India’s power capacity stands at 505 GW, with a cleaner mix emerging, setting the stage for accelerated renewable buildout and greater system flexibility, Elara Capital reports. However, power generation in November slipped 0.9% y-o-y to 134.2 BU, as output from coal and nuclear plants weakened, even as hydro and renewables surged. Peak power demand rose 4.1% y-o-y to 215.5 GW in November, underscoring demand resilience despite lower overall generation. Valuations returning to long-term 5-year averages for companies, with NTPC and Power Grid near historical means, while JSW Energy and Torrent Power trade below past peaks

Published on December 16, 2025