Suzlon, Adani Green, BHEL, Tata Power, JSW Energy shares offer up to 54% upside; target prices

With the surging summer demand, electricity consumption creates a sweet spot for power generation companies, such as Adani Green Energy Ltd, Tata Power Company Ltd, JSW Energy Ltd and others. In its latest sector update, JM Financial sees upside potential in select utility and power equipment stocks.

According to the JM Financial note, the country has already witnessed a massive spike in power requirements, with non-solar peak demand touching 225 GW on the evening of March 10. 

The brokerage said this surge indicates periods of tight supply. “Hydro/gas/nuclear/coal plants are being stretched, with evening utilisation of 67%/28%/87%/95%. Due to the supply-demand imbalance, evening merchant prices breached the Rs 10/kWh ceiling 13 times between 18:15 and 21:30 IST on 12th Mar’26,” it said.

Companies like Adani Green, Jindal Power, JSW Energy, and Adani Power Ltd are currently leading the pack in the Day-Ahead Market (DAM) segment, as per market share, the brokerage noted.

“We reiterate our pecking order for this summer: Adani Power >Tata Power >NTPC >Adani Green > Coal India >JSW Energy,” JM Financial said.

Target prices

JM Financial has initiated several 'Buy' calls. Among the heavyweights, Adani Power comes with a 'Buy' tag and a target price of Rs 177, while Tata Power has a target price of Rs 429. The brokerage also recommended ‘Buy’ rating on NTPC Ltd for a target of Rs 420, Adani Green for Rs 1,204, and JSW Energy for Rs 614. 

Power Grid Corporation of India Ltd and Adani Energy Solutions Ltd hold 'Buy' ratings with targets of Rs 314 and Rs 1,199, respectively. Bharat Heavy Electricals Ltd (BHEL) with a target of Rs 355, CESC at Rs 196, and ACME Solar Holdings has a target price of Rs 289, all carrying 'Buy' ratings. 

Suzlon Energy Ltd with a 'Buy' rating and a target of Rs 64. At last check on Thursday, Suzlon shares were trading 1.09% lower at Rs 41.59 apiece on the BSE; from current levels, JM Financial's target price on the stock is hinting at a potential upside of nearly 54%, which is the highest in JM Financial's coverage.

Meanwhile, the brokerage has given an 'Add' rating to NHPC with a target of Rs 84, Inox Wind with a target of Rs 120, and IEX with a target of Rs 145. 

JM Financial remains cautious on a few counters, recommending 'Reduce' call for Coal India and Torrent Power with targets of Rs 420 and Rs 1,410, respectively, while assigning 'Sell' rating to SJVN with a target of Rs 67.