India's Power Sector Likely Undergoing Dual-Track Evolution -- Market Talk

Dow Jones06-12

0552 GMT - India's power sector is likely undergoing dual-track evolution, Macquarie Equity Research's Baiju Joshi says in a research report. Coal continues to anchor base-load stability, while renewables drive incremental capacity growth, the analyst says. These are supporting an expected expansion in India's installed capacity to around 900 gigawatts by FY 2032 from about 538GW currently. Macquarie's preferred sector pick is NTPC, for which it raises the stock's target price to 480.00 rupees from 475.00 rupees, with an unchanged outperform rating. Macquarie initiates coverage of JSW Energy with outperform rating and target price of 720.00 rupees. It also starts coverage of Adani Power and Adani Energy Solutions with neutral ratings and target prices of 230.00 rupees and 1,450.00 rupees, respectively. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

June 12, 2026 01:52 ET (05:52 GMT)

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Macquarie's preferred sector pick is NTPC, for which it raises the stock's target price to 480.00 rupees from 475.00 rupees, with an unchanged outperform rating. Macquarie initiates coverage of JSW Energy with outperform rating and target price of 720.00 rupees. It also starts coverage of Adani Power and Adani Energy Solutions with neutral ratings and target prices of 230.00 rupees and 1,450.00 rupees, respectively. 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Coal continues to anchor base-load stability, while renewables drive incremental capacity growth, the analyst says. These are supporting an expected expansion in India's installed capacity to around 900 gigawatts by FY 2032 from about 538GW currently. Macquarie's preferred sector pick is NTPC, for which it raises the stock's target price to 480.00 rupees from 475.00 rupees, with an unchanged outperform rating. Macquarie initiates coverage of JSW Energy with outperform rating and target price of 720.00 rupees. It also starts coverage of Adani Power and Adani Energy Solutions with neutral ratings and target prices of 230.00 rupees and 1,450.00 rupees, respectively. 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