Suzlon, BHEL, Adani Power, Waaree, ACME Solar, Inox Wind, IEX: Check fresh price targets
Indian power and utility companies largely missed their FY26 renewable energy capacity addition guidance, but JM Financial said the sector remains positive on FY27.
- Jun 8, 2026,
- Updated Jun 8, 2026 12:55 PM IST
Indian power and utility companies largely missed their FY26 renewable energy capacity addition guidance, but JM Financial said the sector remains positive on FY27, with project pipelines and capacity under construction supporting growth. The brokerage said curtailment was less severe than feared for most utilities, while order books remained healthy.
JM Financial said Adani Green and ACME Solar were the only exceptions on capacity addition targets in FY26, with Adani Green exceeding and ACME meeting guidance. Others fell short, with NTPC Green missing by 2.7GW, Torrent Power and Tata Power achieving about half their targets, and CESC seeing delays in some expected commissioning dates.
For FY27, JM Financial said capacity growth guidance remains strong, led by NTPC at 8GW and Adani Green at 4.5-5GW. As of March 2026, 138GW of renewable energy capacity was under construction, including 90GW solar, 29GW wind and 19GW hybrid. Among companies under its coverage, NTPC had a near-term pipeline of 15GW and JSW Energy 11GW.
On curtailment, JM Financial said the impact was below 1 per cent of revenue for most companies in FY26. ACME Solar, JSW Energy and NTPC reported curtailment losses of Rs 60crore, Rs 50 crore and Rs 90 crore, respectively. Adani Green reported a higher Rs 1,300-1,500 crore loss, or 11 per cent of revenue, which JM Financial said may be due to concentration of capacity in Khavada.
JSW Energy also faced curtailment in Rajasthan because of transmission constraints. India reported curtailment of 470MU in January-March 2026, or 0.7 per cent of total solar and wind generation of 70,281MU, against 9.2 per cent solar and 8.5 per cent wind curtailment in China in early 2026.
JM Financial said new deviation settlement mechanism regulations could create a 1.5-2 per cent revenue headwind, based on JSW Energy's assessment, but remain necessary for grid stability. Most companies did not spell out the impact. In solar manufacturing, integrated players maintained margins in Q4FY26.
Emmvee and Premier reported margins of 32.8 per cent and 30.3 per cent, against 34.1 per cent and 30.1 per cent a year earlier, and both indicated confidence on sustaining profitability. Vikram Solar guided for EBITDA per watt peak of Rs 1.75-2 in FY28, against Rs 2.74 in FY26.
JM Financial said less integrated players saw weaker profitability. Waaree and Vikram reported EBITDA margins of 18.6 per cent and 16.1 per cent in Q4FY26, down from 22.5 per cent and 21.4 per cent in Q4FY25. The brokerage also said there was limited progress in renewable energy PPA signing.
At the end of Q4FY26, unsigned portfolios stood at 1.8GW for ACME, 2.8GW for JSW Energy and 0.4GW for CESC, against 2.1GW, 2.8GW and 0.4GW at the end of Q3FY26. ACME signed 300MW during the quarter, while JSW Energy and CESC remained flat.
Adani Green's portfolio mix also shifted, with 52 per cent fixed tariff, 27 per cent merchant and 21 per cent C&I at the end of Q4FY26, compared with 81 per cent fixed tariff and 19% merchant plus C&I in Q3FY26. JM Financial said solar companies continued to push volume growth, while wind players focused on execution rather than aggressive order book expansion.
JM Financial said ACME and Adani Green installed 2.4GWh and 1.4GWh in FY26. ACME said its battery capacity was earning under merchant contracts through tariff arbitrage, with net realisation of Rs 2.2 crore a day. JSW Energy, however, said such arbitrage was a temporary opportunity tied to short-term grid constraints that could ease in 3-4 years, and that its focus remained on returns over a minimum 12-year battery life.
It has a ‘buy’ rating on NTPC (Target Price: Rs 450), Power Grid (Target Price: Rs 342), Tata Power (Target Price: Rs 485), CESC (Target Price: Rs 214), ACME Solar (Target Price: Rs 341), BHEL (Target Price: Rs 435), Suzlon (Target Price: Rs 65), Premier Energies (Target Price: Rs 1,220) and Emmvee Photovoltaic (Target Price: Rs 377).
It has an ‘add’ rating for Inox Wind ((Target Price: Rs 101), Waaree Energies (Target Price: Rs 3,509), IEX (Target Price: Rs 138), NHPC (Target Price: Rs 86), JSW Energy (Target Price: Rs 642), Adani Energy Solutions (Target Price: Rs 1,513), Adani Green (Target Price: Rs 1,299) and Coal India (Target Price: Rs 515).
It has given a ‘reduce’ rating on Adani Power (Target Price: Rs 202), Torrent Power (Target Price: Rs 1,359) and Vikram Solar (Target Price: Rs 205). SJVN is the only stock from this pocket to get a ‘sell’ rating with a target price of Rs 68.
Indian power and utility companies largely missed their FY26 renewable energy capacity addition guidance, but JM Financial said the sector remains positive on FY27, with project pipelines and capacity under construction supporting growth. The brokerage said curtailment was less severe than feared for most utilities, while order books remained healthy.
JM Financial said Adani Green and ACME Solar were the only exceptions on capacity addition targets in FY26, with Adani Green exceeding and ACME meeting guidance. Others fell short, with NTPC Green missing by 2.7GW, Torrent Power and Tata Power achieving about half their targets, and CESC seeing delays in some expected commissioning dates.
For FY27, JM Financial said capacity growth guidance remains strong, led by NTPC at 8GW and Adani Green at 4.5-5GW. As of March 2026, 138GW of renewable energy capacity was under construction, including 90GW solar, 29GW wind and 19GW hybrid. Among companies under its coverage, NTPC had a near-term pipeline of 15GW and JSW Energy 11GW.
On curtailment, JM Financial said the impact was below 1 per cent of revenue for most companies in FY26. ACME Solar, JSW Energy and NTPC reported curtailment losses of Rs 60crore, Rs 50 crore and Rs 90 crore, respectively. Adani Green reported a higher Rs 1,300-1,500 crore loss, or 11 per cent of revenue, which JM Financial said may be due to concentration of capacity in Khavada.
JSW Energy also faced curtailment in Rajasthan because of transmission constraints. India reported curtailment of 470MU in January-March 2026, or 0.7 per cent of total solar and wind generation of 70,281MU, against 9.2 per cent solar and 8.5 per cent wind curtailment in China in early 2026.
JM Financial said new deviation settlement mechanism regulations could create a 1.5-2 per cent revenue headwind, based on JSW Energy's assessment, but remain necessary for grid stability. Most companies did not spell out the impact. In solar manufacturing, integrated players maintained margins in Q4FY26.
Emmvee and Premier reported margins of 32.8 per cent and 30.3 per cent, against 34.1 per cent and 30.1 per cent a year earlier, and both indicated confidence on sustaining profitability. Vikram Solar guided for EBITDA per watt peak of Rs 1.75-2 in FY28, against Rs 2.74 in FY26.
JM Financial said less integrated players saw weaker profitability. Waaree and Vikram reported EBITDA margins of 18.6 per cent and 16.1 per cent in Q4FY26, down from 22.5 per cent and 21.4 per cent in Q4FY25. The brokerage also said there was limited progress in renewable energy PPA signing.
At the end of Q4FY26, unsigned portfolios stood at 1.8GW for ACME, 2.8GW for JSW Energy and 0.4GW for CESC, against 2.1GW, 2.8GW and 0.4GW at the end of Q3FY26. ACME signed 300MW during the quarter, while JSW Energy and CESC remained flat.
Adani Green's portfolio mix also shifted, with 52 per cent fixed tariff, 27 per cent merchant and 21 per cent C&I at the end of Q4FY26, compared with 81 per cent fixed tariff and 19% merchant plus C&I in Q3FY26. JM Financial said solar companies continued to push volume growth, while wind players focused on execution rather than aggressive order book expansion.
JM Financial said ACME and Adani Green installed 2.4GWh and 1.4GWh in FY26. ACME said its battery capacity was earning under merchant contracts through tariff arbitrage, with net realisation of Rs 2.2 crore a day. JSW Energy, however, said such arbitrage was a temporary opportunity tied to short-term grid constraints that could ease in 3-4 years, and that its focus remained on returns over a minimum 12-year battery life.
It has a ‘buy’ rating on NTPC (Target Price: Rs 450), Power Grid (Target Price: Rs 342), Tata Power (Target Price: Rs 485), CESC (Target Price: Rs 214), ACME Solar (Target Price: Rs 341), BHEL (Target Price: Rs 435), Suzlon (Target Price: Rs 65), Premier Energies (Target Price: Rs 1,220) and Emmvee Photovoltaic (Target Price: Rs 377).
It has an ‘add’ rating for Inox Wind ((Target Price: Rs 101), Waaree Energies (Target Price: Rs 3,509), IEX (Target Price: Rs 138), NHPC (Target Price: Rs 86), JSW Energy (Target Price: Rs 642), Adani Energy Solutions (Target Price: Rs 1,513), Adani Green (Target Price: Rs 1,299) and Coal India (Target Price: Rs 515).
It has given a ‘reduce’ rating on Adani Power (Target Price: Rs 202), Torrent Power (Target Price: Rs 1,359) and Vikram Solar (Target Price: Rs 205). SJVN is the only stock from this pocket to get a ‘sell’ rating with a target price of Rs 68.