Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Exchanges (IEX) and traders (PTC) sell power across the grid day-ahead and in real time; Grid-India dispatches it and schedules flows; PFC and REC lend to utilities and, through consulting subsidiaries, design TBCB projects, run the bids and hand winners ready-made project SPVs.
Why it matters
More transmission means more power can be traded across regions, which is what exchanges sell. And every TBCB project passes through PFC Consulting or REC Power Development & Consultancy, so grid lenders sit at the start of the pipeline as well as funding it.
Where the value pool sits
IEX is a near-monopoly with very high margins on small fees per unit, now challenged by CERC's market-coupling plan. PTC earns thin trading margins. PFC and REC earn lending spreads on large, mostly state-utility books; transmission is a minority of their loans.
Key drivers
Rising share of power traded short-term
New products (real-time, green, term-ahead markets)
Transmission capex needing debt
TBCB bid-process fees
Potential bottlenecks
Transmission congestion splitting the market into price zones