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Buy NTPC; target of Rs 439: ICICI Securities

ICICI Securities is bullish on NTPC recommended buy rating on the stock with a target price of Rs 439 in its research report dated July 30, 2025.

July 31, 2025 / 11:27 IST
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    ICICI Securities research report on NTPC

    NTPC – the largest thermal power player in India, is looking to add shades of green to its portfolio. It has substantial capacity addition plans on both thermal and renewables front. The NTPC group added ~2.9GW capacity in Q1FY26 (vs. 1.9GW organic capacity addition in full-year FY25) across thermal, renewables and pumped hydro storage. Note that earlier in the fiscal, the company revised upwards its commissioning target for FY26/FY27 to 11.8GW/9.9GW. Its green subsidiary – NTPC Green Energy (NGEL), has a locked in capacity of ~23GW (including JV capacity). Earlier this month, the Cabinet enhanced the investment limit for NGEL, amounting up to INR 200bn (INR 75bn earlier), stressing its importance in India’s energy transition.

    Outlook

    NTPC reported a steady Q1FY26 result – consolidated revenue was up 2% YoY to INR 487bn, EBITDA came in at INR 142bn (+9% YoY), while adjusted profit was up 12% YoY to INR 57.5bn. Reiterate BUY; TP revised to INR 439 (from INR 442).

    For all recommendations report, click here

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    NTPC - 29072025 - icici

    Broker Research
    first published: Jul 31, 2025 11:27 am

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