Power Grid, Amber to Petronet LNG: Macquarie’s 5 top execution playbook for FY27 with 18% to 51% upside potential 

The list spans energy, logistics, consumer, electronics manufacturing and power transmission, giving investors a mix of sector-specific triggers rather than one broad market call. Power Grid Corporation has the biggest potential return in the group, while Petronet LNG offers the lowest but still sizeable TSR.

Macquarie on Petronet LNG: ‘Outperform’

Macquarie has set a 12-month target price of Rs 320 for Petronet LNG with an ‘Outperform’ rating, indicating a 12-month TSR of 18.1%.

The brokerage’s confidence follows a stronger-than-expected quarter, with Dahej terminal utilisation holding up despite disruption to Qatar LNG supplies. Macquarie said the terminal’s utilisation stood at 86%, well ahead of its 73% consensus reference.

“Petronet LNG’s June quarter results were above Bloomberg Consensus driven by better-than-expected Dahej terminal utilisation,” Macquarie said.

The brokerage sees the company’s position as India’s primary receiver of Qatar LNG as an important structural advantage. It also expects the shift towards third-party regasification to support margins, although higher natural-gas prices remain a downside risk for overall gas demand.

Macquarie said the company’s better-than-expected volumes create an upside risk to its FY27 volume estimates.

Macquarie on Delhivery: ‘Outperform’

Macquarie has given Delhivery a 12-month target price of Rs 580 with an ‘Outperform’ rating, indicating a 12-month TSR of 23.1%.

The brokerage remains constructive on India’s logistics growth story, particularly as Delhivery looks to strengthen its position in ecommerce logistics and part-truck-load services.

Macquarie has raised its revenue forecasts on better parcel volumes while trimming near-term margin assumptions because of fuel costs. It continues to expect strong operating leverage as the company scales.

“With scale, we continue to see strong operating leverage and margin expansion,” Macquarie said.

The brokerage expects Delhivery to further consolidate market share in both 3P ecommerce logistics and PTL. Management is targeting a doubling of group adjusted EBITDA margins from 5% to 10% and an increase in pre-tax ROIC for the core transport business from 16% to 25% over the next two to three years.

Macquarie said Delhivery remains a cost leader in a technology-intensive business that is exposed to India’s ecommerce growth runway.

Macquarie on Amber Enterprises India: ‘Outperform’

Macquarie has set a 12-month target price of Rs 8,900 for Amber Enterprises India with an ‘Outperform’ rating, indicating a 12-month TSR of 23.2%.

The brokerage retained its target despite a mixed first quarter, with revenue below expectations but EBITDA ahead of estimates. Amber’s higher-end air-conditioner mix helped margins, although rising input prices and weakness in electronics weighed on the quarter.

“Mixed 1Q results with a revenue miss and an EBITDA beat,” Macquarie said.

The bigger story for Macquarie is Amber’s longer-term move beyond consumer durables into electronics manufacturing. The brokerage believes its execution in consumer durables is creating a foundation for its expansion into ESDM, which could support sustained revenue growth and higher margins.

“Amber’s execution in consumer durables sets a blueprint for its forays into ESDM, which should drive sustained revenue growth and higher margins,” Macquarie said.

The brokerage maintained its Outperform call and said lower commodity costs, joint ventures, partnerships and M&A could provide additional catalysts.

Macquarie on Godrej Consumer Products: ‘Outperform’

Macquarie has assigned Godrej Consumer Products a 12-month target price of Rs 1,150 with an ‘Outperform’ rating, indicating a 12-month TSR of 25.4%.

The stock comes with an important near-term change: CEO Sudhir Sitapati has resigned, with the CFO appointed as CEO. Macquarie acknowledges that the leadership transition could hurt near-term performance, but it believes the company’s strategic direction remains intact.

The brokerage expects a greater focus on execution across core categories such as soaps and household insecticides, alongside increased digital adoption and continued product innovation.

“We like the focus on execution and the potential pickup in growth profile of core segments like soap, household insecticides, that it brings,” Macquarie said.

Macquarie also expects the company to strengthen execution in India and international markets, while looking for greater clarity on the balance between investments in new growth opportunities and margin delivery.

The brokerage has nevertheless retained its Outperform view, with sharper volume growth and moderation in input inflation among the potential catalysts.

Macquarie on Power Grid Corporation of India: ‘Outperform’

Macquarie has assigned Power Grid Corporation of India a 12-month target price of Rs 400 with an ‘Outperform’ rating, indicating a 12-month TSR of about 51%, the highest among the five individual reports reviewed.

The catalyst is a rapidly strengthening order book. Power Grid has won the Barmer-II HVDC project and received a Letter of Intent for the Jam Khambhaliya REZ project in Gujarat.

Together, the two projects would add around Rs 33,500 crore of approved cost to Power Grid’s works-in-hand, taking the estimated September-quarter order book to around Rs 2.1 lakh crore, according to Macquarie.

“With these two wins, Power Grid has converted the two largest projects currently in its bidding pipeline,” Macquarie said.

The brokerage estimates that the combined projects could imply an incremental annual capex of around Rs 7,500 crore over four to five years.

Macquarie remains constructive on the stock and expects a sharp pickup in capex and capitalisation as right-of-way issues ease.

“We remain constructive on Power Grid and expect a sharp pick-up in Power Grid’s capex/capitalisation, as right-of-way issues see a structural decline,” Macquarie said.

The combined tariff from the two projects is Rs 4,100 crore, which Macquarie estimates would represent about a 9% uplift to Power Grid’s FY27E annualised run-rate revenue. However, the brokerage expects this revenue to be realised only from FY31E.

Macquarie’s stock picks, ranked by 12-month TSR

Conclusiom

The five stocks are being driven by very different catalysts . Petronet LNG is a utilisation and regasification play. Delhivery is riding logistics scale and e-commerce growth. Amber Enterprises offers exposure to India’s expanding electronics manufacturing ecosystem. Godrej Consumer is an execution-led consumer turnaround story. And Power Grid is the clearest order-book and capital-expenditure play in the group.

Disclaimer: This article is based on Macquarie Research and reflects the brokerage’s ratings, target prices, estimates and investment views. These are not independent investment recommendations. The story is for informational and journalistic purposes only and does not constitute investment advice or a recommendation to buy, sell or hold any security. Investors should conduct their own research and consult a SEBI-registered investment adviser before making investment decisions.