Suzlon, Tata Power, IEX, ACME Solar, Inox Wind, CESC, NTPC: Share price targets, Q1 preview
Suzlon's Q1 margins are seen hovering around 18 per cent, as more EPC-related work was expected before the monsoon season.
- Jul 8, 2026,
- Updated Jul 8, 2026 9:13 AM IST
Ahead of Q1 results, Nuvama Institutional Equities expects power companies under its coverage universe to post 9–11 per cent growth in profit after tax (PAT) in the June quarter, in line with demand growth, driven by healthy utility plant load factor (PLF).
The domestic brokerage noted that NTPC’s Q1 PLF stood at 76.4 per cent against 74 per cent YoY. Nuvama said Power Grid is expected to report strong commissioning in Q1 while Tata Power Company Ltd 's Mundra losses may persist despite the Gujarat SPPA. CESC Ltd, NTPCLtd, ACME Solar Holdings Ltd are its top power sector picks.
Suzlon Energy Ltd | Rating: Hold | Target price: Rs 56 Nuvama expects Suzlon to report an execution of 550MW in Q1FY27 with annual execution targeted at 3GW. Q1 margins are seen hovering around 18 per cent, as more EPC-related work was expected before the monsoon season.
"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 Q1 is a key variable to watch out for," it said.
Tata Power Company Ltd | Rating: Reduce | Target price: Rs 390 Nuvama said a 7-7.5 per cent growth in adjusted profit is likely for Tata Power in Q1FY27 as losses persist in Mundra UMPP, estimated at Rs 200 crore per quarter, as the plant is now operational (Gujarat SPPA). Solar manufacturing ramp up has shown good promise, it said.
"Tata projects and Mundra UMPP performance along with consolidation of EPC/module sales is a key monitorable going ahead. Strong showing in Odisha is expected to continue," Nuvama said.
Indian Energy Exchange Ltd (IEX) | Rating: Reduce | Target price: Rs 118 Nuvama said total volume growth for IEX in Q1FY27 was a weak 2.2 per cent YoY largely affected by a fall in REC growth even as electricity volumes remained strong at 15.8 per cent YoY. It anticipated a muted PAT growth of 7-8 per cent YoY in Q1FY27.
ACME Solar | Rating: Buy | Target price: Rs 345 Nuvama sees a strong 47 per cent YoY top line growth for ACME in Q1 Solar even as capacity ramp up was slow. The brokerage said BESS realisations should aid in impressive overall growth in Q1FY27.
Ebitda is seen growing at 39 per cent, while operating margins are projected to come in at 85 per cent as margins are lower in BESS. "We expect PAT (Including other income) to be Rs 158.70 crore with bulk of the additions from BESS ramp up," it said.
Inox Wind | Rating: Buy | Target price: Rs 123 Nuvama expects Inox Wind's execution related-challenges called out in Q4FY26 to continue in Q1FY27 as well. It sees Q1 EBitda margin of 21 per cent owing to higher product supply mix with revenue seen close to Rs 1,000 crore for Q1FY27. Order inflow growth will be a key trigger for the stock going forward, Nuvama said.
CESC | Rating: Buy | Target price: Rs 212 Nuvama expects PAT growth for CESC in Q1FY27 to be 9-10 per cent YoY on a strong Q1FY26 base. Strong PLF is expected in Haldia. In distribution segment, it expects Malegaon losses to continue to soften in Q1FY27 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 this quarter.
NTPC | Rating: Buy | Target price: Rs 445 Nuvama expects NTPC's PAT to grow at 7 per cent YoY on the back of potentially higher incentives. PLF is seen at 76 per cent YoY in the standalone business in Q1FY27 as power demand during the quarter remained strong. That said, profitability is seen relatively insulated in the standalone business due to regulatory mechanism as returns under the regulated model by and large remained assured.
Power Grid | Rating: Hold | Target price: Rs 283 Nuvama expects consolidated PAT growth for Power Grid at 11 per cent YoY, owing to strong expected commissioning in Q1FY27. Capex trajectory and commissioning on ground would be a key monitorable for the company going ahead as the base year (FY26) showed impressive growth, Nuvama said.
Ahead of Q1 results, Nuvama Institutional Equities expects power companies under its coverage universe to post 9–11 per cent growth in profit after tax (PAT) in the June quarter, in line with demand growth, driven by healthy utility plant load factor (PLF).
The domestic brokerage noted that NTPC’s Q1 PLF stood at 76.4 per cent against 74 per cent YoY. Nuvama said Power Grid is expected to report strong commissioning in Q1 while Tata Power Company Ltd 's Mundra losses may persist despite the Gujarat SPPA. CESC Ltd, NTPCLtd, ACME Solar Holdings Ltd are its top power sector picks.
Suzlon Energy Ltd | Rating: Hold | Target price: Rs 56 Nuvama expects Suzlon to report an execution of 550MW in Q1FY27 with annual execution targeted at 3GW. Q1 margins are seen hovering around 18 per cent, as more EPC-related work was expected before the monsoon season.
"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 Q1 is a key variable to watch out for," it said.
Tata Power Company Ltd | Rating: Reduce | Target price: Rs 390 Nuvama said a 7-7.5 per cent growth in adjusted profit is likely for Tata Power in Q1FY27 as losses persist in Mundra UMPP, estimated at Rs 200 crore per quarter, as the plant is now operational (Gujarat SPPA). Solar manufacturing ramp up has shown good promise, it said.
"Tata projects and Mundra UMPP performance along with consolidation of EPC/module sales is a key monitorable going ahead. Strong showing in Odisha is expected to continue," Nuvama said.
Indian Energy Exchange Ltd (IEX) | Rating: Reduce | Target price: Rs 118 Nuvama said total volume growth for IEX in Q1FY27 was a weak 2.2 per cent YoY largely affected by a fall in REC growth even as electricity volumes remained strong at 15.8 per cent YoY. It anticipated a muted PAT growth of 7-8 per cent YoY in Q1FY27.
ACME Solar | Rating: Buy | Target price: Rs 345 Nuvama sees a strong 47 per cent YoY top line growth for ACME in Q1 Solar even as capacity ramp up was slow. The brokerage said BESS realisations should aid in impressive overall growth in Q1FY27.
Ebitda is seen growing at 39 per cent, while operating margins are projected to come in at 85 per cent as margins are lower in BESS. "We expect PAT (Including other income) to be Rs 158.70 crore with bulk of the additions from BESS ramp up," it said.
Inox Wind | Rating: Buy | Target price: Rs 123 Nuvama expects Inox Wind's execution related-challenges called out in Q4FY26 to continue in Q1FY27 as well. It sees Q1 EBitda margin of 21 per cent owing to higher product supply mix with revenue seen close to Rs 1,000 crore for Q1FY27. Order inflow growth will be a key trigger for the stock going forward, Nuvama said.
CESC | Rating: Buy | Target price: Rs 212 Nuvama expects PAT growth for CESC in Q1FY27 to be 9-10 per cent YoY on a strong Q1FY26 base. Strong PLF is expected in Haldia. In distribution segment, it expects Malegaon losses to continue to soften in Q1FY27 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 this quarter.
NTPC | Rating: Buy | Target price: Rs 445 Nuvama expects NTPC's PAT to grow at 7 per cent YoY on the back of potentially higher incentives. PLF is seen at 76 per cent YoY in the standalone business in Q1FY27 as power demand during the quarter remained strong. That said, profitability is seen relatively insulated in the standalone business due to regulatory mechanism as returns under the regulated model by and large remained assured.
Power Grid | Rating: Hold | Target price: Rs 283 Nuvama expects consolidated PAT growth for Power Grid at 11 per cent YoY, owing to strong expected commissioning in Q1FY27. Capex trajectory and commissioning on ground would be a key monitorable for the company going ahead as the base year (FY26) showed impressive growth, Nuvama said.