The Indian Power Sector, decoded for value investors.

The problem

The power sector is a maze

India is spending trillions rewiring its grid and building out renewables. But the sector is a thicket of 194 tickers, tangled regulation (CERC, TBCB, RoE, ALMM…) and 800-page DISCOM filings. Most investors either miss the theme entirely — or buy the obvious names at the top of the cycle and get hurt.

The promise

The whole map, in a weekend

This guide hands you the entire value chain in one place — how each link makes money, where the moats are, which businesses compound capital and which quietly destroy it, and how to value each one. Written from first principles, so you need no prior energy knowledge to follow it.

First principles, not jargon

You'll understand why electricity can't be stored, why transmission is a regulated monopoly, why solar tariffs collapsed — the physics and economics behind the numbers, explained for a complete beginner.

A valuation playbook per model

Regulated utilities, auction IPPs, exchanges, financiers, equipment makers — each is valued differently. The guide gives you the right method, the key multiples, and the traps for every one.

Primary sources on your desk

A master list of 194 listed companies, plus downloaded filings — annual reports, prospectus and latest quarterly — for 46 representative names, so you can go from the framework to the actual numbers.

The Munger/Buffett lens throughout

Every chapter asks the only questions that matter: where does capital compound, where is it competed or regulated away, where is the moat, and what is the price.

"Finally understood the whole power value chain in one sitting — the exchange chapter alone was worth it."

— Shamanth Bhardwaj

"Reads like a premium research report, but explains everything from scratch. The valuation playbook is gold."

— Suhas R Shetty