Jefferies’ Lavina Quadros On India's Power Demand, Defence Boost & Top Stocks

In this exclusive session, Lavina Quadros, Capital Goods, Logistics, and Utilities Analyst at Jefferies India, discusses the latest trends in India’s power and defence sectors. She highlights the August 2025 power demand growth of 4% year-on-year, the factors affecting consumption such as cooler summer temperatures and weak manufacturing activity, and the revised FY26E growth outlook of 4%. On the defence front, she explains how India’s domestic indigenisation and strong procurement pipeline support long-term growth despite temporary global sentiment impacts from peace talks. Lavina also shares her views on top stock picks in both sectors, including JSW Energy, NTPC, Power Grid, HAL, BEL, and Data Patterns, and evaluates how structural themes like renewable expansion, EV-driven power demand, and defence exports are shaping India’s medium- and long-term growth story.