Suzlon Energy, Tata Power, Waaree, IEX, Inox Wind, NTPC, ACME Solar: Q3 preview

Ahead of the kick start of December quarter (Q3) earnings season, domestic brokerage MOFSL retained its 'Buy' ratings on Suzlon Energy Ltd, Waaree Energies Ltd, Tata Power Company Ltd, JSW Energy Ltd and ACME Solar Holdings Ltd, while keeping a 'Neutral' stance on Indian Energy Exchange Ltd (IEX), NTPC Ltd, and Power Grid Corporation of India Ltd. 

MOFSL said India’s total power consumption remained broadly flat YoY in Q3, following a decline of around 3.5 per cent in October-November 2025 and a rebound of 7 per cent in December 2025, driven by higher usage of heating appliances. Peak power demand rose 5 per cent YoY to 236GW in Q3FY26 from 224GW a year ago. Signs of normalisation are emerging, and demand is expected to stabilise from January 2026 onward.

MOFSL added 8.9GW of power capacity over October-November 2025, led by renewables with 6.4GW (5.5GW solar) and thermal with 2.2GW.

India’s power demand growth slowed to around 5 per cent in FY25 and has moderated further in FY26, affected by early and prolonged monsoon and a milder summer. Despite near-term headwinds, capacity additions, especially in renewables, continue to provide growth visibility for select players.

"Within utilities also we have also been selective and have exposure only through Suzlon Energy," it said.

Below are MOFSL's earnings estimates for utilities:

Suzlon Energy Ltd: Revenue and Ebitda are projected to improve 52 per cent and 66 per cent YoY, driven by execution of 671MW of wind turbine orders, up 50 per cent YoY.

Tata Power Ltd: Ebitda and adjusted PAT may decline 5 per cent and 7 per cent YoY as losses from the Mundra power plant persist. These are partially offset by contributions from the fully ramped-up solar cell and module business, newly commissioned renewable assets, and strong performance in solar rooftop and Odisha distribution businesses.

JSW Energy Ltd: Revenue and adjusted PAT are likely to grow 92 per cent and 38 per cent YoY, supported by contributions from KSK Mahanadi and O2 Power acquisitions, commissioning of Utkal Unit-2, the Kutehr hydro project, and ~1.5GW of organic renewable additions. However, higher wind exposure in 3Q may lead to a seasonal 9 per cent/28 per cent QoQ decline in revenue/Ebitda.

NTPC: Adjusted PAT is expected to rise modestly by 7 per cent YoY, reflecting limited new capacity additions and subdued power demand in 3QFY26.

Power Grid: Standalone Ebitda and adjusted PAT are expected to rise 11 per cent and 4 per cent YoY, supported by higher capex and capitalisation.

Waaree Energies: Ebitda is likely to jump 112 per cent YoY and 9 per cent QoQ, driven by expansion of module manufacturing capacity to 23GW from 15GW in 3QFY25, and margin improvement following stabilisation of the 5.4GW cell manufacturing line.