Tata Power, Adani Power, JSW Energy, Adani Green, IEX, NTPC: Jefferies shares targets

Jefferies in its latest note on utilities suggested 'Underperform' on Tata Power Company Ltd and 'Buy' on stocks such as Adani Green Energy Ltd, Adani Power Ltd, JSW Energy Ltd and Adani Energy Solutions Ltd. The targets for the three Adani stocks and Tata Power has been raised. JSW Energy's target price has also been raised factoring in recent QIP proceeds and improving leverage ratios.    

The fresh target price for Tata Power stands at Rs 355 against Rs 335 earlier. JSW Energy's target now stands at Rs 745 from Rs 675 earlier. Adani Green, Adani Power and Adani Energy have fresh targets of Rs 1,730, Rs 270 and Rs 1,905, respectively.

Among other stocks, NTPC is a Buy with a target of Rs 470. Torrent Power is a Buy with a target of Rs 1,700. IEX is 'Underperform' with a target of Rs 100. Power Grid is Buy with a target of Rs 340.

JSW Energy, Adani Energy and NTPC, which have a pipeline of projects to execute, are Jefferies' top picks. 

The foreign brokerage said March quarter was affected by evacuation issues with JSW Energy and Adani Green seeing delays in renewable capacity addition. However, it believes these issues will ease off going ahead. 

Near-term transmission bid pipeline is robust at Rs 1.5 lakh crore against Rs 54,000 crore end FY25. Power demand in April-May 2026 has been strong at 7 per cent YoY rise against Jefferies' 6 per cent growth estimate for FY27. 

"We prefer JSW Energy and NTPC at current levels, as execution ramp-up contributes to double-digit medium-term earnings growth and leads to stock returns even with no re-rating. AESL is locked in for 20%+ visible medium-term EBITDA CAGR, which should drive upside on delivery," Jefferies said.

Jefferies raised JSW Energy target factoring in the QIP proceeds. It raised its target multiple to 15 times estimated EV/Ebitda for FY28 against 14 times earlier. This is at the lower end of the 15-20 times range it traded at post 2010 listing when capacity was visibly rising two times, Jefferies said.

On Adani group stocks, Jefferies said it has re-rated the price target multiples for the group by 5-10 per cent, as execution visibility is improving.