🚀 NTPC (Buy): Why This Powerhouse Stock Just Got a Bullish Broker Boost

Wall Street's latest love affair? A state-run energy giant that's quietly outshining flashier tech plays.

The Setup: Analysts are doubling down on NTPC as India's power demand hits record highs—while renewable upstarts face grid integration headaches.

The Play: With coal still king in emerging markets, this 50GW behemoth's 'boring' infrastructure is suddenly looking like a hedge against green energy's growing pains.

The Punchline: In a market obsessed with disruptors, sometimes the best trade is the one keeping the lights on (and the AC blasting during Delhi's 45°C summers).

Bonus jab: Meanwhile, ESG funds are quietly adding 'transitional' coal exposure—because nothing cleanses a portfolio like creative terminology.

Also read

NTPC profit rises 11% to ₹6,108.46 cr in April-June

We value NTPC using SoTP with the thermal business at 2.1x P/BV on FY27 consolidated regulated equity, RE business at CMP (NGEL) after accounting for the 90 per cent stake and considering a 25 per cent Holdco discount, PSP optionality at ₹23/share, CWIP and cash at 1x P/BV of FY25. We maintain Buy rating with unchanged target price of ₹400.

Key risks to our estimates and target price: Delays in commissioning of the thermal and RE capacity; financial position of Discom. NTPC’s trade receivables are dependent on the timely payment from state Discoms; and lower Thermal Power Plant PLF and PAF.

Published on July 30, 2025

• NTPC Ltd