India's ₹1.86 trillion grid plan: Motilal Oswal puts Power Grid, Adani Energy, Torrent and 3 more stocks in focus

The Cabinet has cleared a major scheme to carry renewable power across the country. Motilal Oswal calls it positive for several listed utilities and clean-energy names. Swipe to see who is in the spotlight, including Torrent Power, which the brokerage just initiated at Neutral.

Motilal Oswal's target price is just 4% above the current ₹1,220. Torrent is an integrated utility with 6.6GWp of capacity, including 4.5GW of thermal and about 2.1GWp of renewables. It plans to grow its renewable portfolio to about 6.3GWp by FY29. Its distribution loss is only 2.3%, far below peers like Adani Energy (~4%) and CESC (6-8%).

Torrent trades at 13.6x FY27E EV/EBITDA, against a one-year forward average of 8.4x. The brokerage expects EBITDA to grow 17% a year and profit after tax only 7% a year over FY26 to FY29E. Its EBITDA growth of 18% over FY26 to FY28E also trails JSW Energy at 25% and Tata Power at 27%.

Green Energy Corridor Phase-III will enable evacuation of 135GW of renewable energy by FY33. Of the total outlay, ₹1.36 trillion goes to state transmission networks and ₹0.5 trillion to 50GWh of battery storage. The Centre will provide ₹540.8 billion in financial support to help lower power costs.

India's renewable capacity has grown to about 263GW and is targeted to pass 500GW by 2030. The earlier two phases of the corridor were designed for about 44GW, with about 26GW integrated as of early 2026. Solar and wind are piling up in Gujarat, Rajasthan, Karnataka and Andhra Pradesh, creating bottlenecks inside state grids. The new phase targets high-voltage lines, substations and pooling stations.

Greenfield transmission projects will be awarded through competitive bidding. Motilal Oswal sees an extra ₹200-240 billion of annual bidding opportunity for players like Power Grid and Adani Energy Solutions. It lists both, along with Torrent Power, as beneficiaries. Brownfield upgrades will be done on a cost-plus basis, which supports a steady capex pipelin

Better grid connectivity should help renewable developers Acme Solar and JSW Energy, which face project delays when power cannot be evacuated. The 50GWh battery component gives clear demand visibility for battery-focused equipment maker Premier Energies. The brokerage says more demand could also bring greater policy focus on customs duties and domestic-content rules.

Not investment advice. This story is for information only and is based on a brokerage research report. Stock prices and ratings can change. Please do your own research or consult a SEBI-registered advisor before investing.