NTPC Ltd, India's largest integrated power utility operating under the Ministry of Power, is executing one of the most aggressive energy transition strategies among state-owned utilities. The company currently has over 34 GW of capacity under construction, comprising 16.5 GW of coal-based capacity, about 2.6 GW of hydro capacity, and 15 GW of renewable energy capacity. According to reports from Equitymaster.com, NTPC is focusing on expanding storage capacities through BESS, pump storage projects, and long-duration energy storage technologies like CO2 storage and Vanadium Redox Flow batteries. The company reported revenues of ₹49,687 crore for Q4FY26, down from ₹49,833 crore a year earlier, with net profit of ₹16,234 crore against ₹4,968 crore. Equirus Securities has reiterated its 'Long' rating on NTPC with a target price of ₹432, highlighting its regulated earnings model and strong growth pipeline. NTPC's stock has dropped by more than 3% over the past month, touching its 52-week high of ₹414.40 on 27 April 2026 and 52-week low of ₹315.55 on 9 December 2025.
Rail Vikas Nigam (RVNL), a Navratna CPSE under the Ministry of Railways, has shifted from receiving purely nomination-based railway projects to open, competitive market bidding. According to Equitymaster.com, the company is executing the ₹13,236 crore BharatNet project to provide high-speed broadband connectivity in rural and remote areas, with management expecting strong revenue and profit margins from this project in the current financial year. The Rishikesh Karnaprayag Rail project at ₹37,000 crore has achieved 74% overall progress with around 96% tunnel excavation complete, targeting completion by December 2029. RVNL's stock has remained flat over the past month, touching its 52-week high of ₹400.90 on 29 December 2025 and 52-week low of ₹221.75 on 11 June 2026.
Garden Reach Shipbuilders & Engineers (GRSE) is expanding its shipbuilding capacity from 28 platforms to 32 ships by the end of calendar year 2026 through ongoing expansion and modernization projects. According to Equitymaster.com, the company's expansion includes two brownfield shipbuilding facilities in West Bengal and two greenfield facilities - one in West Bengal and one in Gujarat. GRSE's current order book stands at ₹15,324 crore, with the company's revenues growing 38% over the last financial year and profit after tax rising 42% to ₹748 crore. The stock has moved marginally higher to ₹2,681 over the past month, touching its 52-week high of ₹3,338.90 on 29 April 2026 and 52-week low of ₹1,965.00 on 30 March 2026.
The power sector has entered a 'structural upcycle' with power demand growing at 7.3% CAGR over FY21-FY25, according to Equirus Securities. Peak demand is projected to rise from 271GW to 388GW by FY32, resetting the long-term demand trajectory to 6-7% growth. India's power demand growth is the fastest among major economies, ahead of China, the US and the global average. From FY22, India's power demand trajectory decisively reversed, supply deficits re-emerged, and policy embraced renewables for scale alongside thermal for baseload. India crossed 50% non-fossil installed capacity five years ahead of target and subsequently entered its largest-ever build-out, requiring ₹50 trillion of investment by FY32. Government initiatives including Make in India, increased capital expenditure, and the push for self-reliance are creating significant opportunities for these PSU companies, with the ₹69,725 crore government-promulgated revitalization package for shipbuilding expected to drive momentum.
Equirus Securities has assigned target prices of ₹653 for JSW Energy (15% upside) and ₹1,515 for Torrent Power (5% upside). The brokerage ranked NTPC first for its low-risk regulated earnings model, compelling valuation and deepest growth pipeline, followed by JSW Energy for its locked-in capacity and visible earnings inflection. Torrent Power ranked third, with execution risks and higher leverage moderating the near-term risk-reward. JSW Energy has built India's most differentiated private power platform with a 32.1GW locked-in portfolio that already exceeds its 30GW FY30 target, while Torrent Power expects revenue, EBITDA, and PAT to grow at average annual rates of 10%, 20%, and 12% respectively from FY26 to FY30.
