# Utilities - Renewable — company-by-company sector analysis

> Utilities - Renewable: AXIA Energia SA owns the largest revenue base; Energy Vault Holdings, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Utilities - Renewable has outperformed S&P 500 by 28.1% over 52 weeks and 11.2% over 13 weeks. 2 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 11 beat the sector itself. AXIA Energia SA leads with revenue of $43,580 million, based on 10 of 12 comparable companies through Mar 2026.

### Is the Utilities - Renewable sector outperforming S&P 500?

Utilities - Renewable has outperformed S&P 500 by 28.1% over 52 weeks and 11.2% over 13 weeks. 2 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 11 beat the sector itself.

### Which Utilities - Renewable company is largest by revenue?

AXIA Energia SA leads with revenue of $43,580 million, based on 10 of 12 comparable companies through Mar 2026.

### Which Utilities - Renewable company is growing fastest?

Energy Vault Holdings, Inc. has the fastest current revenue growth at 100%, across 9 of 12 comparable companies.

### Which Utilities - Renewable company has the strongest 4-Factor Sector Score?

XPLR Infrastructure, LP ranks first at 61.4/100 with 56.5% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Utilities - Renewable company reports the most CAPEX?

Brookfield Renewable Partners L.P. reports the largest latest CAPEX at $1,258 million, with 12 of 12 companies comparable.

### Which Utilities - Renewable company has the least gross debt?

SOLV Energy, Inc. has the lowest comparable gross debt at $81 million. Brookfield Renewable Partners L.P. has the highest at $36,600 million.

### Which Utilities - Renewable company has the lowest comparable PEG?

Ormat Technologies, Inc. has the lowest comparable Guarded PEG at 3.94, among 1 of 12 companies that pass the metric’s comparability rules.

### How much history does this Utilities - Renewable 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 - Renewable has outperformed S&P 500 by 28.1% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 11.2%. 2 of 11 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Enlight Renewable Energy Ltd is the strongest against the sector itself at +42.6%.

13-week sector return versus NIFTY 500: -11%
52-week sector return versus NIFTY 500: 28%
Stocks leading NIFTY: 2/11
Stocks leading sector: 2/11

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

Companies: 12
Combined market value: ₹96.1K 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. XPLR Infrastructure, LP (XIFR): 61/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 20.8/35 | Capital efficiency 10.9/25 | Valuation 10.8/20 | Relative strength 18.9/20
   - Exact sum: 20.8 + 10.9 + 10.8 + 18.9 = 61.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Brookfield Renewable Partners L.P. (BEP): 50/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 14.1/35 | Capital efficiency 11.5/25 | Valuation 10.0/20 | Relative strength 14.6/20
   - Exact sum: 14.1 + 11.5 + 10 + 14.6 = 50.2
   - Decision use: Price leads the evidence: RS versus the benchmark is -1.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Enlight Renewable Energy Ltd (ENLT): 48/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 10.5/35 | Capital efficiency 13.3/25 | Valuation 9.3/20 | Relative strength 14.5/20
   - Exact sum: 10.5 + 13.3 + 9.3 + 14.5 = 47.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 38.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Brookfield Renewable Corporation (BEPC): 45/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 14.3/35 | Capital efficiency 11.8/25 | Valuation 11.5/20 | Relative strength 7.8/20
   - Exact sum: 14.3 + 11.8 + 11.5 + 7.8 = 45.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Fluence Energy, Inc. (FLNC): 45/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 21.6/35 | Capital efficiency 9.2/25 | Valuation 8.9/20 | Relative strength 4.9/20
   - Exact sum: 21.6 + 9.2 + 8.9 + 4.9 = 44.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. AXIA Energia SA (AXIA): 45/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 12.7/35 | Capital efficiency 14.1/25 | Valuation 10.4/20 | Relative strength 7.4/20
   - Exact sum: 12.7 + 14.1 + 10.4 + 7.4 = 44.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Clearway Energy, Inc. (CWEN): 45/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 19.2/35 | Capital efficiency 10.4/25 | Valuation 8.5/20 | Relative strength 6.4/20
   - Exact sum: 19.2 + 10.4 + 8.5 + 6.4 = 44.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Ormat Technologies, Inc. (ORA): 44/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 17.6/35 | Capital efficiency 15.2/25 | Valuation 4.6/20 | Relative strength 6.7/20
   - Exact sum: 17.6 + 15.2 + 4.6 + 6.7 = 44.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Energy Vault Holdings, Inc. (NRGV): 36/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 20.6/35 | Capital efficiency 3.3/25 | Valuation 10.0/20 | Relative strength 1.8/20
   - Exact sum: 20.6 + 3.3 + 10 + 1.8 = 35.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Ellomay Capital Ltd. (ELLO): 34/100 — Adverse evidence; evidence 70%
   - Growth & earnings 9.6/35 | Capital efficiency 6.0/25 | Valuation 10.0/20 | Relative strength 8.5/20
   - Exact sum: 9.6 + 6 + 10 + 8.5 = 34.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. SOLV Energy, Inc. (MWH): 47/100 — Thin evidence · provisional; evidence 29%
   - Growth & earnings 15.4/35 | Capital efficiency 11.7/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 15.4 + 11.7 + 10 + 10 = 47.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. XCF Global, Inc. (SAFX): 33/100 — Thin evidence · provisional; evidence 40%
   - Growth & earnings 14.7/35 | Capital efficiency 4.6/25 | Valuation 11.1/20 | Relative strength 3.0/20
   - Exact sum: 14.7 + 4.6 + 11.1 + 3 = 33.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: AXIA Energia SA is the scale leader at $43,580 million, 587.3% ahead of Brookfield Renewable Partners L.P.. Energy Vault Holdings, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 361.7% from a $217 million base, with 17 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: AXIA Energia SA is the scale benchmark; Energy Vault Holdings, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: AXIA Energia SA's growth falls below Energy Vault Holdings, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: AXIA Energia SA · $43,580 million | 587.3% versus #2 · Brookfield Renewable Partners L.P. | 5/8 recent comparable periods | 10/12 companies · 200 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. AXIA Energia SA (AXIA): ₹43.6K Cr
2. Brookfield Renewable Partners L.P. (BEP): ₹6.3K Cr
3. Brookfield Renewable Corporation (BEPC): ₹3.7K Cr
4. Fluence Energy, Inc. (FLNC): ₹2.6K Cr
5. Clearway Energy, Inc. (CWEN): ₹1.5K Cr

### Revenue growth — fastest growers
1. Energy Vault Holdings, Inc. (NRGV): 100%
2. Enlight Renewable Energy Ltd (ENLT): 35%
3. Ormat Technologies, Inc. (ORA): 31%
4. Fluence Energy, Inc. (FLNC): 11%
5. Brookfield Renewable Partners L.P. (BEP): 6.3%

### 20-quarter Revenue history
- AXIA: Jun 2021 ₹7.4K Cr | Sep 2021 ₹9.2K Cr | Dec 2021 ₹-521 Cr | Mar 2022 — | Jun 2022 ₹8.9K Cr | Sep 2022 ₹8.0K Cr | Dec 2022 ₹9.0K Cr | Mar 2023 ₹9.2K Cr | Jun 2023 ₹9.2K Cr | Sep 2023 ₹8.8K Cr | Dec 2023 ₹9.9K Cr | Mar 2024 ₹8.7K Cr | Jun 2024 ₹8.4K Cr | Sep 2024 ₹11.0K Cr | Dec 2024 ₹12.0K Cr | Mar 2025 ₹10.4K Cr | Jun 2025 ₹10.2K Cr | Sep 2025 ₹10.0K Cr | Dec 2025 ₹10.7K Cr | Mar 2026 ₹12.7K Cr
- BEP: Jun 2021 ₹1.0K Cr | Sep 2021 ₹966 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr
- ENLT: Jun 2021 ₹23 Cr | Sep 2021 ₹23 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹71 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹90 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹156 Cr
- BEPC: Jun 2021 ₹822 Cr | Sep 2021 ₹835 Cr | Dec 2021 ₹917 Cr | Mar 2022 ₹993 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹905 Cr | Dec 2022 ₹877 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹901 Cr | Sep 2023 ₹934 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹989 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹987 Cr | Mar 2025 ₹907 Cr | Jun 2025 ₹952 Cr | Sep 2025 ₹931 Cr | Dec 2025 ₹938 Cr | Mar 2026 ₹883 Cr
- CWEN: Jun 2021 ₹380 Cr | Sep 2021 ₹351 Cr | Dec 2021 ₹318 Cr | Mar 2022 ₹214 Cr | Jun 2022 ₹368 Cr | Sep 2022 ₹340 Cr | Dec 2022 ₹268 Cr | Mar 2023 ₹288 Cr | Jun 2023 ₹406 Cr | Sep 2023 ₹371 Cr | Dec 2023 ₹249 Cr | Mar 2024 ₹263 Cr | Jun 2024 ₹366 Cr | Sep 2024 ₹486 Cr | Dec 2024 ₹256 Cr | Mar 2025 ₹298 Cr | Jun 2025 ₹392 Cr | Sep 2025 ₹429 Cr | Dec 2025 ₹310 Cr | Mar 2026 ₹354 Cr
- ORA: Jun 2021 ₹147 Cr | Sep 2021 ₹159 Cr | Dec 2021 ₹191 Cr | Mar 2022 ₹184 Cr | Jun 2022 ₹169 Cr | Sep 2022 ₹176 Cr | Dec 2022 ₹205 Cr | Mar 2023 ₹185 Cr | Jun 2023 ₹195 Cr | Sep 2023 ₹208 Cr | Dec 2023 ₹241 Cr | Mar 2024 ₹224 Cr | Jun 2024 ₹213 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹231 Cr | Mar 2025 ₹230 Cr | Jun 2025 ₹234 Cr | Sep 2025 ₹250 Cr | Dec 2025 ₹276 Cr | Mar 2026 ₹404 Cr
- MWH: 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 ₹441 Cr | Mar 2025 ₹408 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹794 Cr | Mar 2026 ₹677 Cr
- FLNC: Jun 2021 ₹278 Cr | Sep 2021 ₹188 Cr | Dec 2021 ₹175 Cr | Mar 2022 ₹343 Cr | Jun 2022 ₹239 Cr | Sep 2022 ₹442 Cr | Dec 2022 ₹310 Cr | Mar 2023 ₹698 Cr | Jun 2023 ₹536 Cr | Sep 2023 ₹673 Cr | Dec 2023 ₹364 Cr | Mar 2024 ₹623 Cr | Jun 2024 ₹483 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹187 Cr | Mar 2025 ₹432 Cr | Jun 2025 ₹603 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹475 Cr | Mar 2026 ₹465 Cr
- XIFR: Jun 2021 ₹253 Cr | Sep 2021 ₹252 Cr | Dec 2021 — | Mar 2022 ₹281 Cr | Jun 2022 ₹362 Cr | Sep 2022 ₹302 Cr | Dec 2022 ₹204 Cr | Mar 2023 ₹245 Cr | Jun 2023 ₹293 Cr | Sep 2023 ₹306 Cr | Dec 2023 — | Mar 2024 ₹257 Cr | Jun 2024 ₹360 Cr | Sep 2024 ₹319 Cr | Dec 2024 — | Mar 2025 ₹282 Cr | Jun 2025 ₹342 Cr | Sep 2025 ₹315 Cr | Dec 2025 — | Mar 2026 ₹275 Cr
- NRGV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹43 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹100 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹22 Cr
- ELLO: Jun 2021 ₹12 Cr | Sep 2021 ₹13 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹9 Cr
- SAFX: 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 ₹7 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹0 Cr

### 20-quarter Revenue growth history
- AXIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 -13% | Dec 2022 — | Mar 2023 — | Jun 2023 4.4% | Sep 2023 9.3% | Dec 2023 10% | Mar 2024 -5.3% | Jun 2024 -9.2% | Sep 2024 26% | Dec 2024 21% | Mar 2025 19% | Jun 2025 21% | Sep 2025 -9.4% | Dec 2025 -11% | Mar 2026 22%
- BEP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 14% | Dec 2022 9.6% | Mar 2023 17% | Jun 2023 -5.4% | Sep 2023 6.7% | Dec 2023 11% | Mar 2024 12% | Jun 2024 23% | Sep 2024 25% | Dec 2024 8.2% | Mar 2025 5.9% | Jun 2025 14% | Sep 2025 8.6% | Dec 2025 7.5% | Mar 2026 -4.2%
- ENLT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 143% | Dec 2022 106% | Mar 2023 103% | Jun 2023 33% | Sep 2023 3.6% | Dec 2023 5.7% | Mar 2024 27% | Jun 2024 60% | Sep 2024 88% | Dec 2024 26% | Mar 2025 22% | Jun 2025 36% | Sep 2025 28% | Dec 2025 33% | Mar 2026 42%
- BEPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 8.4% | Dec 2022 -4.4% | Mar 2023 7.4% | Jun 2023 -10% | Sep 2023 3.2% | Dec 2023 22% | Mar 2024 5.5% | Jun 2024 9.8% | Sep 2024 11% | Dec 2024 -7.4% | Mar 2025 -19% | Jun 2025 -3.7% | Sep 2025 -11% | Dec 2025 -5.0% | Mar 2026 -2.7%
- CWEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.2% | Sep 2022 -3.1% | Dec 2022 -16% | Mar 2023 35% | Jun 2023 10% | Sep 2023 9.1% | Dec 2023 -7.1% | Mar 2024 -8.7% | Jun 2024 -9.9% | Sep 2024 31% | Dec 2024 2.8% | Mar 2025 13% | Jun 2025 7.1% | Sep 2025 -12% | Dec 2025 21% | Mar 2026 19%
- ORA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 11% | Dec 2022 7.3% | Mar 2023 0.5% | Jun 2023 15% | Sep 2023 18% | Dec 2023 18% | Mar 2024 21% | Jun 2024 9.2% | Sep 2024 1.9% | Dec 2024 -4.2% | Mar 2025 2.7% | Jun 2025 9.9% | Sep 2025 18% | Dec 2025 19% | Mar 2026 76%
- MWH: 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 80% | Mar 2026 66%
- FLNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -14% | Sep 2022 135% | Dec 2022 77% | Mar 2023 104% | Jun 2023 124% | Sep 2023 52% | Dec 2023 17% | Mar 2024 -11% | Jun 2024 -9.9% | Sep 2024 82% | Dec 2024 -49% | Mar 2025 -31% | Jun 2025 25% | Sep 2025 -15% | Dec 2025 154% | Mar 2026 7.6%
- XIFR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 20% | Dec 2022 — | Mar 2023 -13% | Jun 2023 -19% | Sep 2023 1.3% | Dec 2023 — | Mar 2024 4.9% | Jun 2024 23% | Sep 2024 4.3% | Dec 2024 — | Mar 2025 9.7% | Jun 2025 -5.0% | Sep 2025 -1.3% | Dec 2025 — | Mar 2026 -2.5%
- NRGV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -74% | Jun 2023 3,900% | Sep 2023 8,500% | Dec 2023 18% | Mar 2024 -27% | Jun 2024 -90% | Sep 2024 -99% | Dec 2024 -72% | Mar 2025 13% | Jun 2025 125% | Sep 2025 3,200% | Dec 2025 364% | Mar 2026 144%
- ELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 23% | Dec 2022 -33% | Mar 2023 0.0% | Jun 2023 -24% | Sep 2023 -6.3% | Dec 2023 0.0% | Mar 2024 -33% | Jun 2024 -15% | Sep 2024 -20% | Dec 2024 13% | Mar 2025 13% | Jun 2025 0.0% | Sep 2025 8.3% | Dec 2025 11% | Mar 2026 0.0%

## Operating Economics & Margin Trend

What the numbers say: Enlight Renewable Energy Ltd leads opm at 55.1%; Energy Vault Holdings, Inc. leads margin change at +134.2 percentage points.

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

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

Evidence: Enlight Renewable Energy Ltd · 55.1% | 209.6% versus #2 · Ormat Technologies, Inc. | 3/8 recent comparable periods | 9/12 companies · 157 observations

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

### OPM — highest
1. Enlight Renewable Energy Ltd (ENLT): 55%
2. Ormat Technologies, Inc. (ORA): 18%
3. Clearway Energy, Inc. (CWEN): 5.6%
4. SOLV Energy, Inc. (MWH): -1.1%
5. Brookfield Renewable Partners L.P. (BEP): -4.6%

### Margin change — fastest expanders
1. Energy Vault Holdings, Inc. (NRGV): +134.2 pp
2. XPLR Infrastructure, LP (XIFR): +76.4 pp
3. Clearway Energy, Inc. (CWEN): +5.6 pp
4. Fluence Energy, Inc. (FLNC): +2.0 pp
5. Ormat Technologies, Inc. (ORA): −1.6 pp

### 20-quarter OPM history
- BEP: Jun 2021 18% | Sep 2021 18% | Dec 2021 18% | Mar 2022 23% | Jun 2022 35% | Sep 2022 24% | Dec 2022 24% | Mar 2023 29% | Jun 2023 27% | Sep 2023 16% | Dec 2023 -4.9% | Mar 2024 20% | Jun 2024 18% | Sep 2024 9.3% | Dec 2024 -23% | Mar 2025 0.8% | Jun 2025 16% | Sep 2025 12% | Dec 2025 -54% | Mar 2026 -4.6%
- ENLT: Jun 2021 33% | Sep 2021 16% | Dec 2021 12% | Mar 2022 43% | Jun 2022 34% | Sep 2022 69% | Dec 2022 33% | Mar 2023 55% | Jun 2023 64% | Sep 2023 73% | Dec 2023 58% | Mar 2024 47% | Jun 2024 41% | Sep 2024 60% | Dec 2024 34% | Mar 2025 138% | Jun 2025 50% | Sep 2025 51% | Dec 2025 43% | Mar 2026 55%
- CWEN: Jun 2021 35% | Sep 2021 25% | Dec 2021 19% | Mar 2022 -25% | Jun 2022 382% | Sep 2022 31% | Dec 2022 4.5% | Mar 2023 15% | Jun 2023 37% | Sep 2023 25% | Dec 2023 -8.8% | Mar 2024 -11% | Jun 2024 23% | Sep 2024 37% | Dec 2024 -15% | Mar 2025 0.0% | Jun 2025 22% | Sep 2025 26% | Dec 2025 -12% | Mar 2026 5.6%
- ORA: Jun 2021 20% | Sep 2021 22% | Dec 2021 29% | Mar 2022 25% | Jun 2022 23% | Sep 2022 22% | Dec 2022 15% | Mar 2023 29% | Jun 2023 12% | Sep 2023 18% | Dec 2023 22% | Mar 2024 24% | Jun 2024 17% | Sep 2024 11% | Dec 2024 20% | Mar 2025 19% | Jun 2025 11% | Sep 2025 14% | Dec 2025 12% | Mar 2026 18%
- MWH: 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 5.6% | Mar 2025 2.3% | Jun 2025 — | Sep 2025 — | Dec 2025 5.7% | Mar 2026 -1.1%
- FLNC: Jun 2021 -13% | Sep 2021 -47% | Dec 2021 -63% | Mar 2022 -18% | Jun 2022 -26% | Sep 2022 -12% | Dec 2022 -16% | Mar 2023 -5.2% | Jun 2023 -7.2% | Sep 2023 1.8% | Dec 2023 -8.2% | Mar 2024 -2.5% | Jun 2024 0.9% | Sep 2024 5.5% | Dec 2024 -29% | Mar 2025 -10% | Jun 2025 0.7% | Sep 2025 4.6% | Dec 2025 -13% | Mar 2026 -8.4%
- XIFR: Jun 2021 28% | Sep 2021 25% | Dec 2021 — | Mar 2022 12% | Jun 2022 37% | Sep 2022 16% | Dec 2022 -28% | Mar 2023 -14% | Jun 2023 8.9% | Sep 2023 11% | Dec 2023 — | Mar 2024 -8.2% | Jun 2024 19% | Sep 2024 15% | Dec 2024 — | Mar 2025 -83% | Jun 2025 27% | Sep 2025 1.6% | Dec 2025 — | Mar 2026 -6.2%
- NRGV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 49% | Jun 2022 — | Sep 2022 — | Dec 2022 -26% | Mar 2023 -288% | Jun 2023 -72% | Sep 2023 -12% | Dec 2023 -21% | Mar 2024 -317% | Jun 2024 -740% | Sep 2024 — | Dec 2024 -151% | Mar 2025 -245% | Jun 2025 -331% | Sep 2025 -53% | Dec 2025 -5.1% | Mar 2026 -111%
- ELLO: Jun 2021 17% | Sep 2021 23% | Dec 2021 -2.2% | Mar 2022 -3.5% | Jun 2022 21% | Sep 2022 23% | Dec 2022 -39% | Mar 2023 -14% | Jun 2023 11% | Sep 2023 30% | Dec 2023 -55% | Mar 2024 -41% | Jun 2024 -1.8% | Sep 2024 4.6% | Dec 2024 -27% | Mar 2025 -28% | Jun 2025 -9.8% | Sep 2025 7.2% | Dec 2025 -7.0% | Mar 2026 -31%
- SAFX: 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 -523% | Sep 2025 -90% | Dec 2025 -405% | Mar 2026 —

### 20-quarter Margin change history
- BEP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +17.1 pp | Sep 2022 +5.6 pp | Dec 2022 +6.3 pp | Mar 2023 +6.2 pp | Jun 2023 −8.0 pp | Sep 2023 −8.2 pp | Dec 2023 −29.0 pp | Mar 2024 −9.3 pp | Jun 2024 −9.1 pp | Sep 2024 −6.4 pp | Dec 2024 −18.4 pp | Mar 2025 −19.2 pp | Jun 2025 −2.2 pp | Sep 2025 +2.4 pp | Dec 2025 −30.2 pp | Mar 2026 −5.4 pp
- ENLT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 +53.1 pp | Dec 2022 +20.3 pp | Mar 2023 +12.0 pp | Jun 2023 +29.3 pp | Sep 2023 +3.9 pp | Dec 2023 +25.5 pp | Mar 2024 −7.6 pp | Jun 2024 −22.5 pp | Sep 2024 −13.1 pp | Dec 2024 −23.8 pp | Mar 2025 +90.3 pp | Jun 2025 +8.4 pp | Sep 2025 −9.5 pp | Dec 2025 +8.7 pp | Mar 2026 −82.6 pp
- CWEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +347.1 pp | Sep 2022 +5.5 pp | Dec 2022 −14.1 pp | Mar 2023 +39.4 pp | Jun 2023 −345.4 pp | Sep 2023 −5.6 pp | Dec 2023 −13.3 pp | Mar 2024 −25.6 pp | Jun 2024 −13.7 pp | Sep 2024 +11.3 pp | Dec 2024 −5.7 pp | Mar 2025 +11.0 pp | Jun 2025 −1.3 pp | Sep 2025 −10.5 pp | Dec 2025 +2.6 pp | Mar 2026 +5.6 pp
- ORA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.3 pp | Sep 2022 −0.2 pp | Dec 2022 −13.6 pp | Mar 2023 +4.2 pp | Jun 2023 −10.4 pp | Sep 2023 −4.0 pp | Dec 2023 +6.9 pp | Mar 2024 −5.2 pp | Jun 2024 +4.1 pp | Sep 2024 −7.2 pp | Dec 2024 −2.4 pp | Mar 2025 −4.1 pp | Jun 2025 −5.1 pp | Sep 2025 +2.8 pp | Dec 2025 −7.2 pp | Mar 2026 −1.6 pp
- MWH: 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 +0.1 pp | Mar 2026 −3.4 pp
- FLNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −12.2 pp | Sep 2022 +34.8 pp | Dec 2022 +46.7 pp | Mar 2023 +12.6 pp | Jun 2023 +18.3 pp | Sep 2023 +13.5 pp | Dec 2023 +7.8 pp | Mar 2024 +2.7 pp | Jun 2024 +8.1 pp | Sep 2024 +3.7 pp | Dec 2024 −20.6 pp | Mar 2025 −7.9 pp | Jun 2025 −0.2 pp | Sep 2025 −0.9 pp | Dec 2025 +15.5 pp | Mar 2026 +2.0 pp
- XIFR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +9.0 pp | Sep 2022 −9.2 pp | Dec 2022 — | Mar 2023 −26.4 pp | Jun 2023 −27.8 pp | Sep 2023 −5.7 pp | Dec 2023 — | Mar 2024 +6.1 pp | Jun 2024 +9.7 pp | Sep 2024 +4.9 pp | Dec 2024 — | Mar 2025 −74.4 pp | Jun 2025 +8.3 pp | Sep 2025 −13.8 pp | Dec 2025 — | Mar 2026 +76.4 pp
- NRGV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −337.0 pp | Jun 2023 +2,177.6 pp | Sep 2023 +2,125.0 pp | Dec 2023 +5.2 pp | Mar 2024 −29.0 pp | Jun 2024 −668.2 pp | Sep 2024 −2,245.8 pp | Dec 2024 −130.1 pp | Mar 2025 +72.6 pp | Jun 2025 +409.0 pp | Sep 2025 +2,205.3 pp | Dec 2025 +145.5 pp | Mar 2026 +134.2 pp
- ELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.3 pp | Sep 2022 −0.1 pp | Dec 2022 −37.2 pp | Mar 2023 −10.2 pp | Jun 2023 −10.1 pp | Sep 2023 +6.5 pp | Dec 2023 −15.8 pp | Mar 2024 −27.7 pp | Jun 2024 −12.6 pp | Sep 2024 −24.9 pp | Dec 2024 +28.2 pp | Mar 2025 +13.0 pp | Jun 2025 −8.0 pp | Sep 2025 +2.6 pp | Dec 2025 +20.0 pp | Mar 2026 −2.7 pp

## Profit Scale & Acceleration

What the numbers say: Brookfield Renewable Partners L.P. leads with $525 million of TTM profit, 430.3% above Ormat Technologies, Inc.. Ormat Technologies, Inc. shows -10% growth from a $99 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Brookfield Renewable Partners L.P. 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: Brookfield Renewable Partners L.P. · $525 million | 430.3% versus #2 · Ormat Technologies, Inc. | 4/8 recent comparable periods | 11/12 companies · 213 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. Brookfield Renewable Partners L.P. (BEP): ₹525 Cr
2. Ormat Technologies, Inc. (ORA): ₹99 Cr
3. Enlight Renewable Energy Ltd (ENLT): ₹97 Cr
4. XCF Global, Inc. (SAFX): ₹74 Cr
5. Ellomay Capital Ltd. (ELLO): ₹-6 Cr

### Profit growth — fastest growers
1. Ormat Technologies, Inc. (ORA): -10%
2. Enlight Renewable Energy Ltd (ENLT): -32%
3. Ellomay Capital Ltd. (ELLO): -167%

### 20-quarter Net profit history
- AXIA: Jun 2021 ₹2.6K Cr | Sep 2021 ₹990 Cr | Dec 2021 ₹12.2K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹502 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-479 Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹893 Cr | Mar 2024 ₹331 Cr | Jun 2024 ₹540 Cr | Sep 2024 ₹15.8K Cr | Dec 2024 ₹9.3K Cr | Mar 2025 ₹-354 Cr | Jun 2025 ₹-1.3K Cr | Sep 2025 ₹-5.2K Cr | Dec 2025 ₹-4.4K Cr | Mar 2026 ₹2.6K Cr
- BEP: Jun 2021 ₹110 Cr | Sep 2021 ₹-154 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹-77 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹177 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹264 Cr | Mar 2024 ₹-70 Cr | Jun 2024 ₹-88 Cr | Sep 2024 ₹-39 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹-108 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹678 Cr | Mar 2026 ₹-295 Cr
- ENLT: Jun 2021 ₹5 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹38 Cr
- BEPC: Jun 2021 ₹611 Cr | Sep 2021 ₹214 Cr | Dec 2021 ₹130 Cr | Mar 2022 ₹-976 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹480 Cr | Dec 2022 ₹953 Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹291 Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹-747 Cr | Mar 2024 ₹491 Cr | Jun 2024 ₹-342 Cr | Sep 2024 ₹-674 Cr | Dec 2024 ₹761 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹-1.4K Cr | Sep 2025 ₹-233 Cr | Dec 2025 ₹-706 Cr | Mar 2026 ₹-2.2K Cr
- CWEN: Jun 2021 ₹32 Cr | Sep 2021 ₹25 Cr | Dec 2021 ₹-56 Cr | Mar 2022 ₹-97 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹-54 Cr | Mar 2023 ₹-40 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹-73 Cr | Mar 2024 ₹-46 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹-48 Cr | Mar 2025 ₹-104 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹-199 Cr | Mar 2026 ₹-68 Cr
- ORA: Jun 2021 ₹15 Cr | Sep 2021 ₹20 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹36 Cr
- MWH: 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 ₹10 Cr | Mar 2025 ₹-1 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹35 Cr | Mar 2026 ₹-27 Cr
- FLNC: Jun 2021 ₹-39 Cr | Sep 2021 ₹-87 Cr | Dec 2021 ₹-111 Cr | Mar 2022 ₹-61 Cr | Jun 2022 ₹-61 Cr | Sep 2022 ₹-52 Cr | Dec 2022 ₹-37 Cr | Mar 2023 ₹-37 Cr | Jun 2023 ₹-35 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹-26 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹-57 Cr | Mar 2025 ₹-42 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹-63 Cr | Mar 2026 ₹-29 Cr
- XIFR: Jun 2021 ₹-357 Cr | Sep 2021 ₹94 Cr | Dec 2021 ₹-87 Cr | Mar 2022 ₹-259 Cr | Jun 2022 ₹538 Cr | Sep 2022 ₹182 Cr | Dec 2022 ₹-28 Cr | Mar 2023 ₹-182 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹-106 Cr | Dec 2023 ₹-241 Cr | Mar 2024 ₹-31 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹-64 Cr | Dec 2024 ₹-409 Cr | Mar 2025 ₹-307 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹-61 Cr | Dec 2025 ₹-81 Cr | Mar 2026 ₹-48 Cr
- NRGV: Jun 2021 ₹17 Cr | Sep 2021 ₹-6 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹-29 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-31 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹-22 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹-26 Cr | Sep 2024 ₹-27 Cr | Dec 2024 ₹-62 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-35 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹-21 Cr | Mar 2026 ₹-32 Cr
- ELLO: Jun 2021 ₹-6 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹-16 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹-14 Cr | Mar 2026 ₹-13 Cr
- SAFX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-4 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹-15 Cr

### 20-quarter Profit growth history
- AXIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -81% | Sep 2022 -100% | Dec 2022 -104% | Mar 2023 -141% | Jun 2023 222% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -67% | Sep 2024 973% | Dec 2024 947% | Mar 2025 -207% | Jun 2025 -345% | Sep 2025 -133% | Dec 2025 -147% | Mar 2026 —
- BEP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 — | Dec 2022 82% | Mar 2023 436% | Jun 2023 24% | Sep 2023 — | Dec 2023 340% | Mar 2024 -140% | Jun 2024 -158% | Sep 2024 -263% | Dec 2024 -29% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 261% | Mar 2026 —
- ENLT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -120% | Sep 2022 1,800% | Dec 2022 63% | Mar 2023 267% | Jun 2023 — | Sep 2023 37% | Dec 2023 23% | Mar 2024 -27% | Jun 2024 -59% | Sep 2024 -7.7% | Dec 2024 -50% | Mar 2025 325% | Jun 2025 -33% | Sep 2025 33% | Dec 2025 163% | Mar 2026 -63%
- BEPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 71% | Sep 2022 124% | Dec 2022 633% | Mar 2023 — | Jun 2023 -72% | Sep 2023 179% | Dec 2023 -178% | Mar 2024 — | Jun 2024 -218% | Sep 2024 -150% | Dec 2024 — | Mar 2025 -99% | Jun 2025 — | Sep 2025 — | Dec 2025 -193% | Mar 2026 —
- CWEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3,491% | Sep 2022 148% | Dec 2022 — | Mar 2023 — | Jun 2023 -93% | Sep 2023 -76% | Dec 2023 — | Mar 2024 — | Jun 2024 -95% | Sep 2024 80% | Dec 2024 — | Mar 2025 — | Jun 2025 200% | Sep 2025 122% | Dec 2025 — | Mar 2026 —
- ORA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 -15% | Mar 2023 43% | Jun 2023 67% | Sep 2023 80% | Dec 2023 74% | Mar 2024 21% | Jun 2024 -4.0% | Sep 2024 -67% | Dec 2024 -2.5% | Mar 2025 -13% | Jun 2025 -17% | Sep 2025 50% | Dec 2025 -36% | Mar 2026 2.9%
- MWH: 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 250% | Mar 2026 —
- FLNC: 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 1,260% | Dec 2024 — | Mar 2025 — | Jun 2025 600% | Sep 2025 -65% | Dec 2025 — | Mar 2026 —
- XIFR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 94% | Dec 2022 — | Mar 2023 — | Jun 2023 -90% | Sep 2023 -158% | Dec 2023 — | Mar 2024 — | Jun 2024 3.6% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -45% | Sep 2025 — | Dec 2025 — | Mar 2026 —
- NRGV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -135% | Sep 2022 — | Dec 2022 -253% | 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 —
- ELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -17% | Sep 2023 50% | Dec 2023 -233% | Mar 2024 -120% | Jun 2024 -40% | Sep 2024 22% | Dec 2024 — | Mar 2025 — | Jun 2025 -267% | Sep 2025 136% | Dec 2025 — | Mar 2026 -317%

## Capacity Spending & Returns On It

What the numbers say: Brookfield Renewable Partners L.P. reports $1,258 million of CAPEX; Enlight Renewable Energy Ltd has the highest covered intensity at 390.4%. Coverage is only 12 of 12 companies and 209 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: Brookfield Renewable Partners L.P. · $1,258 million | 106.6% versus #2 · Enlight Renewable Energy Ltd | 8/8 recent comparable periods | 12/12 companies · 209 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. Brookfield Renewable Partners L.P. (BEP): ₹1.3K Cr
2. Enlight Renewable Energy Ltd (ENLT): ₹609 Cr
3. AXIA Energia SA (AXIA): ₹415 Cr
4. Brookfield Renewable Corporation (BEPC): ₹195 Cr
5. Ormat Technologies, Inc. (ORA): ₹114 Cr

### CAPEX intensity — highest reinvestment intensity
1. Enlight Renewable Energy Ltd (ENLT): 390%
2. Ellomay Capital Ltd. (ELLO): 133%
3. Brookfield Renewable Partners L.P. (BEP): 83%
4. Energy Vault Holdings, Inc. (NRGV): 32%
5. Ormat Technologies, Inc. (ORA): 28%

### 20-quarter CAPEX history
- AXIA: Jun 2021 ₹818 Cr | Sep 2021 ₹119 Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹210 Cr | Sep 2022 ₹594 Cr | Dec 2022 ₹670 Cr | Mar 2023 ₹688 Cr | Jun 2023 ₹618 Cr | Sep 2023 ₹901 Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹662 Cr | Jun 2024 ₹852 Cr | Sep 2024 ₹356 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹226 Cr | Jun 2025 ₹501 Cr | Sep 2025 ₹554 Cr | Dec 2025 ₹784 Cr | Mar 2026 ₹415 Cr
- BEP: Jun 2021 ₹244 Cr | Sep 2021 ₹298 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹362 Cr | Jun 2022 ₹449 Cr | Sep 2022 ₹417 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹572 Cr | Jun 2023 ₹365 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹840 Cr | Jun 2024 ₹820 Cr | Sep 2024 ₹918 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.3K Cr
- ENLT: Jun 2021 ₹109 Cr | Sep 2021 ₹134 Cr | Dec 2021 — | Mar 2022 ₹142 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹200 Cr | Dec 2022 ₹223 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹208 Cr | Sep 2023 ₹221 Cr | Dec 2023 — | Mar 2024 ₹200 Cr | Jun 2024 ₹262 Cr | Sep 2024 ₹217 Cr | Dec 2024 ₹220 Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹402 Cr | Sep 2025 ₹506 Cr | Dec 2025 ₹649 Cr | Mar 2026 ₹609 Cr
- BEPC: Jun 2021 ₹166 Cr | Sep 2021 ₹158 Cr | Dec 2021 ₹791 Cr | Mar 2022 ₹168 Cr | Jun 2022 ₹246 Cr | Sep 2022 ₹210 Cr | Dec 2022 ₹223 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹185 Cr | Dec 2023 ₹523 Cr | Mar 2024 ₹277 Cr | Jun 2024 ₹199 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹303 Cr | Mar 2025 ₹248 Cr | Jun 2025 ₹302 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹348 Cr | Mar 2026 ₹195 Cr
- CWEN: Jun 2021 ₹35 Cr | Sep 2021 ₹31 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹104 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹75 Cr
- ORA: Jun 2021 ₹120 Cr | Sep 2021 ₹81 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹160 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹170 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹110 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹193 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹145 Cr | Mar 2026 ₹114 Cr
- MWH: 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 ₹3 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹10 Cr
- FLNC: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹2 Cr
- XIFR: Jun 2021 ₹19 Cr | Sep 2021 ₹18 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹467 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹209 Cr | Dec 2022 ₹393 Cr | Mar 2023 ₹401 Cr | Jun 2023 ₹406 Cr | Sep 2023 ₹257 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹89 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹514 Cr | Dec 2025 ₹274 Cr | Mar 2026 ₹25 Cr
- NRGV: Jun 2021 ₹0 Cr | Sep 2021 ₹16 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹7 Cr
- ELLO: Jun 2021 ₹38 Cr | Sep 2021 ₹6 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹12 Cr
- SAFX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹3 Cr

### 20-quarter CAPEX intensity history
- AXIA: Jun 2021 11% | Sep 2021 1.3% | Dec 2021 — | Mar 2022 — | Jun 2022 2.4% | Sep 2022 7.4% | Dec 2022 7.4% | Mar 2023 7.5% | Jun 2023 6.7% | Sep 2023 10% | Dec 2023 17% | Mar 2024 7.6% | Jun 2024 10% | Sep 2024 3.2% | Dec 2024 10% | Mar 2025 2.2% | Jun 2025 4.9% | Sep 2025 5.5% | Dec 2025 7.4% | Mar 2026 3.3%
- BEP: Jun 2021 24% | Sep 2021 31% | Dec 2021 104% | Mar 2022 32% | Jun 2022 35% | Sep 2022 38% | Dec 2022 94% | Mar 2023 43% | Jun 2023 30% | Sep 2023 0.0% | Dec 2023 212% | Mar 2024 56% | Jun 2024 55% | Sep 2024 62% | Dec 2024 81% | Mar 2025 98% | Jun 2025 87% | Sep 2025 110% | Dec 2025 118% | Mar 2026 83%
- ENLT: Jun 2021 474% | Sep 2021 583% | Dec 2021 — | Mar 2022 406% | Jun 2022 263% | Sep 2022 357% | Dec 2022 319% | Mar 2023 193% | Jun 2023 393% | Sep 2023 381% | Dec 2023 — | Mar 2024 222% | Jun 2024 308% | Sep 2024 199% | Dec 2024 237% | Mar 2025 233% | Jun 2025 347% | Sep 2025 364% | Dec 2025 523% | Mar 2026 390%
- BEPC: Jun 2021 20% | Sep 2021 19% | Dec 2021 86% | Mar 2022 17% | Jun 2022 25% | Sep 2022 23% | Dec 2022 25% | Mar 2023 15% | Jun 2023 18% | Sep 2023 20% | Dec 2023 49% | Mar 2024 25% | Jun 2024 20% | Sep 2024 16% | Dec 2024 31% | Mar 2025 27% | Jun 2025 32% | Sep 2025 26% | Dec 2025 37% | Mar 2026 22%
- CWEN: Jun 2021 9.2% | Sep 2021 8.8% | Dec 2021 8.5% | Mar 2022 22% | Jun 2022 9.2% | Sep 2022 4.1% | Dec 2022 6.3% | Mar 2023 31% | Jun 2023 5.2% | Sep 2023 9.2% | Dec 2023 28% | Mar 2024 37% | Jun 2024 28% | Sep 2024 7.2% | Dec 2024 20% | Mar 2025 19% | Jun 2025 19% | Sep 2025 19% | Dec 2025 34% | Mar 2026 21%
- ORA: Jun 2021 82% | Sep 2021 51% | Dec 2021 69% | Mar 2022 75% | Jun 2022 75% | Sep 2022 82% | Dec 2022 47% | Mar 2023 58% | Jun 2023 82% | Sep 2023 88% | Dec 2023 71% | Mar 2024 46% | Jun 2024 69% | Sep 2024 52% | Dec 2024 55% | Mar 2025 84% | Jun 2025 58% | Sep 2025 59% | Dec 2025 53% | Mar 2026 28%
- MWH: 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 0.7% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.5%
- FLNC: Jun 2021 0.4% | Sep 2021 0.5% | Dec 2021 0.6% | Mar 2022 0.0% | Jun 2022 0.4% | Sep 2022 1.1% | Dec 2022 0.6% | Mar 2023 0.1% | Jun 2023 0.2% | Sep 2023 0.1% | Dec 2023 0.3% | Mar 2024 0.2% | Jun 2024 0.4% | Sep 2024 0.2% | Dec 2024 1.1% | Mar 2025 0.9% | Jun 2025 0.7% | Sep 2025 0.5% | Dec 2025 1.3% | Mar 2026 0.4%
- XIFR: Jun 2021 7.5% | Sep 2021 7.1% | Dec 2021 — | Mar 2022 166% | Jun 2022 78% | Sep 2022 69% | Dec 2022 193% | Mar 2023 164% | Jun 2023 139% | Sep 2023 84% | Dec 2023 — | Mar 2024 25% | Jun 2024 19% | Sep 2024 18% | Dec 2024 — | Mar 2025 32% | Jun 2025 24% | Sep 2025 163% | Dec 2025 — | Mar 2026 9.1%
- NRGV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 2.0% | Mar 2023 109% | Jun 2023 18% | Sep 2023 4.7% | Dec 2023 2.5% | Mar 2024 113% | Jun 2024 300% | Sep 2024 2,700% | Dec 2024 33% | Mar 2025 78% | Jun 2025 89% | Sep 2025 46% | Dec 2025 6.5% | Mar 2026 32%
- ELLO: Jun 2021 317% | Sep 2021 46% | Dec 2021 108% | Mar 2022 150% | Jun 2022 29% | Sep 2022 106% | Dec 2022 125% | Mar 2023 108% | Jun 2023 108% | Sep 2023 160% | Dec 2023 125% | Mar 2024 113% | Jun 2024 109% | Sep 2024 258% | Dec 2024 267% | Mar 2025 211% | Jun 2025 173% | Sep 2025 185% | Dec 2025 390% | Mar 2026 133%
- SAFX: 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 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: SOLV Energy, Inc. has the clearest covered balance-sheet capacity with $304 million net cash and gross debt of $81 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: SOLV Energy, Inc. · $81 million | 52.9% versus #2 · Energy Vault Holdings, Inc. | 1/5 recent comparable periods | 11/12 companies · 195 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. SOLV Energy, Inc. (MWH): ₹81 Cr
2. Energy Vault Holdings, Inc. (NRGV): ₹172 Cr
3. XCF Global, Inc. (SAFX): ₹255 Cr
4. Fluence Energy, Inc. (FLNC): ₹392 Cr
5. Ellomay Capital Ltd. (ELLO): ₹680 Cr

### Net debt — lowest net debt
1. SOLV Energy, Inc. (MWH): ₹-304 Cr
2. Fluence Energy, Inc. (FLNC): ₹-21 Cr
3. Energy Vault Holdings, Inc. (NRGV): ₹117 Cr
4. XCF Global, Inc. (SAFX): ₹254 Cr
5. Ellomay Capital Ltd. (ELLO): ₹596 Cr

### 20-quarter Gross debt history
- BEP: Jun 2021 ₹15.1K Cr | Sep 2021 ₹20.3K Cr | Dec 2021 ₹21.5K Cr | Mar 2022 ₹18.0K Cr | Jun 2022 ₹18.1K Cr | Sep 2022 ₹17.9K Cr | Dec 2022 ₹24.9K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹24.4K Cr | Sep 2023 ₹16.0K Cr | Dec 2023 ₹29.7K Cr | Mar 2024 ₹29.1K Cr | Jun 2024 ₹29.8K Cr | Sep 2024 ₹29.5K Cr | Dec 2024 ₹34.4K Cr | Mar 2025 ₹24.7K Cr | Jun 2025 ₹37.8K Cr | Sep 2025 ₹34.9K Cr | Dec 2025 ₹34.9K Cr | Mar 2026 ₹36.6K Cr
- ENLT: Jun 2021 ₹1.4K Cr | Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.6K Cr
- BEPC: Jun 2021 ₹12.9K Cr | Sep 2021 ₹13.1K Cr | Dec 2021 ₹13.9K Cr | Mar 2022 ₹13.8K Cr | Jun 2022 ₹14.0K Cr | Sep 2022 ₹13.6K Cr | Dec 2022 ₹14.1K Cr | Mar 2023 ₹14.0K Cr | Jun 2023 ₹13.8K Cr | Sep 2023 ₹13.8K Cr | Dec 2023 ₹16.6K Cr | Mar 2024 ₹14.5K Cr | Jun 2024 ₹14.2K Cr | Sep 2024 ₹13.8K Cr | Dec 2024 ₹14.1K Cr | Mar 2025 ₹14.1K Cr | Jun 2025 ₹14.4K Cr | Sep 2025 ₹14.7K Cr | Dec 2025 ₹15.6K Cr | Mar 2026 ₹15.0K Cr
- CWEN: Jun 2021 ₹8.3K Cr | Sep 2021 ₹8.2K Cr | Dec 2021 ₹8.3K Cr | Mar 2022 ₹8.3K Cr | Jun 2022 ₹7.6K Cr | Sep 2022 ₹7.6K Cr | Dec 2022 ₹7.4K Cr | Mar 2023 ₹7.7K Cr | Jun 2023 ₹7.6K Cr | Sep 2023 ₹8.1K Cr | Dec 2023 ₹8.7K Cr | Mar 2024 ₹8.8K Cr | Jun 2024 ₹7.8K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹7.7K Cr | Mar 2025 ₹8.2K Cr | Jun 2025 ₹9.3K Cr | Sep 2025 ₹9.2K Cr | Dec 2025 ₹9.4K Cr | Mar 2026 ₹9.9K Cr
- ORA: Jun 2021 ₹1.4K Cr | Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹3.2K Cr
- MWH: 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 ₹422 Cr | Dec 2024 ₹422 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹472 Cr | Dec 2025 ₹472 Cr | Mar 2026 ₹81 Cr
- FLNC: Jun 2021 ₹0 Cr | Sep 2021 ₹100 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹422 Cr | Mar 2025 ₹390 Cr | Jun 2025 ₹390 Cr | Sep 2025 ₹391 Cr | Dec 2025 ₹391 Cr | Mar 2026 ₹392 Cr
- XIFR: Jun 2021 — | Sep 2021 ₹5.3K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹6.5K Cr | Sep 2023 ₹6.5K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹6.3K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹6.2K Cr | Mar 2026 ₹6.3K Cr
- NRGV: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹172 Cr
- ELLO: Jun 2021 ₹336 Cr | Sep 2021 ₹331 Cr | Dec 2021 ₹376 Cr | Mar 2022 ₹446 Cr | Jun 2022 ₹397 Cr | Sep 2022 ₹404 Cr | Dec 2022 ₹407 Cr | Mar 2023 ₹459 Cr | Jun 2023 ₹451 Cr | Sep 2023 ₹452 Cr | Dec 2023 ₹446 Cr | Mar 2024 ₹487 Cr | Jun 2024 ₹468 Cr | Sep 2024 ₹483 Cr | Dec 2024 ₹521 Cr | Mar 2025 ₹566 Cr | Jun 2025 ₹557 Cr | Sep 2025 ₹547 Cr | Dec 2025 ₹637 Cr | Mar 2026 ₹680 Cr
- SAFX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹245 Cr | Dec 2023 ₹245 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹245 Cr | Dec 2024 ₹245 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹255 Cr | Sep 2025 ₹267 Cr | Dec 2025 ₹255 Cr | Mar 2026 ₹255 Cr

### 20-quarter Net debt history
- BEP: Jun 2021 ₹14.4K Cr | Sep 2021 ₹19.4K Cr | Dec 2021 ₹20.5K Cr | Mar 2022 ₹17.2K Cr | Jun 2022 ₹17.2K Cr | Sep 2022 ₹17.0K Cr | Dec 2022 ₹23.7K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹23.1K Cr | Sep 2023 ₹15.1K Cr | Dec 2023 ₹28.3K Cr | Mar 2024 ₹27.4K Cr | Jun 2024 ₹28.2K Cr | Sep 2024 ₹27.9K Cr | Dec 2024 ₹31.0K Cr | Mar 2025 ₹23.1K Cr | Jun 2025 ₹35.5K Cr | Sep 2025 ₹32.6K Cr | Dec 2025 ₹32.6K Cr | Mar 2026 ₹34.1K Cr
- ENLT: Jun 2021 ₹1.0K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹4.4K Cr
- BEPC: Jun 2021 ₹12.5K Cr | Sep 2021 ₹12.7K Cr | Dec 2021 ₹13.4K Cr | Mar 2022 ₹13.2K Cr | Jun 2022 ₹13.4K Cr | Sep 2022 ₹13.0K Cr | Dec 2022 ₹13.4K Cr | Mar 2023 ₹13.3K Cr | Jun 2023 ₹13.2K Cr | Sep 2023 ₹13.3K Cr | Dec 2023 ₹15.9K Cr | Mar 2024 ₹13.9K Cr | Jun 2024 ₹13.6K Cr | Sep 2024 ₹13.2K Cr | Dec 2024 ₹13.5K Cr | Mar 2025 ₹13.5K Cr | Jun 2025 ₹13.8K Cr | Sep 2025 ₹14.1K Cr | Dec 2025 ₹14.9K Cr | Mar 2026 ₹14.4K Cr
- CWEN: Jun 2021 ₹7.8K Cr | Sep 2021 ₹7.7K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 ₹7.8K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹6.4K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹6.7K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹7.6K Cr | Mar 2024 ₹7.8K Cr | Jun 2024 ₹7.3K Cr | Sep 2024 ₹7.0K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 ₹7.5K Cr | Jun 2025 ₹8.6K Cr | Sep 2025 ₹8.6K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 ₹9.3K Cr
- ORA: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr
- MWH: 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 ₹214 Cr | Dec 2024 ₹214 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹77 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹-304 Cr
- FLNC: Jun 2021 ₹-58 Cr | Sep 2021 ₹62 Cr | Dec 2021 ₹-632 Cr | Mar 2022 ₹-723 Cr | Jun 2022 ₹-752 Cr | Sep 2022 ₹-530 Cr | Dec 2022 ₹-429 Cr | Mar 2023 ₹-348 Cr | Jun 2023 ₹-353 Cr | Sep 2023 ₹-402 Cr | Dec 2023 ₹-401 Cr | Mar 2024 ₹-465 Cr | Jun 2024 ₹-436 Cr | Sep 2024 ₹-464 Cr | Dec 2024 ₹-210 Cr | Mar 2025 ₹-197 Cr | Jun 2025 ₹-70 Cr | Sep 2025 ₹-323 Cr | Dec 2025 ₹366 Cr | Mar 2026 ₹-21 Cr
- XIFR: Jun 2021 — | Sep 2021 ₹5.2K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.8K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹5.4K Cr
- NRGV: Jun 2021 ₹-1 Cr | Sep 2021 ₹-1 Cr | Dec 2021 ₹-104 Cr | Mar 2022 ₹-303 Cr | Jun 2022 ₹-298 Cr | Sep 2022 ₹-249 Cr | Dec 2022 ₹-202 Cr | Mar 2023 ₹-114 Cr | Jun 2023 ₹-106 Cr | Sep 2023 ₹-73 Cr | Dec 2023 ₹-113 Cr | Mar 2024 ₹-136 Cr | Jun 2024 ₹-107 Cr | Sep 2024 ₹-51 Cr | Dec 2024 ₹-27 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹117 Cr
- ELLO: Jun 2021 ₹269 Cr | Sep 2021 ₹273 Cr | Dec 2021 ₹304 Cr | Mar 2022 ₹325 Cr | Jun 2022 ₹335 Cr | Sep 2022 ₹354 Cr | Dec 2022 ₹358 Cr | Mar 2023 ₹368 Cr | Jun 2023 ₹376 Cr | Sep 2023 ₹389 Cr | Dec 2023 ₹394 Cr | Mar 2024 ₹403 Cr | Jun 2024 ₹409 Cr | Sep 2024 ₹432 Cr | Dec 2024 ₹480 Cr | Mar 2025 ₹495 Cr | Jun 2025 ₹510 Cr | Sep 2025 ₹498 Cr | Dec 2025 ₹549 Cr | Mar 2026 ₹596 Cr
- SAFX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹245 Cr | Dec 2023 ₹245 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹245 Cr | Dec 2024 ₹245 Cr | Mar 2025 — | Jun 2025 ₹255 Cr | Sep 2025 ₹266 Cr | Dec 2025 ₹255 Cr | Mar 2026 ₹254 Cr

## Return On Capital Employed

What the numbers say: AXIA Energia SA leads ROCE at 3.5%, 0.7 percentage points above Brookfield Renewable Corporation. Fluence Energy, Inc. has the strongest latest improvement at +1.8 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: AXIA Energia SA 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: AXIA Energia SA · 3.5% | 25% versus #2 · Brookfield Renewable Corporation | 4/8 recent comparable periods | 12/12 companies · 206 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. AXIA Energia SA (AXIA): 3.5%
2. Brookfield Renewable Corporation (BEPC): 2.8%
3. Enlight Renewable Energy Ltd (ENLT): 1.3%
4. Ormat Technologies, Inc. (ORA): 1.3%
5. Clearway Energy, Inc. (CWEN): 0.1%

### ROCE change — fastest improvers
1. Fluence Energy, Inc. (FLNC): +1.8 pp
2. XPLR Infrastructure, LP (XIFR): +1.0 pp
3. Ormat Technologies, Inc. (ORA): +0.4 pp
4. Clearway Energy, Inc. (CWEN): +0.1 pp
5. Brookfield Renewable Corporation (BEPC): 0.0 pp

### 20-quarter ROCE history
- AXIA: Jun 2021 — | Sep 2021 12% | Dec 2021 12% | Mar 2022 12% | Jun 2022 10% | Sep 2022 4.8% | Dec 2022 3.4% | Mar 2023 3.8% | Jun 2023 — | Sep 2023 2.5% | Dec 2023 3.1% | Mar 2024 2.7% | Jun 2024 3.6% | Sep 2024 6.6% | Dec 2024 5.3% | Mar 2025 5.3% | Jun 2025 4.5% | Sep 2025 -1.0% | Dec 2025 2.4% | Mar 2026 3.5%
- BEP: Jun 2021 — | Sep 2021 0.5% | Dec 2021 0.4% | Mar 2022 0.6% | Jun 2022 1.1% | Sep 2022 0.6% | Dec 2022 0.5% | Mar 2023 0.8% | Jun 2023 0.6% | Sep 2023 0.4% | Dec 2023 -0.1% | Mar 2024 0.5% | Jun 2024 0.4% | Sep 2024 0.2% | Dec 2024 -0.5% | Mar 2025 0.0% | Jun 2025 0.4% | Sep 2025 0.3% | Dec 2025 -1.0% | Mar 2026 -0.1%
- ENLT: Jun 2021 — | Sep 2021 0.2% | Dec 2021 0.2% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 1.5% | Dec 2022 0.8% | Mar 2023 1.2% | Jun 2023 1.1% | Sep 2023 1.3% | Dec 2023 1.2% | Mar 2024 1.1% | Jun 2024 0.9% | Sep 2024 1.6% | Dec 2024 0.7% | Mar 2025 3.2% | Jun 2025 1.2% | Sep 2025 1.3% | Dec 2025 0.9% | Mar 2026 1.3%
- BEPC: Jun 2021 2.8% | Sep 2021 3.2% | Dec 2021 2.9% | Mar 2022 3.5% | Jun 2022 3.8% | Sep 2022 4.0% | Dec 2022 3.5% | Mar 2023 3.8% | Jun 2023 3.2% | Sep 2023 2.9% | Dec 2023 2.6% | Mar 2024 2.5% | Jun 2024 2.6% | Sep 2024 3.0% | Dec 2024 3.1% | Mar 2025 2.8% | Jun 2025 3.0% | Sep 2025 2.8% | Dec 2025 2.9% | Mar 2026 2.8%
- CWEN: Jun 2021 — | Sep 2021 0.9% | Dec 2021 0.6% | Mar 2022 -0.5% | Jun 2022 12% | Sep 2022 0.9% | Dec 2022 0.1% | Mar 2023 0.4% | Jun 2023 1.2% | Sep 2023 0.8% | Dec 2023 -0.2% | Mar 2024 -0.2% | Jun 2024 0.7% | Sep 2024 1.4% | Dec 2024 -0.3% | Mar 2025 0.0% | Jun 2025 0.6% | Sep 2025 0.8% | Dec 2025 -0.3% | Mar 2026 0.1%
- ORA: Jun 2021 — | Sep 2021 1.0% | Dec 2021 1.5% | Mar 2022 1.2% | Jun 2022 1.0% | Sep 2022 1.0% | Dec 2022 0.8% | Mar 2023 1.3% | Jun 2023 0.5% | Sep 2023 0.9% | Dec 2023 1.2% | Mar 2024 1.1% | Jun 2024 0.7% | Sep 2024 0.5% | Dec 2024 0.9% | Mar 2025 0.9% | Jun 2025 0.5% | Sep 2025 0.7% | Dec 2025 0.6% | Mar 2026 1.3%
- MWH: 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 6.1% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 5.2% | Mar 2026 -1.3%
- FLNC: Jun 2021 — | Sep 2021 258% | Dec 2021 -28% | Mar 2022 -17% | Jun 2022 -17% | Sep 2022 -18% | Dec 2022 -7.1% | Mar 2023 -5.5% | Jun 2023 -6.0% | Sep 2023 2.0% | Dec 2023 -5.0% | Mar 2024 -2.7% | Jun 2024 0.8% | Sep 2024 11% | Dec 2024 -7.1% | Mar 2025 -6.1% | Jun 2025 0.5% | Sep 2025 5.8% | Dec 2025 -6.7% | Mar 2026 -4.3%
- XIFR: Jun 2021 — | Sep 2021 0.4% | Dec 2021 0.3% | Mar 2022 0.4% | Jun 2022 1.5% | Sep 2022 0.3% | Dec 2022 -0.3% | Mar 2023 -0.2% | Jun 2023 0.1% | Sep 2023 0.2% | Dec 2023 -0.2% | Mar 2024 -0.1% | Jun 2024 0.3% | Sep 2024 0.2% | Dec 2024 -2.8% | Mar 2025 -1.1% | Jun 2025 0.5% | Sep 2025 0.0% | Dec 2025 -0.3% | Mar 2026 -0.1%
- NRGV: Jun 2021 — | Sep 2021 -1.9% | Dec 2021 -11% | Mar 2022 6.6% | Jun 2022 -7.0% | Sep 2022 -12% | Dec 2022 -13% | Mar 2023 -11% | Jun 2023 -9.6% | Sep 2023 -7.8% | Dec 2023 -9.3% | Mar 2024 -10% | Jun 2024 -12% | Sep 2024 -13% | Dec 2024 -28% | Mar 2025 -12% | Jun 2025 -19% | Sep 2025 -12% | Dec 2025 -5.6% | Mar 2026 -14%
- ELLO: Jun 2021 — | Sep 2021 0.8% | Dec 2021 -0.1% | Mar 2022 -0.1% | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 -0.8% | Mar 2023 -0.3% | Jun 2023 0.3% | Sep 2023 0.9% | Dec 2023 -0.9% | Mar 2024 -0.6% | Jun 2024 0.0% | Sep 2024 0.1% | Dec 2024 -0.4% | Mar 2025 -0.4% | Jun 2025 -0.2% | Sep 2025 0.1% | Dec 2025 -0.1% | Mar 2026 -0.4%
- SAFX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -1.6% | Dec 2024 -4.7% | Mar 2025 920% | Jun 2025 -48% | Sep 2025 -5.5% | Dec 2025 -11% | Mar 2026 -13%

### 20-quarter ROCE change history
- AXIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.0 pp | Dec 2022 −8.7 pp | Mar 2023 −7.8 pp | Jun 2023 — | Sep 2023 −2.3 pp | Dec 2023 −0.3 pp | Mar 2024 −1.1 pp | Jun 2024 — | Sep 2024 +4.1 pp | Dec 2024 +2.2 pp | Mar 2025 +2.6 pp | Jun 2025 +0.9 pp | Sep 2025 −7.6 pp | Dec 2025 −2.9 pp | Mar 2026 −1.8 pp
- BEP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.1 pp | Mar 2023 +0.2 pp | Jun 2023 −0.5 pp | Sep 2023 −0.2 pp | Dec 2023 −0.6 pp | Mar 2024 −0.3 pp | Jun 2024 −0.2 pp | Sep 2024 −0.2 pp | Dec 2024 −0.4 pp | Mar 2025 −0.5 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 −0.5 pp | Mar 2026 −0.1 pp
- ENLT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +0.6 pp | Mar 2023 +0.6 pp | Jun 2023 +0.5 pp | Sep 2023 −0.2 pp | Dec 2023 +0.4 pp | Mar 2024 −0.1 pp | Jun 2024 −0.2 pp | Sep 2024 +0.3 pp | Dec 2024 −0.5 pp | Mar 2025 +2.1 pp | Jun 2025 +0.3 pp | Sep 2025 −0.3 pp | Dec 2025 +0.2 pp | Mar 2026 −1.9 pp
- BEPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.0 pp | Sep 2022 +0.8 pp | Dec 2022 +0.6 pp | Mar 2023 +0.3 pp | Jun 2023 −0.6 pp | Sep 2023 −1.1 pp | Dec 2023 −0.9 pp | Mar 2024 −1.3 pp | Jun 2024 −0.6 pp | Sep 2024 +0.1 pp | Dec 2024 +0.5 pp | Mar 2025 +0.3 pp | Jun 2025 +0.4 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 0.0 pp
- CWEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.5 pp | Mar 2023 +0.9 pp | Jun 2023 −11.0 pp | Sep 2023 −0.1 pp | Dec 2023 −0.3 pp | Mar 2024 −0.6 pp | Jun 2024 −0.5 pp | Sep 2024 +0.6 pp | Dec 2024 −0.1 pp | Mar 2025 +0.2 pp | Jun 2025 −0.1 pp | Sep 2025 −0.6 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp
- ORA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.7 pp | Mar 2023 +0.1 pp | Jun 2023 −0.5 pp | Sep 2023 −0.1 pp | Dec 2023 +0.4 pp | Mar 2024 −0.2 pp | Jun 2024 +0.2 pp | Sep 2024 −0.4 pp | Dec 2024 −0.3 pp | Mar 2025 −0.2 pp | Jun 2025 −0.2 pp | Sep 2025 +0.2 pp | Dec 2025 −0.3 pp | Mar 2026 +0.4 pp
- MWH: 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 −0.9 pp | Mar 2026 —
- FLNC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −275.3 pp | Dec 2022 +21.0 pp | Mar 2023 +11.3 pp | Jun 2023 +10.6 pp | Sep 2023 +19.8 pp | Dec 2023 +2.1 pp | Mar 2024 +2.8 pp | Jun 2024 +6.8 pp | Sep 2024 +8.6 pp | Dec 2024 −2.1 pp | Mar 2025 −3.4 pp | Jun 2025 −0.3 pp | Sep 2025 −4.8 pp | Dec 2025 +0.4 pp | Mar 2026 +1.8 pp
- XIFR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.6 pp | Mar 2023 −0.6 pp | Jun 2023 −1.4 pp | Sep 2023 −0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 0.0 pp | Dec 2024 −2.6 pp | Mar 2025 −1.0 pp | Jun 2025 +0.2 pp | Sep 2025 −0.2 pp | Dec 2025 +2.5 pp | Mar 2026 +1.0 pp
- NRGV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.3 pp | Dec 2022 −1.7 pp | Mar 2023 −17.3 pp | Jun 2023 −2.6 pp | Sep 2023 +4.4 pp | Dec 2023 +3.3 pp | Mar 2024 +0.5 pp | Jun 2024 −2.8 pp | Sep 2024 −5.0 pp | Dec 2024 −18.9 pp | Mar 2025 −1.8 pp | Jun 2025 −6.1 pp | Sep 2025 +1.1 pp | Dec 2025 +22.6 pp | Mar 2026 −1.6 pp
- ELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.7 pp | Mar 2023 −0.2 pp | Jun 2023 −0.5 pp | Sep 2023 +0.1 pp | Dec 2023 −0.1 pp | Mar 2024 −0.3 pp | Jun 2024 −0.3 pp | Sep 2024 −0.8 pp | Dec 2024 +0.5 pp | Mar 2025 +0.2 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 +0.3 pp | Mar 2026 0.0 pp
- SAFX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −1.6 pp | Dec 2024 −4.7 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −3.9 pp | Dec 2025 −6.4 pp | Mar 2026 −933.3 pp

## Valuation Against Growth & Quality

What the numbers say: Ormat Technologies, Inc. has the lowest comparable Guarded PEG at 3.94×. Only 1 of 12 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: Ormat Technologies, Inc. · 3.94× | Not enough peers | 0/8 recent comparable periods | 1/12 companies · 10 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. Ormat Technologies, Inc. (ORA): 3.9

### P/E — lowest P/E
1. Brookfield Renewable Corporation (BEPC): -37.9
2. XCF Global, Inc. (SAFX): 0.7
3. XPLR Infrastructure, LP (XIFR): 9.7
4. AXIA Energia SA (AXIA): 17.6
5. Ellomay Capital Ltd. (ELLO): 43.9

### 20-quarter Guarded PEG history
- AXIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.7 | Jun 2024 0.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- BEPC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- CWEN: 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 5.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ORA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.8 | Jun 2023 1.4 | Sep 2023 0.7 | Dec 2023 — | Mar 2024 — | Jun 2024 0.8 | Sep 2024 5.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.9 | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- AXIA: Jun 2021 — | Sep 2021 13.6 | Dec 2021 16.8 | Mar 2022 14.1 | Jun 2022 18.1 | Sep 2022 — | Dec 2022 — | Mar 2023 54.8 | Jun 2023 — | Sep 2023 55.7 | Dec 2023 32.1 | Mar 2024 33.3 | Jun 2024 17.8 | Sep 2024 8.7 | Dec 2024 7.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 22.0 | Mar 2026 17.6
- ENLT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 42.3 | Jun 2023 34.5 | Sep 2023 31.4 | Dec 2023 33.6 | Mar 2024 42.3 | Jun 2024 47.5 | Sep 2024 51.2 | Dec 2024 47.9 | Mar 2025 16.7 | Jun 2025 24.7 | Sep 2025 32.5 | Dec 2025 45.5 | Mar 2026 158.7
- BEPC: Jun 2021 -6.9 | Sep 2021 -20.1 | Dec 2021 14.1 | Mar 2022 — | Jun 2022 31.1 | Sep 2022 17.5 | Dec 2022 6.6 | Mar 2023 — | Jun 2023 17.7 | Sep 2023 5.8 | Dec 2023 — | Mar 2024 6.7 | Jun 2024 — | Sep 2024 — | Dec 2024 17.0 | Mar 2025 -37.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- CWEN: Jun 2021 — | Sep 2021 100.9 | Dec 2021 81.9 | Mar 2022 280.9 | Jun 2022 7.4 | Sep 2022 6.6 | Dec 2022 6.4 | Mar 2023 5.9 | Jun 2023 40.2 | Sep 2023 46.0 | Dec 2023 40.9 | Mar 2024 35.5 | Jun 2024 32.9 | Sep 2024 29.8 | Dec 2024 34.7 | Mar 2025 40.4 | Jun 2025 53.3 | Sep 2025 12.3 | Dec 2025 23.3 | Mar 2026 982.3
- ORA: Jun 2021 — | Sep 2021 57.9 | Dec 2021 72.1 | Mar 2022 70.5 | Jun 2022 69.3 | Sep 2022 72.4 | Dec 2022 73.9 | Mar 2023 62.8 | Jun 2023 51.9 | Sep 2023 38.4 | Dec 2023 36.4 | Mar 2024 29.8 | Jun 2024 32.7 | Sep 2024 39.3 | Dec 2024 33.2 | Mar 2025 34.4 | Jun 2025 39.0 | Sep 2025 44.2 | Dec 2025 54.7 | Mar 2026 54.3
- FLNC: 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 174.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- XIFR: 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 9.7
- ELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 16.7 | Jun 2023 25.8 | Sep 2023 13.8 | Dec 2023 79.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 43.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SAFX: 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 1.7 | Sep 2025 2.5 | Dec 2025 0.5 | Mar 2026 0.7

## Enterprise Value & Book Value

What the numbers say: AXIA Energia SA leads ev/ebitda at 16.7×; XPLR Infrastructure, LP leads p/bv at 0.31×.

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: AXIA Energia SA · 16.7× | 10.7% versus #2 · Brookfield Renewable Corporation | 0/8 recent comparable periods | 9/12 companies · 129 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. AXIA Energia SA (AXIA): 16.7
2. Brookfield Renewable Corporation (BEPC): 18.7
3. Ormat Technologies, Inc. (ORA): 20.2
4. XPLR Infrastructure, LP (XIFR): 20.4
5. Clearway Energy, Inc. (CWEN): 24.0

### P/BV — lowest P/BV
1. XPLR Infrastructure, LP (XIFR): 0.3
2. AXIA Energia SA (AXIA): 1.4
3. Brookfield Renewable Partners L.P. (BEP): 1.8
4. Brookfield Renewable Corporation (BEPC): 1.9
5. Ellomay Capital Ltd. (ELLO): 2.2

### 20-quarter EV/EBITDA history
- AXIA: Jun 2021 — | Sep 2021 4.4 | Dec 2021 4.0 | Mar 2022 4.5 | Jun 2022 5.3 | Sep 2022 8.6 | Dec 2022 12.8 | Mar 2023 9.6 | Jun 2023 — | Sep 2023 14.5 | Dec 2023 14.4 | Mar 2024 15.8 | Jun 2024 10.4 | Sep 2024 7.0 | Dec 2024 — | Mar 2025 8.1 | Jun 2025 9.2 | Sep 2025 — | Dec 2025 18.6 | Mar 2026 16.7
- BEP: Jun 2021 — | Sep 2021 25.9 | Dec 2021 21.7 | Mar 2022 18.1 | Jun 2022 15.2 | Sep 2022 14.3 | Dec 2022 17.2 | Mar 2023 9.8 | Jun 2023 16.9 | Sep 2023 13.5 | Dec 2023 21.6 | Mar 2024 16.1 | Jun 2024 15.8 | Sep 2024 14.2 | Dec 2024 28.0 | Mar 2025 21.9 | Jun 2025 30.4 | Sep 2025 27.9 | Dec 2025 33.0 | Mar 2026 38.8
- ENLT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 24.8 | Jun 2023 23.6 | Sep 2023 20.9 | Dec 2023 17.8 | Mar 2024 24.2 | Jun 2024 26.5 | Sep 2024 27.9 | Dec 2024 17.9 | Mar 2025 12.8 | Jun 2025 15.1 | Sep 2025 17.2 | Dec 2025 22.6 | Mar 2026 31.7
- BEPC: Jun 2021 19.3 | Sep 2021 18.1 | Dec 2021 17.1 | Mar 2022 17.7 | Jun 2022 15.4 | Sep 2022 14.5 | Dec 2022 13.4 | Mar 2023 14.8 | Jun 2023 14.9 | Sep 2023 14.1 | Dec 2023 14.5 | Mar 2024 15.8 | Jun 2024 14.9 | Sep 2024 14.7 | Dec 2024 11.7 | Mar 2025 15.5 | Jun 2025 16.3 | Sep 2025 17.0 | Dec 2025 17.8 | Mar 2026 18.7
- CWEN: Jun 2021 — | Sep 2021 16.5 | Dec 2021 17.1 | Mar 2022 18.4 | Jun 2022 6.1 | Sep 2022 5.9 | Dec 2022 6.0 | Mar 2023 6.0 | Jun 2023 14.6 | Sep 2023 14.2 | Dec 2023 17.4 | Mar 2024 18.2 | Jun 2024 19.5 | Sep 2024 17.3 | Dec 2024 16.5 | Mar 2025 16.9 | Jun 2025 18.4 | Sep 2025 19.1 | Dec 2025 19.7 | Mar 2026 24.0
- ORA: Jun 2021 — | Sep 2021 15.1 | Dec 2021 16.8 | Mar 2022 17.2 | Jun 2022 16.2 | Sep 2022 17.4 | Dec 2022 18.8 | Mar 2023 16.6 | Jun 2023 16.6 | Sep 2023 16.3 | Dec 2023 16.2 | Mar 2024 15.0 | Jun 2024 15.2 | Sep 2024 16.0 | Dec 2024 15.1 | Mar 2025 15.7 | Jun 2025 18.1 | Sep 2025 19.1 | Dec 2025 21.4 | Mar 2026 20.2
- FLNC: 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 63.5 | Dec 2024 104.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- XIFR: 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 30.1 | Mar 2026 20.4
- ELLO: Jun 2021 — | Sep 2021 38.2 | Dec 2021 31.5 | Mar 2022 29.8 | Jun 2022 27.1 | Sep 2022 26.1 | Dec 2022 26.9 | Mar 2023 27.7 | Jun 2023 36.6 | Sep 2023 33.7 | Dec 2023 27.5 | Mar 2024 42.0 | Jun 2024 43.1 | Sep 2024 64.3 | Dec 2024 27.6 | Mar 2025 60.2 | Jun 2025 68.7 | Sep 2025 64.6 | Dec 2025 24.6 | Mar 2026 75.2

### 20-quarter P/BV history
- AXIA: Jun 2021 0.9 | Sep 2021 0.8 | Dec 2021 0.7 | Mar 2022 0.8 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.7 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.4
- BEP: Jun 2021 — | Sep 2021 2.7 | Dec 2021 2.1 | Mar 2022 3.4 | Jun 2022 2.7 | Sep 2022 2.8 | Dec 2022 1.5 | Mar 2023 1.9 | Jun 2023 1.7 | Sep 2023 1.8 | Dec 2023 1.7 | Mar 2024 1.8 | Jun 2024 1.8 | Sep 2024 2.1 | Dec 2024 1.6 | Mar 2025 2.6 | Jun 2025 11.4 | Sep 2025 1.6 | Dec 2025 1.8 | Mar 2026 1.8
- ENLT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 1.4 | Dec 2023 1.9 | Mar 2024 1.7 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.7 | Mar 2025 1.5 | Jun 2025 2.0 | Sep 2025 2.2 | Dec 2025 3.6 | Mar 2026 4.3
- BEPC: Jun 2021 1.3 | Sep 2021 1.3 | Dec 2021 0.9 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 0.9 | Dec 2022 0.6 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 0.5 | Dec 2023 0.6 | Mar 2024 0.6 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.3 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 1.4 | Mar 2026 1.9
- CWEN: Jun 2021 — | Sep 2021 2.0 | Dec 2021 2.3 | Mar 2022 2.4 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.2 | Dec 2023 1.5 | Mar 2024 1.3 | Jun 2024 1.4 | Sep 2024 1.7 | Dec 2024 1.5 | Mar 2025 1.8 | Jun 2025 2.0 | Sep 2025 1.6 | Dec 2025 2.1 | Mar 2026 4.6
- ORA: Jun 2021 — | Sep 2021 2.0 | Dec 2021 2.4 | Mar 2022 2.5 | Jun 2022 2.4 | Sep 2022 2.6 | Dec 2022 2.6 | Mar 2023 2.3 | Jun 2023 2.2 | Sep 2023 1.9 | Dec 2023 2.0 | Mar 2024 1.7 | Jun 2024 1.8 | Sep 2024 2.0 | Dec 2024 1.7 | Mar 2025 1.7 | Jun 2025 2.0 | Sep 2025 2.3 | Dec 2025 2.6 | Mar 2026 2.7
- MWH: 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 8.0
- FLNC: Jun 2021 — | Sep 2021 — | Dec 2021 7.6 | Mar 2022 2.9 | Jun 2022 2.4 | Sep 2022 3.9 | Dec 2022 4.7 | Mar 2023 5.9 | Jun 2023 8.0 | Sep 2023 6.8 | Dec 2023 7.3 | Mar 2024 5.4 | Jun 2024 5.3 | Sep 2024 6.2 | Dec 2024 5.0 | Mar 2025 1.6 | Jun 2025 2.2 | Sep 2025 3.3 | Dec 2025 6.7 | Mar 2026 5.0
- XIFR: 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 0.3 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.3
- NRGV: Jun 2021 — | Sep 2021 -23.2 | Dec 2021 -5.2 | Mar 2022 7.2 | Jun 2022 4.4 | Sep 2022 2.4 | Dec 2022 1.5 | Mar 2023 1.1 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.5 | Mar 2024 1.3 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 2.8 | Mar 2025 0.9 | Jun 2025 1.3 | Sep 2025 6.1 | Dec 2025 11.5 | Mar 2026 18.9
- ELLO: Jun 2021 — | Sep 2021 2.5 | Dec 2021 2.8 | Mar 2022 3.4 | Jun 2022 2.9 | Sep 2022 3.2 | Dec 2022 1.9 | Mar 2023 1.3 | Jun 2023 1.9 | Sep 2023 1.6 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.2 | Sep 2024 1.2 | Dec 2024 1.7 | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 2.0 | Mar 2026 2.2
- SAFX: 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 21.7 | Sep 2025 37.5 | Dec 2025 1.5 | Mar 2026 4.2

## Market action

Enlight Renewable Energy Ltd has the strongest one-year price move in Utilities - Renewable at +254.7%. It also leads on Mansfield relative strength against the S&P 500 at +38.5%. 2 of 11 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Enlight Renewable Energy Ltd (ENLT): 255%
2. Energy Vault Holdings, Inc. (NRGV): 162%
3. Fluence Energy, Inc. (FLNC): 62%
4. AXIA Energia SA (AXIA): 50%
5. XPLR Infrastructure, LP (XIFR): 28%

### Strongest relative strength versus NIFTY 500
1. Enlight Renewable Energy Ltd (ENLT): 38%
2. XPLR Infrastructure, LP (XIFR): 5.1%
3. Brookfield Renewable Partners L.P. (BEP): -1.4%
4. AXIA Energia SA (AXIA): -9.3%
5. Ellomay Capital Ltd. (ELLO): -16%

## 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
- AXIA Energia SA (AXIA) — market value ₹28.9K Cr; latest fundamentals Mar 2026
- Brookfield Renewable Partners L.P. (BEP) — market value ₹21.8K Cr; latest fundamentals Mar 2026
- Enlight Renewable Energy Ltd (ENLT) — market value ₹12.1K Cr; latest fundamentals Mar 2026
- Brookfield Renewable Corporation (BEPC) — market value ₹11.1K Cr; latest fundamentals Mar 2026
- Clearway Energy, Inc. (CWEN) — market value ₹6.5K Cr; latest fundamentals Mar 2026
- Ormat Technologies, Inc. (ORA) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- SOLV Energy, Inc. (MWH) — market value ₹5.3K Cr; latest fundamentals Mar 2026
- Fluence Energy, Inc. (FLNC) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- XPLR Infrastructure, LP (XIFR) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Energy Vault Holdings, Inc. (NRGV) — market value ₹495 Cr; latest fundamentals Mar 2026
- Ellomay Capital Ltd. (ELLO) — market value ₹276 Cr; latest fundamentals Mar 2026
- XCF Global, Inc. (SAFX) — market value ₹130 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 - Renewable company is the biggest?

AXIA Energia SA is the largest, with trailing-twelve-month revenue of $43,580 million, ahead of Brookfield Renewable Partners L.P. at $6,341 million. That covers 10 of 12 companies with comparable reporting through Mar 2026.

### Which Utilities - Renewable company is growing fastest?

Energy Vault Holdings, Inc. has the fastest revenue growth at 100% year on year, across 9 of 12 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 - Renewable company has the best profit margins?

Enlight Renewable Energy Ltd has the highest operating margin at 55.1%, from 9 of 12 comparable companies. Energy Vault Holdings, Inc. shows the biggest recent improvement, at +134.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Utilities - Renewable company makes the most profit?

Brookfield Renewable Partners L.P. earns the most, at $525 million of trailing-twelve-month net profit, from 11 of 12 comparable companies. Ormat Technologies, Inc. has the fastest profit growth at -10%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Utilities - Renewable company earns the highest return on capital?

AXIA Energia SA leads on return on capital employed at 3.5%, across 12 of 12 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 - Renewable stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Ormat Technologies, Inc. screens cheapest at 3.94×. Only 1 of 12 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 - Renewable company has the strongest balance sheet?

SOLV Energy, Inc. carries the lowest comparable gross debt at $81 million, from 11 of 12 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 - Renewable company is investing most in new capacity?

Brookfield Renewable Partners L.P. reports the largest capital spending at $1,258 million, across 12 of 12 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 - Renewable sector beating the market?

Utilities - Renewable has outperformed S&P 500 by 28.1% over the last 52 weeks and 11.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 11 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Utilities - Renewable stock has the strongest price momentum?

Enlight Renewable Energy 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 - Renewable company scores highest for research priority?

XPLR Infrastructure, LP scores 61.4 out of 100 with 56.5% evidence confidence, from 20.8 points on growth and earnings, 10.9 on capital efficiency, 10.8 on valuation and 18.9 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 - Renewable companies does this comparison cover, and over what period?

It compares 12 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 - Renewable sector?

The 12 Utilities - Renewable companies on this page carry $96,141 million of combined market value. AXIA Energia SA is the largest at $28,903 million, about 30% 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 - Renewable sector's P/E ratio?

The median price-to-earnings ratio across the 12 Utilities - Renewable companies on this page is 54.3×, 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 - Renewable sector performing?

2 of the 11 covered Utilities - Renewable companies are beating S&P 500 on Mansfield relative strength. The sector itself is 28.1% ahead of 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 - Renewable stocks are listed in the US?

This comparison covers 12 listed Utilities - Renewable 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-renewable