New Research Reports

Massive Scale-Up Ahead in Battery Storage: India’s BESS capacity currently stands at 204.5 MW / 505.6 MWh, but the Central Electricity Authority targets 41 GW / 236 GWh by FY31-32.

Siemens Energy India (SEI) is operating in one of the best plays in energy transition – the ongoing grid expansion. It is amongst the leading players providing transmission equipment.

Adani Green Energy (AGEL) started FY26 on a strong note, posting a strong quarter on both operational and financial fronts. It commissioned ~1.6GW in Q1FY26, taking operational capacity to 15.8GW (+45% YoY).

ACME has had an impressive beginning to FY26 with revenue of INR 5.1bn (+65% YoY), EBITDA at INR 4.6bn (+68% YoY), and PAT of INR1.3bn.

ACME Solar Holdings (ACME) reported a robust performance in 1QFY26, with EBITDA growth of 68% YoY/5% QoQ to INR4.6b (3% beat), driven by capacity additions and improved capacity utilization factor (CUF).

Siemens Energy India (ENRIN) reported 2QFY25/1HFY25 financials, which were better than our estimates. The comparable numbers for the previous period are not available.

Multiple projects being commissioned contribute to building a strong execution track record: ACME Solar Holdings (Acme)’s operational capacity currently stands at 2.9GW vs. only 1.3GW at the time of IPO.

Siemens Energy India Limited will get listed on 19th Jun’25. This business was demerged from Siemens Ltd in April’25 and focuses on Transmission and Distribution (T&D) as well as small-sized turbines.

NHPC has reported a steady result in Q4FY25 – standalone revenue grew 15% YoY to INR 21bn, EBITDA grew 4% YoY to INR 9.4bn while adjusted PAT, at INR 8bn, grew 14% YoY.

ACME reported a strong set of numbers – revenue grew 65% YoY to ~INR 5bn, EBITDA surged 117% YoY to INR 4.4bn with healthy EBITDA margin of ~90%, adj. PAT stood at INR 1.4bn (vs. INR 0.5bn loss in Q4FY24.

Black & White

AGEL’s consolidated Q4FY25 EBITDA rose 31% YoY to Rs24bn (up 28% QoQ), led by 30% YoY uptick in operational capacity and improvement in CUF (Khavda achieved 32% in Q4), leading to 44% growth in sale of power.

Suspension of Indus Water Treaty to accelerate NHPC projects

Black & White

NHPC has reported a subdued result in Q3FY25 – standalone revenue slipped 15% YoY to INR 15bn, EBITDA shrunk 14% YoY to INR 4.3bn while reported PAT, at INR 2.7bn, tumbled 50% YoY impacted by two one-offs.

NTPC Green Energy Ltd is a wholly owned subsidiary of NTPC Ltd, a ‘Maharatna’ central public sector enterprise. The company is the largest renewable energy public sector enterprise (excluding hydro) in terms of operating capacity as of September 30, 2024, and power generation in FY2024.

IPO NOTE