Renewable Energy and Financial Performance: A Panel Data Analysis of Indian Maharatna Firms

Renewable Energy and Financial Performance: A Panel Data Analysis of Indian Maharatna Firms | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Renewable Energy and Financial Performance: A Panel Data Analysis of Indian Maharatna Firms G SRINIVAS KULKARNI This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-6023102/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract The shift of renewable energy has become a top priority for utility companies around the globe. Renewable electricity generation represents one of the factors of BRSR reporting in India to assess the Firms. It strengthens policy and is listed as one of the qualifying activities under the Taxonomy Regulation. The scarce literature on the impact of renewable energy investments on corporate financial performance is divided into two main perspectives: one emphasizes stock returns, while the other explores the factors influencing financial performance, measured either by risk indicators or accounting metrics. A small number of studies have evaluated the impact of investments in renewable energy generation on the performance of utility companies. This article presents three linear regression analyses based on panel data consisting of firm-year observations for Indian Maharatna firms from 2020 to 2024. The analysis focuses on (i) profitability metrics such as return on assets ROA ,return on equity ROE ,return on capital employed ROCE & Market value . The findings to reveal whether the share of renewable generation is significantly and is positively associated with profitability indicators. This could pose a limitation to investments in renewable generation capacity, potentially hindering the achievement of the targets set by the Firm. Renewable energy Maharatna Firms ROA ROE ROCE Market Value Full Text Additional Declarations The authors declare no competing interests. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-6023102","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":415314897,"identity":"57ba4ce8-d622-487e-9dd9-a342787f8bea","order_by":0,"name":"G SRINIVAS KULKARNI","email":"data:image/png;base64,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","orcid":"","institution":"woxsen university","correspondingAuthor":true,"prefix":"","firstName":"G","middleName":"SRINIVAS","lastName":"KULKARNI","suffix":""}],"badges":[],"createdAt":"2025-02-13 12:37:35","currentVersionCode":1,"declarations":{"humanSubjects":false,"vertebrateSubjects":false,"conflictsOfInterestStatement":false,"humanSubjectEthicalGuidelines":false,"humanSubjectConsent":false,"humanSubjectClinicalTrial":false,"humanSubjectCaseReport":false,"vertebrateSubjectEthicalGuidelines":false},"doi":"10.21203/rs.3.rs-6023102/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-6023102/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":76472079,"identity":"48d00bf0-6a32-4d72-bb50-db47bcbe2b1f","added_by":"auto","created_at":"2025-02-17 13:20:55","extension":"pdf","order_by":1,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":412627,"visible":true,"origin":"","legend":"","description":"","filename":"ConferencePaperETAF.pdf","url":"https://assets-eu.researchsquare.com/files/rs-6023102/v1_covered_bafa7b4c-8899-4c91-b74d-cb4fc6b28963.pdf"}],"financialInterests":"The authors declare no competing interests.","formattedTitle":"\u003cp\u003e\u003cstrong\u003eRenewable Energy and Financial Performance: A Panel Data Analysis of Indian Maharatna Firms\u003c/strong\u003e\u003c/p\u003e","fulltext":[],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":false,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":true,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":true,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Renewable energy, Maharatna Firms, ROA, ROE, ROCE, Market Value","lastPublishedDoi":"10.21203/rs.3.rs-6023102/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-6023102/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe shift of renewable energy has become a top priority for utility companies around the globe. 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