Archive · 24 Aug 2026
Jefferies Favors JSW Energy, Adani Energy Amid Private Power Shift
Jefferies studied how India’s electricity industry may grow over the next few years.
It expects private companies to build most of the new power capacity.
Electricity demand is projected to increase by about 6% each year through FY30.
Renewable energy is expected to make up most of the new capacity.
Private companies could add 72% of the new renewable capacity.
Government-owned companies will still remain important because they already own many power assets.
Jefferies expects some private power companies to grow their earnings faster than public-sector companies.
JSW Energy and Adani Energy Solutions are the brokerage’s top picks.
The report is research, not a guaranteed investment recommendation.
Private companies could account for 63% of India’s incremental power capacity additions during FY26-FY30, Jefferies estimates.
India’s installed power capacity could rise 1.4 times to 724 GW by FY30.
Renewables are expected to represent 76% of the projected 191 GW capacity addition.
Jefferies expects private-sector earnings to grow faster than those of public-sector power companies.
JSW Energy and Adani Energy Solutions are Jefferies’ preferred stocks in the sector.
- Who
- Jefferies, private power companies, public-sector power companies, JSW Energy and Adani Energy Solutions.
- What
- Jefferies forecast a major increase in India’s power capacity, led increasingly by private companies and renewable energy.
- When
- The projections cover FY26 through FY30.
- Where
- India.
- Why
- Electricity demand is expected to grow, while renewable-energy expansion creates new opportunities for private power companies.
- Private capacity share
- Private companies could account for 63% of incremental power capacity additions during FY26-FY30.
- Projected capacity
- Installed power capacity could rise to 724 GW by FY30, 1.4 times the FY26 level.
- Total additions
- India could add 191 GW of power capacity by FY30.
- Renewable share
- Renewable energy could comprise 76% of the projected additions, compared with 18% for thermal power and 6% for hydropower.
- Private renewable share
- Private companies could account for 72% of incremental renewable capacity.
- Public-sector share
- The public-sector share of total installed capacity could decline from 48% in FY26 to 45% by FY30.
- Top picks
- Jefferies identified JSW Energy and Adani Energy Solutions as preferred names.