 2025 ₹390 Cr | Jun 2025 ₹630 Cr | Sep 2025 ₹812 Cr | Dec 2025 ₹749 Cr | Mar 2026 ₹1.1K Cr
- FRVO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹0 Cr
- TAC: Jun 2021 ₹619 Cr | Sep 2021 ₹850 Cr | Dec 2021 ₹610 Cr | Mar 2022 ₹735 Cr | Jun 2022 ₹458 Cr | Sep 2022 ₹929 Cr | Dec 2022 ₹854 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹625 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹624 Cr | Mar 2024 ₹947 Cr | Jun 2024 ₹582 Cr | Sep 2024 ₹638 Cr | Dec 2024 ₹678 Cr | Mar 2025 ₹758 Cr | Jun 2025 ₹433 Cr | Sep 2025 ₹615 Cr | Dec 2025 ₹599 Cr | Mar 2026 ₹565 Cr
- KEN: Jun 2021 ₹105 Cr | Sep 2021 ₹133 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹121 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹145 Cr | Mar 2023 ₹147 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹229 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹237 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹265 Cr | Dec 2025 ₹228 Cr | Mar 2026 ₹317 Cr
- HNRG: Jun 2021 ₹56 Cr | Sep 2021 ₹80 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹152 Cr | Mar 2023 ₹188 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹102 Cr
- DGXX: Jun 2021 ₹5 Cr | Sep 2021 ₹5 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹7 Cr

### 20-quarter Revenue growth history
- CEG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 37% | Dec 2022 33% | Mar 2023 35% | Jun 2023 -0.4% | Sep 2023 1.0% | Dec 2023 -21% | Mar 2024 -19% | Jun 2024 0.5% | Sep 2024 7.2% | Dec 2024 -7.1% | Mar 2025 10% | Jun 2025 11% | Sep 2025 0.3% | Dec 2025 13% | Mar 2026 64%
- VST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -38% | Sep 2022 72% | Dec 2022 17% | Mar 2023 42% | Jun 2023 101% | Sep 2023 -21% | Dec 2023 -20% | Mar 2024 -31% | Jun 2024 21% | Sep 2024 54% | Dec 2024 31% | Mar 2025 29% | Jun 2025 11% | Sep 2025 -21% | Dec 2025 14% | Mar 2026 43%
- NRG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 29% | Dec 2022 11% | Mar 2023 -2.2% | Jun 2023 -13% | Sep 2023 -6.6% | Dec 2023 -13% | Mar 2024 -3.8% | Jun 2024 4.9% | Sep 2024 -9.1% | Dec 2024 0.2% | Mar 2025 16% | Jun 2025 1.2% | Sep 2025 5.7% | Dec 2025 14% | Mar 2026 19%
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -44% | Dec 2023 -51% | Mar 2024 -53% | Jun 2024 12% | Sep 2024 26% | Dec 2024 -11% | Mar 2025 -23% | Jun 2025 29% | Sep 2025 25% | Dec 2025 60% | Mar 2026 189%
- TAC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 9.3% | Dec 2022 40% | Mar 2023 48% | Jun 2023 36% | Sep 2023 9.5% | Dec 2023 -27% | Mar 2024 -13% | Jun 2024 -6.9% | Sep 2024 -37% | Dec 2024 8.7% | Mar 2025 -20% | Jun 2025 -26% | Sep 2025 -3.6% | Dec 2025 -12% | Mar 2026 -25%
- KEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 23% | Dec 2022 7.4% | Mar 2023 0.7% | Jun 2023 36% | Sep 2023 40% | Dec 2023 4.1% | Mar 2024 18% | Jun 2024 9.7% | Sep 2024 3.5% | Dec 2024 5.3% | Mar 2025 5.2% | Jun 2025 8.3% | Sep 2025 12% | Dec 2025 43% | Mar 2026 73%
- HNRG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 6.3% | Dec 2022 130% | Mar 2023 219% | Jun 2023 144% | Sep 2023 95% | Dec 2023 -21% | Mar 2024 -40% | Jun 2024 -42% | Sep 2024 -37% | Dec 2024 -23% | Mar 2025 5.4% | Jun 2025 9.6% | Sep 2025 40% | Dec 2025 9.7% | Mar 2026 -14%
- DGXX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 -20% | Dec 2022 -40% | Mar 2023 -43% | Jun 2023 -14% | Sep 2023 25% | Dec 2023 83% | Mar 2024 225% | Jun 2024 50% | Sep 2024 80% | Dec 2024 -45% | Mar 2025 -31% | Jun 2025 -11% | Sep 2025 -11% | Dec 2025 50% | Mar 2026 -22%

## Operating Economics & Margin Trend

What the numbers say: Vistra Corp. leads opm at 26.6%; Talen Energy Corporation leads margin change at +45.8 percentage points.

Investor read: Vistra Corp. 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: Vistra Corp. · 26.6% | 26.7% versus #2 · Constellation Energy Corporation | 4/8 recent comparable periods | 8/10 companies · 155 observations

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

### OPM — highest
1. Vistra Corp. (VST): 27%
2. Constellation Energy Corporation (CEG): 21%
3. Talen Energy Corporation (TLN): 19%
4. TransAlta Corporation (TAC): 16%
5. NRG Energy, Inc. (NRG): 3.2%

### Margin change — fastest expanders
1. Talen Energy Corporation (TLN): +45.8 pp
2. Vistra Corp. (VST): +29.7 pp
3. Constellation Energy Corporation (CEG): +14.4 pp
4. TransAlta Corporation (TAC): +3.1 pp
5. Kenon Holdings Ltd. (KEN): −3.6 pp

### 20-quarter OPM history
- CEG: Jun 2021 -7.4% | Sep 2021 23% | Dec 2021 0.0% | Mar 2022 7.8% | Jun 2022 5.0% | Sep 2022 -0.7% | Dec 2022 -2.3% | Mar 2023 0.4% | Jun 2023 12% | Sep 2023 16% | Dec 2023 -1.2% | Mar 2024 13% | Jun 2024 20% | Sep 2024 22% | Dec 2024 18% | Mar 2025 6.6% | Jun 2025 16% | Sep 2025 17% | Dec 2025 9.8% | Mar 2026 21%
- VST: Jun 2021 2.4% | Sep 2021 4.0% | Dec 2021 27% | Mar 2022 -9.2% | Jun 2022 -106% | Sep 2022 17% | Dec 2022 -2.5% | Mar 2023 26% | Jun 2023 19% | Sep 2023 20% | Dec 2023 3.3% | Mar 2024 2.8% | Jun 2024 21% | Sep 2024 41% | Dec 2024 15% | Mar 2025 -3.1% | Jun 2025 12% | Sep 2025 21% | Dec 2025 10% | Mar 2026 27%
- NRG: Jun 2021 30% | Sep 2021 35% | Dec 2021 -6.8% | Mar 2022 31% | Jun 2022 10% | Sep 2022 1.8% | Dec 2022 -17% | Mar 2023 -20% | Jun 2023 8.3% | Sep 2023 7.1% | Dec 2023 12% | Mar 2024 12% | Jun 2024 21% | Sep 2024 -11% | Dec 2024 14% | Mar 2025 13% | Jun 2025 0.0% | Sep 2025 5.4% | Dec 2025 3.8% | Mar 2026 3.2%
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 36% | Dec 2022 35% | Mar 2023 11% | Jun 2023 -31% | Sep 2023 1.4% | Dec 2023 19% | Mar 2024 4.9% | Jun 2024 5.5% | Sep 2024 24% | Dec 2024 3.4% | Mar 2025 -27% | Jun 2025 11% | Sep 2025 32% | Dec 2025 -42% | Mar 2026 19%
- TAC: Jun 2021 13% | Sep 2021 -48% | Dec 2021 4.1% | Mar 2022 41% | Jun 2022 4.6% | Sep 2022 19% | Dec 2022 3.9% | Mar 2023 40% | Jun 2023 19% | Sep 2023 50% | Dec 2023 3.4% | Mar 2024 35% | Jun 2024 27% | Sep 2024 14% | Dec 2024 0.9% | Mar 2025 13% | Jun 2025 -0.5% | Sep 2025 1.8% | Dec 2025 5.2% | Mar 2026 16%
- KEN: Jun 2021 -14% | Sep 2021 17% | Dec 2021 1.1% | Mar 2022 9.6% | Jun 2022 -12% | Sep 2022 8.6% | Dec 2022 -7.7% | Mar 2023 4.8% | Jun 2023 -3.6% | Sep 2023 14% | Dec 2023 5.7% | Mar 2024 3.4% | Jun 2024 5.0% | Sep 2024 16% | Dec 2024 -3.4% | Mar 2025 4.9% | Jun 2025 -1.0% | Sep 2025 13% | Dec 2025 9.4% | Mar 2026 1.3%
- HNRG: Jun 2021 -0.8% | Sep 2021 -1.7% | Dec 2021 -5.2% | Mar 2022 -15% | Jun 2022 -1.2% | Sep 2022 6.3% | Dec 2022 23% | Mar 2023 16% | Jun 2023 14% | Sep 2023 14% | Dec 2023 -8.6% | Mar 2024 2.4% | Jun 2024 -7.8% | Sep 2024 4.5% | Dec 2024 -234% | Mar 2025 12% | Jun 2025 12% | Sep 2025 20% | Dec 2025 6.1% | Mar 2026 -5.6%
- DGXX: Jun 2021 192% | Sep 2021 -64% | Dec 2021 -40% | Mar 2022 7.0% | Jun 2022 -215% | Sep 2022 -52% | Dec 2022 -190% | Mar 2023 -81% | Jun 2023 -66% | Sep 2023 -58% | Dec 2023 -66% | Mar 2024 6.5% | Jun 2024 -104% | Sep 2024 -79% | Dec 2024 -164% | Mar 2025 -71% | Jun 2025 -14% | Sep 2025 -73% | Dec 2025 -27% | Mar 2026 -109%

### 20-quarter Margin change history
- CEG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.4 pp | Sep 2022 −23.5 pp | Dec 2022 −2.3 pp | Mar 2023 −7.4 pp | Jun 2023 +7.3 pp | Sep 2023 +16.7 pp | Dec 2023 +1.1 pp | Mar 2024 +12.8 pp | Jun 2024 +7.8 pp | Sep 2024 +6.4 pp | Dec 2024 +19.3 pp | Mar 2025 −6.6 pp | Jun 2025 −4.5 pp | Sep 2025 −5.9 pp | Dec 2025 −8.3 pp | Mar 2026 +14.4 pp
- VST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −108.4 pp | Sep 2022 +13.4 pp | Dec 2022 −29.2 pp | Mar 2023 +34.8 pp | Jun 2023 +124.5 pp | Sep 2023 +3.0 pp | Dec 2023 +5.8 pp | Mar 2024 −22.8 pp | Jun 2024 +2.5 pp | Sep 2024 +20.8 pp | Dec 2024 +11.5 pp | Mar 2025 −5.9 pp | Jun 2025 −8.9 pp | Sep 2025 −20.3 pp | Dec 2025 −4.5 pp | Mar 2026 +29.7 pp
- NRG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −19.3 pp | Sep 2022 −33.3 pp | Dec 2022 −10.0 pp | Mar 2023 −50.7 pp | Jun 2023 −2.1 pp | Sep 2023 +5.3 pp | Dec 2023 +29.1 pp | Mar 2024 +31.7 pp | Jun 2024 +12.9 pp | Sep 2024 −18.3 pp | Dec 2024 +1.7 pp | Mar 2025 +1.5 pp | Jun 2025 −21.2 pp | Sep 2025 +16.6 pp | Dec 2025 −10.2 pp | Mar 2026 −10.0 pp
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −34.1 pp | Dec 2023 −16.4 pp | Mar 2024 −5.9 pp | Jun 2024 +36.8 pp | Sep 2024 +22.9 pp | Dec 2024 −15.2 pp | Mar 2025 −32.1 pp | Jun 2025 +5.0 pp | Sep 2025 +8.1 pp | Dec 2025 −45.2 pp | Mar 2026 +45.8 pp
- TAC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.0 pp | Sep 2022 +67.2 pp | Dec 2022 −0.2 pp | Mar 2023 −0.5 pp | Jun 2023 +14.4 pp | Sep 2023 +31.0 pp | Dec 2023 −0.5 pp | Mar 2024 −5.6 pp | Jun 2024 +8.3 pp | Sep 2024 −35.8 pp | Dec 2024 −2.5 pp | Mar 2025 −21.5 pp | Jun 2025 −27.8 pp | Sep 2025 −12.5 pp | Dec 2025 +4.3 pp | Mar 2026 +3.1 pp
- KEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 −8.7 pp | Dec 2022 −8.8 pp | Mar 2023 −4.8 pp | Jun 2023 +8.8 pp | Sep 2023 +5.4 pp | Dec 2023 +13.4 pp | Mar 2024 −1.4 pp | Jun 2024 +8.6 pp | Sep 2024 +1.6 pp | Dec 2024 −9.1 pp | Mar 2025 +1.5 pp | Jun 2025 −6.0 pp | Sep 2025 −2.8 pp | Dec 2025 +12.8 pp | Mar 2026 −3.6 pp
- HNRG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 +8.0 pp | Dec 2022 +27.9 pp | Mar 2023 +30.2 pp | Jun 2023 +15.0 pp | Sep 2023 +8.1 pp | Dec 2023 −31.3 pp | Mar 2024 −13.1 pp | Jun 2024 −21.6 pp | Sep 2024 −9.9 pp | Dec 2024 −225.4 pp | Mar 2025 +9.4 pp | Jun 2025 +19.3 pp | Sep 2025 +15.3 pp | Dec 2025 +240.1 pp | Mar 2026 −17.4 pp
- DGXX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −407.1 pp | Sep 2022 +12.1 pp | Dec 2022 −149.2 pp | Mar 2023 −87.8 pp | Jun 2023 +148.8 pp | Sep 2023 −6.3 pp | Dec 2023 +123.9 pp | Mar 2024 +87.3 pp | Jun 2024 −37.4 pp | Sep 2024 −20.7 pp | Dec 2024 −98.6 pp | Mar 2025 −77.4 pp | Jun 2025 +89.4 pp | Sep 2025 +5.9 pp | Dec 2025 +136.9 pp | Mar 2026 −37.9 pp

## Profit Scale & Acceleration

What the numbers say: Constellation Energy Corporation leads with $3,797 million of TTM profit, 69.4% above Vistra Corp.. Constellation Energy Corporation shows 27.3% growth from a $3,797 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Constellation Energy 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 profit growth signal.

Evidence: Constellation Energy Corporation · $3,797 million | 69.4% versus #2 · Vistra Corp. | 4/8 recent comparable periods | 9/10 companies · 175 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. Constellation Energy Corporation (CEG): ₹3.8K Cr
2. Vistra Corp. (VST): ₹2.2K Cr
3. NRG Energy, Inc. (NRG): ₹239 Cr
4. Kenon Holdings Ltd. (KEN): ₹155 Cr
5. Hallador Energy Company (HNRG): ₹23 Cr

### Profit growth — fastest growers
1. Constellation Energy Corporation (CEG): 27%
2. Kenon Holdings Ltd. (KEN): -76%
3. NRG Energy, Inc. (NRG): -83%
4. TransAlta Corporation (TAC): -526%

### 20-quarter Net profit history
- CEG: Jun 2021 ₹13 Cr | Sep 2021 ₹633 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹-113 Cr | Sep 2022 ₹-193 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹824 Cr | Sep 2023 ₹690 Cr | Dec 2023 ₹-39 Cr | Mar 2024 ₹883 Cr | Jun 2024 ₹809 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹850 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹833 Cr | Sep 2025 ₹929 Cr | Dec 2025 ₹432 Cr | Mar 2026 ₹1.6K Cr
- VST: Jun 2021 ₹35 Cr | Sep 2021 ₹10 Cr | Dec 2021 ₹730 Cr | Mar 2022 ₹-284 Cr | Jun 2022 ₹-1.4K Cr | Sep 2022 ₹678 Cr | Dec 2022 ₹-248 Cr | Mar 2023 ₹698 Cr | Jun 2023 ₹476 Cr | Sep 2023 ₹502 Cr | Dec 2023 ₹-184 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹467 Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹490 Cr | Mar 2025 ₹-268 Cr | Jun 2025 ₹327 Cr | Sep 2025 ₹652 Cr | Dec 2025 ₹233 Cr | Mar 2026 ₹1.0K Cr
- NRG: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.6K Cr | Dec 2021 ₹-427 Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹513 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹-1.1K Cr | Mar 2023 ₹-1.3K Cr | Jun 2023 ₹308 Cr | Sep 2023 ₹343 Cr | Dec 2023 ₹482 Cr | Mar 2024 ₹511 Cr | Jun 2024 ₹738 Cr | Sep 2024 ₹-767 Cr | Dec 2024 ₹643 Cr | Mar 2025 ₹750 Cr | Jun 2025 ₹-104 Cr | Sep 2025 ₹152 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹125 Cr
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-300 Cr | Dec 2022 ₹161 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹450 Cr | Sep 2023 ₹-76 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹319 Cr | Jun 2024 ₹458 Cr | Sep 2024 ₹168 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹-135 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹207 Cr | Dec 2025 ₹-363 Cr | Mar 2026 ₹63 Cr
- OKLO: Jun 2021 — | Sep 2021 ₹-1 Cr | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-14 Cr | Mar 2024 ₹-24 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-25 Cr | Sep 2025 ₹-30 Cr | Dec 2025 ₹-41 Cr | Mar 2026 ₹-33 Cr
- FRVO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-9 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-32 Cr
- TAC: Jun 2021 ₹28 Cr | Sep 2021 ₹-419 Cr | Dec 2021 ₹-35 Cr | Mar 2022 ₹206 Cr | Jun 2022 ₹-59 Cr | Sep 2022 ₹96 Cr | Dec 2022 ₹-82 Cr | Mar 2023 ₹334 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹419 Cr | Dec 2023 ₹-54 Cr | Mar 2024 ₹238 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹-22 Cr | Dec 2024 ₹-43 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹-106 Cr | Sep 2025 ₹-54 Cr | Dec 2025 ₹-40 Cr | Mar 2026 ₹17 Cr
- KEN: Jun 2021 ₹154 Cr | Sep 2021 ₹170 Cr | Dec 2021 ₹374 Cr | Mar 2022 ₹657 Cr | Jun 2022 ₹257 Cr | Sep 2022 ₹271 Cr | Dec 2022 ₹-835 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹-37 Cr | Sep 2023 ₹-190 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹463 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹34 Cr
- HNRG: Jun 2021 ₹-3 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹-8 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹-216 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹-9 Cr
- DGXX: Jun 2021 ₹10 Cr | Sep 2021 ₹-2 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹-10 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-5 Cr

### 20-quarter Profit growth history
- CEG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -969% | Sep 2022 -130% | Dec 2022 -28% | Mar 2023 -8.1% | Jun 2023 — | Sep 2023 — | Dec 2023 -239% | Mar 2024 766% | Jun 2024 -1.8% | Sep 2024 73% | Dec 2024 — | Mar 2025 -85% | Jun 2025 3.0% | Sep 2025 -22% | Dec 2025 -49% | Mar 2026 1,143%
- VST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3,977% | Sep 2022 6,680% | Dec 2022 -134% | Mar 2023 — | Jun 2023 — | Sep 2023 -26% | Dec 2023 — | Mar 2024 -97% | Jun 2024 -1.9% | Sep 2024 266% | Dec 2024 — | Mar 2025 -1,589% | Jun 2025 -30% | Sep 2025 -65% | Dec 2025 -52% | Mar 2026 —
- NRG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -52% | Sep 2022 -96% | Dec 2022 — | Mar 2023 -177% | Jun 2023 -40% | Sep 2023 412% | Dec 2023 — | Mar 2024 — | Jun 2024 140% | Sep 2024 -324% | Dec 2024 33% | Mar 2025 47% | Jun 2025 -114% | Sep 2025 — | Dec 2025 -90% | Mar 2026 -83%
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17% | Mar 2024 593% | Jun 2024 1.8% | Sep 2024 — | Dec 2024 -64% | Mar 2025 -142% | Jun 2025 -84% | Sep 2025 23% | Dec 2025 -634% | Mar 2026 —
- OKLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -1,000% | Dec 2023 -567% | Mar 2024 -900% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- TAC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -311% | Sep 2022 — | Dec 2022 — | Mar 2023 62% | Jun 2023 — | Sep 2023 336% | Dec 2023 — | Mar 2024 -29% | Jun 2024 -32% | Sep 2024 -105% | Dec 2024 — | Mar 2025 -82% | Jun 2025 -261% | Sep 2025 — | Dec 2025 — | Mar 2026 -60%
- KEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 59% | Dec 2022 -323% | Mar 2023 -99% | Jun 2023 -114% | Sep 2023 -170% | Dec 2023 — | Mar 2024 100% | Jun 2024 — | Sep 2024 — | Dec 2024 3,758% | Mar 2025 170% | Jun 2025 -94% | Sep 2025 24% | Dec 2025 -90% | Mar 2026 26%
- HNRG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -75% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 700% | Dec 2023 -133% | Mar 2024 -109% | Jun 2024 -159% | Sep 2024 -88% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1,100% | Dec 2025 — | Mar 2026 -190%
- DGXX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -130% | Sep 2022 — | Dec 2022 — | Mar 2023 -169% | Jun 2023 — | Sep 2023 -100% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -140% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Constellation Energy Corporation reports $1,275 million of CAPEX; Digi Power X Inc. has the highest covered intensity at 214.3%. Coverage is only 10 of 10 companies and 169 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: Constellation Energy Corporation · $1,275 million | 44.4% versus #2 · Vistra Corp. | 8/8 recent comparable periods | 10/10 companies · 169 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. Constellation Energy Corporation (CEG): ₹1.3K Cr
2. Vistra Corp. (VST): ₹883 Cr
3. NRG Energy, Inc. (NRG): ₹317 Cr
4. Fervo Energy Company (FRVO): ₹173 Cr
5. Kenon Holdings Ltd. (KEN): ₹126 Cr

### CAPEX intensity — highest reinvestment intensity
1. Digi Power X Inc. (DGXX): 214%
2. Kenon Holdings Ltd. (KEN): 40%
3. Vistra Corp. (VST): 16%
4. Constellation Energy Corporation (CEG): 12%
5. Hallador Energy Company (HNRG): 7.8%

### 20-quarter CAPEX history
- CEG: Jun 2021 ₹337 Cr | Sep 2021 ₹367 Cr | Dec 2021 ₹243 Cr | Mar 2022 ₹410 Cr | Jun 2022 ₹390 Cr | Sep 2022 ₹290 Cr | Dec 2022 ₹599 Cr | Mar 2023 ₹660 Cr | Jun 2023 ₹676 Cr | Sep 2023 ₹399 Cr | Dec 2023 ₹687 Cr | Mar 2024 ₹738 Cr | Jun 2024 ₹546 Cr | Sep 2024 ₹552 Cr | Dec 2024 ₹729 Cr | Mar 2025 ₹806 Cr | Jun 2025 ₹767 Cr | Sep 2025 ₹390 Cr | Dec 2025 ₹986 Cr | Mar 2026 ₹1.3K Cr
- VST: Jun 2021 ₹354 Cr | Sep 2021 ₹244 Cr | Dec 2021 ₹243 Cr | Mar 2022 ₹373 Cr | Jun 2022 ₹240 Cr | Sep 2022 ₹296 Cr | Dec 2022 ₹392 Cr | Mar 2023 ₹484 Cr | Jun 2023 ₹442 Cr | Sep 2023 ₹336 Cr | Dec 2023 ₹414 Cr | Mar 2024 ₹465 Cr | Jun 2024 ₹498 Cr | Sep 2024 ₹685 Cr | Dec 2024 ₹430 Cr | Mar 2025 ₹768 Cr | Jun 2025 ₹690 Cr | Sep 2025 ₹458 Cr | Dec 2025 ₹836 Cr | Mar 2026 ₹883 Cr
- NRG: Jun 2021 ₹80 Cr | Sep 2021 ₹76 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹100 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹217 Cr | Jun 2025 ₹378 Cr | Sep 2025 ₹276 Cr | Dec 2025 ₹276 Cr | Mar 2026 ₹317 Cr
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹53 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹111 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹69 Cr
- OKLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹33 Cr
- FRVO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹105 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹173 Cr
- TAC: Jun 2021 ₹119 Cr | Sep 2021 ₹127 Cr | Dec 2021 ₹136 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹129 Cr | Sep 2022 ₹280 Cr | Dec 2022 ₹437 Cr | Mar 2023 ₹284 Cr | Jun 2023 ₹192 Cr | Sep 2023 ₹165 Cr | Dec 2023 ₹234 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹27 Cr
- KEN: Jun 2021 ₹46 Cr | Sep 2021 ₹60 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹188 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹126 Cr
- HNRG: Jun 2021 ₹5 Cr | Sep 2021 ₹7 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹8 Cr
- DGXX: Jun 2021 ₹20 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹3 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹15 Cr

### 20-quarter CAPEX intensity history
- CEG: Jun 2021 8.1% | Sep 2021 8.3% | Dec 2021 4.4% | Mar 2022 7.3% | Jun 2022 7.1% | Sep 2022 4.8% | Dec 2022 8.2% | Mar 2023 8.7% | Jun 2023 12% | Sep 2023 6.5% | Dec 2023 12% | Mar 2024 12% | Jun 2024 10% | Sep 2024 8.4% | Dec 2024 14% | Mar 2025 12% | Jun 2025 13% | Sep 2025 5.9% | Dec 2025 16% | Mar 2026 12%
- VST: Jun 2021 14% | Sep 2021 8.2% | Dec 2021 7.3% | Mar 2022 12% | Jun 2022 15% | Sep 2022 5.8% | Dec 2022 10% | Mar 2023 11% | Jun 2023 14% | Sep 2023 8.2% | Dec 2023 14% | Mar 2024 15% | Jun 2024 13% | Sep 2024 11% | Dec 2024 11% | Mar 2025 20% | Jun 2025 16% | Sep 2025 9.2% | Dec 2025 18% | Mar 2026 16%
- NRG: Jun 2021 1.5% | Sep 2021 1.1% | Dec 2021 0.7% | Mar 2022 0.8% | Jun 2022 1.2% | Sep 2022 1.2% | Dec 2022 1.5% | Mar 2023 1.8% | Jun 2023 2.9% | Sep 2023 2.1% | Dec 2023 1.5% | Mar 2024 0.9% | Jun 2024 1.5% | Sep 2024 2.1% | Dec 2024 2.2% | Mar 2025 2.5% | Jun 2025 5.6% | Sep 2025 3.6% | Dec 2025 3.6% | Mar 2026 3.1%
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 10% | Mar 2023 12% | Jun 2023 21% | Sep 2023 13% | Dec 2023 11% | Mar 2024 13% | Jun 2024 4.7% | Sep 2024 8.9% | Dec 2024 9.0% | Mar 2025 16% | Jun 2025 5.9% | Sep 2025 8.0% | Dec 2025 5.3% | Mar 2026 6.1%
- TAC: Jun 2021 19% | Sep 2021 15% | Dec 2021 22% | Mar 2022 9.8% | Jun 2022 28% | Sep 2022 30% | Dec 2022 51% | Mar 2023 26% | Jun 2023 31% | Sep 2023 16% | Dec 2023 38% | Mar 2024 7.2% | Jun 2024 10% | Sep 2024 12% | Dec 2024 16% | Mar 2025 4.2% | Jun 2025 17% | Sep 2025 8.6% | Dec 2025 15% | Mar 2026 4.8%
- KEN: Jun 2021 44% | Sep 2021 45% | Dec 2021 59% | Mar 2022 58% | Jun 2022 65% | Sep 2022 33% | Dec 2022 30% | Mar 2023 36% | Jun 2023 52% | Sep 2023 26% | Dec 2023 88% | Mar 2024 40% | Jun 2024 38% | Sep 2024 79% | Dec 2024 10% | Mar 2025 7.1% | Jun 2025 14% | Sep 2025 11% | Dec 2025 22% | Mar 2026 40%
- HNRG: Jun 2021 8.9% | Sep 2021 8.8% | Dec 2021 15% | Mar 2022 15% | Jun 2022 21% | Sep 2022 18% | Dec 2022 11% | Mar 2023 6.9% | Jun 2023 11% | Sep 2023 11% | Dec 2023 23% | Mar 2024 13% | Jun 2024 14% | Sep 2024 11% | Dec 2024 15% | Mar 2025 10% | Jun 2025 13% | Sep 2025 14% | Dec 2025 25% | Mar 2026 7.8%
- DGXX: Jun 2021 400% | Sep 2021 20% | Dec 2021 100% | Mar 2022 71% | Jun 2022 57% | Sep 2022 50% | Dec 2022 67% | Mar 2023 25% | Jun 2023 33% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 33% | Sep 2024 0.0% | Dec 2024 17% | Mar 2025 11% | Jun 2025 13% | Sep 2025 13% | Dec 2025 156% | Mar 2026 214%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Oklo Inc. has the clearest covered balance-sheet capacity with $2,206 million net cash and gross debt of $3 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: Digi Power X Inc. · $0 million | 100% versus #2 · Oklo Inc. | 8/8 recent comparable periods | 10/10 companies · 178 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. Digi Power X Inc. (DGXX): ₹0 Cr
2. Oklo Inc. (OKLO): ₹3 Cr
3. Hallador Energy Company (HNRG): ₹6 Cr
4. Fervo Energy Company (FRVO): ₹298 Cr
5. Kenon Holdings Ltd. (KEN): ₹2.5K Cr

### Net debt — lowest net debt
1. Oklo Inc. (OKLO): ₹-2.2K Cr
2. Digi Power X Inc. (DGXX): ₹-58 Cr
3. Hallador Energy Company (HNRG): ₹-31 Cr
4. Fervo Energy Company (FRVO): ₹17 Cr
5. Kenon Holdings Ltd. (KEN): ₹593 Cr

### 20-quarter Gross debt history
- CEG: Jun 2021 — | Sep 2021 ₹7.5K Cr | Dec 2021 ₹8.2K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.8K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹7.2K Cr | Sep 2023 ₹8.2K Cr | Dec 2023 ₹9.3K Cr | Mar 2024 ₹10.0K Cr | Jun 2024 ₹9.1K Cr | Sep 2024 ₹8.4K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.4K Cr | Jun 2025 ₹8.3K Cr | Sep 2025 ₹9.0K Cr | Dec 2025 ₹9.0K Cr | Mar 2026 ₹22.5K Cr
- VST: Jun 2021 ₹11.7K Cr | Sep 2021 ₹11.4K Cr | Dec 2021 ₹10.8K Cr | Mar 2022 ₹11.1K Cr | Jun 2022 ₹14.1K Cr | Sep 2022 ₹12.7K Cr | Dec 2022 ₹13.1K Cr | Mar 2023 ₹12.6K Cr | Jun 2023 ₹12.5K Cr | Sep 2023 ₹14.2K Cr | Dec 2023 ₹14.8K Cr | Mar 2024 ₹16.6K Cr | Jun 2024 ₹17.1K Cr | Sep 2024 ₹16.0K Cr | Dec 2024 ₹18.8K Cr | Mar 2025 ₹19.2K Cr | Jun 2025 ₹19.5K Cr | Sep 2025 ₹19.0K Cr | Dec 2025 ₹21.1K Cr | Mar 2026 ₹21.0K Cr
- NRG: Jun 2021 ₹9.1K Cr | Sep 2021 ₹8.8K Cr | Dec 2021 ₹8.3K Cr | Mar 2022 ₹8.3K Cr | Jun 2022 ₹8.3K Cr | Sep 2022 ₹8.3K Cr | Dec 2022 ₹8.3K Cr | Mar 2023 ₹12.6K Cr | Jun 2023 ₹12.3K Cr | Sep 2023 ₹11.9K Cr | Dec 2023 ₹11.0K Cr | Mar 2024 ₹10.9K Cr | Jun 2024 ₹10.9K Cr | Sep 2024 ₹10.9K Cr | Dec 2024 ₹11.0K Cr | Mar 2025 ₹11.0K Cr | Jun 2025 ₹11.1K Cr | Sep 2025 ₹12.1K Cr | Dec 2025 ₹16.6K Cr | Mar 2026 ₹23.4K Cr
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹6.8K Cr
- OKLO: Jun 2021 ₹1 Cr | Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹3 Cr
- FRVO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹82 Cr | Dec 2024 ₹82 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹250 Cr | Dec 2025 ₹250 Cr | Mar 2026 ₹298 Cr
- TAC: Jun 2021 ₹3.1K Cr | Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.7K Cr
- KEN: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.5K Cr
- HNRG: Jun 2021 ₹135 Cr | Sep 2021 ₹110 Cr | Dec 2021 ₹108 Cr | Mar 2022 ₹116 Cr | Jun 2022 ₹127 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹102 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹6 Cr
- DGXX: Jun 2021 ₹3 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr

### 20-quarter Net debt history
- CEG: Jun 2021 — | Sep 2021 ₹5.5K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹9.3K Cr | Jun 2024 ₹8.7K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹6.2K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹21.3K Cr
- VST: Jun 2021 ₹11.2K Cr | Sep 2021 ₹11.0K Cr | Dec 2021 ₹9.4K Cr | Mar 2022 ₹10.1K Cr | Jun 2022 ₹12.2K Cr | Sep 2022 ₹12.1K Cr | Dec 2022 ₹12.6K Cr | Mar 2023 ₹12.1K Cr | Jun 2023 ₹11.8K Cr | Sep 2023 ₹11.0K Cr | Dec 2023 ₹11.3K Cr | Mar 2024 ₹15.5K Cr | Jun 2024 ₹15.5K Cr | Sep 2024 ₹15.1K Cr | Dec 2024 ₹17.6K Cr | Mar 2025 ₹18.6K Cr | Jun 2025 ₹19.0K Cr | Sep 2025 ₹18.3K Cr | Dec 2025 ₹20.3K Cr | Mar 2026 ₹20.3K Cr
- NRG: Jun 2021 ₹8.8K Cr | Sep 2021 ₹8.5K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹7.7K Cr | Sep 2022 ₹7.9K Cr | Dec 2022 ₹7.8K Cr | Mar 2023 ₹12.2K Cr | Jun 2023 ₹11.9K Cr | Sep 2023 ₹11.5K Cr | Dec 2023 ₹10.4K Cr | Mar 2024 ₹10.6K Cr | Jun 2024 ₹10.5K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹10.0K Cr | Mar 2025 ₹10.3K Cr | Jun 2025 ₹10.9K Cr | Sep 2025 ₹11.3K Cr | Dec 2025 ₹11.9K Cr | Mar 2026 ₹23.1K Cr
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹5.8K Cr
- OKLO: Jun 2021 ₹1 Cr | Sep 2021 ₹-3 Cr | Dec 2021 — | Mar 2022 ₹-3 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-235 Cr | Sep 2024 ₹-230 Cr | Dec 2024 ₹-227 Cr | Mar 2025 ₹-199 Cr | Jun 2025 ₹-532 Cr | Sep 2025 ₹-920 Cr | Dec 2025 ₹-1.2K Cr | Mar 2026 ₹-2.2K Cr
- FRVO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-111 Cr | Dec 2024 ₹-111 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹-212 Cr | Dec 2025 ₹-212 Cr | Mar 2026 ₹17 Cr
- TAC: Jun 2021 ₹2.4K Cr | Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.4K Cr
- KEN: Jun 2021 ₹813 Cr | Sep 2021 ₹1.3K Cr | Dec 2021 ₹769 Cr | Mar 2022 ₹552 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹734 Cr | Dec 2022 ₹321 Cr | Mar 2023 ₹909 Cr | Jun 2023 ₹578 Cr | Sep 2023 ₹570 Cr | Dec 2023 ₹679 Cr | Mar 2024 ₹681 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹141 Cr | Jun 2025 ₹385 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹193 Cr | Mar 2026 ₹593 Cr
- HNRG: Jun 2021 ₹132 Cr | Sep 2021 ₹105 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹118 Cr | Sep 2022 ₹122 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹-31 Cr
- DGXX: Jun 2021 ₹-17 Cr | Sep 2021 ₹-15 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-78 Cr | Mar 2026 ₹-58 Cr

## Return On Capital Employed

What the numbers say: Vistra Corp. leads ROCE at 5%, 1.4 percentage points above Constellation Energy Corporation. Digi Power X Inc. has the strongest latest improvement at +10.9 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: Vistra Corp. 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: Vistra Corp. · 5% | 38.9% versus #2 · Constellation Energy Corporation | 4/8 recent comparable periods | 10/10 companies · 172 observations

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

### ROCE — highest
1. Vistra Corp. (VST): 5.0%
2. Constellation Energy Corporation (CEG): 3.6%
3. Talen Energy Corporation (TLN): 2.8%
4. NRG Energy, Inc. (NRG): 1.5%
5. TransAlta Corporation (TAC): 1.3%

### ROCE change — fastest improvers
1. Digi Power X Inc. (DGXX): +10.9 pp
2. Vistra Corp. (VST): +5.4 pp
3. Talen Energy Corporation (TLN): +4.5 pp
4. Constellation Energy Corporation (CEG): +2.6 pp
5. Oklo Inc. (OKLO): +2.5 pp

### 20-quarter ROCE history
- CEG: Jun 2021 — | Sep 2021 2.4% | Dec 2021 0.0% | Mar 2022 2.2% | Jun 2022 1.4% | Sep 2022 -0.1% | Dec 2022 -0.4% | Mar 2023 0.1% | Jun 2023 1.7% | Sep 2023 2.4% | Dec 2023 -0.2% | Mar 2024 1.9% | Jun 2024 2.5% | Sep 2024 3.3% | Dec 2024 2.1% | Mar 2025 1.0% | Jun 2025 2.1% | Sep 2025 2.3% | Dec 2025 1.3% | Mar 2026 3.6%
- VST: Jun 2021 — | Sep 2021 0.5% | Dec 2021 3.9% | Mar 2022 -1.3% | Jun 2022 -7.5% | Sep 2022 3.9% | Dec 2022 -0.4% | Mar 2023 4.9% | Jun 2023 2.6% | Sep 2023 3.6% | Dec 2023 0.4% | Mar 2024 0.3% | Jun 2024 3.1% | Sep 2024 9.7% | Dec 2024 2.3% | Mar 2025 -0.4% | Jun 2025 1.8% | Sep 2025 3.5% | Dec 2025 1.6% | Mar 2026 5.0%
- NRG: Jun 2021 — | Sep 2021 18% | Dec 2021 -3.4% | Mar 2022 16% | Jun 2022 4.6% | Sep 2022 0.9% | Dec 2022 -8.4% | Mar 2023 -8.3% | Jun 2023 2.9% | Sep 2023 3.0% | Dec 2023 5.1% | Mar 2024 4.9% | Jun 2024 7.7% | Sep 2024 -4.6% | Dec 2024 6.0% | Mar 2025 7.1% | Jun 2025 0.0% | Sep 2025 2.5% | Dec 2025 1.6% | Mar 2026 1.5%
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 13% | Mar 2023 3.5% | Jun 2023 -4.2% | Sep 2023 0.1% | Dec 2023 1.6% | Mar 2024 0.4% | Jun 2024 0.4% | Sep 2024 2.5% | Dec 2024 0.3% | Mar 2025 -1.7% | Jun 2025 1.1% | Sep 2025 4.4% | Dec 2025 -4.0% | Mar 2026 2.8%
- OKLO: Jun 2021 0.0% | Sep 2021 -0.1% | Dec 2021 — | Mar 2022 -0.1% | Jun 2022 -0.2% | Sep 2022 -0.1% | Dec 2022 -0.1% | Mar 2023 -0.2% | Jun 2023 -0.7% | Sep 2023 -0.9% | Dec 2023 -2.8% | Mar 2024 -1.8% | Jun 2024 -4.4% | Sep 2024 -3.0% | Dec 2024 -11% | Mar 2025 -6.0% | Jun 2025 -5.5% | Sep 2025 -4.8% | Dec 2025 -6.4% | Mar 2026 -3.5%
- FRVO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 -3.3%
- TAC: Jun 2021 — | Sep 2021 -5.2% | Dec 2021 0.3% | Mar 2022 3.8% | Jun 2022 0.3% | Sep 2022 2.4% | Dec 2022 0.4% | Mar 2023 5.8% | Jun 2023 1.6% | Sep 2023 6.8% | Dec 2023 0.3% | Mar 2024 4.6% | Jun 2024 2.2% | Sep 2024 1.3% | Dec 2024 0.1% | Mar 2025 1.4% | Jun 2025 0.0% | Sep 2025 0.2% | Dec 2025 0.5% | Mar 2026 1.3%
- KEN: Jun 2021 — | Sep 2021 1.5% | Dec 2021 0.1% | Mar 2022 0.4% | Jun 2022 -0.4% | Sep 2022 0.6% | Dec 2022 -0.3% | Mar 2023 0.2% | Jun 2023 -0.2% | Sep 2023 1.1% | Dec 2023 0.2% | Mar 2024 0.2% | Jun 2024 0.3% | Sep 2024 1.1% | Dec 2024 -0.1% | Mar 2025 0.2% | Jun 2025 -0.1% | Sep 2025 0.9% | Dec 2025 0.5% | Mar 2026 0.1%
- HNRG: Jun 2021 — | Sep 2021 -0.4% | Dec 2021 -1.1% | Mar 2022 -3.5% | Jun 2022 -0.3% | Sep 2022 2.1% | Dec 2022 10% | Mar 2023 9.7% | Jun 2023 6.0% | Sep 2023 7.5% | Dec 2023 -2.5% | Mar 2024 0.7% | Jun 2024 -1.8% | Sep 2024 1.1% | Dec 2024 -67% | Mar 2025 4.5% | Jun 2025 4.0% | Sep 2025 9.5% | Dec 2025 2.6% | Mar 2026 -2.5%
- DGXX: Jun 2021 — | Sep 2021 -8.8% | Dec 2021 -8.8% | Mar 2022 0.8% | Jun 2022 -25% | Sep 2022 -3.0% | Dec 2022 -17% | Mar 2023 -5.1% | Jun 2023 -7.1% | Sep 2023 -6.2% | Dec 2023 -18% | Mar 2024 2.0% | Jun 2024 -24% | Sep 2024 -20% | Dec 2024 -33% | Mar 2025 -21% | Jun 2025 -3.6% | Sep 2025 -15% | Dec 2025 -3.2% | Mar 2026 -10%

### 20-quarter ROCE change history
- CEG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 −0.4 pp | Mar 2023 −2.1 pp | Jun 2023 +0.3 pp | Sep 2023 +2.5 pp | Dec 2023 +0.2 pp | Mar 2024 +1.8 pp | Jun 2024 +0.8 pp | Sep 2024 +0.9 pp | Dec 2024 +2.3 pp | Mar 2025 −0.9 pp | Jun 2025 −0.4 pp | Sep 2025 −1.0 pp | Dec 2025 −0.8 pp | Mar 2026 +2.6 pp
- VST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 −4.3 pp | Mar 2023 +6.2 pp | Jun 2023 +10.1 pp | Sep 2023 −0.3 pp | Dec 2023 +0.8 pp | Mar 2024 −4.6 pp | Jun 2024 +0.5 pp | Sep 2024 +6.1 pp | Dec 2024 +1.9 pp | Mar 2025 −0.7 pp | Jun 2025 −1.3 pp | Sep 2025 −6.2 pp | Dec 2025 −0.7 pp | Mar 2026 +5.4 pp
- NRG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −16.8 pp | Dec 2022 −5.0 pp | Mar 2023 −23.8 pp | Jun 2023 −1.7 pp | Sep 2023 +2.1 pp | Dec 2023 +13.5 pp | Mar 2024 +13.2 pp | Jun 2024 +4.8 pp | Sep 2024 −7.6 pp | Dec 2024 +0.9 pp | Mar 2025 +2.2 pp | Jun 2025 −7.7 pp | Sep 2025 +7.1 pp | Dec 2025 −4.4 pp | Mar 2026 −5.6 pp
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −11.1 pp | Dec 2023 −11.2 pp | Mar 2024 −3.1 pp | Jun 2024 +4.6 pp | Sep 2024 +2.4 pp | Dec 2024 −1.3 pp | Mar 2025 −2.1 pp | Jun 2025 +0.7 pp | Sep 2025 +1.9 pp | Dec 2025 −4.3 pp | Mar 2026 +4.5 pp
- OKLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 −0.1 pp | Jun 2023 −0.5 pp | Sep 2023 −0.8 pp | Dec 2023 −2.7 pp | Mar 2024 −1.6 pp | Jun 2024 −3.7 pp | Sep 2024 −2.1 pp | Dec 2024 −7.9 pp | Mar 2025 −4.2 pp | Jun 2025 −1.1 pp | Sep 2025 −1.8 pp | Dec 2025 +4.3 pp | Mar 2026 +2.5 pp
- FRVO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 —
- TAC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.6 pp | Dec 2022 +0.1 pp | Mar 2023 +2.0 pp | Jun 2023 +1.3 pp | Sep 2023 +4.4 pp | Dec 2023 −0.1 pp | Mar 2024 −1.2 pp | Jun 2024 +0.6 pp | Sep 2024 −5.5 pp | Dec 2024 −0.2 pp | Mar 2025 −3.2 pp | Jun 2025 −2.2 pp | Sep 2025 −1.1 pp | Dec 2025 +0.4 pp | Mar 2026 −0.1 pp
- KEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 −0.4 pp | Mar 2023 −0.2 pp | Jun 2023 +0.2 pp | Sep 2023 +0.5 pp | Dec 2023 +0.5 pp | Mar 2024 0.0 pp | Jun 2024 +0.5 pp | Sep 2024 0.0 pp | Dec 2024 −0.3 pp | Mar 2025 0.0 pp | Jun 2025 −0.4 pp | Sep 2025 −0.2 pp | Dec 2025 +0.6 pp | Mar 2026 −0.1 pp
- HNRG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +11.3 pp | Mar 2023 +13.2 pp | Jun 2023 +6.3 pp | Sep 2023 +5.4 pp | Dec 2023 −12.7 pp | Mar 2024 −9.0 pp | Jun 2024 −7.8 pp | Sep 2024 −6.4 pp | Dec 2024 −64.9 pp | Mar 2025 +3.8 pp | Jun 2025 +5.8 pp | Sep 2025 +8.4 pp | Dec 2025 +70.0 pp | Mar 2026 −7.0 pp
- DGXX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.8 pp | Dec 2022 −8.6 pp | Mar 2023 −5.9 pp | Jun 2023 +17.5 pp | Sep 2023 −3.2 pp | Dec 2023 −0.1 pp | Mar 2024 +7.1 pp | Jun 2024 −16.9 pp | Sep 2024 −13.3 pp | Dec 2024 −15.6 pp | Mar 2025 −22.9 pp | Jun 2025 +20.4 pp | Sep 2025 +4.4 pp | Dec 2025 +29.9 pp | Mar 2026 +10.9 pp

## Valuation Against Growth & Quality

What the numbers say: Vistra Corp. has the lowest comparable Guarded PEG at 0.38×, 66.7% below Constellation Energy Corporation. Only 2 of 10 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: Vistra Corp. · 0.38× | 66.7% versus #2 · Constellation Energy Corporation | 0/8 recent comparable periods | 2/10 companies · 4 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. Vistra Corp. (VST): 0.4
2. Constellation Energy Corporation (CEG): 1.1

### P/E — lowest P/E
1. Digi Power X Inc. (DGXX): 2.3
2. Constellation Energy Corporation (CEG): 24.3
3. Vistra Corp. (VST): 25.2
4. Hallador Energy Company (HNRG): 30.7
5. TransAlta Corporation (TAC): 34.4

### 20-quarter Guarded PEG history
- CEG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.8 | Jun 2025 1.2 | Sep 2025 — | Dec 2025 — | Mar 2026 1.1
- VST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- CEG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 26.5 | Jun 2022 29.1 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 38.5 | Sep 2023 20.9 | Dec 2023 23.3 | Mar 2024 24.7 | Jun 2024 26.7 | Sep 2024 28.7 | Dec 2024 18.8 | Mar 2025 21.3 | Jun 2025 33.7 | Sep 2025 37.7 | Dec 2025 47.7 | Mar 2026 24.3
- VST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 28.7 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.2 | Sep 2023 9.8 | Dec 2023 10.8 | Mar 2024 42.7 | Jun 2024 63.2 | Sep 2024 22.1 | Dec 2024 19.7 | Mar 2025 18.5 | Jun 2025 30.9 | Sep 2025 70.7 | Dec 2025 74.0 | Mar 2026 25.2
- NRG: Jun 2021 — | Sep 2021 4.1 | Dec 2021 4.8 | Mar 2022 2.3 | Jun 2022 2.7 | Sep 2022 4.9 | Dec 2022 6.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.7 | Jun 2024 8.6 | Sep 2024 23.3 | Dec 2024 18.1 | Mar 2025 15.5 | Jun 2025 74.0 | Sep 2025 24.4 | Dec 2025 39.7 | Mar 2026 166.1
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.9 | Sep 2023 5.2 | Dec 2023 28.3 | Mar 2024 6.4 | Jun 2024 7.6 | Sep 2024 9.3 | Dec 2024 11.4 | Mar 2025 20.7 | Jun 2025 82.4 | Sep 2025 92.1 | Dec 2025 — | Mar 2026 —
- TAC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 37.0 | Dec 2022 1,217.0 | Mar 2023 28.2 | Jun 2023 13.1 | Sep 2023 5.6 | Dec 2023 4.7 | Mar 2024 4.2 | Jun 2024 4.8 | Sep 2024 27.5 | Dec 2024 34.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- KEN: Jun 2021 — | Sep 2021 3.3 | Dec 2021 3.0 | Mar 2022 2.6 | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 5.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 8.7 | Dec 2024 3.0 | Mar 2025 2.8 | Jun 2025 4.4 | Sep 2025 5.0 | Dec 2025 52.2 | Mar 2026 53.5
- HNRG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 18.2 | Mar 2023 9.8 | Jun 2023 5.6 | Sep 2023 7.6 | Dec 2023 7.1 | Mar 2024 6.3 | Jun 2024 70.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 19.8 | Mar 2026 30.7
- DGXX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 10.1 | Jun 2022 51.0 | Sep 2022 4.5 | Dec 2022 2.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Digi Power X Inc. leads both ev/ebitda at 2.98× and p/bv at 1.21×.

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: Digi Power X Inc. · 2.98× | 68.3% versus #2 · Hallador Energy Company | 0/8 recent comparable periods | 8/10 companies · 123 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. Digi Power X Inc. (DGXX): 3.0
2. Hallador Energy Company (HNRG): 9.4
3. Vistra Corp. (VST): 11.2
4. TransAlta Corporation (TAC): 14.6
5. Constellation Energy Corporation (CEG): 15.1

### P/BV — lowest P/BV
1. Digi Power X Inc. (DGXX): 1.2
2. Kenon Holdings Ltd. (KEN): 2.9
3. Constellation Energy Corporation (CEG): 3.0
4. Oklo Inc. (OKLO): 3.3
5. Hallador Energy Company (HNRG): 3.7

### 20-quarter EV/EBITDA history
- CEG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 4.7 | Jun 2022 4.8 | Sep 2022 10.3 | Dec 2022 11.6 | Mar 2023 12.8 | Jun 2023 12.5 | Sep 2023 10.4 | Dec 2023 11.2 | Mar 2024 13.6 | Jun 2024 13.0 | Sep 2024 14.6 | Dec 2024 10.7 | Mar 2025 10.6 | Jun 2025 16.7 | Sep 2025 17.8 | Dec 2025 20.4 | Mar 2026 15.1
- VST: Jun 2021 — | Sep 2021 — | Dec 2021 38.4 | Mar 2022 7.7 | Jun 2022 19.7 | Sep 2022 11.8 | Dec 2022 26.2 | Mar 2023 10.3 | Jun 2023 5.2 | Sep 2023 5.7 | Dec 2023 5.9 | Mar 2024 11.9 | Jun 2024 12.1 | Sep 2024 10.1 | Dec 2024 9.8 | Mar 2025 8.9 | Jun 2025 13.0 | Sep 2025 17.0 | Dec 2025 15.5 | Mar 2026 11.2
- NRG: Jun 2021 — | Sep 2021 3.9 | Dec 2021 4.3 | Mar 2022 2.5 | Jun 2022 2.8 | Sep 2022 4.5 | Dec 2022 5.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11.4 | Mar 2024 6.1 | Jun 2024 5.5 | Sep 2024 7.5 | Dec 2024 7.2 | Mar 2025 7.1 | Jun 2025 15.5 | Sep 2025 10.7 | Dec 2025 12.6 | Mar 2026 20.4
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.4 | Sep 2023 6.7 | Dec 2023 12.9 | Mar 2024 24.3 | Jun 2024 17.4 | Sep 2024 17.9 | Dec 2024 23.3 | Mar 2025 31.1 | Jun 2025 38.9 | Sep 2025 42.5 | Dec 2025 122.7 | Mar 2026 40.6
- TAC: Jun 2021 — | Sep 2021 17.8 | Dec 2021 16.7 | Mar 2022 11.7 | Jun 2022 15.8 | Sep 2022 6.9 | Dec 2022 6.7 | Mar 2023 5.5 | Jun 2023 5.1 | Sep 2023 4.0 | Dec 2023 4.4 | Mar 2024 4.3 | Jun 2024 4.5 | Sep 2024 7.3 | Dec 2024 9.4 | Mar 2025 9.5 | Jun 2025 11.6 | Sep 2025 14.6 | Dec 2025 13.2 | Mar 2026 14.6
- KEN: Jun 2021 — | Sep 2021 33.0 | Dec 2021 50.9 | Mar 2022 57.2 | Jun 2022 32.7 | Sep 2022 38.4 | Dec 2022 42.6 | Mar 2023 48.8 | Jun 2023 35.4 | Sep 2023 24.9 | Dec 2023 21.2 | Mar 2024 21.3 | Jun 2024 19.4 | Sep 2024 19.6 | Dec 2024 21.0 | Mar 2025 20.3 | Jun 2025 30.0 | Sep 2025 33.5 | Dec 2025 38.9 | Mar 2026 48.3
- HNRG: Jun 2021 — | Sep 2021 5.8 | Dec 2021 5.5 | Mar 2022 8.8 | Jun 2022 11.4 | Sep 2022 8.9 | Dec 2022 5.5 | Mar 2023 3.2 | Jun 2023 2.4 | Sep 2023 3.1 | Dec 2023 3.2 | Mar 2024 2.9 | Jun 2024 5.5 | Sep 2024 9.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 8.4 | Mar 2026 9.4
- DGXX: Jun 2021 — | Sep 2021 11.6 | Dec 2021 19.0 | Mar 2022 13.1 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 17.0 | Jun 2024 5.2 | Sep 2024 3.6 | Dec 2024 3.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/BV history
- CEG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 1.7 | Jun 2022 1.7 | Sep 2022 2.5 | Dec 2022 2.6 | Mar 2023 2.4 | Jun 2023 2.6 | Sep 2023 3.0 | Dec 2023 3.4 | Mar 2024 5.2 | Jun 2024 5.5 | Sep 2024 6.5 | Dec 2024 5.3 | Mar 2025 4.9 | Jun 2025 7.5 | Sep 2025 7.2 | Dec 2025 7.6 | Mar 2026 3.0
- VST: Jun 2021 — | Sep 2021 1.4 | Dec 2021 1.3 | Mar 2022 1.4 | Jun 2022 1.8 | Sep 2022 1.5 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 1.8 | Sep 2023 2.2 | Dec 2023 2.6 | Mar 2024 4.3 | Jun 2024 5.3 | Sep 2024 7.4 | Dec 2024 8.4 | Mar 2025 8.3 | Jun 2025 13.6 | Sep 2025 12.7 | Dec 2025 10.7 | Mar 2026 9.1
- NRG: Jun 2021 — | Sep 2021 3.2 | Dec 2021 3.4 | Mar 2022 3.4 | Jun 2022 3.3 | Sep 2022 3.5 | Dec 2022 3.0 | Mar 2023 2.6 | Jun 2023 2.8 | Sep 2023 2.9 | Dec 2023 5.2 | Mar 2024 6.8 | Jun 2024 9.2 | Sep 2024 12.1 | Dec 2024 7.2 | Mar 2025 30.5 | Jun 2025 98.3 | Sep 2025 15.8 | Dec 2025 18.0 | Mar 2026 6.4
- TLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 2.0 | Jun 2024 2.4 | Sep 2024 3.8 | Dec 2024 6.7 | Mar 2025 7.7 | Jun 2025 10.7 | Sep 2025 13.2 | Dec 2025 15.7 | Mar 2026 13.5
- OKLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.8 | Sep 2024 3.8 | Dec 2024 11.7 | Mar 2025 11.2 | Jun 2025 11.9 | Sep 2025 14.5 | Dec 2025 7.8 | Mar 2026 3.3
- TAC: Jun 2021 — | Sep 2021 2.2 | Dec 2021 2.4 | Mar 2022 2.1 | Jun 2022 2.5 | Sep 2022 2.1 | Dec 2022 2.9 | Mar 2023 2.3 | Jun 2023 2.2 | Sep 2023 1.7 | Dec 2023 2.2 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 2.3 | Dec 2024 3.5 | Mar 2025 2.3 | Jun 2025 2.8 | Sep 2025 3.7 | Dec 2025 3.7 | Mar 2026 3.9
- KEN: Jun 2021 — | Sep 2021 3.5 | Dec 2021 1.6 | Mar 2022 1.5 | Jun 2022 1.0 | Sep 2022 1.9 | Dec 2022 1.1 | Mar 2023 1.5 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.4 | Jun 2024 1.2 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.6 | Sep 2025 1.6 | Dec 2025 2.2 | Mar 2026 2.9
- HNRG: Jun 2021 — | Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 0.6 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.5 | Mar 2023 1.3 | Jun 2023 1.1 | Sep 2023 1.8 | Dec 2023 1.1 | Mar 2024 0.7 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 4.7 | Mar 2025 4.5 | Jun 2025 5.6 | Sep 2025 5.8 | Dec 2025 5.2 | Mar 2026 3.7
- DGXX: Jun 2021 — | Sep 2021 1.6 | Dec 2021 3.1 | Mar 2022 1.1 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 0.2 | Mar 2023 1.2 | Jun 2023 1.4 | Sep 2023 0.8 | Dec 2023 2.3 | Mar 2024 1.3 | Jun 2024 1.4 | Sep 2024 1.4 | Dec 2024 2.3 | Mar 2025 1.7 | Jun 2025 4.2 | Sep 2025 2.4 | Dec 2025 1.5 | Mar 2026 1.2

## Market action

Kenon Holdings Ltd. has the strongest one-year price move in Utilities - Independent Power Producers at +44.1%. It also leads on Mansfield relative strength against the S&P 500 at -5.4%. 0 of 9 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Kenon Holdings Ltd. (KEN): 44%
2. Digi Power X Inc. (DGXX): 32%
3. TransAlta Corporation (TAC): 3.0%
4. Talen Energy Corporation (TLN): -14%
5. Hallador Energy Company (HNRG): -14%

### Strongest relative strength versus NIFTY 500
1. Kenon Holdings Ltd. (KEN): -5.4%
2. Digi Power X Inc. (DGXX): -5.8%
3. TransAlta Corporation (TAC): -12%
4. Talen Energy Corporation (TLN): -19%
5. Vistra Corp. (VST): -19%

## 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.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Constellation Energy Corporation (CEG) — market value ₹92.8K Cr; latest fundamentals Mar 2026
- Vistra Corp. (VST) — market value ₹50.1K Cr; latest fundamentals Mar 2026
- NRG Energy, Inc. (NRG) — market value ₹26.9K Cr; latest fundamentals Mar 2026
- Talen Energy Corporation (TLN) — market value ₹15.6K Cr; latest fundamentals Mar 2026
- Oklo Inc. (OKLO) — market value ₹6.9K Cr; latest fundamentals Mar 2026
- Fervo Energy Company (FRVO) — market value ₹6.2K Cr; latest fundamentals Mar 2026
- TransAlta Corporation (TAC) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Kenon Holdings Ltd. (KEN) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- Hallador Energy Company (HNRG) — market value ₹689 Cr; latest fundamentals Mar 2026
- Digi Power X Inc. (DGXX) — market value ₹334 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 - Independent Power Producers company is the biggest?

NRG Energy, Inc. is the largest, with trailing-twelve-month revenue of $32,384 million, ahead of Constellation Energy Corporation at $29,867 million. That covers 8 of 10 companies with comparable reporting through Mar 2026.

### Which Utilities - Independent Power Producers company is growing fastest?

Talen Energy Corporation has the fastest revenue growth at 66.3% year on year, across 8 of 10 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 - Independent Power Producers company has the best profit margins?

Vistra Corp. has the highest operating margin at 26.6%, from 8 of 10 comparable companies. Talen Energy Corporation shows the biggest recent improvement, at +45.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Utilities - Independent Power Producers company makes the most profit?

Constellation Energy Corporation earns the most, at $3,797 million of trailing-twelve-month net profit, from 9 of 10 comparable companies. Constellation Energy Corporation has the fastest profit growth at 27.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Utilities - Independent Power Producers company earns the highest return on capital?

Vistra Corp. leads on return on capital employed at 5%, across 10 of 10 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 - Independent Power Producers stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Vistra Corp. screens cheapest at 0.38×. Only 2 of 10 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 - Independent Power Producers company has the strongest balance sheet?

Digi Power X Inc. carries the lowest comparable gross debt at $0 million, from 10 of 10 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 - Independent Power Producers company is investing most in new capacity?

Constellation Energy Corporation reports the largest capital spending at $1,275 million, across 10 of 10 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 - Independent Power Producers sector beating the market?

Utilities - Independent Power Producers has underperformed S&P 500 by 17.5% over the last 52 weeks and 18.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 9 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Utilities - Independent Power Producers stock has the strongest price momentum?

Kenon Holdings Ltd. 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 - Independent Power Producers company scores highest for research priority?

Constellation Energy Corporation scores 65.9 out of 100 with 86.2% evidence confidence, from 28 points on growth and earnings, 15.9 on capital efficiency, 13.9 on valuation and 8.1 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 - Independent Power Producers companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals and 6 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 - Independent Power Producers sector?

The 10 Utilities - Independent Power Producers companies on this page carry $207,117 million of combined market value. Constellation Energy Corporation is the largest at $92,782 million, about 45% 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 - Independent Power Producers sector's P/E ratio?

The median price-to-earnings ratio across the 10 Utilities - Independent Power Producers companies on this page is 34.4×, measured on the 8 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 - Independent Power Producers sector performing?

0 of the 9 covered Utilities - Independent Power Producers companies are beating S&P 500 on Mansfield relative strength. The sector itself is 17.5% 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 - Independent Power Producers stocks are listed in the US?

This comparison covers 10 listed Utilities - Independent Power Producers 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-independent-power-producers