Adani Power, JSW Energy: Antique says buy on execution visibility, shares target prices
Power stocks to buy: Antique suggested a 'Buy' rating on JSW Energy with a target of Rs 648 apiece. Adani Power is also a 'Buy' with a target price of Rs 187, Antique said.
- Feb 18, 2026,
- Updated Feb 18, 2026 10:31 AM IST
Antique Stock Broking on Wednesday said it maintained a constructive view on the power sector, supported by a recovery in demand and easing renewable energy curtailments. The brokerage said JSW Energy Ltd remained its top large cap pick in the sector. It noted that a locked-in 32 GW pipeline could drive 32 per cent Ebitda growth for JSW Energy on a compounded annual basis over FY25-30. Antique expects a diversified capacity expansion by FY30E.
Antique also likes Adani Power Ltd, citing strong execution visibility. The brokerage said this was seen enabling a 2.3 times capacity ramp-up to 41.9 GW by FY3E, supported by Adani Power's 64 per cent market share in awarded thermal bids and ongoing deleveraging.
Antique suggested a 'Buy' rating on JSW Energy with a target of Rs 648 apiece. Adani Power is also a 'Buy' with a target price of Rs 187, Antique said.
India's power demand posted a sustained rebound in January 2026, rising 5 per cent YoY in base terms to 143 BU despite temperatures broadly in line with the prior year, driving overall generation up 2 per cent YoY.
Antique said peak demand hit 245 GW (up 3 per cent YoY) during the month, with evening peak reaching 214 GW (up 7 per cent YoY), marking recovery from December quarter's muted performance due to unseasonal rains.
"Early February 2026 (till 15th) data shows electricity demand flat on a high base, but peak demand sustained 3 per cent growth to 244 GW and evening peak up 5 per cent YoY. February-March face high-base challenges, yet favourable base effects post-monsoon could drive stronger growth in FY27," ANtique said.
The brokerage said coal inventories stayed comfortable at 56.1 mt, tempering Coal India offtake. Short-term prices eased, with DAM at Rs3.86/kWh, down 13 per cent YoY, amid ample solar hour supply, it said.
"Tendering continues shifting toward hybrid/storage, reinforcing the structural energy transition. February demand is flattish on high base, likely extending into March, but FY27 holds potential for 6-7 per cent growth on low FY26 monsoon base, contingent on robust industrial and summer traction," Antique Stock Broking said.
Antique Stock Broking on Wednesday said it maintained a constructive view on the power sector, supported by a recovery in demand and easing renewable energy curtailments. The brokerage said JSW Energy Ltd remained its top large cap pick in the sector. It noted that a locked-in 32 GW pipeline could drive 32 per cent Ebitda growth for JSW Energy on a compounded annual basis over FY25-30. Antique expects a diversified capacity expansion by FY30E.
Antique also likes Adani Power Ltd, citing strong execution visibility. The brokerage said this was seen enabling a 2.3 times capacity ramp-up to 41.9 GW by FY3E, supported by Adani Power's 64 per cent market share in awarded thermal bids and ongoing deleveraging.
Antique suggested a 'Buy' rating on JSW Energy with a target of Rs 648 apiece. Adani Power is also a 'Buy' with a target price of Rs 187, Antique said.
India's power demand posted a sustained rebound in January 2026, rising 5 per cent YoY in base terms to 143 BU despite temperatures broadly in line with the prior year, driving overall generation up 2 per cent YoY.
Antique said peak demand hit 245 GW (up 3 per cent YoY) during the month, with evening peak reaching 214 GW (up 7 per cent YoY), marking recovery from December quarter's muted performance due to unseasonal rains.
"Early February 2026 (till 15th) data shows electricity demand flat on a high base, but peak demand sustained 3 per cent growth to 244 GW and evening peak up 5 per cent YoY. February-March face high-base challenges, yet favourable base effects post-monsoon could drive stronger growth in FY27," ANtique said.
The brokerage said coal inventories stayed comfortable at 56.1 mt, tempering Coal India offtake. Short-term prices eased, with DAM at Rs3.86/kWh, down 13 per cent YoY, amid ample solar hour supply, it said.
"Tendering continues shifting toward hybrid/storage, reinforcing the structural energy transition. February demand is flattish on high base, likely extending into March, but FY27 holds potential for 6-7 per cent growth on low FY26 monsoon base, contingent on robust industrial and summer traction," Antique Stock Broking said.