The operators who own and run coal/gas-fired power plants and sell the electricity they generate.
Owns and operates thermal power plants, selling electricity under long-term PPAs or on the merchant market - the commercial layer that turns thermal equipment into delivered electricity.
Thermal gencos still generate the largest share of India's actual electricity and are what keeps the grid stable when renewable output dips.
Gencos earn recurring revenue from capacity and energy charges under long-term PPAs (for regulated/PSU players) or more volatile merchant pricing (for some private IPPs), a steadier profile than equipment manufacturers' project-based revenue.