Best Energy Stocks to Buy in India 2022

Last Updated – May 2022

In this article, we will cover

• Understanding the Energy Sector
• List of Best Energy Stocks in India
• Overview of the Oil and Gas sector in India
• Overview of the Power sector in India
• Different parts of the Power sector
• Portfolio Companies of Energy Stocks
• Model Portfolio of Best Energy Stocks

So First Let’s Understand the Energy Sector

The energy sector is one of the most crucial elements for an economy. The industry includes the Oil & Gas industry, the Coal mining industry, the Power generating industry, and the power distribution industry.

What is the Oil and Gas sector?

Crude Oil is the primary component for the energy industry and is the most important commodity in the world. Oil & Gas basically includes products drawn out from crude oil which is extracted by oil drills. Crude oil is further refined to produce products such as petrol, diesel, ATF (aviation turbine fuel), kerosene, heating oil, LPG and CNG among others.

Crude oil not only fulfils energy needs ranging from running cars to generate electricity but is also the key component used to create plastic, paints, lubricants, and asphalt (used for building roads) among others making it key for both energy and consumption.

List of Best Energy Stocks in India 2022

Sr.No.	Name	CMP (May 2022)	NSE Code	BSE Code	INDUSTRY	RATING
1	Reliance Industries	2,565.85	RELIANCE	500325	OIL & GAS (REFINING)	0.5
2	ONGC	160.85	ONGC	500312	OIL & GAS (EXPLORATION)	1
3	Oil India	238.25	OIL	533106	OIL & GAS (REFINING)	0.5
4	IOCL	224.75	IOC	530965	OIL & GAS (REFINING)	0.5
5	BPCL	331.65	BPCL	500547	OIL & GAS (REFINING)	0.5
6	HPCL	144.05	HINDPETRO	500104	OIL & GAS (REFINING)	0.5
7	MRPL	92.75	MRPL	500109	OIL & GAS (REFINING)	0.5
8	CPCL	₹ 124.0	CHENNPETRO	500110	OIL & GAS (REFINING)	0.5
9	Adani Total Gas	2,400	ATGL	542066	GAS DISTRIBUTION	2
10	GAIL (India)	155	GAIL	532155	GAS DISTRIBUTION	2
11	Indraprastha Gas	372.9	IGL	532514	GAS DISTRIBUTION	4
12	Petronet LNG	227.2	PETRONET	532522	GAS DISTRIBUTION	2
13	Guj.St.Petronet	268.6	GSPL	532702	GAS DISTRIBUTION	4
14	Mahanagar Gas	754.45	MGL	539957	GAS DISTRIBUTION	4
15	Vedanta	955.05	VEDL	500295	METALS & OIL	0.5
16	Coal India	185.9	COALINDIA	533278	METALS & MINING	3
17	NMDC	144.5	NMDC	526371	POWER TRANSMISSION	2
18	Adani Green	2,289.50	ADANIGREEN	541450	POWER TRANSMISSION	0.5
19	Adani Transmissi	2,321.35	ADANITRANS	539254	POWER TRANSMISSION	0.5
20	Power Grid Corpn	227.3	POWERGRID	532898	POWER TRANSMISSION	0.5
21	NTPC	149.35	NTPC	532555	POWER TRANSMISSION	0.5
22	Adani Power	312.25	ADANIPOWER	533096	POWER TRANSMISSION	0.5
23	Tata Power Co.	232.35	TATAPOWER	500400	POWER TRANSMISSION	0.5
24	JSW Energy	286.3	JSWENERGY	533148	POWER TRANSMISSION	0.5
25	NHPC Ltd	31.95	NHPC	533098	POWER TRANSMISSION	1
26	Torrent Power	425.85	TORNTPOWER	532779	POWER TRANSMISSION	0.5
27	SJVN	27.75	SJVN	533206	POWER TRANSMISSION	1
28	CESC	79.75	CESC	500084	POWER TRANSMISSION	0.5

The sector is divided into 3 segments:

• Upstream segment – engaged in exploration and production (E&P) of crude oil. Companies in this segment are usually characterized with high investment capital, extended duration as it takes time to locate, drill and be technologically intensive. Examples include ONGC which is engaged in oil exploration and extraction.
• Midstream segment – engaged in storage and transportation. Companies in this segment are characterized by shipping, trucking, pipelines, and storing of the raw materials. The midstream segment is also marked by high regulation, particularly on pipeline transmission, and low capital risk. IOCL and GAIL are engaged in the storage and distribution of crude oil.
• Downstream segment – engaged in refining, processing and marketing of oil. IOCL and Reliance.

Overview of the Oil and Gas sector in India

India is the 3rd largest consumer of energy as well as oil. As on May 1, 2021, India’s oil refining capacity stood at 259.3 MMT (million metric tonnes), making it the second largest refiner in Asia. India is pegged to increase this capacity to 667 MTPA (million tonnes per annum) by 2040. Private companies own about 35.19 percent of the total refining capacity in FY21. The energy demand is expected to double to 1,123 Mtoe (million tonnes oil equivalent) by 2040 in India. The consumption grew by 4.5% in FY20 to 213.69 MMT while the crude oil production stood at 32.2 MMT. Crude oil production in FY21 was recorded at 30.5 MMT.

India has proven reserves of 4,700 million barrels (1 barrel = 159 liters) and produced 37.5 million barrels in 2019. India has imported 3.96 MBPD (million barrels per day) as well as produced 0.61 MBPD in FY21, indicating that imports contributed to over 87% of total oil demand of 4.57 MBPD.

On the LNG front, India is currently the 4th largest importer in the world with imports at 33.68 BCM (billion cubic meters) for FY21. The total gas consumption stood at 60,646 MMSCM (million metric standard cubic meter) for FY21. The natural gas pipeline length overall stands at 17,126 kms for FY21 of which GAIL has the largest share at 11,884 kms. The government of India plans to spend US $2.86 billion towards upstream oil and gas production to double the natural gas production to 60 BCM and drill over 120 exploration wells by 2022.

The LPG pipeline stands at 18,465 kms as of March 01, 2021 with IOCL currently having the largest share of the pipeline at 50.91%. The top 3 companies (IOCL, HPCL and BPCL) currently command over 80% of the total pipeline in India.

The Oil and Gas industry offers multiple opportunities including:

• Upstream Segment: 78% of the sedimentary area is yet to be explored; Secondary and Tertiary oil techniques.
• Midstream Segment: Expansion of gas pipelines and LNG imports have increased, thereby giving an opportunity to boost production capacity in segments such as terminal operation, engineering, procurement and construction services.
• Downstream Segment: India has 21 refineries and expansion is planned with FDI in export-oriented infrastructure, including product pipelines and export terminals; the development of CGD (city gas distribution) in many cities (including Tier 2 and 3 cities); and the expansion of the petroleum product distribution network.

When looking at investing in companies from the sector, one needs to assess the following factors:

• Investors need to look at the volatility and oil price trend since these are driven by multiple factors globally. Investors need to look at both WTI and Brent crude, the two primary crude prices used globally. India uses Brent crude prices to price oil and accordingly should be given more importance. Oil companies usually have hedges in place which should be assessed based on gains/losses from these contracts.
• Investors need to identify which segment of the industry does the company serve among the upstream, midstream and downstream segment. This is crucial as companies in the upstream segment derive profits from higher global crude oil prices, in the case of India, higher Brent prices. For the other segments, profits are made from the difference between crude oil prices and prices of finished products such as petrol, diesel, ATF, etc. Due to this difference being low, the operating margins range between 5-15% but these companies are known to generate healthy cash flows. Downstream oil companies also tend to be less volatile due to costs and revenues both adjusting to changing oil prices, unlike oil exploration companies which are directly affected by oil price volatility.
• Assess the reserves held by the company in proportion to how much has been extracted which can give investors an idea about the need for further capex towards drilling wells and processing of oil. Assess the refining throughput and the proven reserves held by the company. For midstream oil companies, assess their gas pipeline network. For downstream oil companies, assess the company’s refining throughput and refinery production.
• On the financial front, assess the amount of debt the company holds, specially the E&P companies as the debt obligations are mostly fixed while earnings can be affected by crude oil price volatility therefore the company should at least have enough earnings to cover costs and debt obligations. Assess the interest coverage ratio and the debt/equity ratio.
• Assess the operating cash flows generated by the companies along with the dividend payouts made by these companies. Since most companies in this sector trade at decent valuations, assess the price ratios as well as the EV/EBITDA ratios.

Overview of the Power Sector in India

India is the 2rd largest producer and consumer of power in the world with installed capacity of 388.13 GW (gigawatts) as of August 2021. In renewable energy, India is ranked 4th in wind power and 5th in solar power capacity with renewable power capacity at 100.68 GW which is estimated to rise to 227GW by 2022 and double its share in electricity capacity to 40% by 2030. Installed capacity of renewable, hydro and nuclear energy totaled 100.68 GW, 46.41 GW and 6.78 GW, respectively. Power is generated from 4 channels in India:

• Thermal: This segment contributes to 60.36% (vs 61.5% in FY21) of total power capacity and is drawn from Coal, Gas & Lignite and Diesel based power plants. Coal is the largest among these with installed capacity of 202.20 GW in 2021; Gas & Lignite plants have installed capacity of 31.54 GW as of 2021; Diesel is the smallest among the 3 with installed capacity of  0.51 GW as of 2020. The total capacity stands at 234.72 GW.
• Renewables: This segment contributes to 25.94% of total installed power capacity. Of the renewables, Soalr is the largest power generator at 41.08 GW followed by wind power at 39.44 GW as of 2021.
• Hydro: This segment contributes to 11.96% of total power capacity with power generating capacity of 46.41 GW as of 2021.
• Nuclear: This is the smallest energy segment, contributing to 1.75 % of all installed capacity in India at 6.78 GW as of 2021.

Different Parts of the Power sector

Power companies are divided into three parts, Gencos (Power generating companies), Transcos (Power transmission companies) and Discoms (Power distribution companies). The gencos are engaged in the generation of electricity which is then transferred over to transcos which are engaged in transmission of electricity from one location to another to various discoms. Discoms buy this power from either transcos or directly from gencos and transfer the same to final consumers such as industrial, commercial and domestic consumers. The discoms charge the final consumers for electricity consumption (based on Units consumed) which is used to purchase power from transcos and gencos.

India saw electricity generation (including renewable sources) of 1,234.44 BU in India in FY21, the country witnessed de-growth of around 11.10% over the previous fiscal year. Under the Union Budget 2021-22, the government has allocated Rs. 15,322 crore (US$ 2.11 billion) for the Ministry of Power and Rs. 5,753 crore (US$ 794.53 million) for the Ministry of New and Renewable Energy. For 2021-22, electricity generation target from conventional sources was fixed at 1,234.44 BU, comprising 1032.39 BU of thermal energy; hydro energy (150.30 BU) and nuclear (42.94 BU); and 8.79 BU was imported from Bhutan. According to the Ministry of Power, India’s power consumption grew 1.83% in September to 114.49 billion units (BU), indicating a slow recovery. The industrial sector accounted for 42% of the total electricity consumption in FY19P.

India saw a consumption of 1,252.61 BU (billion units) or 1,230 TWh (terawatt hours) in FY20 while seeing growth in both consumption and production of power every year. Industrial consumption amounted to 41% of total consumption of power in FY17-18.

Opportunities in the power sector:

• Demand for electricity is expected to increase – per capita consumption of electricity is estimated to be at 1894.70 TWh by FY22.
• Per capita electricity consumption in the country grew at a CAGR of 2.96% from FY16 to FY20, reaching 1,208 KWh in FY20. This growth was mainly attributed to electrification of villages and households across the country.
• Demand is currently higher than supply by about 7.5%, giving room for scaling up production capacities.
• The government is taking up multiple reforms which are aimed to improve the entire power sector over the long term.
• The government is not only taking initiatives to increase overall renewable capacity but also its share in the overall power capacity in India.
•  In order to decarbonize the energy consumption, India needs a 30- fold increase in renewable energy, 30-fold increase in nuclear energy and doubling of thermal energy, which would make 70% of energy consumed carbon free.

When looking at Power companies, an investor should keep the following factors in mind:

• Investors need to assess the debt levels of the companies, especially for discoms. This is because discoms have to first pay to buy power, either by entering a PPA (power purchase agreement) or buying it from the power exchange, and then get paid for power used by consumers. The period between paying and receiving money has to be supported using debt, therefore, discoms usually run high levels of debt.
• Assess the capacity of production and the PLF (power load factor) at which these companies generate electricity. PLF is the ratio of power generated/max capacity, a higher PLF ratio can be indicative of future capex the company may take up, since setting up capacities is highly capital intensive. This could be indicative of the way cash flows are utilized.
• Investors should assess the operating cash flows generated by a company which provide a more consistent idea vs the net profit as these companies are subject to large non-cash items such as depreciation which can affect profits.
• Assess the realisation per unit figure for the power companies to identify per unit efficiency in generating revenues. Higher the number, better it is for the revenues of the company.

Portfolio Companies of Energy Stocks

Reliance Industries:

Reliance Industries is India’s largest company. The company is primarily engaged in the business of oil exploration, refining of petroleum and marketing & distribution of the same along with operations in petrochemicals. Reliance has diversified further by foraying into the retail, telecom and technology space with Reliance Retail and Reliance Jio, respectively. With all the businesses combined, the company pulled in revenues of about ₹5.4 trillion in FY21despite the stress earlier in FY21 due to the pandemic. The majority of the company’s cash flows come from the oil sector, but it has been aggressive in diversifying into companies that may help it achieve rapid growth and utilize its size in the proper sequence while mitigating the risks associated with the oil business. The company has plans to achieve carbon neutrality by 2035 thereby focusing on diversifying across energy and other industries while continuing to invest in the oil business.

With the rise in oil prices in the early part of 2022 as supply continues to remain constrained globally owing to Russia-Ukraine crisis, the company delivered a ROCE at 8.19% and for FY22 despite the pressure on oil companies globally affecting their margins. It has also successfully become net debt free which is positive as peers are usually more debt laden at the given scale. Reliance is among the most efficient among peers with the highest gross refining margins at $5.7/bbl (barrel) while the refining throughput stood at 71.9 MMT. The company has proven oil reserves of 10.22 MMT in India and abroad along with proven gas reserves of 1,13,591 MMSCM in India and abroad as of FY21. The company currently has an EV/EBITDA of 15.8x and a P/E ratio of 29.5x which values the company fairly given the efficiency in oil business vs peers. The company announced that it will invest Rs. 75,000 crores in its New Energy business over the next three years. The stock is expected to offer diverse growth opportunities over the long term. Along with this, the company has Reliance Jio and Reliance Retail among other digital investments which have been effectively contributing to the margins and growth of the company. Reliance has also successfully raised about ₹2 trillion by Jio stake sale, BP stake sale and a rights issue, which helped in making the company net debt free back in 2020. The company also sold stake in Reliance Retail, raising an additional sum of ₹47,265 crore and has purchased Future Retail businesses. This has made the company the largest retailer in India which further adds value to the company’s leadership.

ONGC

Oil & Natural Gas Corporation is the country’s largest oil exploration and production company. The company currently has operations across the world and is also engaged in some downstream activities of crude oil processing. It produced 22.53 MMT of oil and 22.81 MMT of natural gas in FY21 and is vertically integrated with HPCL for downstream activities such as Refining and Marketing.

On financials, the company has delivered a ROE of 7.39% for FY22 owing to supply disruptions & rising crude oil prices due to Russia-Ukraine war. ONGC reported higher crude oil realization of USD 69.36/bbl even as volume growth remained muted. The company maintains relatively low debt levels with the debt equity ratio at 0.49x. The stock currently trades at a P/E of 5.15x and an EV/EBITDA of 4.10x indicating the company is cheaply valued. But at the same time, ONGC faces high amounts of risk from changing crude oil prices as volatility directly affects the profits of the company. Another factor to consider is the changes in regulations that can affect realisations. An investor must also consider its hedging gains and losses which will affect the bottomline in a big way.

Petronet LNG

Petronet LNG is primarily engaged in the business to develop, design, construct, own and operate Liquefied Natural Gas (LNG) import and regasification terminals in India. The company is jointly run by BPCL, GAIL, IOCL, and ONGC. Petronet LNG operates gasification plants in Dahej and Kochi with installed capacities of 17.5 MMTPA and 5 MMTPA respectively as of FY21. The Dahej facility saw a capacity utilization of 16.40 MMTPA while the Kochi facility worked at only 0.9 MMTPA utilization due to insufficient gas transport network. For the next 5 years, Petronet LNG announced its plans to incur capex to the tune of Rs. 15,000 crore to add 2 tanks at Dahej facility and other capacity expansion at both Dahj and Kochi along with introduction of 1,000 LNG gas stations, biogas projects and terminal construction. The company has delivered a ROE of 26.1% which is higher than peers while the operating profit margin stood at 13.1% which is at the higher end of the industry average band. Additionally, it reduced its debt-to-equity ratio from 0.48x to 0.28 x in 2021 which indicates a lower-than-peer debt level. The company currently trades with a P/E of 9.75x and EV/EBITDA of 5.73x indicating that the stock trades at very attractive valuations.

NTPC

Of the power companies in India, NTPC is the largest thermal power producer in India (6th largest thermal power producer in the world). Coal based power generation contributes to 87.4% of total capacity. It has also diversified into hydro power, coal mining, power equipment manufacturing, oil and gas exploration, power trading and distribution. NTPC Group has an installed capacity of 68,567 MW as of FY22 and NTPC Ltd achieved 100 percent plant load factor (PLF) on May 9, 2020 in three of its thermal power stations. The overall PLF stood at 55% for FY20 for thermal installations. The company generated ROE of 12.6% as of Q3FY22 while the ROIC has dropped to 11.1%. The company currently trades at a P/E of 7.97x while EV/EBITDA stands at 7.79x, indicating the stock is fairly valued based on financials.

Torrent Power

Torrent Power is engaged in the business of generation, transmission and distribution of power through its network of thermal power plants. The Company has a total generation capacity of 3,879 MW of which it has three gas-based plants namely 1,147.5 MW SUGEN Mega Power Plant, 382.5 MW UNOSUGEN Power Plant and 1,200 MW DGEN Mega Power Plant. All three are regulated by Central Electricity Regulatory Commission which allows cost plus post-tax ROE of 15.5% as part of the regulated tariff. The operational renewable generation capacity of 787 MW of which 138 MW is Solar and 649 MW is Wind is tied up under long-term PPAs.

The Company is a licensed operator for electricity distribution in the cities of Ahmedabad, Gandhinagar, Surat and Dahej SEZ aggregating to 425 sq kms of area. It is also developing a state-of-the-art distribution network as a licensee in Dholera Special Investment Region (DSIR) spanning 920 sq kms area. The company currently operates its plants at an average PLF of 60-70% range across all plants while the renewable segment operates at an average PLF of 15-20%. With the push towards renewable power, the company has been actively engaged in developing capacity in this domain. The company aims to spend Rs. 1,600 crore towards developing plants of which 50-60% of this capex will be incurred in FY22.

On financials, the company has delivered an operating profit margin at 25.8% which is much better than peers in the industry while delivering an average ROE of 12% over the last 5 years. The company has been reducing its debt at a steady pace, bringing it down to 0.73x. The company offers attractive valuations of 17.3x P/E ratio and a 8.32x EV/EBITDA ratio. Torrent Power has an OCF/NI ratio at 2.31x which is extremely robust.

 Watch Our Video on How to Analyse & Pick Energy Stocks

Model Portfolio of Best Stocks

In order to get exposure to the best Energy stocks, you need a total of ₹34,005 for the below-curated portfolio as of May 20, 2022.

FInal Portfolio	Weightage (%)	CMP (as on May 2022)	No.of Stocks	Total
Reliance Industries	35%	2399	5	11995
ONGC	16%	176	30	5280
Petronet LNG	9%	210	15	3150
NTPC	12%	132	30	3960
Torrent Power	28%	481	20	9620
TOTAL	100%			34005

A Detailed Table with Various Parameters of Energy Stocks

The below table covers some of the most important factors while evaluating energy stocks such as return ratios including RoE and RoCE, operating margins, sales and earning growth and market cap among others.

S.No.	Name	NSE Code	BSE Code	INDUSTRY	RATING	CMP Rs.	CMP Rs.	Net worth Rs.Cr.	P/E	OPM %	ROE %	ROCE %	Revenue Growth (5 years)	Profit Growth (5 years)	Debt / Eq	CMP / BV	CMP / Sales
1	Reliance Industries	RELIANCE	500325	OIL & GAS (REFINING)	0.5	₹ 2,399.0	2,565.85	742,022	29.50	16.0	7.97	8.19	11.3	8.24	0.36	2.19	2.53
2	ONGC	ONGC	500312	OIL & GAS (EXPLORATION)	1	₹ 176.0	160.85	248,067	5.15	14.5	7.39	9.95	19.6	-2.48	0.49	0.89	0.45
3	Oil India	OIL	533106	OIL & GAS (REFINING)	0.5	₹ 236.0	238.25	28,126	5.70	31.0	16.3	14.0	12.4	11.5	0.61	0.91	0.92
4	IOCL	IOC	530965	OIL & GAS (REFINING)	0.5	₹ 124.0	224.75	128,478	4.24	8.96	20.9	14.8	1.01	14.3	0.85	0.91	0.22
5	BPCL	BPCL	500547	OIL & GAS (REFINING)	0.5	₹ 362.0	331.65	48,476	5.75	6.11	27.8	18	4.15	9.27	1.2	1.62	0.25
6	HPCL	HINDPETRO	500104	OIL & GAS (REFINING)	0.5	₹ 294.0	144.05	38,167	5.01	3.91	31	19.4	5.57	17.8	1.1	1.09	0.13
7	MRPL	MRPL	500109	OIL & GAS (REFINING)	0.5	₹ 43.8	92.75	3,610	34.7	4.95	-10.6	-1.34	-4.2		6.76	2.13	0.13
8	CPCL	CHENNPETRO	500110	OIL & GAS (REFINING)	0.5	₹ 124.0	₹ 124.0	1,544	3.19	4.66	12.5	16.1	-2.88	-20.3	6.78	1.2	0.05
9	Adani Total Gas	ATGL	542066	GAS DISTRIBUTION	2	₹ 1,662.0	2,400	2,222	317	32.4	28.1	31.2	8.48	42	0.3		70
10	GAIL (India)	GAIL	532155	GAS DISTRIBUTION	2	₹ 152.0	155	60,088	5.99	17	12	13.5	1.97	26.7	0.13	1.13	0.83
11	Indraprastha Gas	IGL	532514	GAS DISTRIBUTION	4	₹ 378.0	372.9	6,779	18.3	27.3	19.8	24	6.04	20.4	0.01	3.9	3.86
12	Petronet LNG	PETRONET	532522	GAS DISTRIBUTION	2	₹ 210.0	227.2	12,583	9.75	13.1	26.1	29	-0.83	28.5	0.28	2.5	0.79
13	Guj.St.Petronet	GSPL	532702	GAS DISTRIBUTION	4	₹ 268.0	268.6	7,184	9.32	20.2	28.5	37.6	63.4	28.1	0.15	2.1	0.9
14	Mahanagar Gas	MGL	539957	GAS DISTRIBUTION	4	₹ 750.0	754.45	3,501	10.9	32.1	20	26.6	0.7	14.8	0.02	2.12	2.32
15	Vedanta	VEDL	500295	METALS & OIL	0.5	₹ 378.0	955.05	64,603	7.03	33	20.4	19.7	6.49	24.5	0.8	2.18	1.16
16	Coal India	COALINDIA	533278	METALS & MINING	3	₹ 182.0	185.9	40,346	7.34	21.2	37	46.1	-3.05	-2.3	0.08	2.78	1.08
17	NMDC	NMDC	526371	POWER TRANSMISSION	2	₹ 157.0	144.5	35,403	4.43	54.3	21.8	29.6	18.9	19.8	0	1.3	1.77
18	Adani Green	ADANIGREEN	541450	POWER TRANSMISSION	0.5	₹ 1,860.0	2,289.50	1,133	715	68.6	25.9	11			17.6	118	62.4
19	Adani Transmissi	ADANITRANS	539254	POWER TRANSMISSION	0.5	₹ 2,307.0	2,321.35	9,649	209	37	21.6	12	35.2	27.2	2.99	26.3	23
20	Power Grid Corpn	POWERGRID	532898	POWER TRANSMISSION	0.5	₹ 212.0	227.3	77,575	10.8	86.1	18.7	11.4	13.9	16.1	1.74	1.91	3.58
21	NTPC	NTPC	532555	POWER TRANSMISSION	0.5	₹ 132.0	149.35	129,663	7.97	28.8	12.6	8.57	8.73	7.35	1.61	0.99	1.02
22	Adani Power	ADANIPOWER	533096	POWER TRANSMISSION	0.5	₹ 122.0	312.25	13,390	168	26.4		14.2	0.66	18.4	3.94	3.51	2
23	Tata Power Co.	TATAPOWER	500400	POWER TRANSMISSION	0.5	₹ 233.0	232.35	21,277	43.9	15.8	3.41	7.36	1.94	235	2.31	3.5	1.82
24	JSW Energy	JSWENERGY	533148	POWER TRANSMISSION	0.5	₹ 314.0	286.3	15,789	53.1	41.9	5.94	8.87	-6.76	-9.59	0.52	3.26	7.08
25	NHPC Ltd	NHPC	533098	POWER TRANSMISSION	1	₹ 28.4	31.95	35,034	8.2	41.6	10	9.21	2.92	9.65	0.65	0.82	3.13
26	Torrent Power	TORNTPOWER	532779	POWER TRANSMISSION	0.5	₹ 481.0	425.85	10,493	17.3	25.8	13.3	12.8	0.83	8.27	0.73	2.2	1.7
27	SJVN	SJVN	533206	POWER TRANSMISSION	1	₹ 28.8	27.75	13,349	7.1	68	13.1	15	-0.03	4.41	0.39	0.85	4.41
28	CESC	CESC	500084	POWER TRANSMISSION	0.5	₹ 77.5	79.75	10,367	7.56	24.6	13.7	13	-0.81	14.3	1.35	0.99	0.83

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