4 Power Stocks Bought by FIIs in June 2026 Quarter

#2 JSW Energy

Second on the list is JSW Energy, the holding company for the JSW group's power business and one of India's leading independent power producers.

The company has a comprehensive presence across the entire power value chain, engaging directly in power generation, transmission, and trading.

It's expanding into energy storage solutions (pumped hydro and battery energy systems), equipment manufacturing, and green hydrogen products.

Its core products and services revolve around generating dependable baseload and clean energy from a highly diversified portfolio of thermal, wind, solar, hydro, and hybrid power assets.

The company serves a well-diversified end market, supplying electricity to state distribution utilities (DISCOMs), central counterparties, commercial and industrial (C&I) enterprises, and group captive consumers through a mix of long-term power purchase agreements (PPAs) and selective merchant market structures.

The FIIs' stake in the company increased from 9.74% in the March 2026 quarter to 11.41% in the June 2026 quarter.

Coming to its financial performance and growth, the company has delivered a top-line growth of 22% CAGR over a 3-year period and a net profit CAGR of 19%. The last 3-year ROE has been 8%.

The increased interest and buying from FIIs can be due to several strong fundamental drivers:

The company almost doubled its operational capacity from 7.2 GW to 13.45 GW within just two years, with a locked-in generation capacity of 32.1 GW, driving towards its ultimate 2030 goal of 30 GW of generation and 40 GWh of storage.

The integration of massive acquisitions like JSW Mahanadi and the O2 Power portfolio has supercharged operating leverage, helping JSW Energy report its highest-ever annual earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 110.4 bn (an 81% YoY increase) and a record net profit of Rs 27.6 bn in FY26. EBITDA margins also expanded significantly from 48% to 56%.

Looking ahead, for the ongoing fiscal year, the company has given a guidance to commission about 3 GW of new capacity and expects to incur a capex of around Rs 200 bn for the year.

Due to the high-quality and fully contracted nature of its expanding asset base, management expects free cash flow generation to progressively improve, supporting its deleveraging trajectory to achieve a Net Debt to EBITDA target of approximately 5.0x to 5.5x by 2030.

For more information, check out JSW Energy's financial factsheet.

#3 Waaree Energies

On number three comes Waaree Energies, India's largest manufacturer of solar PV modules and a fully integrated energy transition player across the renewable power value chain.

The company's core products and services encompass the manufacturing of solar modules, advanced solar cells, ingots, and wafers, while also delivering extensive Engineering, Procurement, and Construction (EPC) services, operations and maintenance (O&M), and acting as an Independent Power Producer (IPP).

As it scales into its "Waaree 2.0" vision, the company is rapidly expanding its offerings to include Battery Energy Storage Systems (BESS), solar inverters, transformers, and green hydrogen electrolyzers.

Waaree serves a diverse end market comprising utility-scale solar projects, commercial and industrial (C&I) enterprises, and a robust retail/rooftop segment through an extensive franchisee network, alongside significant export operations directed primarily toward the US and Europe.

The FIIs' stake in the company increased from 7.06% in the March 2026 quarter to 8.57% in the June 2026 quarter.

Coming to its financial performance and growth, the company has delivered a top-line growth of 58% CAGR over 3 years and a net profit CAGR of 100%. The last 3-year ROE has been 31%.

Strong institutional buying interest can due the company's massive capacity expansion and exceptional order book visibility, which currently stands at a record Rs 530 bn alongside a massive pipeline of over 100 GW.

The company is executing a Rs 300 bn capital expenditure plan to scale its module capacity to 28 GW and establish deep backward integration into cells (15.4 GW) and ingot/wafers (10 GW), effectively insulating it from supply chain shocks.

It enjoys sector tailwinds and pricing power in the US market due to Foreign Entity of Concern (FEOC) regulations that heavily favour its compliant, non-Chinese supply chain strategy.

Moreover, Waaree boasts an incredibly clean balance sheet with a debt-to-equity ratio of less than 1 despite heavy capex cycles and highly efficient working capital management backed by customer advances.

Looking ahead, the management is upbeat about the prospects and has provided a firm operating EBITDA guidance of Rs 70-77 bn for FY27, representing an anticipated 20-25% absolute growth.

A significant margin catalyst will be the commissioning of their 10 GW cell capacity in the second half of FY27, which will drive profitability by bringing cell procurement entirely in-house.

By FY28, with core solar manufacturing and initial BESS capacities fully operational, the management anticipates financial compounding from sweating these deeply integrated assets.

For more information, check out Waaree Energies' financial factsheet.

#4 R R Kabel

Fourth on the list is R R Kabel, a leading consumer electrical solutions provider that manufactures and markets a diverse portfolio of products, broadly categorised into Wires & Cables and Fast-Moving Electrical Goods (FMEG).

Its core products include house wires, industrial wires, low and medium-voltage power cables, specialty cables, solar cables, as well as fans, lighting, switches, switchgears, and kitchen appliances.

Operating fundamentally within the power distribution and consumption segment of the power value chain, the company caters to a wide array of end markets, including residential real estate, commercial complexes, industrial machinery, hyperscale data centers, telecommunications, and renewable energy parks across India and 66+ countries globally.

The FIIs' stake in the company increased from 9.10% in the March 2026 quarter to 10.67% in the June 2026 quarter.

Coming to its financial performance and growth, the company has delivered a top-line growth of 20% CAGR over a 3-year period and a net profit CAGR of 39%. The last 3-year ROE has been 19%.

The heightened buying interest from FIIs is likely driven by a combination of a massive earnings turnaround and strong sector tailwinds, evidenced by a 58% year-on-year surge in net profit during FY26.

The company is capitalising on India's infrastructure super cycle and renewable energy push.

It has also demonstrated significant operating leverage, expanding its EBITDA margins by 1.75% to 8.1% in FY26 by successfully passing on raw material volatility and pivoting toward a premium, high-margin product mix.

Looking ahead, the long-term growth plan under 'Project RRise' remains firmly on track. Management has provided strong volume guidance, targeting a 16% to 18% volume CAGR in the Wires & Cables segment for FY27, while expecting a 20% to 25% value growth in the FMEG segment.

On the profitability front, the company is guiding for a 9.5% EBIT margin in FY27, ultimately aiming to achieve double-digit margins of 10.5% by FY28.

To support this trajectory, management confirmed that the Rs 12 bn capex program is progressing as planned, expanding capacities sequentially every half-year to ensure faster execution of cable orders and improved operating leverage.

For more information, check out R R Kabel's financial factsheet.

Conclusion

The common thread across these four power stocks is not just foreign institutional interest, but the strength of the underlying businesses.

In each of these cases, the FII buying appears to have coincided with visible operating momentum, improving earnings, and strong growth visibility.

That said, FII shareholding alone should never be treated as an investment trigger. What matters more is whether the business can sustain growth, protect margins, and execute its capex plans without stretching the balance sheet.

So, while these names deserve a place on the watchlist, it's important to conduct thorough research on financials and corporate governance before making investment decisions, ensuring they align with your financial goals and risk tolerance.

Happy investing.

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