India's power demand is growing ~6% a year; generation capacity is racing to keep up. Thermal (coal) still = 70% of generation mix, but renewable is all the capacity adds. PPA (power purchase agreement) visibility vs merchant-market exposure is the split that defines each stock's risk profile. Transmission (Power Grid) is the safest play — regulated returns. Generation is where cyclical upside (+ downside) sits.

Key drivers to track

• Per-kWh tariff in PPAs + merchant market
• Plant Load Factor (PLF) — capacity utilisation proxy
• Coal availability + spot pricing — input cost lever
• Renewable capacity addition pace (solar, wind)
• Regulatory ROE frameworks for transmission + distribution

POWER · FUNDAMENTALS

6 MATCHED

Power

Symbol	Sector	Mkt cap (Cr)	P/E	ROE %	ROCE %	D/E	Rev YoY
ADANIPOWER	Power	3,87,295	34.3	19.4%	—	0.81	-8.9%
NTPC	Power	3,85,927	22.0	9.1%	—	1.18	+8.0%
POWERGRID	Power	2,97,340	20.5	14.6%	—	1.41	+10.3%
ADANIGREEN	Power	1,89,870	134.5	7.5%	—	2.96	+10.7%
ADANIENSOL	Power	1,51,290	67.5	9.6%	—	1.87	+15.4%
TATAPOWER	Power	1,38,550	36.6	10.0%	—	1.56	-9.4%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Sector data sourced from NSE public feeds + our own XBRL parsing of company filings. Constituents shown are NIFTY 50 + Next 50 + curated midcap members tagged to the power sector; may not be an exhaustive universe. Not investment advice — sector classifications and screener results are informational only.