Brokerages such as CLSA and Bernstein have “outperform” ratings each, while Jefferies has a “buy” recommendation and HSBC has a “hold” one and these brokerages see up to a 15% upside on the stock.
Bernstein
The brokerage has an “outperform” rating on Power Grid with a price target of ₹305 apiece.It said the company increased its full-year capitalisaiton guidance from ₹22,000 crore to ₹25,000 crore, while it delivered ₹28,200 crore in FY26.
It retained its capitalization and capex guidance for FY27 at ₹30,000 crore and ₹37,000 crore, respectively.
Bernstein said the worst for capitalisaiton may be behind, but the core issues on land (right of way), while better, still persist. The brokerage also warned of an earnings miss in FY27 as well.
Further in the TBCB projects, Power Grid will struggle to pass on the high input cost (conductor, transformer, cost of debt) and also face longer construction timelines, the brokerage said.
On transformers, the company’s management highlighted that availability is improving, Bernstein said.
CLSA
The brokerage has an “outperform” rating with a price target of ₹324 apiece.
It said the company’s capitalization has shown a lofty pick-up, up 221% in FY26. Its backlog slowed to 10% from last year with a loss of market share in India’s green corridors.Power Grid’s capex in FY26 rose 52% and it guided that it is on track to achieve capitalization growth of 14% over FY26-28, CLSA said.
CLSA has forecast regulated and competitive equity CAGR of 9% each over FY27-30.
Jefferies
The brokerage has a “buy” rating with a price target of ₹340 apiece on Power Grid.
It said FY26 capitalization at ₹28,200 crore was up 3.1x from last year and exceeded the company’s upgraded guidance of ₹25,000 crore.
Given this, Jefferies has raised its earnings estimate on Power Grid for FY27-28 by 3%.
Jefferies said execution uptick gives confidence on Power Grid meeting its FY27-28 estimated capitalization targets.
HSBC
The brokerage has a “hold” rating and a price target of ₹295 apiece on Power Grid.
It said the company beat capex and capitalization guidance for FY26 and has guided for upcoming beat of its FY27 guidance as well. It also sees new opportunities from intra-state transmission projects and BESS, which can increase TAM.
Of the 25 analysts who have coverage on the stock, 15 have a “buy” rating, seven have a “hold” rating and three have a “sell” rating.
Power Grid shares are currently trading little changed at ₹296.2. The stock is down 7% in the last one month but for 2026, the stock is up 11% so far.
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