ANTIQUE – UTILITIES SECTOR • Power demand recovering; valuations turning attractive • India power generation +4% YoY in Aug’25 (1–28 Aug), rebounding after flattish Apr–Jul’25 • Dry weather & low base may support stronger Sept’25 / 3QFY26 demand • Coal inventories comfortable at 54 MT (21.2 days vs 15.7 YoY); Coal India volumes -6% YoY • Short-term market soft: DAM tariff -4% YoY Aug’25 • Sector stocks muted; consumption normalization may drive re-rating • Valuations corrected sharply: P/BV 2.0–2.2x, 35–40% below recent highs • Key beneficiaries: Power Grid, CESC

As per chart next important demand zone will be 140-117 range. Take confirmation of price action here in this demand zone.