New Research Reports

CleanMax's 837 MW renewable energy deal with Meta. Taking their cumulative partnership to ~900 MW is a landmark transaction that validates India's largest pure-play C&I renewable platform at hyperscaler scale.

Mahanagar Gas’ (MAHGL) stock has corrected 13% over the last three and a half months, primarily due to elevated input gas costs (Brent at USD102/bbl in 1QFY27’td vs USD69/bbl in FY26; Spot LNG at USD18/mmbtu in 1QFY27’td vs USD12/mmbtu in FY26) and rupee depreciation (11% YoY in 1QFY27’td), which contracted margins.

Adani Energy Solutions Limited (AESL) has acquired a 100% equity stake in IntelliSmart Infrastructure Private Limited for INR 3,050 crore.

VA Tech Wabag (VATW) is a Chennai-based multinational company specialising in water technology. With its expertise in the turnkey execution and operation of water and wastewater treatment plants, the company primarily serves both municipal and industrial...

Torrent Power is expected to deliver a revenue CAGR of 10.6% during FY2628E, driven by the gradual commissioning of its renewable energy pipeline and the consolidation of Nabha Power from Q1FY27. The new tariff framework could support a 100 bps improvement in ROE on the distribution assets, subject to performance milestones. Timely execution of renewable projects remains the key monitorable while higher commissioning and leverage could pressure bottom- line performance. However, any weakness in the stock price thereof presents an opportunity for...

Revenue declined by 9.0%YoY, on account of decrease in CGD and gas trading businesses. Gujarat Gas is now an integrated energy company

We upgrade our recommendation to BUY from HOLD.

*over or under performance to benchmark index Mahanagar Gas Limited (MGL) distributes natural gas to households, commercial establishments and industries in India. In Q4FY26, the company's consolidated revenue rose 4.9% YoY to Rs. 2,259cr, as higher gas sales and calibrated price actions more than offset the curtailment of supplies to industrial and commercial amid a disruption in liquified natural gas (LNG) supplies due to the conflict in West Asia. Gas sales volume increased 6.2% YoY to 4.672 mmscmd on the back of growth in compressed natural gas (CNG) volume of 7.2% to 3.349 mmscmd, domestic piped...

Q4FY26 performance: VA Tech Wabag Limited reported strong Q4FY26 performance with revenue rising 22.3% YoY to 1,414 crore, while EBITDA increased 11.8% YoY to 157 crore. EBITDA margin, however, contracted by 110 bps YoY to 11.1% due to project mix. PAT grew strongly by 28.6% YoY to 128 crore during the quarter. For FY26, revenue grew 19.7% YoY to 3,944 crore, EBITDA rose 13% YoY to 477 crore, while PAT increased 25.4% YoY to 370 crore. EBITDA margin stood at 12.1% versus 12.8% in FY25. The Board recommended a...

We maintain our BUY rating on the stock.

We maintain our BUY rating on the stock.

Strong capacity pipeline and energy transition drive visibilty About the stock: NTPC is India's largest power generation company with a total installed NTPC has 17% of total installed capacity in India with ~24% generation share The company's vision is to become a 244 GW+ company by 2037 of which ~120...

NTPC delivered a healthy FY26 performance with standalone adjusted PAT at INR195bn, up 8% YoY, supported by a 4% increase in regulated equity and improvement in coal plant PAF by 20bps to 90.1% in FY26. Core profitability remained strong with implied FY26 core RoE (excluding other income) improving to 17.4% versus 16.5% YoY (led by better plant efficiency). Looking ahead, NTPC has reiterated an annual capacity addition target of ~10GW across FY27EFY29E, with NGEL targeting ~8GW annually, while the...

Revenue & EBITDA declined by 2.4%YoY and 58.9%YoY respectively impacted by Gas-transmission volumes and LNG prices volatility

Indraprastha Gas’ (IGL) 4QFY26 EBITDA/scm came in 44% above our est. at INR4.8. Gas costs and opex increased ~INR1/0.8 per scm QoQ in 4Q.

Revenue grew by 5.5%YoY on the back of volume growth of 5.6%YoY. However, the higher costs led to decline in EBITDA

Powergrid transmits ~45% of the total power generated in India on its transmission network & owns ~84% of Inter-State transmission system. It also undertakes transmission related consultancy to more than 150 domestic clients and owns & operates ~100,000 km of telecom network. Q4FY26 performance: Power Grid Corporation of India Limited reported standalone Q4FY26 revenue from operations of 9,971 crore, down 9% YoY from 10,982 crore in Q4FY25. EBITDA stood at ~7,500 crore compared to ~9,222 crore, while EBITDA margin moderated to 75.21% vs 83.96% in Q4FY25. PAT for...

Energy transition tailwind continues to support growth About the stock: Siemens Energy India Ltd. (SEIL) is a leading player that provides Power transmission and power generation portfolio each contributed 55.8 & 44.2%...

We downgrade to HOLD from BUY.

Tata Power (TPWR) adjusted PAT growth of 10% YoY was broadly in-line with our estimate. Growth is driven by TP solar, IPP, Delhi & Odhisa discom. In Q4FY26 T&D contributed 60% to PAT , followed by renewable at 25% and coal / standalone at 10%. The key overhang through FY26 the Mundra SPPA is now largely resolved, with the agreement concluded with Gujarat and the remaining four procurer states in advanced stages of finalisation, materially reducing earnings uncertainty from FY27 onwards. TPWR has an operational capacity of 16.7GW, currently skewed toward thermal generation; however, this mix is expected to improve materially with ~5GW of in-house...