Power sector: Thermal power dispatch ramps up
Posted: Sep 28, 2026
- 8M26 power consumption rose 9.7%. Despite moderating slightly in July–August amid lower temperatures, demand remained high, indicating continued pressure on power supply.
- Thermal power dispatch increased, while hydropower declined. Renewable power generation broadly increased in line with installed capacity additions.
- We forecast aggregate net profit of power companies under our coverage to grow by 10% YoY. Thermal power names including POW, NT2 and QTP are expected to lead earnings growth, offsetting weaker contributions from hydropower-exposed HDG, REE, PC1 and GEG.
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