Power & Electricity Industry in India

India’s power and electricity industry spans generation, transmission and distribution, linking producers and network operators with homes, businesses and public services.

Top power & electricity companies in India (listed and private)

Frequently asked questions

How large is the power & electricity industry in India?

1592 power & electricity companies with statutory filings (56 listed, 1536 private) reported combined revenue of ₹15.09 lakh crore in FY2025, +8.2% on the same companies, and aggregate EBITDA of ₹4.01 lakh crore. As filed each year, combined revenue was ₹7.38 lakh crore in FY2018, reached ₹15.09 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 41 listed companies with an exchange price are worth ₹14.53 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of power & electricity companies was 26.6% in FY2025, 0.5 pts above FY2024, against a peak of 29.2% in FY2021. The low since the peak was 22.8% in FY2023. Profit after tax margin was 7.3% (+1.7 pts on FY2024). Aggregate EBITDA of listed and private power & electricity companies moved +33% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹4.01 lakh crore (+7.0% on FY2024).

Which companies are leading the power & electricity industry?

By FY2025 revenue the largest power & electricity companies are NTPC (₹1.88 lakh crore, 30.2% EBITDA margin); Maharashtra State Electricity Distribution Company (₹1.22 lakh crore, 5.7% EBITDA margin, private); Gujarat Urja Vikas Nigam (₹84,597 crore, 18.2% EBITDA margin, private); THE Tata Power Company (₹64,502 crore, 23.7% EBITDA margin); Adani Power (₹56,203 crore, 42.7% EBITDA margin). Among the ten largest, Power Grid Corporation of India (89.0%) and Adani Power (42.7%) earn the widest EBITDA margins and M.p. Power Management Company (1.1%) the thinnest. 15 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Power technology carried 6.3% of power & electricity stories in 2025-06 to 2026-05, up 1.3 pts (+27%) on the prior 12 months; net tone +91 vs +39 for all power & electricity stories. In buyer searches: Search interest in electrical power equipment queries (power inverter solar, power cable) was +32% in the 12 months to 2026-09 vs the prior 12, led by “power cable” (+32%), followed by power generation (-9%); power distribution moved -23%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Power & Electricity EBITDA grew 33% since FY2022 (Industry financials). 62 private power & electricity operators pass an IPO-readiness screen (Top power & electricity companies in India). Power technology is gaining the most ground in power & electricity news (Power & Electricity in the news). Electrical power equipment searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 11.0× and median P/E 19.6× across 41 priced power & electricity companies. (Market capitalisation & valuation).

How are power & electricity stocks valued?

The median trailing P/E is 19.6× and the median EV/EBITDA 11.0× across 41 priced companies.

What does the power and electricity industry include?

It includes companies involved in generating electricity, operating transmission networks and distributing electricity to end users.

Why are generation, transmission and distribution considered together?

They form one connected electricity system, with each activity supporting the movement of power from source to consumer.

Research information, not investment advice.