Waaree Energies, Premier Energies, NTPC, Tata Power, Power Grid: Should you buy, sell or hold?

Renewable energy & power sector stocks: As the fourth quarter of the financial year 2025-26 (Q4FY26) wraps up and earnings announcement season has started, domestic brokerage PL Capital has rolled out its earnings preview, maintaining an 'Overweight' stance on both the power and renewable energy sectors.

While the renewable equipment pack is sustaining its momentum on the back of record capacity additions, the traditional power sector is looking at a mixed performance amid muted power demand, PL Capital noted.

Renewable Sector: Waaree Energies Ltd & Premier Energies Ltd

For Premier Energies, the brokerage said “we expect modest revenue growth of 36.2% YoY, driven by healthy order execution and ramp-up in module production.” PL Capital has downgraded the solar manufacturer's stock from 'Buy' to 'Hold', setting a target price of Rs 905.

Waaree Energies, on the other hand, PL Capital expects a revenue growth of 83.2% YoY for the solar module maker, keeping its target price at Rs 3,600 with a 'Buy' tag. However, the brokerage noted that Waaree's EBITDA margins might contract sequentially to 23%, a dip that is impacted by transition to G12R cell line upgrades.

While Vikram Solar also retains its 'Buy' rating with a target of Rs 232.

Power Sector: Tata Power Company Ltd, NTPC Ltd & others

PL Capital expects NTPC to post a 6% standalone PAT growth, maintaining a 'Buy' rating and a target price of Rs 423. This comes even as the company's thermal plants saw a 4% dip in generation.

Power Grid Corporation of India Ltd also has a 'Buy' rating with a target of Rs 348, while for Tata Power, the brokerage maintains a 'Hold' rating on the Tata Group utility company, carrying a target price of Rs 359. PL Capital noted a "-72% YoY in generation, led by disruptions at Mundra," which is expected to trigger a 21% year-on-year slide in adjusted PAT for the quarter.

CESC Ltd has a thumbs up with a 'Buy' rating and a Rs 204 target. Adani Energy Solutions Ltd sits at an 'Accumulate' rating with a target of Rs 1,090. Conversely, heavyweights like Coal India and Indian Energy Exchange (IEX) are tagged with 'Hold' ratings, with target prices set at Rs 436 and Rs 133, respectively.