Power

ACME posted Q2FY26 PAT of INR1.1bn (up 632% YoY), ~25% above our estimate driven by a 276% YoY rise in other income (INR1,336mn) largely due to a one-time hedging gain on battery (INR500mn), excluding which PAT was

SUEL posted a stellar 565MW in Q2FY26 (our estimate: 375 MW) with 18.6% OPM (estimate: 16.2%), driven by a higher WTG mix. This higher execution coupled with operating leverage lifted EBITDA by 145% YoY to INR7.2bn (50%

NTPC’s Q2FY26 standalone (SA) adjusted PAT expanded 7.5% YoY to ~INR45bn, largely led by other income (+66% YoY). Weak demand resulted in low PLFs (exhibit 2), compressing core RoE to 14.4% from 15.8% YoY despite a 6%

CESC’s Q2FY26 adjusted PAT rose 20% YoY (7% above Street) to ~INR4.3bn on robust performances in standalone (SA) business, Dhariwal and contribution from Chandigarh discom (PAT: INR80mn) even as Malegaon losses continue

India’s power demand remained sluggish in Sep-25/Q2FY26, growing 3.7%/3.4% YoY due to extended and heavy monsoons with lower average temperature YoY in Sep (~27°C versus ~28°C in Sep-24). Peak demand moderated to ~229GW

ACME has been declared L1 at all-time low Solar + BESS tariffs of INR2.76/kWh for MP’s RUMSL project for Unit-2 (220MW). From our deep dive into project specifics, we find it to be value accretive (mid/high-teens under

CESC’s RE growth plans have solidified; it aims to double PAT to ~INR28bn over FY25–30E led by: i) 1.2/3.2GW RE addition by FY27E/29E and 10GW target by FY32E—3.8GW approved/7.6GW transmission connectivity applied for in

India’s power demand picked up, but slowed down by the end of Aug-25, rising only 4.3% YoY on aggregate due to cooler weather amid monsoon and a lower average temperature in Aug-25 (26.8°C versus ~28°C in Aug-24, refer

The INOXGFL Group has undergone meaningful restructuring with: i) merger of IWEL into IWL-WTG business; ii) a rights issue aimed at balance sheet deleveraging; and iii) a calibrated capacity expansion in wind.

INXW posted modest Q1FY26 execution at 146MW (consensus estimate: ~180MW). However, muted revenue at INR8.3bn was offset by higher OPM at 22.2% on a product-heavy mix leading to ~7% beat on consensus EBITDA. Adjusted PAT

SUEL executed 444MW in Q1FY26 (estimate: 420MW) with an OPM of 19.1% (estimate: 17.4%) on higher WTG mix-led operating leverage lifting EBITDA 62% YoY (a 3% beat). Interest cost shot up ~132% YoY due to a one-time fee

India’s power demand picked up slightly, but remained sluggish in Jul-25, rising only ~2% YoY amid cooler weather owing to the onset of monsoon and a lower average temperature in Jul-25 (28.3°C versus ~29°C in Jul-24)

CESC’s Q1FY26 PAT rose 2.8% YoY (-4% below Street) at INR4bn due to robust performances in standalone (SA) business and Noida while Malegaon losses continue to hurt overall PAT (INR440mn). Supply of power from Chandrapur

NTPC’s Q1FY26 standalone (SA) adjusted PAT grew ~5% YoY to ~INR44bn, largely in-line with the rise in regulated equity at ~4% (implying 16.7% core RoE versus 16.8% YoY) despite weak power demand (-1.3% in Q1) driving ~7%

ACME posted Q1FY26 EBITDA of INR4.6bn (up 68% YoY), beating our estimate by ~4% led by impressive capacity addition of 350MW in Q1FY26. EBITDA margin increased to 89.6% in Q1FY26 (87.8% in Q1FY25). Rajasthan-based