Axis Securities initiates coverage on NTPC, stock gains 4%

NTPC, Axis Securities says, is a good portfolio bet given its stable dividend yield and adds that further rerating potential is possible if the peak deficits increase in future and from value unlocking through the green energy.

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Shares of NTPC gained nearly 4 percent during early trade on January 4. At 10 am, the stock was trading at Rs 316.90 on the NSE. On January 4, Axis Securities’ analysts initiated coverage on the stock with a buy rating and a target price of Rs 345 per share.

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According to the Axis Securities report, NTPC‘s substantial portfolio in conventional power, with a firm cost-plus business model,
positions it well in a growing peak power cycle. This, the analysts say, will help contribute to stable cash flows and facilitate growth led by renewable energy. The report says NTPC is a good portfolio bet given its stable dividend yield, but adds that further rerating potential is possible if the peak deficits increase in future and from value unlocking through green energy.

Also read: Narrative on NTPC stock keeps changing on market’s whims, says Kotak Institutional Equities

Thermal Capex revival catering to the current power deficit will help NTPC, the report says. “As renewable power is inherently seasonal, thermal additions will be critical to provide the base capacity and for grid stability, which will continue to drive its demand,” the report said.

Also read: NTPC eyeing merchant market as key revenue source for renewable energy

Currently, NTPC has around 10 GW of thermal capacity under construction, which is expected to get commissioned by FY2026, and will be awarding thermal capacity of 11.2 GW, which will be tendered over the next 12 months.

“NTPC has an ambitious target of 60 GW of renewable capacity
(RE) by FY32 from the current 3.3 GW,” the report adds.

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