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Nuvama Recommends Six Power Stocks Amid Rising Demand
Nuvama Research studied India’s power companies and selected six stocks with a ‘Buy’ rating.
These companies include ACME Solar, NTPC, Power Grid, CESC, Tata Power and Inox Wind.
Nuvama expects India’s growing electricity use to help power businesses.
Power demand increased by 12.95% in August 2026 compared with the same month last year.
Thermal power plants also operated more intensively during the month.
Renewable energy projects are being added quickly, but many tendered projects still need power purchase agreements.
Inox Wind had the largest possible increase based on Nuvama’s target price.
ACME Solar, NTPC and Power Grid were identified as the report’s top picks.
The ratings are Nuvama’s analysis and are not guaranteed investment results.
Nuvama Research rated ACME Solar, NTPC, Power Grid, CESC, Tata Power and Inox Wind ‘Buy’.
ACME Solar, NTPC and Power Grid were named Nuvama’s top power-sector picks.
Inox Wind had the highest projected upside at 58.9%, followed by CESC at 33.6% and NTPC at 33%.
India’s power demand rose 12.95% year-on-year in August 2026 to about 169 billion units.
Nuvama cited strong renewable tendering, rising thermal utilization and about 142 gigawatts of capacity awaiting power purchase agreements.
- Who
- Nuvama Research and the six companies it rated ‘Buy’: ACME Solar, NTPC, Power Grid Corporation of India, CESC, Tata Power and Inox Wind.
- What
- Nuvama issued positive ratings and target prices for six Indian power-sector stocks.
- Where
- India’s electricity and renewable-energy market.
- When
- The analysis was published in Nuvama’s September 10, 2026 power-sector report and covers August 2026 data.
- Why
- Nuvama cited rising power demand, higher thermal plant utilization and strong renewable-energy tendering.
Key facts
- Power demand
- India’s power demand rose 12.95% year-on-year in August 2026 to about 169 billion units.
- Peak demand
- Peak demand reached about 258 gigawatts in August 2026.
- Thermal plant load factor
- The overall thermal plant load factor increased to 66.8% from 61.7% a year earlier.
- Renewable additions
- About 16.4 gigawatts of renewable capacity was added year-to-date in FY27.
- Pending renewable capacity
- Around 142 gigawatts of tendered renewable capacity had not yet been converted into power purchase agreements.
- Highest projected upside
- Inox Wind had Nuvama’s highest target-price upside at 58.9%, based on a target price of Rs 123.
- Top picks
- Nuvama specifically named ACME Solar, NTPC and Power Grid Corporation of India as its top picks.
Quotes
Nuvama Research
Brokerage research firm covering India’s power and utilities sector
“Given 86GW of existing PPAs, we believe annual RE additions of ~45–50GW over the next two years are achievable.”
financialexpress.com
“Renewable tendering remains strong, with 142GW of capacity yet to be converted into PPAs,”
financialexpress.com
Sources
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