“Bullish on NTPC with a 36.5% upside potential to Rs 480 per share, driven by strong industrial activity and emerging high-load segments. Also sees strong upside in Power Grid with a 39% potential to Rs 400 per share. India's power sector is undergoing a broad-based regulatory and operational reset, with a transition to renewables driving incremental capacity growth.”

Macquarie Analysis’s track record (trackable calls only): 9 graded calls · 95% CI 0–30%