India Utilities: Asset Earnings Strong, Typical Company Less So

Revenue, EBITDA and aggregate PAT are positive, but median PAT exposes concentration.

Analyst memo

The prior note is marked to the substantially loaded Q1 tape. The asset cycle is investable, but the typical company has not matched the headline. The exhibit separates aggregate, median, sub-industry and coverage evidence.

The note this updates

India Utilities Update: Profit Decoupling Is Still The Whole Story · June 30, 2026

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Executive Summary

On one aligned company cohort, Q1 revenue grew +13.5%, EBITDA grew +21.7% and PAT grew +29.6%; operating margin changed +2.35pp. The same-store aggregate compares with median-company revenue of +11.5% and median PAT of +1.4%. The Q1 FY2027 revenue-loaded coverage set contains 49 companies, or 92.5% of the sector's 53 classified names. Those reporters represented 98.9% of all loaded Q1 FY2026 revenue for that fixed universe. This is loaded analytical coverage, not regulatory filing completeness.

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