{"id":325386,"date":"2026-10-23T14:28:31","date_gmt":"2026-10-23T08:58:31","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=325386"},"modified":"2026-10-23T14:28:31","modified_gmt":"2026-10-23T08:58:31","slug":"largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/","title":{"rendered":"3 Largest Power Generator, Hydropower Producer and Mumbai Power Utility Stocks With a Strong Future Roadmap: NTPC, NHPC and Torrent Power"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>NTPC, NHPC and Torrent Power: ROE of 9.1% to 13.3% and FY22 to FY26 revenue CAGR of 5.8% to 19.2%. Prices as of 22 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;\">The three thermal, hydro and power utility stocks to watch are NTPC, NHPC and Torrent Power. Their return on equity ranges from 9.1% to 13.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.8% to 19.2%. NTPC has the highest return on equity at 13.3%, while Torrent Power has the fastest revenue growth at 19.2% a year. Prices are based on the 22 October 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Thermal, hydro and power utility stocks let investors follow companies that keep India&#8217;s lights on. NTPC, NHPC and Torrent Power cover the largest power generator, a hydropower producer and a power utility with generation and distribution.<\/p>\n<p>This list covers three thermal, hydro and power utility stocks with complete current figures: NTPC, NHPC and Torrent Power. Every figure comes from the latest reported financials and the 22 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#What_Are_Thermal_Hydro_and_Power_Utility_Stocks\" title=\"What Are Thermal, Hydro and Power Utility Stocks?\">What Are Thermal, Hydro and 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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#Thermal_Hydro_and_Power_Utility_Stocks_at_a_Glance\" title=\"Thermal, Hydro and Power Utility Stocks at a Glance\">Thermal, Hydro and 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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#Why_Do_Thermal_Hydro_and_Power_Utility_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Thermal, Hydro and Power Utility Stocks Have a Strong Roadmap in India?\">Why Do Thermal, Hydro and 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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#Why_NTPC_Features_Among_These_Thermal_Hydro_and_Power_Utility_Stocks\" title=\"Why NTPC Features Among These Thermal, Hydro and Power Utility Stocks\">Why NTPC Features Among These Thermal, Hydro and Power Utility Stocks<\/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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#Why_NHPC_Features_Among_These_Thermal_Hydro_and_Power_Utility_Stocks\" title=\"Why NHPC Features Among These Thermal, Hydro and Power Utility Stocks\">Why NHPC Features Among These Thermal, Hydro and Power Utility Stocks<\/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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#Why_Torrent_Power_Features_Among_These_Thermal_Hydro_and_Power_Utility_Stocks\" title=\"Why Torrent Power Features Among These Thermal, Hydro and Power Utility Stocks\">Why Torrent Power Features Among These Thermal, Hydro and Power Utility Stocks<\/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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#NTPC_vs_NHPC_vs_Torrent_Power_on_Key_Financials\" title=\"NTPC vs NHPC vs Torrent Power on Key Financials\">NTPC vs NHPC vs Torrent Power 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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#Key_Risks_to_Check_Before_Investing_in_Thermal_Hydro_and_Power_Utility_Stocks\" title=\"Key Risks to Check Before Investing in Thermal, Hydro and Power Utility Stocks\">Key Risks to Check Before Investing in Thermal, Hydro and Power Utility Stocks<\/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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#Final_Thoughts_on_Thermal_Hydro_and_Power_Utility_Stocks\" title=\"Final Thoughts on Thermal, Hydro and Power Utility Stocks\">Final Thoughts on Thermal, Hydro and 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-10\" href=\"https:\/\/univest.in\/blogs-2\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#What_are_thermal_hydro_and_power_utility_stocks\" title=\"What are thermal, hydro and power utility stocks?\">What are thermal, hydro and power utility stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#Which_thermal_hydro_and_power_utility_stocks_are_covered_in_this_list\" title=\"Which thermal, hydro and power utility stocks are covered in this list?\">Which thermal, hydro and power utility stocks are covered in this list?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#Why_do_thermal_hydro_and_power_utility_stocks_have_a_strong_future_roadmap_in_India\" title=\"Why do thermal, hydro and power utility stocks have a strong future roadmap in India?\">Why do thermal, hydro and power utility stocks have a strong future roadmap in India?<\/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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#How_has_NTPC_performed_financially\" title=\"How has NTPC performed financially?\">How has NTPC performed financially?<\/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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#How_has_NHPC_performed_financially\" title=\"How has NHPC performed financially?\">How has NHPC performed financially?<\/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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#How_has_Torrent_Power_performed_financially\" title=\"How has Torrent Power performed financially?\">How has Torrent Power performed financially?<\/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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#What_risks_should_investors_check_before_buying_thermal_hydro_and_power_utility_stocks\" title=\"What risks should investors check before buying thermal, hydro and power utility stocks?\">What risks should investors check before buying thermal, hydro and 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\/largest-power-generator-hydropower-producer-and-mumbai-power-utility-stocks-roadmap-pinnacle-list\/#Is_this_list_of_thermal_hydro_and_power_utility_stocks_investment_advice\" title=\"Is this list of thermal, hydro and power utility stocks investment advice?\">Is this list of thermal, hydro and power utility stocks investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Thermal_Hydro_and_Power_Utility_Stocks\"><\/span><strong>What Are Thermal, Hydro and Power Utility Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Thermal, hydro and power utility stocks are listed companies that generate and distribute electricity from coal, gas, water and renewable sources. Their earnings depend on capacity, plant availability and long-term power contracts.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Thermal_Hydro_and_Power_Utility_Stocks_at_a_Glance\"><\/span><strong>Thermal, Hydro and Power Utility Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\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;\">D\/E<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/ntpc\/ntpc-ltd-share-price-today\">NTPC<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">302.6<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">292,694<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">21.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">13.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.33<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/nhpc\/nhpc-ltd-share-price-today\">NHPC<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">72.38<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">72,626<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.0<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">21.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.1<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.26<\/td>\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;\">1,181.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">60,947<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.5<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">21.8<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.73<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>On valuation, NTPC and NHPC trade at a P\/E below the industry P\/E, while Torrent Power trades above it, which reflects the growth the market already expects. Readers comparing thermal, hydro and power utility stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Thermal_Hydro_and_Power_Utility_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Thermal, Hydro and Power Utility Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Thermal, hydro and power utility stocks have a strong roadmap in India because electricity demand keeps rising and utilities are adding thermal, hydro and renewable capacity to meet it.<\/p>\n<ul>\n<li><strong>Rising power demand.<\/strong> Growth in cities and industry lifts electricity use.<\/li>\n<li><strong>Renewable additions.<\/strong> Utilities build solar, wind and hydro capacity.<\/li>\n<li><strong>Long contracts.<\/strong> Power purchase agreements give steady income.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_NTPC_Features_Among_These_Thermal_Hydro_and_Power_Utility_Stocks\"><\/span><strong>Why NTPC Features Among These Thermal, Hydro and Power Utility Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the thermal, hydro and power utility stocks on this list, NTPC is India&#8217;s largest power generation company, with thermal, hydro and renewable plants and a growing pipeline of green energy projects.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p><strong>Roadmap:<\/strong> 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.<\/p>\n<p><strong>What to watch:<\/strong> Follow capacity additions, renewable progress and plant availability.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_NHPC_Features_Among_These_Thermal_Hydro_and_Power_Utility_Stocks\"><\/span><strong>Why NHPC Features Among These Thermal, Hydro and Power Utility Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the power generation company shares on this list, NHPC is a public sector hydropower company that builds and operates large hydroelectric stations and is expanding into solar and wind energy.<\/p>\n<p>Revenue rose from Rs 10,108 crore in FY22 to Rs 12,686 crore in FY26, a compound annual growth rate of 5.8%. Net profit for FY26 was Rs 3,237 crore, a net margin of 25.5%.<\/p>\n<p>In the June 2026 quarter, revenue grew 15.0% year on year to Rs 3,960 crore, while net profit rose 4.1% to Rs 1,178 crore. The company has a return on equity of 9.1%, a debt to equity ratio of 1.26 and a market capitalisation of Rs 72,626 crore. The stock trades at a P\/E of 17.0, below the industry P\/E of 21.3.<\/p>\n<p><strong>Roadmap:<\/strong> The company has a pipeline of hydro and renewable projects that will add capacity over the coming years. Hydropower supports grid stability, and long-term contracts give it steady income.<\/p>\n<p><strong>What to watch:<\/strong> Track commissioning of new projects, generation levels and renewable additions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Torrent_Power_Features_Among_These_Thermal_Hydro_and_Power_Utility_Stocks\"><\/span><strong>Why Torrent Power Features Among These Thermal, Hydro and Power Utility Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies on this list, Torrent Power is an integrated power company in Gujarat that generates, transmits and distributes electricity, with operations in Ahmedabad, Surat and Bhiwandi, and a growing renewable energy portfolio.<\/p>\n<p>In the June 2026 quarter, revenue grew 2.4% year on year to Rs 8,205 crore. Revenue rose from Rs 14,493 crore in FY22 to Rs 29,289 crore in FY26, a compound annual growth rate of 19.2%.<\/p>\n<p>Net profit grew from Rs 459 crore in FY22 to Rs 2,469 crore in FY26, which works out to a compound annual growth rate of 52.3%. The company has a return on equity of 12.7%, a debt to equity ratio of 0.73 and a market capitalisation of Rs 60,947 crore. The stock trades at a P\/E of 25.5, above the industry P\/E of 21.8.<\/p>\n<p><strong>Roadmap:<\/strong> The company operates a stable distribution franchise and is adding large renewable capacity alongside new thermal and pumped storage projects. Its distribution licences in major cities provide steady cash flows that support these investments.<\/p>\n<p><strong>What to watch:<\/strong> Monitor renewable capacity commissioning and the progress of new generation projects.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"NTPC_vs_NHPC_vs_Torrent_Power_on_Key_Financials\"><\/span><strong>NTPC vs NHPC vs Torrent Power on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three thermal, hydro and power utility stocks side by side on revenue, profit and margin, using reported figures.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\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;\">FY22 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Revenue CAGR (FY22-FY26)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Profit (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">NTPC<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">134,994<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">189,799<\/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;\">30,010<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">NHPC<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10,108<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12,686<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5.8%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,237<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Torrent Power<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14,493<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">29,289<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,469<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>NTPC posts the highest return on equity in this group at 13.3%. NTPC has the largest FY26 revenue at Rs 189,799 crore, and Torrent Power shows the fastest revenue growth with a 19.2% compound annual rate. A useful habit with thermal, hydro and power utility stocks is to check each new quarterly result against the capacity plans the company described earlier.<\/p>\n<p>The June 2026 quarter, the latest reported, gives a fresh read on momentum:<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\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;\">Q1 FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Q1 FY27 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Year-on-Year Growth<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">NTPC<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">47,821<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">51,142<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">NHPC<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,443<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,960<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Torrent Power<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8,011<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8,205<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Check_Before_Investing_in_Thermal_Hydro_and_Power_Utility_Stocks\"><\/span><strong>Key Risks to Check Before Investing in Thermal, Hydro and Power Utility Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every theme carries risks that deserve a check before any decision. For these thermal, hydro and power utility stocks, the main points are:<\/p>\n<ul>\n<li><strong>Regulatory decisions.<\/strong> Tariff and policy rules affect returns.<\/li>\n<li><strong>Project timelines.<\/strong> New plants take time to commission.<\/li>\n<li><strong>Fuel supply.<\/strong> Thermal plants depend on steady fuel availability.<\/li>\n<\/ul>\n<p>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.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Use the Univest Stock Screener<\/a><\/strong> to filter thermal, hydro and power utility stocks by market capitalisation, P\/E, ROE and growth, and build your own shortlist.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thoughts_on_Thermal_Hydro_and_Power_Utility_Stocks\"><\/span><strong>Final Thoughts on Thermal, Hydro and Power Utility Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Thermal, hydro and power utility stocks reward investors who follow capacity additions, plant availability and contracts together. NTPC, NHPC and Torrent Power each have a clear plan to add capacity. Based on the 22 October 2026 close, NTPC trades at Rs 302.6, NHPC at Rs 72.38 and Torrent Power at Rs 1,181.9.<\/p>\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 thermal, hydro and power utility stocks, set price alerts and get research-backed stock ideas.<\/em><\/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<\/div>\n<h3><span class=\"ez-toc-section\" id=\"What_are_thermal_hydro_and_power_utility_stocks\"><\/span><strong>What are thermal, hydro and power utility stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Thermal, hydro and power utility stocks are listed companies that generate and distribute electricity from coal, gas, water and renewable sources. Their earnings depend on capacity, plant availability and long-term power contracts. This list looks at three of them, NTPC, NHPC and Torrent Power, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_thermal_hydro_and_power_utility_stocks_are_covered_in_this_list\"><\/span><strong>Which thermal, hydro and power utility stocks are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This list covers NTPC, NHPC and Torrent Power. Based on the 22 October 2026 close, NTPC traded at Rs 302.6, NHPC at Rs 72.38 and Torrent Power at Rs 1,181.9. Their return on equity ranges from 9.1% to 13.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.8% to 19.2%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_thermal_hydro_and_power_utility_stocks_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do thermal, hydro and power utility stocks have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Thermal, hydro and power utility stocks have a strong roadmap in India because electricity demand keeps rising and utilities are adding thermal, hydro and renewable capacity to meet it. The main drivers are as follows. Rising power demand. Growth in cities and industry lifts electricity use. Renewable additions. Utilities build solar, wind and hydro capacity. Long contracts. Power purchase agreements give steady income. Together these factors give the companies on this list a visible path for growth over the coming years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_NTPC_performed_financially\"><\/span><strong>How has NTPC performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_NHPC_performed_financially\"><\/span><strong>How has NHPC performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 10,108 crore in FY22 to Rs 12,686 crore in FY26, a compound annual growth rate of 5.8%. Net profit for FY26 was Rs 3,237 crore, a net margin of 25.5%. In the June 2026 quarter, revenue grew 15.0% year on year to Rs 3,960 crore, while net profit rose 4.1% to Rs 1,178 crore. The company has a return on equity of 9.1%, a debt to equity ratio of 1.26 and a market capitalisation of Rs 72,626 crore. The stock trades at a P\/E of 17.0, below the industry P\/E of 21.3. Looking ahead, the company has a pipeline of hydro and renewable projects that will add capacity over the coming years. Hydropower supports grid stability, and long-term contracts give it steady income.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Torrent_Power_performed_financially\"><\/span><strong>How has Torrent Power performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 14,493 crore in FY22 to Rs 29,289 crore in FY26, a compound annual growth rate of 19.2%. Net profit grew from Rs 459 crore in FY22 to Rs 2,469 crore in FY26, which works out to a compound annual growth rate of 52.3%. In the June 2026 quarter, revenue grew 2.4% year on year to Rs 8,205 crore. The company has a return on equity of 12.7%, a debt to equity ratio of 0.73 and a market capitalisation of Rs 60,947 crore. The stock trades at a P\/E of 25.5, above the industry P\/E of 21.8. Looking ahead, the company operates a stable distribution franchise and is adding large renewable capacity alongside new thermal and pumped storage projects. Its distribution licences in major cities provide steady cash flows that support these investments.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_should_investors_check_before_buying_thermal_hydro_and_power_utility_stocks\"><\/span><strong>What risks should investors check before buying thermal, hydro and power utility stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should check a few risks before buying thermal, hydro and power utility stocks. Regulatory decisions. Tariff and policy rules affect returns. Project timelines. New plants take time to commission. Fuel supply. Thermal plants depend on steady fuel availability. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_list_of_thermal_hydro_and_power_utility_stocks_investment_advice\"><\/span><strong>Is this list of thermal, hydro and power utility stocks investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. This article is educational and uses publicly available data as of the 22 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.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What are thermal, hydro and power utility stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Thermal, hydro and power utility stocks are listed companies that generate and distribute electricity from coal, gas, water and renewable sources. Their earnings depend on capacity, plant availability and long-term power contracts. This list looks at three of them, NTPC, NHPC and Torrent Power, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.\"}},{\"@type\":\"Question\",\"name\":\"Which thermal, hydro and power utility stocks are covered in this list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This list covers NTPC, NHPC and Torrent Power. Based on the 22 October 2026 close, NTPC traded at Rs 302.6, NHPC at Rs 72.38 and Torrent Power at Rs 1,181.9. Their return on equity ranges from 9.1% to 13.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.8% to 19.2%.\"}},{\"@type\":\"Question\",\"name\":\"Why do thermal, hydro and power utility stocks have a strong future roadmap in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Thermal, hydro and power utility stocks have a strong roadmap in India because electricity demand keeps rising and utilities are adding thermal, hydro and renewable capacity to meet it. The main drivers are as follows. Rising power demand. Growth in cities and industry lifts electricity use. Renewable additions. Utilities build solar, wind and hydro capacity. Long contracts. Power purchase agreements give steady income. Together these factors give the companies on this list a visible path for growth over the coming years.\"}},{\"@type\":\"Question\",\"name\":\"How has NTPC performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"How has NHPC performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 10,108 crore in FY22 to Rs 12,686 crore in FY26, a compound annual growth rate of 5.8%. Net profit for FY26 was Rs 3,237 crore, a net margin of 25.5%. In the June 2026 quarter, revenue grew 15.0% year on year to Rs 3,960 crore, while net profit rose 4.1% to Rs 1,178 crore. The company has a return on equity of 9.1%, a debt to equity ratio of 1.26 and a market capitalisation of Rs 72,626 crore. The stock trades at a P\/E of 17.0, below the industry P\/E of 21.3. Looking ahead, the company has a pipeline of hydro and renewable projects that will add capacity over the coming years. Hydropower supports grid stability, and long-term contracts give it steady income.\"}},{\"@type\":\"Question\",\"name\":\"How has Torrent Power performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 14,493 crore in FY22 to Rs 29,289 crore in FY26, a compound annual growth rate of 19.2%. Net profit grew from Rs 459 crore in FY22 to Rs 2,469 crore in FY26, which works out to a compound annual growth rate of 52.3%. In the June 2026 quarter, revenue grew 2.4% year on year to Rs 8,205 crore. The company has a return on equity of 12.7%, a debt to equity ratio of 0.73 and a market capitalisation of Rs 60,947 crore. The stock trades at a P\/E of 25.5, above the industry P\/E of 21.8. Looking ahead, the company operates a stable distribution franchise and is adding large renewable capacity alongside new thermal and pumped storage projects. Its distribution licences in major cities provide steady cash flows that support these investments.\"}},{\"@type\":\"Question\",\"name\":\"What risks should investors check before buying thermal, hydro and power utility stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Investors should check a few risks before buying thermal, hydro and power utility stocks. Regulatory decisions. Tariff and policy rules affect returns. Project timelines. New plants take time to commission. Fuel supply. Thermal plants depend on steady fuel availability. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.\"}},{\"@type\":\"Question\",\"name\":\"Is this list of thermal, hydro and power utility stocks investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. This article is educational and uses publicly available data as of the 22 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.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Thermal, Hydro and Power Utility Stocks with a strong future roadmap: NTPC, NHPC and Torrent Power. Compare price, valuation, return on equity and revenue growth as of 22 October 2026.<\/p>\n","protected":false},"author":38,"featured_media":325385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[3803,15413,9989,7399,15414,15415,15412,7782],"class_list":["post-325386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-best-stocks","tag-hydro-and-power-utility-stocks","tag-nhpc","tag-ntpc","tag-power-generation-company-shares","tag-power-producer-stocks","tag-thermal","tag-torrent-power"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["325385"],"rank_math_title":["Thermal, Hydro and Power Utility Stocks"],"rank_math_description":["Compare 3 thermal, hydro and power utility stocks with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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