Highest Upside

We recommend a BUY rating on the stock, with a target price of Rs 242/share reflecting 10% upside potential from the CMP.

We maintain our BUY recommendation on the stock

Its strong execution capabilities and diversified portfolio, we maintain our BUY rating on the stock with a target price of Rs 705/share, implying an upside of 29% the CMP

We maintain our BUY recommendation on the stock.

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.

NTPC – the largest thermal power player in India, is looking to add shades of green to its portfolio. It has substantial capacity addition plans on both thermal and renewables front.

We attended NTPC’s analyst meet (on 18 Aug’25). In a bid to play a key role in India’s energy transition, NTPC, a thermal power giant, is transforming itself into a diversified power genco.

NTPC has set ambitious expansion targets over the next decade. Earlier this year, the company raised its capacity target to 149GW by FY32 (vs. 130GW earlier).

Power Grid had a strong FY25, adding projects worth >INR 1trn (project cost) to its kitty. It had an impressive run in competitive bids, winning 24 transmission projects (market share of >50%) with estimated cost of INR 920bn; the most notable was Khavda-Nagpur HVDC project worth INR 250bn.

As of December 2024 end, the company had free cash and bank balance of ~?44 crore. This apart, the company had restricted cash balance of ~?161 crore and unutilised working capital limits of ~?800 crore as of December 2024 end.

Q4FY25 standalone revenue of Rs. 10,983 crore was slightly down y-o-y due to weaker capitalization in the last year. The transmission revenue of Rs. 10,904 crore was down 1.6% y-o-y while consultancy revenue of Rs. 298 crore increased 45% y-o-y.

Q1FY26 standalone revenue of Rs. 9,928 crore was down 1.4 y-o-y due to 90% mix of RTM projects in transmission revenue.

The company's vision is to become a 244 GW+ company by 2037 of which ~120 GW would be contributed by renewable energy. Q2FY26 performance: NTPC reported muted earnings as extended monsoon and grid restrictions impacted coal PLF by 627 bps in Q2FY26 to come in at 66%. The company reported gross standalone generation of 83.2 billion units (BU) down 6% YoY while energy sold declined 6.24% YoY to 77.1 BU. Hence the standalone revenue for the quarter stood at 39167 crore down 3% YoY. The PLF for Q2FY26 at 66% whereas the same for the gas-based stations PLF was at 6.8%. The...

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....

In 1QFY26, Power Grid Corporation (PWGR) reported a standalone (SA) revenue of INR99.3b (-1% YoY), 6% below our estimate.

TPWR’s 1QFY26 EBITDA came in 25% above our estimate at INR41b, while adjusted PAT was in line with our est. at INR10.6b.

Tata Power Company Limited’s (TPCL) Q4FY25 Adjusted PAT grew by 14.5% y-o-y to Rs. 1,025 crore and was a little ahead of estimates. The earnings growth is attributable to the traditional generation, coal, Tata Power Solar (cell & module plant), Odisha discoms and a lower tax rate.

We maintain our BUY rating on the stock.

We maintain our BUY rating on the stock.

We maintain our BUY rating on the stock.