India Power Monthly – Double-Digit Growth Continues

Research evidence excerpt

India Power Monthly – Double-Digit Growth Continues

India | Utilities EquityJulyResearch10, 2026

India Power Monthly – Double-Digit Growth Recent Research:

Continues Steam still left – even with the summer

behind

June 2026 power demand rose 11% YoY on a base of 2% YoY decline in

June 2025. July 2026 generation to date is also strong at 9% YoY rise. In our Demand improving; execution ramp-up to

follow

recent note - Steam still left – even with the summer behind, we raised our

FY27E demand estimate to 7% vs 6% earlier, post the 8%+ YoY growth seen Peak Demand Continues to Hit a New High

in Apr-June 2026. Potential below-average monsoon due to El-Nino could Discoms Turn Profitable Led by Private

add to upside. Top picks - JSW Energy, AESL and NTPC. Circles

Battery bids accelerating; up 2.3x FY26June power demand in West region rose 20% you; all India thermal PLF rises: The West

YTD vs FY25region accounts for the highest share of demand in India at 31%, followed by North at 30%,

South at 25% and East at 12%. Demand in South and East regions rose 9-12% you, while 2026: Demand Recovery to Drive Upside

demand in North and North-East region rose 5% YoY. Peak demand rose 9% YoY to 265 GW

and peak deficit was largely contained. All India Thermal PLF was 72% vs 67% in June 2025. What Is Ailing Power Demand?

Hydro generation declined 20% YoY.

Weak demand in FY26 weighs on RE awards, but should pick up ahead: FY27 till June saw

just 500 MW of renewable energy (RE) awards. 9% demand CAGR in FY22-24 saw sharp uptick

in RE awards to 41 GW in FY25 from 14 GW in FY22. Slowdown in power demand in FY25-26

implies that anticipated demand for FY27E-28E at 6% CAGR will now come in FY28E-29E if

demand rebounds to 6%+ from FY27E. There are no updates on 40+ GW of unsigned PPAs by