Suzlon, Tata Power, Adani Power, Adani Green, NPTC, Inox Wind: Q4 preview, target prices
JM Financial said Adani Power may report 12.3 per cent YoY decline in net profit at Rs 2,278 crore on 0.5 per cent rise in sales at Rs 14,309 crore.
- Apr 8, 2026,
- Updated Apr 8, 2026 4:38 PM IST
A couple of brokerages have come out with March quarter preview notes on power sector, suggesting the quarter may see be a subdued growth, with thermal and hydro players under pressure. They expect renewable energy (RE) players to outperform in growth terms.
JM Financial said NTPC Ltd and Adani Power Ltd are likely to log muted generation growth (down 7 per cent YoY and 3 per cent YoY), whereas Tata Power may post YoY decline due to operational and seasonal factors.
Torrent Power, it said, is expected to report around 5 per cent topline growth, driven by a 3 per cent increase in generation and a seasonally weak quarter in the transmission segment. CESC is expected to report 11 per cent YoY topline growth, supported by higher energy demand from its distribution circles.
"JSW Energy’s generation growth is likely to surge 37 per cent YoY, largely led by acquisitions, though higher finance costs and depreciation may weigh on its bottom line," JM said while suggesting Adani Power as its pick and Inox wind a stock to avoid.
PL Capital said its coverage universe may report a modest profit growth of 2 per cent YoY , with divergence across companies. "CESC, NTPC, IEX and Power Grid saw PAT growth, while Adani Energy Solutions and Tata Power could see a decline. We retain top picks: PGCIL, NTPC and CESC. Skymet’s latest forecast indicates a below-normal monsoon for FY27 in India, which could support higher power demand in the coming quarters, given that around 40– 45 per cent of power consumption (agriculture & residential segments) is weather-sensitive," it said.
PL Capital suggested 'Accumulate' on Adani Green Energy suggesting a target price of Rs 1,090. it suggested a target of Rs 204 on CESC, Rs 133 on IEX, Rs 423 on NTPC, Rs 348 on Power Grid and Rs 359 on Tata Power. MOFSL suggested a target of Rs 137 on IEX, Rs 121 on Inox Wind, Rs 611 on JSW Energy, Rs 404 on NTPC, Rs 300 on Power Grid, Rs 66 on Suzlon Energy and Rs 454 on Tata Power.
Here's what brokerages said on Q4 earning projections:
Suzlon Energy: Nuvama Institutional Equities sees Suzlon to report 6 per cent YoY drop in net profit at Rs 1,107 crore despite 56 per cent YoY rise in sales at Rs 5,914 crore.
"We expect execution of 875MW in Q4FY26 as 9MFY26 performance exudes optimism to deliver good execution number. Q4 margins to hover around 18 per cent (More EPC related work expected). Further execution ramp up and margin (due to fluctuations in EPC mix) remain key monitorables going forward with any deferred tax angle and the quantum thereby in Q4 is a key vairable to watch out for," Nuvama said.
Tata Power: MOFSL expects Tata Power to log 33.5 per cent YoY drop in profit at Rs 648 crore on 1.6 per cent YoY rise in sales at Rs 17,371 crore. The numbers are seen dragged by continued shutdown at the Mundra power plant in Q4FY26. The plant has become operational from April 1.
MOFSL said the losses would be partially offset by contribution from additional RE assets commissioned and sustained strong performance in the solar rooftop and Odisha distribution business. JM expects Tata Power's Q4 profit falling Rs 27.2 per cent to Rs 746 crore.
NPTC: Nuvama expects net profit for NTPC to grow 7 per cent YoY, owing to limited commissioning over the last 12-15 months. It sees PLF to be at 77 per cent YoY in the standalone business in Q4FY26 with weak power demand during the quarter further exacerbating issues. That said, profitability is relatively insultated, it noted, in the standalone business due to regulatory mechanism as returns under the regulated model by and large remain assured. Nuvama sees NPTC Q4 net profit at Rs 5,370 crore.
Adani Power, Adani Green, Adani Energy: JM Financial said Adani Power may report 12.3 per cent YoY decline in net profit at Rs 2,278 crore on 0.5 per cent rise in sales at Rs 14,309 crore. It sees Adani Energy to clock 148 per cent YoY rise in profit at Rs 654 crore and Adani Green to report 46 per cent drop in profit at Rs 296.70 crore.
Indian Energy Exchange: For IEX, JM Financial sees net profit rising 22.2 per cent YoY to Rs 137.90 crore. Nuvama said total volume growth in Q4FY26 was a strong 21 per cent, owing to strong RTM growth and REC growing 120 per cent YoY. It anticipated strong PAT growth of 24 per cent YoY in Q4FY26 largely in-line with similar Electricity volume growth in Q4.
Inox Wind: MOFSL sees revenue for Inox Wind to grow 48 per cent YoY to Rs 1,890 crore on account of execution of 315MW of wind orders and an increase in contracted capacity for the O&M business. It expects Ebitda for Inox Wind to grow 40 per cent YoY to Rs 360 crore, with Ebitda margin of 19 per cent. Profit is seen at Rs 219.60 crore, up 14 per cent YoY.
CESC: Nuvama expects PAT growth in Q4FY26 to be 30 per cent YoY on a weak base and strong PLF in Haldia. In distribution, it expects Malegaon losses to soften to Rs 200 crore in Q4 with the company focussed on reducing T&D losses. Generation business is expected to be largely flat YoY while Dhariwal is expected to post lower profits due to weak PLF. Net profit is seen rising 33 per cent to Rs 494 crore for the quarter.
A couple of brokerages have come out with March quarter preview notes on power sector, suggesting the quarter may see be a subdued growth, with thermal and hydro players under pressure. They expect renewable energy (RE) players to outperform in growth terms.
JM Financial said NTPC Ltd and Adani Power Ltd are likely to log muted generation growth (down 7 per cent YoY and 3 per cent YoY), whereas Tata Power may post YoY decline due to operational and seasonal factors.
Torrent Power, it said, is expected to report around 5 per cent topline growth, driven by a 3 per cent increase in generation and a seasonally weak quarter in the transmission segment. CESC is expected to report 11 per cent YoY topline growth, supported by higher energy demand from its distribution circles.
"JSW Energy’s generation growth is likely to surge 37 per cent YoY, largely led by acquisitions, though higher finance costs and depreciation may weigh on its bottom line," JM said while suggesting Adani Power as its pick and Inox wind a stock to avoid.
PL Capital said its coverage universe may report a modest profit growth of 2 per cent YoY , with divergence across companies. "CESC, NTPC, IEX and Power Grid saw PAT growth, while Adani Energy Solutions and Tata Power could see a decline. We retain top picks: PGCIL, NTPC and CESC. Skymet’s latest forecast indicates a below-normal monsoon for FY27 in India, which could support higher power demand in the coming quarters, given that around 40– 45 per cent of power consumption (agriculture & residential segments) is weather-sensitive," it said.
PL Capital suggested 'Accumulate' on Adani Green Energy suggesting a target price of Rs 1,090. it suggested a target of Rs 204 on CESC, Rs 133 on IEX, Rs 423 on NTPC, Rs 348 on Power Grid and Rs 359 on Tata Power. MOFSL suggested a target of Rs 137 on IEX, Rs 121 on Inox Wind, Rs 611 on JSW Energy, Rs 404 on NTPC, Rs 300 on Power Grid, Rs 66 on Suzlon Energy and Rs 454 on Tata Power.
Here's what brokerages said on Q4 earning projections:
Suzlon Energy: Nuvama Institutional Equities sees Suzlon to report 6 per cent YoY drop in net profit at Rs 1,107 crore despite 56 per cent YoY rise in sales at Rs 5,914 crore.
"We expect execution of 875MW in Q4FY26 as 9MFY26 performance exudes optimism to deliver good execution number. Q4 margins to hover around 18 per cent (More EPC related work expected). Further execution ramp up and margin (due to fluctuations in EPC mix) remain key monitorables going forward with any deferred tax angle and the quantum thereby in Q4 is a key vairable to watch out for," Nuvama said.
Tata Power: MOFSL expects Tata Power to log 33.5 per cent YoY drop in profit at Rs 648 crore on 1.6 per cent YoY rise in sales at Rs 17,371 crore. The numbers are seen dragged by continued shutdown at the Mundra power plant in Q4FY26. The plant has become operational from April 1.
MOFSL said the losses would be partially offset by contribution from additional RE assets commissioned and sustained strong performance in the solar rooftop and Odisha distribution business. JM expects Tata Power's Q4 profit falling Rs 27.2 per cent to Rs 746 crore.
NPTC: Nuvama expects net profit for NTPC to grow 7 per cent YoY, owing to limited commissioning over the last 12-15 months. It sees PLF to be at 77 per cent YoY in the standalone business in Q4FY26 with weak power demand during the quarter further exacerbating issues. That said, profitability is relatively insultated, it noted, in the standalone business due to regulatory mechanism as returns under the regulated model by and large remain assured. Nuvama sees NPTC Q4 net profit at Rs 5,370 crore.
Adani Power, Adani Green, Adani Energy: JM Financial said Adani Power may report 12.3 per cent YoY decline in net profit at Rs 2,278 crore on 0.5 per cent rise in sales at Rs 14,309 crore. It sees Adani Energy to clock 148 per cent YoY rise in profit at Rs 654 crore and Adani Green to report 46 per cent drop in profit at Rs 296.70 crore.
Indian Energy Exchange: For IEX, JM Financial sees net profit rising 22.2 per cent YoY to Rs 137.90 crore. Nuvama said total volume growth in Q4FY26 was a strong 21 per cent, owing to strong RTM growth and REC growing 120 per cent YoY. It anticipated strong PAT growth of 24 per cent YoY in Q4FY26 largely in-line with similar Electricity volume growth in Q4.
Inox Wind: MOFSL sees revenue for Inox Wind to grow 48 per cent YoY to Rs 1,890 crore on account of execution of 315MW of wind orders and an increase in contracted capacity for the O&M business. It expects Ebitda for Inox Wind to grow 40 per cent YoY to Rs 360 crore, with Ebitda margin of 19 per cent. Profit is seen at Rs 219.60 crore, up 14 per cent YoY.
CESC: Nuvama expects PAT growth in Q4FY26 to be 30 per cent YoY on a weak base and strong PLF in Haldia. In distribution, it expects Malegaon losses to soften to Rs 200 crore in Q4 with the company focussed on reducing T&D losses. Generation business is expected to be largely flat YoY while Dhariwal is expected to post lower profits due to weak PLF. Net profit is seen rising 33 per cent to Rs 494 crore for the quarter.