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NTPC and Power Grid Lead India’s Renewable Energy Boom, Says Mayuresh Joshi

As India targets 500 GW of renewable energy capacity by 2032, the entire power ecosystem—generation, transmission, EPC, capital goods, and financing—is poised for strong growth. Mayuresh Joshi, Head of Equity at Marketsmith India, highlighted that public-sector giants NTPC and Power Grid stand out due to robust capex plans and rapidly expanding renewable portfolios. He noted that companies like ABB and Cummins are set to benefit from rising demand for energy storage, data centres, and rail electrification. Private players such as Tata Power may also see improved prospects as tariff challenges ease. Joshi emphasised that financiers must be viewed as long-term opportunities, given the long gestation periods of power projects and the steady returns they yield over four to five years. With resilient Q2 numbers, strong government spending, healthy tax collections, and rising consumption, earnings could accelerate into FY27, supporting a positive multi-year outlook for India’s power sector.