Bernstein initiated coverage on Adani Power, JSW Energy, and Tata Power with an ‘Outperform’ rating.
The brokerage has a price target of ₹177 for Adani Power and ₹575 for JSW Energy, both implying an upside of about 18% from current levels. Tata Power has a price target of ₹443, indicating a potential upside of 15%.
In contrast, the brokerage initiated coverage on NTPC Green Energy with an ‘Underperform’ rating and a price target of ₹80, implying a downside of around 16%.
| Cos | Rating | TP(₹) | Upside/Downside |
|---|---|---|---|
| Adani Power | Outperform | 177 | 18% upside |
| JSW Energy | Outperform | 575 | 18% upside |
| Tata Power | Outperform | 443 | 15% upside |
| NTPC Green | Underperform | 80 | 16% downside |
The brokerage said that India’s energy security has come under pressure twice in quick succession — first due to disruptions in Russian oil supplies and more recently due to the Iran conflict.
While India remains resource-constrained in oil and gas, it is relatively well-endowed in coal and solar energy. As a result, electrification emerges as a key long-term solution, according to the brokerage.
Bernstein added that policy focus is likely to remain on accelerating thermal and nuclear capacity, alongside strengthening renewables, storage, and grid infrastructure.
According to the brokerage, the most attractive opportunities lie in thermal, nuclear, storage, and grid-linked companies, rather than pure-play renewable players.
On Tuesday, Adani Power shares rose 1.59% to ₹150.20, JSW Energy gained 0.55% to ₹485.35, while Tata Power declined 0.50% to ₹385. NTPC Green Energy fell 1.42% to ₹95.50.
