NTPC (NTPC.BO) Analyst Meet Key Takeaways

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NTPC (NTPC.BO) Analyst Meet Key Takeaways

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27 Jul 2026 22:14:35 ET │ 11 pages

NTPC (NTPC.BO)

Analyst Meet Key Takeaways

CITI'S TAKE

Buy In its annual analyst meet, management broadly reaffirmed its long term

capacity ambitions - from 90.9GW currently to 150GW by 2032 and Price (27 Jul 26 15:30) Rs350.65

250GW by 2037 - the targets are slightly above previous articulations Target price Rs485.00

(149/244GW by 2032/2037). Annual capex is targeted to rise from ~ Expected share price return 38.3%

Rs540bn during 2025-27 to Rs1,190bn during 2027-32 and Rs1,920bn Expected dividend yield 2.9%

during 2033-37. The changing duration of the regulated asset base is Expected total return 41.2%

noteworthy - brownfield thermal remains the regulated earnings anchor,

Market Cap Rs3,400,136M while regulated BESS, PSP and nuclear can extend asset lives from ~25

US$35,449M years for thermal to 40-60 years. While most elements of the strategy are

in line with earlier disclosures, the meet reinforced our view that NTPC is

entering a longer and more diversified growth phase. Execution remains

the key monitorable, but NTPC’s sovereign standing, competitive funding Mohit PandeyAC

costs, project-execution experience and regulated cash-flow base leave it +91-22-6175-9734

well positioned. mohit.pandey@citi.com

Anusha Madireddy

Project pipeline provides clear visibility — NTPC has 90.9GW operational and +91-22-6175-9866

35.7GW under construction, producing a 126.6GW visible portfolio. Management’s anusha.madireddy@citi.com

preference for brownfield Section 62 projects over competitively bid greenfield

capacity for thermal is also important: existing land, evacuation and common

infrastructure should lower execution risk, while cost-plus tariffs protect returns in