14th Integrated Rating and Ranking Report: 22 utilities see improvement in grades
- January 24, 2026
The 14th Integrated Rating and Ranking Report (IR) of power distribution companies, newly released by the Union power ministry, shows that 22 utilities – including 18 discoms and four power departments (PD) – saw an improvement in their grades, as compared with those in the previous 13th IR.
The “14th Integrated Rating and Ranking of Power Distribution Utilities” was prepared by Power Finance Corporation Ltd (PFC) under the framework approved by the Ministry of Power.
Here are some key findings:
- Grades for 22 utilities (18 discoms and four PDs) improved in the 14th IR, when compared to the 13th IR.
- Ten utilities – 9 discoms and 1 PD — were downgraded in the 14th IR.
- A total of 31 utilities earned a rating of A+ or A, while 11 recorded C or C-
- The 14th IR was based on 65 utilities out of a total of 72 such in the country. In the 13th IR, 63 utilities had participated.
- Torrent Power – Ahmedabad and Torrent Power – Surat both scored a perfect score of 100, followed by Adani Electricity Mumbai Ltd (AEML) with 99.75. A total of 15 utilities [six private, six state and three PDs] earned an overall rating of A+, implying a score of 85 or more. [See table]
- The three PDs to score A+ were Thissur Corporation Electricity Department (TCED, Kerala), BEST Undertaking (Mumbai, Maharashtra) and New Delhi Municipal Corporation (NDMC).
- The six state discoms earning A+ rank included four from Gujarat, and one each in Punjab and Uttar Pradesh.
- Overall AT&C losses reduced from 15.97 per cent in FY24 to 15.04 per cent in FY25. [The 14th IR is based on performance in FY25]
- Overall billing efficiency improved from 86.99 per cent in FY24 to 87.59 per cent in FY25. Billing efficiency improved in the case of 46 utilities, out of the total 65 surveyed. A total of 21 utilities achieved billing efficiency equal to or surpassing the “upper scoring threshold” which is 92 per cent for discoms and 90 per cent for PDs.
- Collection efficiency improved to 97.00 per cent in FY25 from 96.60 per cent in FY24. The number of utilities achieving 100 per cent collection efficiency in FY25 stood at 17. A total of 29 utilities recorded year-on-year improvement in collection efficiency in FY25.
- At the all-India level, distribution utilities achieved an aggregate profit after tax (PAT) of Rs.2,701 crore as against a negative PAT of Rs.27,022 crore in FY24.
- ACS-ARR gap improved to Rs.0.07 per kWh in FY25 from Rs.0.25 per kWh in FY24. [ACS = average cost of supply; ARR = average revenue realization]
Note: The overall score on a scale of 0 to 100 was derived as a weighted average of various parameters under three broad heads – financial performance, operational performance and external environment. Of the total 72 power utilities in the country, 65 participated while seven were not rated. The excluded ones cover four private discoms, two state discoms and one power department.