NTPC Pioneering Energy Transition

Eyes Over 11GW Capacity Boost This Fiscal

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NTPC, an integrated power company, is leading the way in India's energy transition, marching on two key fronts—thermal and renewables.

In FY25, the company approved 8GW of new thermal capacity, while 16.9GW of thermal projects were already under implementation as of March 2025. On the renewable energy (RE) side, NTPC raised ₹10,000 crore through the IPO of its green subsidiary, NTPC Green, which was valued at a market capitalization of ₹90,000 crore—exceeding expectations.

This was followed by the acquisition of a 4.1GW renewable portfolio. NTPC Green's locked-in capacity stood at 21GW as of March 2025, with an estimated locked-in Ebitda of ₹13,600 crore. However, execution had some hiccups in FY25; against the target of 5GW, NTPC group ended up adding 4GW in the year, including 2.1GW through acquisition.

Nonetheless, it expects to commission the slipped capacity and substantially more in FY26 as it has raised the target to 11.8GW. We reiterate BUY with a revised target price of ₹442 (vs ₹430 earlier).