Suzlon, BHEL, Adani Power, Tata Power, Waaree, Inox Wind, NTPC: Q2 results preview; likely hits & misses 

JM Financial, in its September quarter results preview note, said Adani Power Ltd, NTPC Ltd, Tata Power Company Ltd, JSW Energy Ltd and Torrent Power Ltd could report double-digit growth in generation year-on-year (YoY), driving Ebitda growth. BHEL and Suzlon Energy Ltd are estimated to report double-digit growth with an improvement in margins, led by healthy order books.

Adani Power is expected to benefit from new capacity and better plant load factor (PLF), while NTPC could see the full impact of capacities commissioned during Q4. Tata Power's Mundra operations and the turnaround of plants acquired by JSW Energy are expected to support growth. For Torrent Power, Nabha TPP is likely to aid performance, although gas-based generation remains muted, JM Financial said.

The domestic brokerage said NHPC, led by Parbati and Subansiri, and SJVN, driven by Buxar thermal, also saw sharp growth in generation following the full impact of new capacities commissioned in recent quarters. Transmission utilities such as PowerGrid and Adani Energy Solutions Ltd (AESL) are seen reporting sequentially flat performance.

JM Financial said Coal India could report strong performance after several quarters, aided by improved offtake and e-auction premium.

JM Financial does not expect major capacity additions from Adani Green, ACME Solar and Juniper Green. However, arbitrage from BESS capacities in the merchant market is expected to drive sequential performance, it said.

"BHEL and Suzlon, with healthy order books, are estimated to report double-digit growth with improvement in margins. However, INOX Wind may remain subdued as mentioned by management also in the Q1FY26 call. Premier and Emmvee with cell capacities may see flat revenue but stable margins as focus shifts to higher sale of cells. However, Waaree with improving integration ratio (cell/module) will see improvement in margins. Vikarm Solar continues to struggle with ‘only module’ portfolio and may report marginal profit/loss," JM said.

Sulzon Energy Ltd is seen reporting 3 per cent YoY rise in net profit at Rs 578 crore on 24 per cent YoY rise in net sales at Rs 4,815 crore. The profit estimated factored in impact of deferred tax.  "We estimate deliveries of 660MW versus 565MW/506MW during Q2FY26/Q1FY27," JM Financial said on Suzlon Energy.

The brokerage sees BHEL's Q2 profit surging 36 per cent YoY to Rs 509 crore on 20 per cent YoY jump in sales at Rs 9,015 crore. Tata Power is seen reporting 81 per cent spurt in profit at Rs 1,305 crore on Rs 20,167 crore rise in sales.

In the case of Waaree Energies Ltd, JM expects module dispatches at 4.1GW in Q2FY27 versus 3.2GW in Q1FY27. It estimated cell volume at 0.7GW in Q2FY27 versus 0.8GW in Q1FY27. Adjusted net profit is seen at Rs 917 crore, up 9 per cent YoY.

In the case of Adani Power, JM expects generation to grow 21 per cent YoY, driven by capacity expansion and elevated demand. It projected sales growing 29 per cent YoY to Rs 17,334 crore on 13 per cent YoY rise in sales at Rs 3,349 crore YoY.