Long-life assets and regulated or commodity-linked returns — valued on what the capital actually earns back.
Current price and the usual multiples, with the valuation method the engine applies to each business. Listed alphabetically by sector position, not ranked — the gap between price and modelled value is on each company's own page, where the working that produced it can be read alongside it.
| Company | Price | P/E | P/B | ROE % | Valued on |
|---|---|---|---|---|---|
| RELIANCE INDUSTRIES | ₹1,235 | 22.4 | 1.85 | — | Estimate withheld — the engine says so itself |
| ONGC | ₹236 | 6.8 | 0.80 | — | Discounted cash flow |
| GAIL (INDIA) | ₹171 | 11.4 | 1.26 | — | Discounted cash flow |
| NTPC | ₹330 | 11.5 | 1.57 | — | Excess return — the correct lens for a regulated utility |
| ADANI POWER | ₹202 | 27.3 | 6.00 | — | Discounted cash flow |
| POWER GRID CORPORATION OF INDIA | ₹263 | 15.4 | 2.43 | — | Excess return — the correct lens for a regulated utility |
| COAL INDIA | ₹419 | 8.3 | 2.17 | — | Discounted cash flow |
| Indian Oil Corporation | ₹132 | 5.5 | 0.85 | — | Discounted cash flow |
| BHARAT PETROLEUM CORPORATION | ₹299 | 7.5 | 1.27 | — | Estimate withheld — model and market disagree too far |
| Tata Power Company | ₹363 | 30.0 | 2.94 | — | Discounted cash flow |
| NHPC | ₹76 | 20.1 | 1.84 | — | Excess return — the correct lens for a regulated utility |
| Adani Green Energy | ₹1,255 | 115.9 | 10.35 | — | Excess return — the correct lens for a regulated utility |
| ADANI ENERGY SOLUTIONS | ₹1,348 | 55.5 | 6.37 | — | Excess return — the correct lens for a regulated utility |
| JSW Energy | ₹505 | 47.0 | 3.01 | — | Estimate withheld — model and market disagree too far |
| Hindustan Petroleum Corporation | ₹345 | 44.0 | 1.12 | — | Estimate withheld — model and market disagree too far |
| Oil India | ₹486 | 9.5 | 1.36 | — | Discounted cash flow |
| Suzlon Energy | ₹43 | 18.7 | 6.23 | — | Discounted cash flow |
| TORRENT POWER | ₹1,301 | 28.2 | 3.44 | — | Discounted cash flow |
| PETRONET LNG | ₹284 | 10.1 | 1.91 | — | Discounted cash flow |
A sector is not one kind of business, and the method has to follow the economics rather than the label. Across the 19 here: