Synopsis: A global brokerage sees India’s power sector entering a structural transformation phase, with electricity demand projections and infrastructure investments pointing to significant re-rating potential for select utility names.
India’s power sector is rarely short of ambition, but the current wave of change appears different in both scale and scope. From record-breaking peak demand to a multi-decade transmission buildout, the forces reshaping the country’s energy landscape are becoming too large to ignore – and one of the world’s leading brokerages has taken a close look at where the real opportunities lie. Macquarie’s India Power Playbook: Five Stocks With Room to Run
NTPC Sits at the Top of the Pecking Order
When Macquarie Equity laid out its preferred utility picks for India, one name stood out above the rest: NTPC. The state-owned power giant holds the top spot in the brokerage’s ranking – ahead of JSW Energy, Power Grid, Adani Green Energy, and Adani Power – reflecting its scale, stability, and positioning across multiple segments of the energy value chain.
The brokerage has assigned a target price of Rs 480 for NTPC, which implies an upside of around 35% from current levels. While NTPC’s thermal generation business remains its backbone, the company is actively expanding into renewables, making it a rare name that bridges both the old and new energy economies. For investors seeking exposure to India’s power demand story without taking on concentrated risk, Macquarie sees NTPC as the most balanced bet in the space.
Power Grid Offers the Steepest Upside
Interestingly, it is Power Grid Corporation of India that commands the highest target-price upside in Macquarie’s coverage – nearly 40%, with a target of Rs 400. This reflects the brokerage’s conviction that transmission infrastructure is set to become the defining investment theme of the decade.
Macquarie estimates that India will require close to US$51 billion in transmission investments by 2035-36, as the country races to connect renewable energy projects – largely located in remote regions – to urban and industrial consumption centres. Power Grid, as the dominant player in inter-state power transmission, is best placed to capture a significant share of this capex cycle. The brokerage specifically flagged that India is entering a “transmission-led capex cycle,” and Power Grid sits squarely at the centre of that opportunity.
JSW Energy Rides the Clean Energy Wave
JSW Energy earns the second spot in Macquarie’s ranking, with a target price of Rs 720 and an estimated upside of around 28%. The brokerage’s preference for JSW Energy appears linked to the company’s aggressive capacity expansion plans and its growing renewable energy portfolio.
As India’s installed power capacity is projected to surge from around 538 GW currently to nearly 900 GW by FY32, developers with execution track records and diversified fuel mixes are likely to benefit disproportionately. JSW Energy fits that profile well, giving investors a private-sector alternative to the larger public-sector names in the utility space.
Adani Green and Adani Power Round Out the List
Among the Adani Group names, Macquarie retains a positive stance on both Adani Green Energy and Adani Power, though with more measured upside expectations. Adani Green Energy carries a target price of Rs 1,700, implying an upside of around 14%, while Adani Power has a target of Rs 230 with a modest upside of approximately 3%.
Adani Green remains one of India’s most prominent pure-play renewable energy platforms, and Macquarie’s inclusion of it underscores the brokerage’s view that renewables will remain a structural growth story. Adani Power, meanwhile, benefits from strong thermal capacity and healthy power purchase agreement coverage.
What Is Driving India’s Power Demand Surge
Underpinning the bullish case for all these stocks is a fundamental demand story. Macquarie noted that India’s peak power demand touched a record 271 GW in May 2026, and the Central Electricity Authority projects a 6% power demand CAGR through 2030. Industrial activity, rising air-conditioning penetration, data centres, and electric mobility are all expected to add to this load over time.
The brokerage also pointed out that coal will continue to anchor baseload stability even as renewables scale up, while around 74 GW of energy storage will be needed to manage grid balancing. The message is clear: India’s power boom is real, broad-based, and likely to last well into the next decade.
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