India's Power Utilities Plan Massive Capex and Leverage Rise to FY30

Equirus says Indian power utilities are entering an aggressive multi‑year capital‑expenditure cycle through FY30, driven by renewable generation, energy storage and new thermal projects. The brokerage expects balance‑sheet leverage at private firms to climb sharply before easing as the new assets come online.

The report forecasts net debt for the sector to jump from about Rs 129 billion in FY26 to roughly Rs 637 billion by FY30, pushing net‑debt/EBITDA to a peak of 4.9×. Torrent Power targets 10 GW of renewable capacity and an 8.4 GW pumped‑storage pipeline, more than doubling its current 6.5 GW platform. JSW Energy plans 30 GW of generation and 40 GWh of storage by FY30, with net‑debt/EBITDA expected in the 6‑7× range. State‑run NTPC is projected to reach Rs 1,107 billion of regulated equity, 67 GW of capacity and a PAT of Rs 240 billion.

Equirus highlights timely commissioning of under‑construction projects as the single biggest earnings catalyst for the sector through FY30.