Suzlon, BHEL, Tata Power, Adani Power, JSW Energy, ACME Solar, among 11 stocks to buy; target prices

Brokerage JM Financial has revised the pecking order for top utility picks. Adani Power Ltd is the top pick, followed by Tata Power Company Ltd, NTPC Ltd, Adani Green Energy Ltd, Coal India Ltd, and JSW Energy Ltd.

With summer arriving earlier than usual, India’s power grids are already beginning to feel the strain. According to brokerage latest sector note, evening electricity demand surged to a staggering 224.6 gigawatts (GW) at 7:00 PM on March 10, 2026, marking a 7% year-on-year jump. This represents the highest evening peak ever documented for the month of March, it noted.

JM Financial said that coal power plants operated at a massive 95% capacity utilization during these critical non-solar hours, while nuclear and hydro ran at 87% and 67%, respectively.

One of the driest winters in recent memory, coupled with diminished snow cover, threatens to severely limit hydroelectric output, the brokerage noted. Furthermore, “shortages in LNG supplies add to supply challenges, impacting gasfired generation (9GW capacity, currently online),” it said.

"Given the current geopolitical developments, we envisage higher probability of a scenario of persistently high LNG prices and intense summer," JM Financial added.

JM Financial anticipates that with gas and hydro deficits, thermal utilities and the coal value chain will experience higher PLFs.

The brokerage has recommended a ‘Buy’ rating on a broad slate of power and equipment heavyweights. 

Adani Power Ltd: Target price Rs 177, 'Buy'. Tata Power Company Ltd: Target price Rs 429, 'Buy'. State-run major NTPC Ltd is also a top pick with target price of Rs 420, 'Buy'. 

Adani Green Energy Ltd: Target price Rs 1,204, 'Buy', JSW Energy Ltd has a ‘Buy’ rating with target price of Rs 614. 

Power Grid Corporation of India Ltd: Target price Rs 314, 'Buy'. Adani Energy Solutions Ltd: Target price Rs 1,199, 'Buy'. Equipment manufacturer Bharat Heavy Electricals Ltd (BHEL): Target price Rs 355, 'Buy' and Suzlon Energy Ltd: target price Rs 64, 'Buy'. 

While CESC Ltd has a target price of Rs 196 and a 'Buy' rating, while ACME Solar Holdings Ltd has a ‘Buy’ rating with a target price of Rs 289.

JM Financial sees steady potential in a few other utilities and energy players.. NHPC Ltd: Target price Rs 84, 'Add'. Wind energy player Inox Wind Ltd: Target price Rs 120, 'Add'. Indian Energy Exchange Ltd (IEX): Target price Rs 145, 'Add'.

The brokerage advises caution on a select few, placing them in the bearish buckets. Mining giant Coal India Ltd: Target price Rs 420, 'Reduce'. Similarly, Torrent Power Ltd: Target price Rs 1,410, 'Reduce'. Finally, SJVN Ltd: Target price Rs 67, 'Sell'.