{"id":297322,"date":"2026-10-09T10:42:27","date_gmt":"2026-10-09T05:12:27","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=297322"},"modified":"2026-10-09T10:42:27","modified_gmt":"2026-10-09T05:12:27","slug":"power-utility-stocks-strong-roadmap","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/","title":{"rendered":"3 Power Utility Stocks With a Strong Future Roadmap: Torrent Power, CESC and SJVN"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Torrent Power Rs 1,214.60, P\/E 25.60. CESC Rs 128.73, P\/E 10.48. SJVN Rs 54.24, P\/E 33.29. Closing prices of 8 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Power utility stocks with the clearest long-term roadmaps today include Torrent Power in generation and distribution across cities, CESC in electricity distribution in Kolkata and SJVN in hydro and renewable capacity. FY26 revenue growth was -1.2% at Torrent Power, 8.9% at CESC and 39.9% at SJVN. P\/E stands at 25.60 for Torrent Power (industry 22.17), 10.48 for CESC (industry 22.17) and 33.29 for SJVN (industry 22.17). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company&#8217;s risks need equal attention.<\/p>\n<\/p><\/div>\n<p>Power utility stocks give investors exposure to companies that generate and deliver electricity to homes and industry. Capacity additions, regulated returns and demand growth decide how steady earnings are.<\/p>\n<p>This list covers three power utility stocks: Torrent Power for generation and distribution across cities, CESC for electricity distribution in Kolkata and SJVN for hydro and renewable capacity. Every figure comes from the latest reported financials and the 8 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=power-utility-stocks-strong-roadmap\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#What_Are_Power_Utility_Stocks\" title=\"What Are Power Utility Stocks?\">What Are Power Utility Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#Power_Utility_Stocks_at_a_Glance\" title=\"Power Utility Stocks at a Glance\">Power Utility Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#Why_Do_Power_Utility_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Power Utility Stocks Have a Strong Roadmap in India?\">Why Do Power Utility Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#Torrent_Power_Generation_Distribution_and_Renewables_Anchor_the_Roadmap\" title=\"Torrent Power: Generation, Distribution and Renewables Anchor the Roadmap\">Torrent Power: Generation, Distribution and Renewables Anchor the Roadmap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#CESC_Kolkata_Power_Distribution_Drives_the_Pipeline\" title=\"CESC: Kolkata Power Distribution Drives the Pipeline\">CESC: Kolkata Power Distribution Drives the Pipeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#SJVN_Hydro_and_Renewable_Capacity_Build_the_Next_Leg\" title=\"SJVN: Hydro and Renewable Capacity Build the Next Leg\">SJVN: Hydro and Renewable Capacity Build the Next Leg<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#Best_Power_Utility_Stocks_in_India_Torrent_Power_vs_CESC_vs_SJVN_on_Key_Financials\" title=\"Best Power Utility Stocks in India: Torrent Power vs CESC vs SJVN on Key Financials\">Best Power Utility Stocks in India: Torrent Power vs CESC vs SJVN on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#How_to_Evaluate_Power_Utility_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Power Utility Stocks to Buy Before You Invest\">How to Evaluate Power Utility Stocks to Buy Before You Invest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#Risks_to_Consider_Before_Investing_in_Power_Utility_Stocks\" title=\"Risks to Consider Before Investing in Power Utility Stocks\">Risks to Consider Before Investing in Power Utility Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#Final_Take_Which_Stock_Has_the_Strongest_Roadmap\" title=\"Final Take: Which Stock Has the Strongest Roadmap?\">Final Take: Which Stock Has the Strongest Roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#FAQs_on_Power_Utility_Stocks\" title=\"FAQs on Power Utility Stocks\">FAQs on Power Utility Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#Which_are_the_best_power_utility_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best power utility stocks in India with a strong roadmap?\">Which are the best power utility stocks in India with a strong roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#Is_Torrent_Power_a_good_stock_to_buy_now\" title=\"Is Torrent Power a good stock to buy now?\">Is Torrent Power a good stock to buy now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#What_is_the_PE_ratio_of_Torrent_Power_CESC_and_SJVN\" title=\"What is the P\/E ratio of Torrent Power, CESC and SJVN?\">What is the P\/E ratio of Torrent Power, CESC and SJVN?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#Which_of_these_power_utility_stocks_has_the_highest_return_on_equity\" title=\"Which of these power utility stocks has the highest return on equity?\">Which of these power utility stocks has the highest return on equity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#What_are_the_risks_of_investing_in_power_utility_stocks\" title=\"What are the risks of investing in power utility stocks?\">What are the risks of investing in power utility stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#How_did_Torrent_Power_CESC_and_SJVN_perform_in_Q1_FY27\" title=\"How did Torrent Power, CESC and SJVN perform in Q1 FY27?\">How did Torrent Power, CESC and SJVN perform in Q1 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#Do_power_utility_stocks_pay_dividends\" title=\"Do power utility stocks pay dividends?\">Do power utility stocks pay dividends?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/power-utility-stocks-strong-roadmap\/#How_can_I_invest_in_power_utility_stocks_in_India\" title=\"How can I invest in power utility stocks in India?\">How can I invest in power utility stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Power_Utility_Stocks\"><\/span><strong>What Are Power Utility Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Power utility stocks are shares of companies that generate, transmit and distribute electricity. Results depend on capacity additions, tariffs and regulated returns, so capacity additions and regulated returns separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Power_Utility_Stocks_at_a_Glance\"><\/span><strong>Power Utility Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table compares size, valuation, return on equity and debt for the three power utility stocks as of the 8 Oct 2026 close.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Debt to Equity<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/torntpower\/torrent-power-ltd-share-price-today\">Torrent Power<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,214.60<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">61,176<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.60<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.17<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.67%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.73<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/cesc\/cesc-ltd-share-price-today\">CESC<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">128.73<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17,080<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.48<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.17<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.31%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.73<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/sjvn\/sjvn-ltd-share-price-today\">SJVN<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">54.24<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">21,323<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">33.29<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.17<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.51%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2.27<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among electricity distribution stocks, Torrent Power and SJVN trade at a premium to the industry P\/E, while CESC trades at a discount.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Power_Utility_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Power Utility Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Power utility stocks have a strong roadmap in India because electricity demand is rising with incomes and industry, renewable capacity is growing and distribution reforms continue. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Rising demand:<\/strong> Cooling, industry and electric mobility push peak demand higher.<\/li>\n<li><strong>Renewable additions:<\/strong> Solar, wind and hydro capacity is being added to the grid.<\/li>\n<li><strong>Regulated returns:<\/strong> Distribution franchises earn steady returns on approved assets.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Torrent_Power_Generation_Distribution_and_Renewables_Anchor_the_Roadmap\"><\/span><strong>Torrent Power: Generation, Distribution and Renewables Anchor the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Torrent Power&#8217;s roadmap rests on power generation from thermal, gas and renewable plants and electricity distribution in cities such as Ahmedabad, Surat and Agra, with distribution franchises and renewable additions supporting earnings.<\/p>\n<p>Revenue grew from Rs 14,492.65 crore in FY22 to Rs 29,288.92 crore in FY26, a 102.1% rise, and FY26 revenue was 1.2% lower than FY25. FY26 net profit fell 19.3% to Rs 2,469.36 crore. In Q1 FY27, revenue grew 2.4% to Rs 8,204.81 crore, and net profit fell 10.8% to Rs 661.85 crore. Operating margin was 20.21% in FY26 and 19.92% in Q1 FY27 against 20.08% a year earlier.<\/p>\n<p>Debt to equity is 0.73 and return on equity is 12.67%. FY26 operating cash flow was Rs 5,464.17 crore against capital expenditure of Rs 7,704.63 crore. Torrent Power paid a dividend of Rs 20 per share for FY26, a yield of 1.65%. At a P\/E of 25.60 against an industry P\/E of 22.17, the stock trades above its industry multiple.<\/p>\n<p>What to watch: Q1 FY27 net profit was 10.8% lower than a year earlier, and FY26 net profit of Rs 2,469.36 Cr was lower than the Rs 3,058.61 Cr of FY25.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CESC_Kolkata_Power_Distribution_Drives_the_Pipeline\"><\/span><strong>CESC: Kolkata Power Distribution Drives the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CESC&#8217;s roadmap rests on electricity distribution in Kolkata along with thermal and renewable generation, with a regulated distribution base supporting steady earnings.<\/p>\n<p>Revenue grew from Rs 12,826.70 crore in FY22 to Rs 18,927.29 crore in FY26, a 47.6% rise, and FY26 revenue was 8.9% higher than FY25. FY26 net profit rose 13.2% to Rs 1,617.57 crore. Over four years, net profit rose from Rs 1,404.08 crore in FY22 to Rs 1,617.57 crore. In Q1 FY27, revenue grew 5.2% to Rs 5,559.00 crore, and net profit rose 3.7% to Rs 419.00 crore. Operating margin was 26.27% in FY26 and 20.95% in Q1 FY27 against 22.59% a year earlier.<\/p>\n<p>Debt to equity is 1.73 and return on equity is 12.31%. FY26 operating cash flow was Rs 4,057.49 crore against capital expenditure of Rs 3,916.20 crore. CESC paid a dividend of Rs 6 per share for FY26, a yield of 4.68%. At a P\/E of 10.48 against an industry P\/E of 22.17, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The Q1 FY27 operating margin of 20.95% was below the 22.59% of a year earlier, and debt to equity of 1.73 is on the higher side.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SJVN_Hydro_and_Renewable_Capacity_Build_the_Next_Leg\"><\/span><strong>SJVN: Hydro and Renewable Capacity Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>SJVN&#8217;s roadmap rests on hydropower, solar and wind generation along with transmission projects, with a pipeline of hydro and renewable capacity under development.<\/p>\n<p>Revenue grew from Rs 2,634.78 crore in FY22 to Rs 4,722.81 crore in FY26, a 79.2% rise, and FY26 revenue was 39.9% higher than FY25. FY26 net profit fell 21.5% to Rs 641.85 crore. Over four years, net profit fell from Rs 989.80 crore in FY22 to Rs 641.85 crore. In Q1 FY27, revenue grew 47.1% to Rs 1,428.78 crore, and net profit fell 1.2% to Rs 224.74 crore. Operating margin was 77.98% in FY26 and 63.42% in Q1 FY27.<\/p>\n<p>Debt to equity is 2.27 and return on equity is 4.51%. FY26 operating cash flow was Rs 1,859.66 crore against capital expenditure of Rs 5,699.11 crore. SJVN paid a dividend of Rs 1.5 per share for FY26, a yield of 2.76%. At a P\/E of 33.29 against an industry P\/E of 22.17, the stock trades above its industry multiple.<\/p>\n<p>What to watch: Q1 FY27 net profit was 1.2% lower than a year earlier, and FY26 net profit of Rs 641.85 Cr was lower than the Rs 818.02 Cr of FY25. The P\/E of 33.29 sits above the industry P\/E of 22.17, so earnings delivery matters for the valuation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Power_Utility_Stocks_in_India_Torrent_Power_vs_CESC_vs_SJVN_on_Key_Financials\"><\/span><strong>Best Power Utility Stocks in India: Torrent Power vs CESC vs SJVN on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best power utility stocks in India, Torrent Power leads on return on equity and the lowest debt to equity; CESC leads on Q1 FY27 net profit growth and FY26 net profit growth; SJVN leads on FY26 revenue growth and FY26 operating margin. The table puts the numbers side by side.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Metric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Torrent Power<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CESC<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">SJVN<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">29,288.92<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18,927.29<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,722.81<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-1.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.9%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">39.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,469.36<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,617.57<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">641.85<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-19.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">13.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-21.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating profit margin<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20.21%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.27%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">77.98%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 revenue growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">47.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 net profit growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-10.8%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3.7%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-1.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Return on equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.67%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.31%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.51%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">P\/E ratio<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.60<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.48<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">33.29<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Debt to equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.73<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.73<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2.27<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Dividend yield<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.65%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.68%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2.76%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating cash flow (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,464.17<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,057.49<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,859.66<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Power earnings follow capacity additions, tariffs and regulated returns, so full-year numbers and quarterly trends together give a better view.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_Power_Utility_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Power Utility Stocks to Buy Before You Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A short checklist keeps the research consistent when you screen power utility stocks and shortlist power utility stocks to buy.<\/p>\n<ol>\n<li>Compare each stock&#8217;s P\/E with its industry P\/E, which is 22.17 for all three here.<\/li>\n<li>Check how much of capacity is under construction, because additions drive future earnings.<\/li>\n<li>Check whether revenue growth is turning into profit growth, not only sales.<\/li>\n<li>Read operating cash flow against capital expenditure to see how growth is funded.<\/li>\n<li>Watch debt to equity and interest cover before sizing a position.<\/li>\n<li>Spread exposure across companies and business lines instead of one demand cycle.<\/li>\n<\/ol>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live data on these power utility stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Power_Utility_Stocks\"><\/span><strong>Risks to Consider Before Investing in Power Utility Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Valuation:<\/strong> SJVN trades at 33.29 times earnings against an industry multiple of 22.17.<\/li>\n<li><strong>Debt and cash flow:<\/strong> CESC has debt to equity of 1.73.<\/li>\n<li><strong>Quarterly profit:<\/strong> Torrent Power&#8217;s Q1 FY27 net profit was 10.8% lower than a year earlier.<\/li>\n<li><strong>Project delays:<\/strong> Hydro and renewable projects can face timing delays.<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Torrent Power, CESC and SJVN live.<\/em><\/p>\n<p>Annual reports and quarterly result presentations are the most reliable places to verify the numbers quoted here, because they show segment details, management commentary and the notes behind each figure.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Take_Which_Stock_Has_the_Strongest_Roadmap\"><\/span><strong>Final Take: Which Stock Has the Strongest Roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>These three electricity distribution stocks cover a diversified generator and distributor, a Kolkata distribution utility and a hydro and renewable developer. Torrent Power leads on return on equity and the lowest debt to equity; CESC leads on Q1 FY27 net profit growth and FY26 net profit growth; SJVN leads on FY26 revenue growth and FY26 operating margin.<\/p>\n<p>Across power utility stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the power utility stocks to buy discussed here.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> 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).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Power_Utility_Stocks\"><\/span><strong>FAQs on Power Utility Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_power_utility_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best power utility stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Torrent Power, CESC and SJVN stand out for their roadmaps in a diversified generator and distributor, a Kolkata distribution utility and a hydro and renewable developer. FY26 revenue growth was -1.2% at Torrent Power, 8.9% at CESC and 39.9% at SJVN, and return on equity ranges from 4.51% to 12.67%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Torrent_Power_a_good_stock_to_buy_now\"><\/span><strong>Is Torrent Power a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Torrent Power has a debt to equity ratio of 0.73, a return on equity of 12.67% and a P\/E of 25.60 against an industry P\/E of 22.17. Valuation, project delays and tariff decisions move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_Torrent_Power_CESC_and_SJVN\"><\/span><strong>What is the P\/E ratio of Torrent Power, CESC and SJVN?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 25.60 for Torrent Power (industry 22.17), 10.48 for CESC (industry 22.17) and 33.29 for SJVN (industry 22.17). Only Torrent Power and SJVN trade at or above the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_power_utility_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these power utility stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Torrent Power has the highest return on equity at 12.67%, followed by CESC at 12.31% and SJVN at 4.51%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_power_utility_stocks\"><\/span><strong>What are the risks of investing in power utility stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are valuation, debt and cash flow, quarterly profit and project delays. SJVN trades at 33.29 times earnings against an industry multiple of 22.17.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_Torrent_Power_CESC_and_SJVN_perform_in_Q1_FY27\"><\/span><strong>How did Torrent Power, CESC and SJVN perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Torrent Power reported revenue of Rs 8,204.81 crore, up 2.4% year on year, and net profit fell 10.8% to Rs 661.85 crore. CESC reported revenue of Rs 5,559.00 crore, up 5.2% year on year, and net profit rose 3.7% to Rs 419.00 crore. SJVN reported revenue of Rs 1,428.78 crore, up 47.1% year on year, and net profit fell 1.2% to Rs 224.74 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_power_utility_stocks_pay_dividends\"><\/span><strong>Do power utility stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes, all three companies pay dividends. The dividend yield is 1.65% for Torrent Power, 4.68% for CESC and 2.76% for SJVN, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_power_utility_stocks_in_India\"><\/span><strong>How can I invest in power utility stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy power utility stocks through a demat and trading account on NSE or BSE after checking each company&#8217;s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which are the best power utility stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Torrent Power, CESC and SJVN stand out for their roadmaps in a diversified generator and distributor, a Kolkata distribution utility and a hydro and renewable developer. FY26 revenue growth was -1.2% at Torrent Power, 8.9% at CESC and 39.9% at SJVN, and return on equity ranges from 4.51% to 12.67%.\"}},{\"@type\":\"Question\",\"name\":\"Is Torrent Power a good stock to buy now?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Torrent Power has a debt to equity ratio of 0.73, a return on equity of 12.67% and a P\/E of 25.60 against an industry P\/E of 22.17. Valuation, project delays and tariff decisions move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.\"}},{\"@type\":\"Question\",\"name\":\"What is the P\/E ratio of Torrent Power, CESC and SJVN?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The P\/E ratio is 25.60 for Torrent Power (industry 22.17), 10.48 for CESC (industry 22.17) and 33.29 for SJVN (industry 22.17). Only Torrent Power and SJVN trade at or above the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these power utility stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Torrent Power has the highest return on equity at 12.67%, followed by CESC at 12.31% and SJVN at 4.51%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in power utility stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are valuation, debt and cash flow, quarterly profit and project delays. SJVN trades at 33.29 times earnings against an industry multiple of 22.17.\"}},{\"@type\":\"Question\",\"name\":\"How did Torrent Power, CESC and SJVN perform in Q1 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Torrent Power reported revenue of Rs 8,204.81 crore, up 2.4% year on year, and net profit fell 10.8% to Rs 661.85 crore. CESC reported revenue of Rs 5,559.00 crore, up 5.2% year on year, and net profit rose 3.7% to Rs 419.00 crore. SJVN reported revenue of Rs 1,428.78 crore, up 47.1% year on year, and net profit fell 1.2% to Rs 224.74 crore.\"}},{\"@type\":\"Question\",\"name\":\"Do power utility stocks pay dividends?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes, all three companies pay dividends. The dividend yield is 1.65% for Torrent Power, 4.68% for CESC and 2.76% for SJVN, based on dividends declared for FY26.\"}},{\"@type\":\"Question\",\"name\":\"How can I invest in power utility stocks in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"You can buy power utility stocks through a demat and trading account on NSE or BSE after checking each company's financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Torrent Power, CESC and SJVN compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":38,"featured_media":297321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[8318,10589,10590,7532,7782],"class_list":["post-297322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-cesc","tag-power-utility-stocks","tag-power-utility-stocks-to-buy","tag-sjvn","tag-torrent-power"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["297321"],"rank_math_title":["Power Utility Stocks: Torrent Power, CESC and SJVN"],"rank_math_description":["Power utility stocks with a strong roadmap: Torrent Power, CESC and SJVN compared on growth, margins, valuation and risks."],"rank_math_focus_keyword":["power utility stocks"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/3-power-utility-stocks-with-a-strong-future-roadmap-torrent-power-cesc-and-sjvn.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/297322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=297322"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/297322\/revisions"}],"predecessor-version":[{"id":297323,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/297322\/revisions\/297323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/297321"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=297322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=297322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=297322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}