Who generates India's electricity
12 listed companies earned ₹313,638 crore from selling electricity in FY26, down 0.8% on FY25. NTPC Ltd earned the most, 58.2% of it. Himadri Speciality Chemical Ltd earned the most on each rupee of sales: 86.5%.
Who sells the most
NTPC Ltd had 58.2% of the listed companies' revenue from selling electricity here, 3.4 times as much as Adani Power Ltd, the next largest. The two together sold 76%; the other 10 the rest.
What it is made of
Of the sales reported by product line, thermal power is the largest at ₹2.87 lakh Cr, then hydro power at ₹11,615 Cr.
How the sales have grown, and who sold them
The listed companies here earned ₹3.14 lakh Cr from selling electricity in FY26. Counting only the companies with figures in both years, sales went from ₹10,760 Cr in FY19 to ₹11,615 Cr. The biggest rise was in FY23 (+12%) and the weakest year FY25 (-20%). NTPC Ltd's part of the total went from 60% in FY25 to 58% in FY26. Over three years NHPC Ltd grew fastest, +0.7% a year. Some companies are counted only from a later year (NTPC Ltd from FY25; Adani Power Ltd from FY25; Adani Energy Solutions Ltd from FY25; JSW Energy Ltd from FY25; Tata Power Company Ltd from FY25; NLC India Ltd from FY26; Vedanta Ltd from FY25; Torrent Power Ltd from FY25; Tata Steel Ltd from FY23; Himadri Speciality Chemical Ltd from FY25; Lloyds Metals & Energy Ltd from FY24).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of revenue from selling electricity. NTPC Ltd earned 22.1% on its sales in FY26, against 23.1% in FY25. Adani Power Ltd earned 29.1% on its sales in FY26, against 29.5% in FY25. Adani Energy Solutions Ltd earned 9.8% on its sales in FY26, against 0.2% in FY25. JSW Energy Ltd earned 33.1% on its sales in FY26, against 23.4% in FY25. NHPC Ltd earned 37.3% on its sales in FY26, against 41.6% in FY17; its best year was FY25 at 54.7%. Tata Power Company Ltd earned 18.2% on its sales in FY26, against 20.7% in FY25.
The companies, and their brands
| Company and brands | Sales FY26 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| NTPC Ltd | ₹182,610 Cr | -1.0% | — | — | 22.1% | 55.8% | 8.3% | 10.9 | 13.8% | -7.6% |
| Adani Power Ltd | ₹54,241 Cr | -3.3% | — | — | 29.1% | 21.8% | 11.3% | 25.2 | 22.1% | +20.1% |
| Adani Energy Solutions Ltd | ₹13,541 Cr | -0.8% | — | — | 9.8% | 1.8% | 5.7% | 53.4 | 2.8% | +38.9% |
| JSW Energy Ltd | ₹13,212 Cr | +66.4% | — | — | 33.1% | 6.0% | 12.1% | 41.1 | 3.7% | -14.9% |
| NHPC Ltd | ₹11,615 Cr | +11.9% | +0.7% | +1.2% | 37.3% | 6.0% | — | 20.8 | 12.8% | -13.9% |
| Tata Power Company Ltd Sells in 19 states and 7 countries; exports 0.3% of turnover |
₹10,817 Cr | -41.2% | — | — | 18.2% | 2.7% | 4.7% | 28.5 | 6.1% | -11.9% |
| NLC India Ltd | ₹10,541 Cr | — | — | — | 20.0% | 2.9% | 5.0% | 12.2 | 7.2% | -7.9% |
| Vedanta Ltd | ₹8,961 Cr | +46.5% | — | — | 11.6% | 1.4% | 6.0% | 9.3 | 17.3% | -46.6% |
| Torrent Power Ltd Sells in 11 states; exports 0.0% of turnover |
₹6,541 Cr | -5.6% | — | — | 15.8% | 1.4% | 23.4% | 25.8 | 14.1% | -8.2% |
| Tata Steel Ltd Sells in 28 states and 66 countries; exports 8.0% of turnover |
₹1,397 Cr estimate |
+5.4% | -17.1% | — | — | — | — | 19.8 | 9.7% | +2.6% |
| Himadri Speciality Chemical Ltd Sells in 25 states and 61 countries; exports 31.54% of turnover |
₹94 Cr | -8.7% | — | — | 86.5% | 0.1% | 81.4% | 41.4 | 18.1% | +41.6% |
| Lloyds Metals & Energy Ltd Sells in 18 states and 3 countries; exports 5.61% of turnover |
₹68 Cr estimate |
-29.8% | — | — | — | — | — | 20.5 | 35.1% | +36.9% |
Also sold by
See every one of these companies in Valarth
Questions people ask
Who generates India's electricity?
12 listed companies report their revenue from selling electricity: NTPC Ltd (NTPC), Adani Power Ltd (ADANIPOWER), Adani Energy Solutions Ltd (ADANIENSOL), JSW Energy Ltd (JSWENERGY), NHPC Ltd (NHPC), Tata Power Company Ltd (TATAPOWER), NLC India Ltd (NLCINDIA), Vedanta Ltd (VEDL). 2 more sell them but report them together with other products.
Which listed company earns the most from selling electricity in India?
NTPC Ltd, with revenue from selling electricity of ₹182,610 crore in FY26: 58.2% of the listed companies' total here.
How much do listed companies earn from selling electricity?
The listed companies here earned ₹313,638 crore from selling electricity in FY26, down 0.8% on FY25. Private makers are not included.
Which listed company makes the most profit from selling electricity?
Himadri Speciality Chemical Ltd: its operating profit was 86.5% of its revenue from selling electricity in FY26.