Jefferies picks 9 power stocks with upside potential of up to 31%. How many do you own?

The past 15 years have seen several investment themes emerge, with valuations rising to levels that appeared expensive at the time, yet many of these themes went on to deliver strong returns over the following two to three years. Jefferies believes private power companies have now entered a similar phase.
According to Jeffeires, the power sector has evolved into a compelling structural investment theme, supported by multiple drives on both the demand and supply sides. Here are 9 stocks that Jefferies is bullish on.

Jefferies has a Buy rating on NTPC with a target price of Rs 470, implying a 28% upside from the current market price of Rs 366. The stock trades at 13.5x FY26E, 13x FY27E, and 12.1x FY28E earnings.

Jefferies rates Adani Power a Buy with a target price of Rs 270, indicating a potential 17% upside from the current price of Rs 231. The stock is valued at 38.4x FY26E, 34.3x FY27E, and 28x FY28E earnings.

Power Grid carries a Buy recommendation with a target price of Rs 340, suggesting a 19% upside from the current market price of Rs 292. The stock trades at 17.2x FY26E, 15.9x FY27E, and 14.9x FY28E earnings.

Jefferies has a Buy rating on Adani Green and sees the stock reaching Rs 1,730, implying an 15.2% upside from the current price of Rs 1,501. The stock is valued at 128.8x FY26E, 110.6x FY27E, and 79.1x FY28E earnings.

Jefferies maintains a Buy rating on Adani Energy with a target price of Rs 1,905, indicating a potential 26.4% upside from the current price of Rs 1,506. The stock is valued at 76.1x FY26E, 67.8x FY27E, and 55.6x FY28E earnings.

JSW Energy has a Buy recommendation and a target price of Rs 745, implying a 31% upside from the current market price of Rs 570. The stock trades at 105.1x FY26E, 44.2x FY27E, and 29.3x FY28E earnings.

Jefferies rates Torrent Power a Buy with a target price of Rs 1,700, suggesting a potential 18.3% upside from the current market price of Rs 1,436. The stock is valued at 30.3x FY26E, 30.2x FY27E, and 25x FY28E earnings.

Jefferies has a Buy rating on Hitachi Energy with a target price of Rs 43,145, indicating a 17% upside from the current market price of Rs 36,881. The stock is valued at 156.1x FY26E, 103.7x FY27E, and 62.5x FY28E earnings.

Siemens Energy is rated Buy with a target price of Rs 4,300, suggesting a potential 12% upside from the current market price of Rs 3,834. The stock trades at 105.4x FY26E, 73.1x FY27E, and 52.8x FY28E earnings.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)