ESCert (Energy Saving Certificate)

    ESG & Governance

    A tradable certificate under India's PAT scheme, representing one tonne of oil equivalent of energy saved beyond a plant's target.

    Plants that beat their PAT energy efficiency targets received ESCerts, and plants that fell short had to buy them or face penalties. ESCerts have traded on India's power exchanges since 26 September 2017. They measure energy saved, not emissions avoided, which is the key difference from Carbon Credit Certificates under the CCTS.

    Related terms

    PAT scheme (Perform, Achieve and Trade)Carbon credit certificate (CCC)

    Learn the concept

    From the research

    Valuation

    A Comparative Financial Analysis of Three Listed Companies

    Three IT services leaders, five years of numbers: similar growth, very different margins and returns on capital, and their October 2026 valuations.

    Markets

    IPO Issue Price vs. Listing Price vs. Subsequent Performance

    Seven of India's most talked-about IPOs since 2021, tracked from issue price to listing to October 2026. Buying on listing day lost money in six of seven.

    Valuation

    Paytm: Valuing a Company With No Clean Comparable

    Paytm is part payments processor, part device business, part loan distributor. Why no single peer fits, and how to value it in parts and in reverse.