Suzlon Energy Ltd. is projected to offer the highest upside potential among the BSE Power index constituents, with analysts estimating a 26.40 percent return. This outlook comes despite the renewable energy firm being the worst-performing stock in the index for 2026 so far, according to Bloomberg data compiled on July 20, 2026.
Suzlon Energy Leads Potential Gains
The consensus target price for Suzlon Energy stands at Rs 66.73, derived from 12 analyst calls. Of these, ten recommend a 'Buy' rating, while two suggest 'Hold.' Recent individual targets from firms like JM Financial (Rs 64), Ambit Capital (Rs 62), Investec (Rs 72), and Systematix (Rs 71) indicate a potential return ranging from 18 to 37 percent over the stock's Monday price of Rs 52.63 per share.
Despite its current status as the worst performer in the BSE Power index this year, having seen a 1.3 percent decline, Suzlon's future prospects appear strong to market experts.
NTPC and Other Key Players
Following closely behind Suzlon, NTPC Ltd. is also highlighted for its significant upside potential, estimated at 26 percent. Based on 28 analyst estimates, NTPC has a consensus target of Rs 435.50 per share. Out of 13 brokerages, 12 issued 'Buy' recommendations this month, with Elara and UBS setting the highest targets at Rs 466 and Rs 465, respectively. MOFSL gave a neutral rating with a target of Rs 362.
Several other power sector stocks also show promising growth. GE Vernova T&D India Ltd. has a 12-month consensus target of Rs 5,269.85, with Macquarie, Nomura, and Citi setting higher individual targets up to Rs 6,200. Power Grid Ltd. is expected to see a 14.1 percent upside, with a consensus target of Rs 5,269.85 from 24 analysts. Both Tata Power Company Ltd. (target Rs 436.14) and Adani Power Ltd. (target Rs 247.67) are anticipated to deliver a 13 percent upside.
Mixed Outlook for Other Stocks
Further analysis reveals varied expectations across the sector. NHPC Ltd. has a consensus target of Rs 90.71, while Hitachi Energy India Ltd. is targeted at Rs 35,594. Adani Green Energy Ltd. and Torrent Power Ltd. show more modest upside potential, estimated between 3-4 percent.
Conversely, some stocks face potential headwinds. ABB India Ltd. (target Rs 6,398.93), BHEL (target Rs 396.19), and Thermax Ltd. (target Rs 4,512.40) are among three stocks that have downside targets of up to 14 percent.
It's worth noting that while Suzlon struggled, some of these companies delivered strong returns in 2026. Hitachi Energy saw a 75 percent gain, Thermax was up 54.9 percent, Adani Power increased by 50 percent, Adani Green Energy by 49 percent, and BHEL by 47 percent.
Disclaimer: This article provides market insights for informational purposes only and should not be considered investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.