New Delhi, Oct. 19 -- Powerica Ltd shares have gained nearly 48% from their initial public offering (IPO) price of Rs.395, closing at Rs.584.85 on Friday. Listed on the BSE and NSE on 2 April 2026, the stock has also advanced 34.51% over the past six months.

Despite the sharp gains, Nuvama Institutional Equities sees further upside in the stock, initiating coverage with a Buy rating and a target price of Rs.700. This implies an upside potential of around 20% from Friday's closing price.

Nuvama's bullish view rests on three growth drivers: a recovery in the company's diesel generator (DG) business, expansion of its wind independent power producer (IPP) portfolio and the long-term opportunity in retrofit emission control devices (RECDs)....