Power generation.

India's power plants generated ~1,900 billion units (BU) in FY26 from ~505 GW of installed capacity; non-fossil sources are now more than half of capacity (52%) but coal still produces 70-73% of electricity. Generation's estimated GVA of ₹4.0 lakh crore (1.27% of national GVA) is smaller than the sector's ₹5.6 lakh crore of listed revenue because fuel is a pass-through in regulated tariffs (fuel is ~₹3.5 lakh crore of the ~₹8 lakh crore generator-gate revenue pool and is not value added). What makes the industry matter to the equity market is capital: listed power companies spent ₹1.85 lakh crore on capex in FY25, more than any other sector, and the FY30 build-out of solar, wind, storage and a last wave of coal is the single largest investment programme in the economy. Capacity has grown 4.3x since FY05 (118 to 505 GW) as private ownership rose from 12% to 58% of capacity, almost entirely through renewables; the equity market prices the sector at roughly 2x its GVA weight, a growth and capital-intensity premium rather than a profit-density anomaly.

Estimated GVA

4.0 ₹ lakh crore · FY26

Installed capacity

~505 GW · Mar-2026

Generation

~1,900 billion units · FY26

Listed PAT (gencos)

~0.65 ₹ lakh crore · FY26

Listed capex

1.85 ₹ lakh crore · FY25

Market cap

~12 ₹ lakh crore · Sep-2026

Non-fossil share of capacity

52 % · FY26

Coal share of generation

72 % · FY26