Synopsis
The power sector continues to see strong policy focus. It has also seen an improvement in its operating matrix. However, given the diverse nature of companies in the sector, one needs to make a distinction between segments. Also, a transition (a move towards clean energy) is underway. Now, for a thermal energy-focused company, moving to clean energy would mean deploying huge capex. But for a power transmission company, there’s no extra capex. With many companies continuing to improve their balance sheets, have we reached a stage where even weaker players will see a re-rating?
In the last few months, stocks of two power companies that were big pain points for the Indian market have seen a comeback on Dalal Street. Why is this worth noting? And what does it mean for other players? It probably means that the street is looking at them favorably. Why? Because, the power sector, having gone through a major overall crisis, has reached operating matrix levels where even the weakest players have been able to make a comeback
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