3 Largest Power Generator, Kolkata Power Utility and Largest Coal Producer Stocks With a Strong Future Roadmap: NTPC, CESC and Coal India
- October 26, 2026
- Posted by: Neeraj Pandey
- Category: Best Stocks
NTPC, CESC and Coal India: ROE of 12.3% to 26.1% and FY22 to FY26 revenue CAGR of 8.9% to 12.8%. Prices as of 23 Oct 2026.
Quick Answer
The three power generation and coal mining stocks to watch are NTPC, CESC and Coal India. Their return on equity ranges from 12.3% to 26.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 8.9% to 12.8%. Coal India leads on both return on equity at 26.1% and revenue growth at 12.8% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.
Power generation and coal mining stocks let investors follow companies that serve a growing part of the Indian economy. NTPC, CESC and Coal India cover the largest power generator, a Kolkata power utility and the largest coal producer.
This list covers three power generation and coal mining stocks with complete current figures: NTPC, CESC and Coal India. Every figure comes from the latest reported financials and the 23 October 2026 market close. Companies without complete current figures were left out.
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What Are Power Generation and Coal Mining Stocks?
Power generation and coal mining stocks are listed companies that mine coal, generate electricity and deliver power to homes and industry. Their earnings depend on power demand, plant availability, coal output and regulated returns.
Power Generation and Coal Mining Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| NTPC | 298 | 292,694 | 10.3 | 21.3 | 13.3 | 1.33 |
| CESC | 124.79 | 17,716 | 10.9 | 21.8 | 12.3 | 1.73 |
| Coal India | 397.45 | 247,803 | 8.0 | 9.8 | 26.1 | 0.12 |
On valuation, all three trade at a P/E below their industry P/E, which means the market is pricing them at a lower multiple than their peer group. Readers comparing power generation and coal mining stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Power Generation and Coal Mining Stocks Have a Strong Roadmap in India?
Power generation and coal mining stocks have a strong roadmap in India because electricity demand keeps rising with the economy, and coal and power companies are adding capacity while investing in renewables.
- Power demand. Cooling, industry and electric vehicles lift use.
- Coal output. Domestic mining supports power plants.
- Renewable additions. Utilities build green capacity.
Why NTPC Features Among These Power Generation and Coal Mining Stocks
Among the power generation and coal mining stocks on this list, NTPC is India’s largest power generation company, with thermal, hydro and renewable plants and a growing pipeline of green energy projects.
The company has a return on equity of 13.3%, a debt to equity ratio of 1.33 and a market capitalisation of Rs 292,694 crore. The stock trades at a P/E of 10.3, below the industry P/E of 21.3.
Revenue rose from Rs 134,994 crore in FY22 to Rs 189,799 crore in FY26, a compound annual growth rate of 8.9%. Net profit grew from Rs 15,474 crore in FY22 to Rs 30,010 crore in FY26, which works out to a compound annual growth rate of 18.0%. In the June 2026 quarter, revenue grew 6.9% year on year to Rs 51,142 crore, while net profit rose 12.9% to Rs 6,896 crore.
Roadmap: The company is adding thermal capacity to meet rising electricity demand while building a large renewable portfolio. Long-term power purchase agreements give it steady visibility.
What to watch: Follow capacity additions, renewable progress and plant availability.
Why CESC Features Among These Power Generation and Coal Mining Stocks
Among the energy utility company shares on this list, CESC is a Kolkata-based power company that generates and distributes electricity to Kolkata and Howrah, and it also runs distribution businesses in other states and a growing renewable energy platform through its subsidiary.
Revenue rose from Rs 12,827 crore in FY22 to Rs 18,927 crore in FY26, a compound annual growth rate of 10.2%. Net profit grew from Rs 1,447 crore in FY24 to Rs 1,618 crore in FY26, which works out to a compound annual growth rate of 5.7%.
In the June 2026 quarter, revenue grew 5.2% year on year to Rs 5,559 crore, while net profit rose 3.7% to Rs 419 crore. The company has a return on equity of 12.3%, a debt to equity ratio of 1.73 and a market capitalisation of Rs 17,716 crore. The stock trades at a P/E of 10.9, below the industry P/E of 21.8.
Roadmap: The company is expanding its renewable portfolio and distribution reach, using a stable city distribution franchise as the base. It also holds retail and other businesses that add diversification.
What to watch: Track renewable capacity addition and the progress of newer distribution franchises.
Why Coal India Features Among These Power Generation and Coal Mining Stocks
Among the three companies on this list, Coal India is the world’s largest coal producer by output and supplies the bulk of India’s coal through several subsidiaries. Its customers include power utilities and industrial users across the country.
In the June 2026 quarter, revenue grew 8.4% year on year to Rs 48,295 crore, while net profit rose 0.7% to Rs 8,850 crore. Revenue rose from Rs 113,597 crore in FY22 to Rs 183,747 crore in FY26, a compound annual growth rate of 12.8%.
Net profit grew from Rs 17,378 crore in FY22 to Rs 31,071 crore in FY26, which works out to a compound annual growth rate of 15.6%. The company has a return on equity of 26.1%, a debt to equity ratio of 0.12 and a market capitalisation of Rs 247,803 crore. The stock trades at a P/E of 8.0, below the industry P/E of 9.8.
Roadmap: The company is raising output with new and expanded mines and building first-mile connectivity to move coal faster. It is also investing in new areas such as solar power and coal gasification.
What to watch: Track production and offtake numbers, realisations and progress on new mines.
NTPC vs CESC vs Coal India on Key Financials
The table below sets the three power generation and coal mining stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| NTPC | 134,994 | 189,799 | 8.9% | 30,010 | 15.8% |
| CESC | 12,827 | 18,927 | 10.2% | 1,618 | 8.5% |
| Coal India | 113,597 | 183,747 | 12.8% | 31,071 | 16.9% |
Coal India posts the highest return on equity in this group at 26.1%. NTPC has the largest FY26 revenue at Rs 189,799 crore, and Coal India shows the fastest revenue growth with a 12.8% compound annual rate. A useful habit with power generation and coal mining stocks is to check each new quarterly result against the capacity plans the company described earlier.
The June 2026 quarter, the latest reported, gives a fresh read on momentum:
| Company | Q1 FY26 Revenue (Rs Cr) | Q1 FY27 Revenue (Rs Cr) | Year-on-Year Growth |
|---|---|---|---|
| NTPC | 47,821 | 51,142 | 6.9% |
| CESC | 5,285 | 5,559 | 5.2% |
| Coal India | 44,535 | 48,295 | 8.4% |
Key Risks to Check Before Investing in Power Generation and Coal Mining Stocks
Every theme carries risks that deserve a check before any decision. For these power generation and coal mining stocks, the main points are: Long-term energy utility company shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Regulation. Tariffs and coal prices follow government decisions.
- Fuel supply. Plant output depends on dependable coal.
- Project timing. New capacity can take years to deliver.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter power generation and coal mining stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Power Generation and Coal Mining Stocks
Power generation and coal mining stocks reward investors who follow demand trends, order books and margins together. NTPC, CESC and Coal India each play a central role in the energy chain. Based on the 23 October 2026 close, NTPC trades at Rs 298, CESC at Rs 124.79 and Coal India at Rs 397.45.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are power generation and coal mining stocks?
Ans. Power generation and coal mining stocks are listed companies that mine coal, generate electricity and deliver power to homes and industry. Their earnings depend on power demand, plant availability, coal output and regulated returns. This list looks at three of them, NTPC, CESC and Coal India, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.
Which power generation and coal mining stocks are covered in this list?
Ans. This list covers NTPC, CESC and Coal India. Based on the 23 October 2026 close, NTPC traded at Rs 298, CESC at Rs 124.79 and Coal India at Rs 397.45. Their return on equity ranges from 12.3% to 26.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 8.9% to 12.8%.
Why do power generation and coal mining stocks have a strong future roadmap in India?
Ans. Power generation and coal mining stocks have a strong roadmap in India because electricity demand keeps rising with the economy, and coal and power companies are adding capacity while investing in renewables. The main drivers are as follows. Power demand. Cooling, industry and electric vehicles lift use. Coal output. Domestic mining supports power plants. Renewable additions. Utilities build green capacity. Together these factors give the companies on this list a visible path for growth over the coming years.
How has NTPC performed financially?
Ans. Revenue rose from Rs 134,994 crore in FY22 to Rs 189,799 crore in FY26, a compound annual growth rate of 8.9%. Net profit grew from Rs 15,474 crore in FY22 to Rs 30,010 crore in FY26, which works out to a compound annual growth rate of 18.0%. In the June 2026 quarter, revenue grew 6.9% year on year to Rs 51,142 crore, while net profit rose 12.9% to Rs 6,896 crore. The company has a return on equity of 13.3%, a debt to equity ratio of 1.33 and a market capitalisation of Rs 292,694 crore. The stock trades at a P/E of 10.3, below the industry P/E of 21.3. Looking ahead, the company is adding thermal capacity to meet rising electricity demand while building a large renewable portfolio. Long-term power purchase agreements give it steady visibility.
How has CESC performed financially?
Ans. Revenue rose from Rs 12,827 crore in FY22 to Rs 18,927 crore in FY26, a compound annual growth rate of 10.2%. Net profit grew from Rs 1,447 crore in FY24 to Rs 1,618 crore in FY26, which works out to a compound annual growth rate of 5.7%. In the June 2026 quarter, revenue grew 5.2% year on year to Rs 5,559 crore, while net profit rose 3.7% to Rs 419 crore. The company has a return on equity of 12.3%, a debt to equity ratio of 1.73 and a market capitalisation of Rs 17,716 crore. The stock trades at a P/E of 10.9, below the industry P/E of 21.8. Looking ahead, the company is expanding its renewable portfolio and distribution reach, using a stable city distribution franchise as the base. It also holds retail and other businesses that add diversification.
How has Coal India performed financially?
Ans. Revenue rose from Rs 113,597 crore in FY22 to Rs 183,747 crore in FY26, a compound annual growth rate of 12.8%. Net profit grew from Rs 17,378 crore in FY22 to Rs 31,071 crore in FY26, which works out to a compound annual growth rate of 15.6%. In the June 2026 quarter, revenue grew 8.4% year on year to Rs 48,295 crore, while net profit rose 0.7% to Rs 8,850 crore. The company has a return on equity of 26.1%, a debt to equity ratio of 0.12 and a market capitalisation of Rs 247,803 crore. The stock trades at a P/E of 8.0, below the industry P/E of 9.8. Looking ahead, the company is raising output with new and expanded mines and building first-mile connectivity to move coal faster. It is also investing in new areas such as solar power and coal gasification.
What risks should investors check before buying power generation and coal mining stocks?
Ans. Investors should check a few risks before buying power generation and coal mining stocks. Regulation. Tariffs and coal prices follow government decisions. Fuel supply. Plant output depends on dependable coal. Project timing. New capacity can take years to deliver. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of power generation and coal mining stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 23 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
