Bernstein says India power demand to jump later in 2026 as temperatures set to rise

NTPC

05/03/2026 07:22

** Power demand in India during H2 CY2026 is likely to be higher than expected but unlikely to boost earnings, Bernstein says

** Brokerage keeps NTPC NTPC.NS as its top pick in the sector, sees Larsen & Toubro LART.NS benefitting from construction orders for thermal and nuclear power expansion projects

** Recent developments on global climate phenomena highlight a potentially hotter 2nd half of the year, as the transition from La Nina to El Nino is expected to start sooner than previously anticipated (by May)

** Bernstein says for FY27, India power demand growth to be at 0.9x of real GDP growth

** Warns wind and hydro players seen at a disadvantage due to evolving climate expectations

** NTPC up 3.4%, LART up 3% – among biggest gainers on blue-chip Nifty 50 .NSEI index, which is up 0.7%

 (Reporting by Nandan Mandayam in Bengaluru)

 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))