Power Q1 Result Preview: Why NTPC, JSW Energy, Torrent Power Are Experts’ Top Power Picks? Check Target Price

Power Q1 Result Preview: India’s power sector has entered a new growth cycle with electricity demand at the fastest pace among major economies. Amid focus on the investment in thermal, renewable and storage capacity, India’s power utility companies like NTPC, JSW Energy, and Torrent Power are likely to see strong growth in the coming years, according to an Equirus Securities report.

Companies with locked-in capacity and contracted or regulated earnings over merchant-led business models have better growth outlook in the long-term, as per the brokerage report.

NTPC Q1 Preview

NTPC added a record 9.6 GW of capacity in financial year 2025-26. The PSU has 34.2 GW under construction, supporting capacity targets of 149 GW by 2032 and 244 GW by 2037.

NTPC’s expansion spans regulated thermal, renewables, nuclear, pumped storage and BESS, while its capital is largely supported by internal cash generation. As per the Equirus report, NTPC is estimated to earn Rs 465,193 million in the first quarter of the financial year 2026-27. NTPC’s profit after tax (PAT) is likely to rise 5.3% annually to Rs 50,259 million during the June quarter. EBITDA is likely to remain at 4.1%.

NTPC Share Price Recommendation

NTPC is evolving from a conventional thermal utility into a diversified energy platform. The focus will be to expand in other segments while maintaining the stability of its regulated earnings model. The company is expected to see a standalone regulated equity growth to Rs 1,107 billion, supported by around 6 GW of conventional and 21 GW of renewable capacity additions. The brokerage maintained a “Buy” rating for the stock.

NTPC Share Price Target

The brokerage fixed a target price of Rs 432 per share for NTPC stock, indicating a 25% upside till June 2027. “We maintain LONG with a SOTP-based TP of Rs 432. At just 1.7x FY28E P/B, the stock offers visible regulated growth at an attractive valuation.” NTPC stock was trading 1.9% higher at Rs 351 per share on BSE at 3:20 pm.

JSW Energy Q1 Result Preview

JSW Energy Limited is the only listed Indian power utility with this degree of end-to-end vertical integration across thermal BTG manufacturing, wind blade manufacturing and in-house BESS.

The company is likely to see nearly 50% decline in its net consolidated profit in the first quarter of FY27. Its EBITDA is estimated to declined 6.1% decline with 5.7% decline in Q1 sales.

JSW Energy Share Price Outlook

“We expect 19%/23%/24% revenue/EBITDA/PAT CAGR over FY26-FY30, driven by the full-year earnings contribution from KSK Mahanadi, O2 Power and the renewable pipeline,” stated Equirus in its report.

JSW Energy Share Price Target

The brokerage gave a ‘Buy’ rating for the stock with a target price of Rs 653 per share. “We initiate coverage with LONG and a SOTP-based (FY28E EBITDA) TP of Rs 653, implying ~18% upside.” JSW Energy stock price was trading marginally higher at Rs 553.35 per share.

Torrent Power Q1 Result Preview

One of India’s strongest regulated distribution franchises, Torrent Power stands to generate dependable cash flows to fund in the long-term. The company, as per Equirus, is entering its largest investment cycle in history.

“We expect 10%/20%/12% revenue/EBITDA/PAT CAGR over FY26-FY30, driven by Nabha, the Raigad PSP and the renewable pipeline, improving the earnings mix towards higher-margin businesses.”

Torrent Power Share Price Recommendation

The brokerage gave a ‘Add’ rating for Torrent Power with a target price of Rs 1,515 per share. Torrent Power stock closed 1.88% higher at Rs 1445 per share on BSE on Monday.