This ranking covers listed companies that generate, transmit or distribute electricity in India. It orders them by stock market value, using the six-month average that the Association of Mutual Funds in India (AMFI) publishes for every listed company.
The ten companies below were worth ₹17.56 lakh crore between them on average from January to June 2026, up from ₹15.70 lakh crore for the same ten in the second half of 2025.
How this ranking works
- Measure. Average full market capitalisation for the six months ended 30 June 2026, as published by the Association of Mutual Funds in India (AMFI). For a company that trades on more than one exchange, AMFI averages the figures across exchanges.
- Who can appear. Listed companies whose main business is generating, transmitting or distributing electricity. Makers of power equipment and solar modules, and lenders to the power sector, are left out and shown separately below.
- Comparison. Rises and falls are measured against AMFI's previous list, for the six months ended 31 December 2025.
- What we changed. Nothing. The values are AMFI's. We filtered its all-company list to this group, converted crore to lakh crore and rounded.
- What it does not tell you. Sales, profit, or whether a share is worth buying. Market value records what investors paid in that period. It is not a forecast.
| Rank | Name | Average market cap | Industry | Headquarters | Founded |
|---|---|---|---|---|---|
| 1 | NTPC | ₹3.61 lakh crore | Power generation | New Delhi | 1975 |
| 2 | Adani Power | ₹3.47 lakh crore | Power generation | Ahmedabad | 1996 |
| 3 | Power Grid Corporation of India | ₹2.71 lakh crore | Power transmission | Gurugram | 1989 |
| 4 | Adani Green Energy | ₹1.85 lakh crore | Renewable power | Ahmedabad | 2015 |
| 5 | Adani Energy Solutions | ₹1.41 lakh crore | Transmission and distribution | Ahmedabad | 2013 |
| 6 | Tata Power | ₹1.26 lakh crore | Integrated power utility | Mumbai | 1919 |
| 7 | JSW Energy | ₹91,440 crore | Power generation | Mumbai | 1994 |
| 8 | NTPC Green Energy | ₹82,153 crore | Renewable power | New Delhi | 2022 |
| 9 | NHPC | ₹78,261 crore | Hydropower | Faridabad | 1975 |
| 10 | Torrent Power | ₹73,815 crore | Integrated power utility | Ahmedabad | — |
The 10 largest power companies in India
Ranked by average market cap. Figures as of 30 June 2026.
- 1
NTPC
Government-owned power generator
- Average market cap
- ₹3.61 lakh crore
- Headquarters
- New Delhi
- Founded
- 1975
- Industry
- Power generation
NTPC, formerly National Thermal Power Corporation, is a central public sector undertaking under the Ministry of Power. It was set up in 1975, and generating electricity is its core business.
It kept first place, but the lead has shrunk. Its average value was up 11.5%, while second-placed Adani Power rose almost three times as fast. The gap between them is now ₹13,869 crore, down from ₹58,888 crore six months earlier.
- 2
Adani Power
Private thermal power producer
- Average market cap
- ₹3.47 lakh crore
- Headquarters
- Ahmedabad
- Founded
- 1996
- Industry
- Power generation
Adani Power is the biggest riser in the list: its average value was up 31.1%, taking it from thirty-first to twenty-third among all listed companies. Six months ago it was only just ahead of Power Grid. Now it is well clear in second place and within reach of NTPC.
It is a private thermal power producer and part of the Adani Group, based in Ahmedabad.
- 3
Power Grid Corporation of India
Government-owned transmission company
- Average market cap
- ₹2.71 lakh crore
- Headquarters
- Gurugram
- Founded
- 1989
- Industry
- Power transmission
Power Grid does not generate electricity. It moves it. The company is a central public sector undertaking that carries bulk power between states over its transmission network, and it is headquartered in Gurugram.
Its average value was up 3.3%, a much smaller rise than the two generators above it. It was almost level with Adani Power in the previous list and is now ₹75,402 crore behind.
- 4
Adani Green Energy
Renewable energy producer
- Average market cap
- ₹1.85 lakh crore
- Headquarters
- Ahmedabad
- Founded
- 2015
- Industry
- Renewable power
Adani Green is the largest renewable energy company in the list. The Adani Group is the majority owner and the French energy company TotalEnergies holds a minority stake.
Its average value was up 13.2%, moving it from fifty-fifth to forty-sixth overall.
- 5
Adani Energy Solutions
Private transmission and distribution company
- Average market cap
- ₹1.41 lakh crore
- Headquarters
- Ahmedabad
- Founded
- 2013
- Industry
- Transmission and distribution
Formerly Adani Transmission, this is the Adani Group's transmission and distribution company. Its average value was up 30.1%, the second-largest rise here.
That took it from ninety-sixth to sixty-third among all listed companies, and from sixth to fifth among power companies, ahead of Tata Power.
- 6
Tata Power
Integrated power company of the Tata Group
- Average market cap
- ₹1.26 lakh crore
- Headquarters
- Mumbai
- Founded
- 1919
- Industry
- Integrated power utility
Tata Power is the oldest company in the list by a long way: it was founded in 1919. It generates, transmits and distributes electricity and is part of the Tata Group.
Its average value barely moved, up 1.0%, so it lost ground in relative terms. It went from seventy-fifth to eighty-first overall and is the last power company inside the large-cap group.
- 7
JSW Energy
Power generation arm of the JSW Group
- Average market cap
- ₹91,440 crore
- Headquarters
- Mumbai
- Founded
- 1994
- Industry
- Power generation
JSW Energy generates, transmits and trades power and is part of the JSW Group. It is the largest mid-cap company in this list.
Its average value was up 1.5%. The step down from sixth to seventh is steep: JSW Energy is worth 73% as much as Tata Power.
- 8
NTPC Green Energy
Renewable energy subsidiary of NTPC
- Average market cap
- ₹82,153 crore
- Headquarters
- New Delhi
- Founded
- 2022
- Industry
- Renewable power
NTPC Green Energy is the renewable energy subsidiary of NTPC, incorporated in April 2022 and listed on the stock exchanges in November 2024. It is the youngest company in the list.
Its average value was down 3.2%, one of only two falls among the ten.
- 9
NHPC
Government-owned hydropower company
- Average market cap
- ₹78,261 crore
- Headquarters
- Faridabad
- Founded
- 1975
- Industry
- Hydropower
NHPC, originally the National Hydroelectric Power Corporation, was incorporated in 1975 to develop hydroelectric power and has since added solar and wind projects. The Government of India owns about 71%.
Its average value was down 5.7%, the largest fall in the list.
- 10
Torrent Power
Power company of the Torrent Group
- Average market cap
- ₹73,815 crore
- Headquarters
- Ahmedabad
- Industry
- Integrated power utility
Torrent Power is the power company of the Ahmedabad-based Torrent Group, whose other main businesses are pharmaceuticals and gas. It generates and distributes electricity.
Its average value was up 12.2%, lifting it from 158th to 143rd among all listed companies.
What changed since the last list
Eight of the ten gained value, which sets power apart from sectors such as IT. Adani Power and Adani Energy Solutions each rose by about 30%. NTPC Green Energy and NHPC were the only two to fall.
| Company | All-India rank, Jul to Dec 2025 | All-India rank, Jan to Jun 2026 | Average value, Jul to Dec 2025 | Average value, Jan to Jun 2026 | Change |
|---|---|---|---|---|---|
| NTPC | 22nd | 20th | ₹3.23 lakh crore | ₹3.61 lakh crore | +11.5% |
| Adani Power | 31st | 23rd | ₹2.64 lakh crore | ₹3.47 lakh crore | +31.1% |
| Power Grid Corporation of India | 33rd | 32nd | ₹2.63 lakh crore | ₹2.71 lakh crore | +3.3% |
| Adani Green Energy | 55th | 46th | ₹1.63 lakh crore | ₹1.85 lakh crore | +13.2% |
| Adani Energy Solutions | 96th | 63rd | ₹1.08 lakh crore | ₹1.41 lakh crore | +30.1% |
| Tata Power | 75th | 81st | ₹1.25 lakh crore | ₹1.26 lakh crore | +1.0% |
| JSW Energy | 124th | 121st | ₹90,094 crore | ₹91,440 crore | +1.5% |
| NTPC Green Energy | 133rd | 131st | ₹84,832 crore | ₹82,153 crore | −3.2% |
| NHPC | 134th | 137th | ₹83,004 crore | ₹78,261 crore | −5.7% |
| Torrent Power | 158th | 143rd | ₹65,817 crore | ₹73,815 crore | +12.2% |
What the list tells you
Two owners account for most of the value
Four of the ten are owned by the Government of India: NTPC, Power Grid, NTPC Green Energy and NHPC. Together they make up 45% of the list's value. Three belong to the Adani Group: Adani Power, Adani Green Energy and Adani Energy Solutions, with 38%. That leaves 17% for Tata Power, JSW Energy and Torrent Power.
The Adani companies moved most
In the previous list the three Adani companies were worth ₹5.36 lakh crore between them. In this one they are worth ₹6.72 lakh crore. The four government companies went from ₹7.54 lakh crore to ₹7.92 lakh crore.
Six are large cap
NTPC, Adani Power, Power Grid, Adani Green Energy, Adani Energy Solutions and Tata Power are all among the 100 most valuable listed companies in India. JSW Energy, NTPC Green Energy, NHPC and Torrent Power are mid cap.
Ahmedabad has more of them than any other city
Four of the ten are based in Ahmedabad: the three Adani companies and Torrent Power. Mumbai has Tata Power and JSW Energy. The four government companies are in and around Delhi: New Delhi, Gurugram and Faridabad.
Power-sector companies we left out, and the next utilities
Several large listed companies sell to the power sector without being utilities. Hitachi Energy India, CG Power, Siemens Energy India, Waaree Energies and Suzlon Energy make equipment, and Power Finance Corporation is a lender. Some of them are worth more than the smaller utilities in the top ten. NLC India, SJVN and CESC are the next-largest utilities after Torrent Power.
| Company | All-India rank | Average market cap |
|---|---|---|
| Hitachi Energy India | 85th | ₹1.22 lakh crore |
| CG Power | 88th | ₹1.19 lakh crore |
| Siemens Energy India | 102nd | ₹1.06 lakh crore |
| Waaree Energies | 124th | ₹86,084 crore |
| Suzlon Energy | 158th | ₹67,854 crore |
| Power Finance Corporation | 68th | ₹1.38 lakh crore |
| NLC India | 223rd | ₹39,990 crore |
| SJVN | 272nd | ₹29,117 crore |
| CESC | 326th | ₹21,847 crore |
Limits of this ranking
This is a six-month average that ended on 30 June 2026. It will not match the market capitalisation shown on a stock exchange or trading app today, and a company's position on any single day can differ from its position here.
Market value is one way to measure size. Ranked by revenue, profit, assets or number of employees, the list would look different. Nothing here is investment advice. AMFI publishes its next list, for July to December 2026, in early January 2027, and this page will be updated when it does.
Frequently asked questions
Which is the largest power company in India?
By market value, NTPC, at ₹3.61 lakh crore on average over January to June 2026. Adani Power is second at ₹3.47 lakh crore.
Which is the largest private power company in India?
Adani Power, by market value. It is the most valuable power company that is not owned by the government, ahead of Adani Green Energy (₹1.85 lakh crore), Adani Energy Solutions (₹1.41 lakh crore) and Tata Power (₹1.26 lakh crore).
Is NTPC a government company?
Yes. NTPC is a central public sector undertaking under the Ministry of Power. Its renewable energy subsidiary, NTPC Green Energy, is listed separately and appears in this ranking in its own right.
Why are Suzlon and Waaree not in the top 10?
They make equipment (wind turbines and solar modules) and do not sell electricity as their main business. This ranking is limited to companies that generate, transmit or distribute power. Their market values are shown in the table above for comparison.
Does a higher market value mean a company produces more electricity?
No. Market capitalisation reflects what investors pay for the shares, which depends on expected profits and growth as well as current size. Generating capacity and units sold are different measures and would give a different order.
Sources
- Average market capitalisation of listed companies during the six months ended 30 June 2026, Association of Mutual Funds in India (AMFI). portal.amfiindia.com. Accessed 11 October 2026. Source of every market capitalisation figure and rank in this article.
- Average market capitalisation of listed companies during the six months ended 31 December 2025, Association of Mutual Funds in India (AMFI). amfiindia.com. Accessed 11 October 2026. Used for the comparison with the previous six months.
- Categorization and Rationalization of Mutual Fund Schemes, circular SEBI/HO/IMD/DF3/CIR/P/2017/114, 6 October 2017, Securities and Exchange Board of India (SEBI). amfiindia.com. Accessed 11 October 2026. Defines large, mid and small cap and how AMFI prepares the list.
- NTPC Limited, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Adani Power, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Power Grid Corporation of India, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Adani Green Energy, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Adani Energy Solutions, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Tata Power, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- JSW Energy, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- NHPC, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Torrent Group, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- NTPC Green Energy IPO details, 5paisa. 5paisa.com. Accessed 11 October 2026. Incorporation month and listing date of NTPC Green Energy. Secondary source.
- About Torrent Power, Torrent Group. torrentpharma.com. Accessed 11 October 2026. What Torrent Power does.
