Suzlon, Tata Power, Adani Power, BHEL shares: Which power stock offers highest upside?

Suzlon Energy Ltd, the worst-performing BSE Power index constituent in 2026 so far, has the highest implied upside based on consensus analyst targets, Bloomberg data compiled by Business Today suggested. Among the index's 17 stocks, Suzlon offers an estimated upside potential of 26.40 per cent, the highest in the pack. It is closely followed by NTPC Ltd, whose target hints at 26 per cent upside GE Vernova T&D India Ltd, Power Grid Ltd, Tata Power Company Ltd and Adani Power Ltd are among seven stocks, with at least 10 per cent upside potential. 

Suzlon's target price, based on 12 analyst calls, stood at Rs 66.73. The stock has 10 'Buy' calls and two 'Hold' calls, with the recent four targets by JM Financial (Rs 64 per share), Ambit Capital (Rs 62 per share), Investec (Rs 72 per share) and Systematix (Rs 71 per share) hinting at 18-37 per cent potential return over Monday's Rs 52.63 apiece intraday price. 

Also read: Suzlon share price rises as mutibagger Chinese, German peers tumble; stock plays catch-up

NTPC, based on 28 analyst estimates, has a consensus target of Rs 435.50 apiece. A total of 12 of 13 brokerages suggested 'Buy' on the stock this month, with highest target prices by Elara and UBS at Rs 466 and Rs 465, respectively. The lowest target on the stock stands at Rs 362 by MOFSL, which has a neutral rating on the counter. 
  
GE Vernova T&D India Ltd has a 12 month consensus target of Rs 5,269.85. Macquarie on July 14 suggested a target of Rs 5,470, Nomura on July 7 suggested a target pf Rs 5,675; while Citi on July 6 pegged the stock price target at Rs 6,200. 

Power Grid's consensus target of Rs 5,269.85, based on 24 analysts, suggests 14.1 per cent upside. Tata Power's target stands at Rs 436.14, while Adani Power consensus came in at Rs 247.67, both hinting at 13 per cent upside for each of the stocks. Consensus target for NHPC stands at Rs 90.71. It stood at Rs 35,594 for Hitachi Energy India. Targets for Adani Green and Torrent Power hint at 3-4 per cent upside. ABB India (target: Rs 6,398.93), BHEL (Rs 396.19) and Thermax (Rs 4,512.40) are three stocks with up to 14 per cent downside targets.  

Some of these stocks such as Hitachi Energy (75 per cent), Thermax (up 54.9 per cent), Adani Power (50 per cent), Adani Green Energy (up 49 per cent) and BHEL (up 47 per cent) delivered solid returns in 2026 so far. Suzlon has been the worst hit with 1.3 per cent fall.