Note: standalone figures; years before its listing or not on Screener left blank; Listed June 2025 after the demerger from Siemens Ltd
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Manufactures the boiler-turbine-generator (BTG) equipment at the heart of a thermal plant and executes the EPC (engineering-procurement-construction) to build it.
Why it matters
Thermal still supplies the majority of India's actual electricity (as opposed to installed capacity), so this equipment layer underpins grid reliability even as new capacity additions shift toward renewables.
Where the value pool sits
BTG equipment manufacturing and large-scale EPC are capital-intensive, order-book-driven businesses with long execution cycles - margins depend heavily on order timing and input-cost pass-through.
Key drivers
Government push for thermal capacity as a grid-stability backstop alongside renewables growth
Replacement/life-extension orders for India's aging coal fleet
Gas-based capacity additions in specific regions
Potential bottlenecks
Coal-plant ordering has revived, but execution capacity at BTG suppliers is stretched
Export and gas-plant orders remain a small share of the order book
Long execution cycles mean order-book conversion lags announcements by years