Maintains 'Sell' rating on JSW Energy, Tata Power due to stretched valuations
Resilient earnings expected for regulated power utilities
Expect 4.5-5.5% CAGR in India's power demand
Medium-term sector drivers: Rising chance of peak power deficits, sustained improvement seen in DISCOM AT&C losses and payment situation
Role of energy storage systems to become pivotal
Valuations not as attractive as earlier, but still remain reasonable
