NTPC down 4% on huge volumes; over 100 mn shares change hands on BSE, NSE

Till 10:22 AM; a combined 147.15 million shares representing 1.5% of total equity of NTPC have changed hands on the NSE (55.34 million) and BSE (91.81 million).

NTPC share price movement today

 

Shares of state-owned power generation company NTPC slipped 4 per cent to ₹321.35 on the BSE in Tuesday’s intra-day trade amid heavy volumes in an otherwise firm market. The stock has corrected 28 per cent from its 52-week high of ₹448.30, which it touched on September 30, 2024. It had hit a 52-week low of ₹292.70 on February 17, 2025.

 

At 10:22 AM; NTPC was trading 3 per cent lower at ₹323.70, as compared to 1 per cent rise in the BSE Sensex. The stock was top loser among Nifty 50 and 30-share index BSE Sensex.

 

The counter has seen huge trading volumes with a combined 147.15 million shares representing 1.5 per cent of total equity of NTPC changing hands on the NSE (55.34 million) and BSE (91.81 million).  FOLLOW STOCK MARKET UPDATES TODAY LIVE

 

Brokerages view on NTPC

 

NTPC’s FY25 capacity addition stood at 3.97GW, including ~3.3GW for renewable (RE). With 33.7GW under construction and targeted addition of 11.8GW in FY26 and 9.9GW in FY27, growth visibility remains strong, according to analysts.

 

With the addition of 4,580MW of conventional capacity in FY26 and with the multiple growth drivers at work (thermal, hydro, nuclear), NTPC is poised for significant growth in future and will play in important role in India’s energy transition journey, analysts at JM Financial Institutional Securities said in the company update. The brokerage firm maintains its BUY rating on the stock with a target price of ₹390, valuing it at 2.3x Mar’27 regulated equity.

 

FY26 will be a momentous year for NTPC, marked by three feats of leadership and support to the national priority of energy security; all-time high organic capacity addition, commissioning of its first pumped hydro storage plant and, foundation stone of its first nuclear power plant, analysts said. 

 

Additionally, the company is on its way to award a new stream of projects (13.6GW thermal and 4.6GW PSP) during FY26-28. With multiple growth drivers at work (thermal, hydro, nuclear), NTPC is poised for significant growth in future and will play an important role in India’s energy transition journey, the brokerage firm said.  ALSO READ | Happy Markets Day: Sensex zooms 900 pts intraday on Iran-Israel ceasefire

 

NTPC is a play on energy transition as well as energy security. Analysts at Elara Capital in Q4 result update said that they believe its regulated equity base will increase on addition of thermal capacity. An expanding RE pipeline and foray into new business verticals of green hydrogen pumped hydro storage and nuclear should drive growth. The stock is trading at attractive valuation. “We retain Buy with a target price of ₹462 on better visibility on regulated returns and traction in RE initiatives based on 2.5x FY27E P/B regulated equity, and 1.0x (unchanged) in cash and investment,” analysts said.

 

Motilal Oswal Financial Services (MOFSL) however, maintains its neutral stance on NTPC due to sluggish installed capacity expansion over FY25-27 at both the standalone (~5 per cent) and consolidated ex-NTPC Green Energy Limited (NGEL) (~9 per cent) levels. The brokerage views that the valuation for NGEL - accounting for ~17 per cent of its SOTP - will remain under pressure amid execution challenges. In FY25, NGEL commissioned 1.9GW (incl. 50 per cent share in the Ayana acquisition of 2.1GW), significantly below its guided capacity growth of 3GW. Lastly, analysts at MOFSL believe the FY27E dividend yield of 2.7 per cent remains modest and lower than peers such as Power Grid Corporation of India or PWGR (FY27: 3.4 per cent).  ALSO READ | Metro Brands shares rise 6% on partnership with British footwear giant

 

About NTPC

 

NTPC is India’s largest power generation company with a total installed capacity of ~79930 MW at the group level as of FY25. NTPC has 17 per cent of total installed capacity in India with 24 per cent generation share. The company’s vision is to become a 130 GW+ company by 2032 of which 60 GW would be contributed by renewable energy.