India's power utilities to increase capex significantly by FY30
after close1 source ↓written by the desknot a recommendation
- in FY26
- ₹129 billion
- by FY30
- ₹637 billion
- debt/EBITDA peaking
- 4.9x
India's power utilities are set for a multi-year capex cycle driven by renewables and thermal projects, according to Equirus. The brokerage forecasts net debt for Torrent Power to rise from ₹129 billion in FY26 to ₹637 billion by FY30, with net debt/EBITDA peaking at 4.9x. This aggressive expansion is expected to increase leverage significantly before stabilizing.
Not investment advice. For informational purposes only.