Suzlon, Waaree, ACME Solar: Centrum initiates coverage with upto 80% upside; check targets
Suzlon, Waaree: Domestic brokerage firm Centrum Broking has initiated coverage on select renewable energy players as India's power sector is entering a strong demand cycle.
- Apr 1, 2026,
- Updated Apr 1, 2026 10:29 AM IST
Domestic brokerage firm Centrum Broking has initiated coverage on select renewable energy players as India's power sector is entering a strong demand cycle, with electricity consumption expected to grow at around 6 per cent CAGR over the next decade. This growth is driven by rapid urbanisation, industrial expansion, electrification of mobility, rising cooling demand, and expanding digital infra.
Per capita energy consumption in India, currently about 1,500 KWh, is projected to reach 1,800 KWh by 2030, still below the global average of 3,600 KWh. Peak demand has already crossed approximately 250 GW and is expected to exceed 320 GW by 2030, creating sustained demand for capacity addition across generation, transmission, and storage, Centrum Broking noted.
Renewable energy is central to this capacity expansion. Solar and wind power are expected to contribute the majority of incremental capacity through 2030. The government’s target of around 500 GW of non-fossil fuel capacity by 2030 requires annual additions of roughly 50 GW, with solar remaining dominant due to cost competitiveness and wind gaining through hybridisation and improved turbine efficiencies, Centrum said.
Cost competitiveness is a key factor driving renewable adoption. Solar tariffs consistently range between Rs 3-3.5 per kWh, making renewables the cheapest source of new power generation in India. Even with storage or hybrid configurations, renewable tariffs remain competitive with or below those of new coal-based power, according to Centrum Broking.
The sector is transitioning from intermittent solar and wind projects to firm and dispatchable renewable energy (FDRE), hybrid, and round-the-clock (RTC) solutions. These integrate solar, wind, and battery storage to deliver reliable power, addressing intermittency. Tariffs for such projects range between Rs 4.5-6.5 per kWh, improving revenue per MW for developers, it noted.
India is expected to require about 60 GW of storage capacity by 2030, scaling further thereafter. Battery Energy Storage Systems support peak shifting, grid stability and higher renewable penetration. Falling battery costs and supportive policies, including viability gap funding, are improving project economics and expanding market potential, Centrum highlighted.
Policy support and regulatory tailwinds remain strong. Competitive bidding, renewable purchase obligations, production-linked incentives for domestic manufacturing, and transmission charge waivers support the renewable sector. Initiatives such as the Green Energy Corridor and ISTS connectivity facilitate renewable power evacuation, the brokerage firm added.
Centrum Broking holds a positive outlook on the power sector, particularly renewables. It has initiated coverage on NTPC Green, ACME Solar Holdings Ltd, Waaree Energies and Suzlon Energy Ltd with 'BUY' ratings, citing their strong positioning to benefit from growing opportunities and attractive valuation multiples in the renewable energy segment.
It has given target price of Rs 126 for NPTC Green Energy Ltd, Rs 315 for ACME Solar Holdings, Rs 4,416 for Waaree Energies Ltd and Rs 74 for Suzlon Energy, suggesting up to 25-80 per cent upside potential in these stocks.
Domestic brokerage firm Centrum Broking has initiated coverage on select renewable energy players as India's power sector is entering a strong demand cycle, with electricity consumption expected to grow at around 6 per cent CAGR over the next decade. This growth is driven by rapid urbanisation, industrial expansion, electrification of mobility, rising cooling demand, and expanding digital infra.
Per capita energy consumption in India, currently about 1,500 KWh, is projected to reach 1,800 KWh by 2030, still below the global average of 3,600 KWh. Peak demand has already crossed approximately 250 GW and is expected to exceed 320 GW by 2030, creating sustained demand for capacity addition across generation, transmission, and storage, Centrum Broking noted.
Renewable energy is central to this capacity expansion. Solar and wind power are expected to contribute the majority of incremental capacity through 2030. The government’s target of around 500 GW of non-fossil fuel capacity by 2030 requires annual additions of roughly 50 GW, with solar remaining dominant due to cost competitiveness and wind gaining through hybridisation and improved turbine efficiencies, Centrum said.
Cost competitiveness is a key factor driving renewable adoption. Solar tariffs consistently range between Rs 3-3.5 per kWh, making renewables the cheapest source of new power generation in India. Even with storage or hybrid configurations, renewable tariffs remain competitive with or below those of new coal-based power, according to Centrum Broking.
The sector is transitioning from intermittent solar and wind projects to firm and dispatchable renewable energy (FDRE), hybrid, and round-the-clock (RTC) solutions. These integrate solar, wind, and battery storage to deliver reliable power, addressing intermittency. Tariffs for such projects range between Rs 4.5-6.5 per kWh, improving revenue per MW for developers, it noted.
India is expected to require about 60 GW of storage capacity by 2030, scaling further thereafter. Battery Energy Storage Systems support peak shifting, grid stability and higher renewable penetration. Falling battery costs and supportive policies, including viability gap funding, are improving project economics and expanding market potential, Centrum highlighted.
Policy support and regulatory tailwinds remain strong. Competitive bidding, renewable purchase obligations, production-linked incentives for domestic manufacturing, and transmission charge waivers support the renewable sector. Initiatives such as the Green Energy Corridor and ISTS connectivity facilitate renewable power evacuation, the brokerage firm added.
Centrum Broking holds a positive outlook on the power sector, particularly renewables. It has initiated coverage on NTPC Green, ACME Solar Holdings Ltd, Waaree Energies and Suzlon Energy Ltd with 'BUY' ratings, citing their strong positioning to benefit from growing opportunities and attractive valuation multiples in the renewable energy segment.
It has given target price of Rs 126 for NPTC Green Energy Ltd, Rs 315 for ACME Solar Holdings, Rs 4,416 for Waaree Energies Ltd and Rs 74 for Suzlon Energy, suggesting up to 25-80 per cent upside potential in these stocks.