3 Electricity and Clean Fuel Utility Stocks With a Strong Future Roadmap: Adani Power, Indraprastha Gas and CESC

Electricity and clean fuel utility stocks give investors exposure to electricity for homes and industry and cleaner fuel for vehicles and kitchens. Demand growth, fuel costs and tariffs decide how much of that supply turns into profit.

This list covers three electricity and clean fuel utility stocks: Adani Power for thermal power generation at scale, Indraprastha Gas for CNG and piped gas distribution in Delhi NCR and CESC for electricity distribution in Kolkata with generation. Every figure comes from the latest reported financials and the 9 October 2026 market close. Companies without complete current figures were left out.

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What Are Electricity and Clean Fuel Utility Stocks?

Electricity and clean fuel utility stocks are shares of companies that generate, distribute or supply power and gas to homes, vehicles and industry. Results depend on power demand, fuel costs and tariffs, so fuel costs and tariffs separate the stronger names.

Electricity and Clean Fuel Utility Stocks at a Glance

The table compares size, valuation, return on equity and debt for the three electricity and clean fuel utility stocks as of the 9 Oct 2026 close.

Among power and gas stocks, Adani Power trades at a premium to the industry P/E, while CESC trades at a discount.

Why Do Electricity and Clean Fuel Utility Stocks Have a Strong Roadmap in India?

Electricity and clean fuel utility stocks have a strong roadmap in India because electricity demand and cleaner fuel use keep rising with industrial growth, cooling needs and city expansion. Three drivers stand out.

• Power demand: Higher usage from homes and factories supports generation and distribution.
• Cleaner fuels: Cities keep adding CNG and piped gas connections.
• Network assets: Regulated assets and long contracts give visible earnings.

Adani Power: Thermal Power Capacity Anchors the Roadmap

Adani Power's roadmap rests on thermal power generation from large plants supplying power across India, with long-term power purchase agreements supporting revenue.

Revenue grew from Rs 31,686.47 crore in FY22 to Rs 57,865.28 crore in FY26, an 82.6% rise. FY26 net profit rose 1.7% to Rs 12,971.08 crore. Over four years, net profit rose from Rs 4,911.58 crore in FY22 to Rs 12,971.08 crore. In Q1 FY27, revenue grew 32.6% to Rs 19,322.30 crore, and net profit rose 47.2% to Rs 4,866.60 crore. Operating margin was 43.20% in FY26 and 44.90% in Q1 FY27 against 43.59% a year earlier.

Debt to equity is 0.84 and return on equity is 19.76%. FY26 operating cash flow was Rs 20,513.65 crore against capital expenditure of Rs 23,350.09 crore. At a P/E of 24.93 against an industry P/E of 22.17, the stock trades above its industry multiple.

What to watch: Q1 FY27 operating margin was 44.90% against 43.20% for FY26, so margin stability is the figure to follow as volumes grow.

Indraprastha Gas: CNG and Piped Gas Networks Anchor the Roadmap

IGL's roadmap rests on CNG and piped natural gas distribution in Delhi NCR and nearby cities, with vehicle conversions and household connections supporting volume growth.

Revenue grew from Rs 7,886.60 crore in FY22 to Rs 16,541.25 crore in FY26, a 109.7% rise, and FY26 revenue was 8.4% higher than FY25. FY26 net profit was Rs 1,543.51 crore. In Q1 FY27, revenue grew 16.5% to Rs 5,145.36 crore. Operating margin was 14.22% in FY26.

Debt to equity is 0.01 and return on equity is 13.47%. FY26 operating cash flow was Rs 1,935.58 crore against capital expenditure of Rs 1,347.33 crore. IGL paid a dividend of Rs 4.75 per share for FY26, a yield of 3.33%. At a P/E of 14.75 against an industry P/E of 14.54, the stock trades in line with its industry multiple.

What to watch: The P/E of 14.75 is a modest premium to the industry P/E of 14.54, so the next quarters' growth is the figure to follow.

CESC: Kolkata Power Distribution Drives the Pipeline

CESC's roadmap rests on electricity distribution in Kolkata along with thermal and renewable generation, with a regulated distribution base supporting steady earnings.

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.

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.

What to watch: Debt to equity of 1.73 is on the higher side.

Best Electricity and Clean Fuel Utility Stocks in India: Adani Power vs IGL vs CESC on Key Financials

Among the best electricity and clean fuel utility stocks in India, Adani Power leads on FY26 operating margin and Q1 FY27 revenue growth; IGL leads on the lowest debt to equity; CESC leads on the lowest P/E and dividend yield. The table puts the numbers side by side.

Utility earnings follow power demand, fuel costs and tariffs, so full-year numbers and quarterly trends together give a better view.

How to Evaluate Electricity and Clean Fuel Utility Stocks to Buy Before You Invest

A short checklist keeps the research consistent when you screen electricity and clean fuel utility stocks and shortlist electricity and clean fuel utility stocks to buy.

1. Compare each stock's P/E with its industry P/E, which differs by company here.
2. Check plant utilisation, regulated returns and dividend history together.
3. Check whether revenue growth is turning into profit growth, not only sales.
4. Read operating cash flow against capital expenditure to see how growth is funded.
5. Watch debt to equity and interest cover before sizing a position.
6. Spread exposure across companies and business lines instead of one demand cycle.

Check the Univest Screener for live data on these electricity and clean fuel utility stocks

Risks to Consider Before Investing in Electricity and Clean Fuel Utility Stocks

• Debt and cash flow: CESC has debt to equity of 1.73.
• Fuel costs: Changes in coal or gas prices can affect margins.
• Tariff decisions: Regulatory orders can shape earnings.
• Quarterly trends: A single weak quarter can change near-term earnings, so track results every quarter.

Download the Univest iOS App or Univest Android App to track Adani Power, IGL and CESC live.

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.

Comparing a quarter with the same quarter of the previous year gives a cleaner reading than comparing it with the preceding quarter, since seasonal patterns affect many businesses in India.

The shareholding pattern published every quarter shows whether promoters, mutual funds and foreign investors are raising or trimming their holdings, which adds useful context to the financial numbers.

Spreading money across several sectors and company sizes helps keep a portfolio steady, because each business responds differently to interest rates, commodity prices and consumer demand.

Final Take: Which Stock Has the Strongest Roadmap?

These three power and gas stocks cover power generation, electricity distribution and city gas supply. Adani Power leads on FY26 operating margin and Q1 FY27 revenue growth; IGL leads on the lowest debt to equity; CESC leads on the lowest P/E and dividend yield.

Across electricity and clean fuel 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 electricity and clean fuel utility stocks to buy discussed here.

FAQs on Electricity and Clean Fuel Utility Stocks

Which are the best electricity and clean fuel utility stocks in India with a strong roadmap?

Ans. Adani Power, Indraprastha Gas and CESC stand out for their roadmaps in power generation, electricity distribution and city gas supply. Return on equity ranges from 12.31% to 19.76%.

Is Adani Power a good stock to buy now?

Ans. Adani Power has a debt to equity ratio of 0.84, a return on equity of 19.76% and a P/E of 24.93 against an industry P/E of 22.17. Valuation, fuel costs and tariff decisions move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.

What is the P/E ratio of Adani Power, IGL and CESC?

Ans. The P/E ratio is 24.93 for Adani Power (industry 22.17), 14.75 for IGL (industry 14.54) and 10.48 for CESC (industry 22.17). Only Adani Power and IGL trade at or above the industry multiple.

Which of these electricity and clean fuel utility stocks has the highest return on equity?

Ans. Adani Power has the highest return on equity at 19.76%, followed by Indraprastha Gas at 13.47% and CESC at 12.31%.

What are the risks of investing in electricity and clean fuel utility stocks?

Ans. The main risks are debt and cash flow, fuel costs, tariff decisions and quarterly trends. CESC has debt to equity of 1.73.

How did Adani Power, IGL and CESC perform in Q1 FY27?

Ans. Adani Power reported revenue of Rs 19,322.30 crore, up 32.6% year on year, and net profit rose 47.2% to Rs 4,866.60 crore. Indraprastha Gas reported revenue of Rs 5,145.36 crore, up 16.5% year on year. 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.

Do electricity and clean fuel utility stocks pay dividends?

Ans. IGL and CESC pay dividends. The dividend yield is 3.33% for IGL and 4.68% for CESC, based on dividends declared for FY26.

How can I invest in electricity and clean fuel utility stocks in India?

Ans. You can buy electricity and clean fuel 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.