Broker research reports for stocks which have been upgraded by brokers. Both recommendation upgrades,
as well as share price target upgrades are available for companies in Industry - Power - Electric Utilities.
Broker Research reports: latest Upgrades
for Industry - Power - Electric Utilities
JSW Energy delivered a strong Q3FY26 performance, driven by recent capacity additions that boosted generation and improved earnings visibility. The management highlighted a robust and diversified growth pipeline across the thermal, renewable and storage segments, supported by long-term power purchase agreements (PPAs). The company's strategic focus on firm and dispatchable power, including...
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...
In 3QFY26, Power Grid Corporation (PWGR) reported a standalone revenue in line with our estimate at INR110b. EBITDA was also in line with our estimate at INR94b.
The company's vision is to become a 244 GW+ company by 2037 of which ~120 GW would be contributed by renewable energy. Q3FY26 performance: NTPC reported muted earnings as lower demand and grid restrictions impacted coal PLF by 495 bps in Q3FY26 to come in at 71%. The company reported gross standalone generation of 87.3 billion units (BU) down 4.3% YoY while energy sold declined 4.8% YoY to 81 BUs. However, on account of higher YoY tariff the standalone revenue for the quarter stood at 40843.8 crore down 1.2% YoY. The PLF for Q3FY26 at 71% whereas the same for the gas-based...
Standalone reported PAT in 3Q was in line with our estimates, favored by lowerthan-expected finance costs and higher-than-expected other income. However, Adj. PAT came in 6% below our estimates.
We attended JSW Energy’s (JSWE) plant visit at Vijaynagar on 7-8th Jan’26, in which the company showcased its green hydrogen and floating solar plants.
Expansion in data centre business and energy transmission sector tailwinds to drive long term incremental growth. Q2FY26 performance: Techno Electric reported mix Q2FY26 performance with a strong revenue growth of 91% YoY to 843 crore, EBITDA grew 58% YoY to 111 crore, EBITDA margins declined by sharp 270 bps YoY to 13.2%. Consequently, PAT came in at 104 crore, up 10.4% .PAT margins sharply decline by 900 bps to 12.3%....
TPWR’s consolidated EBITDA/adj. PAT came in at INR33b/INR9.2b, below our estimates by 12%/13%. The weakness in results was largely attributable to Mundra plant shutdown in 2Q, which offset the stronger performance at Odisha distribution and the solid ramp-up at TP Solar on a YoY basis.
We attended the RP-Sanjiv Goenka Group Investor Day 2025 this week where CESC unveiled its ‘Growth Vision 2030’. At the crux, it seeks to double profits by FY30 via the levers of Distribution Company (DISCOM) capex, RE generation and solar manufacturing.
We reiterate our Neutral stance on NTPC with a TP of INR380. After a 17% correction in the share price over the last 12M, valuations at 11x FY27 P/E appear relatively reasonable, even as the long-term project pipeline continues to build up, supported by an expanding footprint in nuclear, PSP, renewables, and green chemicals.
Power Grid is riding on transmission tailwinds, as India is augmenting its transmission infrastructure to integrate renewables into the grid. It racked-up projects worth >INR 1trn in FY25; it won 24 transmission projects in bids with estimated cost of INR 920bn.
FY25 PAT stood at 3,059 Cr, but adjusted PAT stood at 2,422cr.(+27.7%) due to a one-time, non-cash deferred tax liability reversal of 637cr., following a shift to the new tax regime and reassessment of MAT credit utilisation....
