Macquarie starts coverage of leading Indian power firms, notes value chain 'reset'

Adani Green Energy

11/06/2026 05:42

** Macquarie starts JSW Energy JSWE.NS at "outperform" with 720 rupees PT; Adani Power ADAN.NS, Adani Energy Solutions ADAI.NS at "neutral" with PTs of 230 and 1,450 rupees, respectively
** Brokerage notes India's power sector in a structural reset - shift to integrated, renewables-heavy system, with coal playing stabilising role
** India power demand hit record 271 GW in May 2026; Macquarie expects demand to grow at nearly 6% CAGR till 2030 on industrial use, cooling, data centres, EVs
** Notes India is entering transmission capex super-cycle, would need $51 bln investment by 2035-36 
** Flags regulatory pivot to market-driven pricing as tailwind for utilities
** JSWE up 0.8% at 565.4 rupees, ADAI edges 0.2% higher to 1,538 rupees, while ADAN down 0.2% at 220.25 rupees

(Reporting by Saikeerthi in Bengaluru)
((Saikeerthi@thomsonreuters.com))