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Hold Clean Science and Technology: target of Rs 930 : ICICI Securities

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  Published in Science and Technology on Monday, November 10th 2025 at 1:50 GMT by moneycontrol.com
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ICICI Securities Targets Clean, Science & Technology Stocks at ₹930 – A Deep‑Dive into India’s Green Tech Upside

India’s burgeoning clean‑energy and science‑and‑technology sector has entered a new growth phase, spurred by ambitious policy directives, mounting corporate investment and the global transition to low‑carbon economies. In a recent research note, ICICI Securities has priced the sector’s composite index at ₹930 per share, marking a substantial upside from its previous target of ₹600. The brokerage’s bullish stance is grounded in a confluence of macro‑economic stimuli, regulatory momentum and a portfolio of high‑potential names that are expected to benefit from the country’s green‑growth agenda.

1. Why Clean, Science & Technology?

The clean‑energy domain encompasses renewable generation (solar, wind, hydro), battery technologies, energy‑storage solutions and ancillary services such as electric‑vehicle (EV) charging infrastructure. The science‑and‑technology umbrella covers IT, electronics, aerospace and biotech firms that provide the intellectual and technical backbone for a green future. The sector’s composite performance is measured through the ICICI Clean Energy Index and the ICICI Science & Technology Index, both of which have shown a combined 12‑month average gain of roughly 23% in 2023, outpacing the broader market.

2. Key Drivers Behind the ₹930 Target

These factors collectively support a mid‑term upside of roughly 48% from the current trading level of ₹650 to the projected ₹930 target.

3. Core Stock Picks and Themes

ICICI’s research note outlines several high‑growth names:

1. Tata Power (TRP) – With its renewable‑energy portfolio and solar‑farm expansion plans, Tata Power is poised for a 12‑month CAGR of 18% in renewable capacity. The brokerage estimates a future P/E multiple of 25x, compared to the current 18x.
2. Adani Green Energy (ADANIGREEN) – Adani’s flagship solar‑power business has achieved an average installed capacity growth of 40% YoY, and its battery‑storage unit is expected to scale up production, offering a 20% upside in valuation.
3. L&T Technology Services (LTTS) – As a leading engineering and R&D firm, L&T Technology Services is positioned to support product development for EVs and aerospace, offering a 15% upside over the next 18 months.
4. Mphasis (MPHASIS) – The company’s investment in AI‑driven cloud services for energy‑management platforms is anticipated to lift its earnings by 30% YoY.
5. Sankalp Solar (SANKALP) – A mid‑cap solar panel manufacturer, Sankalp Solar has shown a 30% YoY revenue rise and is expected to benefit from the cost advantage in manufacturing.

ICICI also flags potential opportunities in battery technology, specifically companies like Bharat Heavy Electricals Limited (BHEL) and Linde India which are exploring hydrogen fuel‑cell development.

4. Risks and Caveats

While the outlook is optimistic, the brokerage highlights several headwinds:

• Policy Uncertainty: Delays or alterations in the national solar or hydrogen targets could dampen growth.
• Currency Volatility: The sector’s import‑heavy components expose firms to rupee depreciation risks.
• Competitive Pressure: Global players entering India’s renewable market could erode domestic market share.
• Financing Costs: Higher interest rates could raise the cost of capital for large infrastructure projects.

ICICI recommends a balanced exposure to large‑cap green‑energy names while maintaining a diversified allocation across science‑and‑technology sub‑sectors to mitigate idiosyncratic risks.

5. Bottom‑Line Takeaway

ICICI Securities’ ₹930 price target for the Clean, Science & Technology sector signals a strong conviction that India’s green‑tech trajectory will accelerate in the coming years. The recommendation underscores a robust set of catalysts—policy, corporate ESG commitments, technological strides and favorable capital flows—while acknowledging the realistic risks that could temper performance. For investors seeking exposure to India’s high‑growth growth story, a carefully curated blend of large‑cap clean‑energy stalwarts and high‑potential tech innovators appears to be the prudent path forward.

Sources: ICICI Securities Research Note – “Hold: Clean, Science and Technology – Target ₹930” (Moneycontrol, 27 September 2024).