Analyst expects stronger Q2 earnings for India's power sector on rising demand
Elara Capital expects India's power companies to report stronger July-September 2026 earnings as demand rises, naming NTPC and Tata Power among its picks.
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what happened
Rupesh Sankhe, senior vice president at Elara Capital, told TradingView that India's power sector should report stronger earnings for the July-September 2026 quarter. Electricity demand, coal offtake and plant utilisation all improved. He said peak power demand rose to about 250 GW from roughly 220 GW, helped by higher cooling needs and firmer industrial activity.
Sankhe favours regulated utilities such as NTPC and Power Grid, along with private Tata Power, which he expects to grow earnings by around 25%. He also expects Coal India to post better numbers on higher offtake and stronger e-auction prices. Hydropower names, including NHPC, may see a mixed quarter as depreciation and interest costs rise.
He said the sharp fall in IEX shares already reflects concerns about the proposed market coupling mechanism, and that the exchange keeps about 97% market share.
why it matters
For investors, the view favours large integrated utilities with regulated assets over pure renewable developers. Rising interest rates weigh on the latter, since their projects are mostly debt-funded while PPA tariffs stay fixed.
market impact
India power sector: stronger demand and utilisation support earnings of large generators and coal miners
tags
instruments
sources
- Power sector set for stronger Q2 earnings as demand rises; NTPC, Tata Power among top picks: Elara Capital — TradingView, 27 October 2026 at 06:08 UTC
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