India is the third-largest producer and consumer of electricity worldwide. As of October 31, 2024, India has an installed power capacity of 454.45 GW. Out of total FDI inflows, 2.64 percent of the total inflow is attracted by the power sector alone. It reached $18.34 billion between April 2000 and June 2024.
Can India achieve its ambitious clean energy target of 500 MW by 2030? Let’s look at some of the leading companies that are in the race to achieve India’s dream
NTPC Limited is India’s largest power company, primarily generating and selling electricity in bulk to state power utilities and private distribution companies. It produces electricity using various sources, including coal, gas, hydro, solar, wind, nuclear, and other renewable energy sources.
Apart from power generation, NTPC is involved in energy trading, coal mining, and oil and gas exploration. The company also provides consultancy, project management, and supervision services in the energy sector.
With a market cap of Rs 3,43,698 crores. It made a 52-week high of Rs 448.45 per share, down by 21 percent, from its CMP of Rs 354 per share. It has an ROE and ROCE of 13.62 percent and 10.47 percent, respectively. Also, it has a PE of 15.88x, which is lower than the industry PE of 31.20x.
Power Grid Corporation of India Limited is a leading electric power transmission company operating in India and internationally. It manages the transmission of electricity through an extensive network, owning 1,79,594 circuit kilometers of transmission lines and 280 substations as of February 2025.
It provides consultancy in power system planning, feasibility studies, engineering, project management, and regulatory advisory. Additionally, Power Grid offers telecom services under the POWERTEL brand using its overhead optic fiber network and operates electric vehicle charging stations.
With a market cap of Rs 2,77,065 crores. It made a 52-week high of Rs 366.25 per share, down by 18.7 percent, from its CMP of Rs 297.10 per share. It has an ROE and ROCE of 19 percent and 13.21 percent respectively. Also, it has a PE of 17.93x, which is lower than the industry PE of 31.20x.
Adani Power Ltd is a leading power generation company in India. It produces and sells electricity through long-term and short-term power purchase agreements, primarily using thermal energy. It has a power generation capacity of 17,550 MW, and the company operates major coal-based power plants across Gujarat, Maharashtra, Rajasthan, Karnataka, Chhattisgarh, Madhya Pradesh, and Jharkhand. It also has a 40 MW solar power plant in Gujarat and is involved in coal trading.
With a market cap of Rs 2,07,079 crores. It made a 52-week high of Rs 896.75 per share, down by 40 percent, from its CMP of Rs 538 per share. It has an ROE and ROCE of 57 percent and 32.25 percent respectively. Also, it has a PE of 15.81x, which is lower than the industry PE of 31.20x.
Tata Power Company Limited is a leading energy company engaged in power generation, transmission, distribution, and trading in India and internationally. It produces electricity from hydro, coal, gas, oil, solar, wind, and waste heat sources, with a total generation capacity of 25.6 GW as of February 2025.
The company also operates transmission and distribution networks, EV charging stations, coal mines, and provides engineering, procurement, and construction services. Additionally, it manufactures solar cells and modules, offers microgrid and rooftop solar solutions, and is involved in project management and property development.
With a market cap of Rs 1,23,708 crores. It made a 52-week high of Rs 494.85 per share, down by 23 percent, from its CMP of Rs 381.95 per share. It has an ROE and ROCE of 11.28 percent and 11.13 percent respectively. Also, it has a PE of 31.73x, which is in line with the industry PE of 31.20x.
JSW Energy Limited generates and sells power in India. The company has added 3.6 GW of generation capacity in FY2025, which now totals to a generation capacity of 10.9 GW surpassing the previous estimate of 10 GW.
With a market cap of Rs 90,412 crores. It made a 52-week high of Rs 804.95 per share, down by 36 percent, from its CMP of Rs 512.80 per share. It has an ROE and ROCE of 8.4 percent and 8.59 percent respectively. Also, it has a PE of 51.25x, which is significantly higher than the industry PE of 31.20x.
Written by Satyajeet Mukherjee
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