Highlights:

• Investec Bank (UK) PLC, Spark Capital Advisors, and Edelweiss Capital Limited have each issued a ‘Buy’ rating on NTPC.
• The analysts’ target prices range from ₹413 to ₹421 per share.
• NTPC’s consolidated Profit After Tax (PAT) grew 11% year-on-year in Q1 FY26, supported by stable operations and project expansion.

NTPC Limited (NSE:NTPC), India’s largest integrated power utility, continues to draw positive attention from leading market analysts. Following the company’s announcement of its unaudited financial results for Q1 FY26, major financial institutions including Investec Bank (UK) PLC, Spark Capital Advisors (India) Private Limited, and Edelweiss Capital Limited have reaffirmed ‘Buy’ recommendations for the company’s stock.

Positive Analyst Sentiment

In their most recent assessments, analysts from Investec Bank (UK) PLC, Spark Capital Advisors (India) Pvt. Ltd., and Edelweiss Capital Ltd. maintained a ‘Buy’ recommendation for NTPC Limited. The mean target price derived from available data stands at ₹421.43, reflecting an upside potential over current market levels.

Investec Bank (UK) PLC, led by analyst Anuj Upadhyay, has issued a ‘Buy’ call with a target price of ₹421 per share. Spark Capital Advisors (India) Pvt. Ltd., represented by Bharanidhar Vijayakumar, has also reiterated a ‘Buy’ recommendation, setting a target price of ₹420 per share. Similarly, Edelweiss Capital Limited, under Subhadip Mitra, continues to maintain its ‘Buy’ outlook, assigning a target price of ₹413 per share.

Recent Financial Performance

For Q1 FY26, NTPC reported a 6% increase in standalone Profit After Tax (PAT) at ₹4,775 crore, compared to ₹4,511 crore in Q1 FY25. On a consolidated basis, PAT rose 11% year-on-year to ₹6,108 crore, up from ₹5,506 crore in the same quarter last year.

The company’s total standalone income stood at ₹43,333 crore, while consolidated income reached ₹47,821 crore during the quarter. NTPC’s coal-based stations achieved a Plant Load Factor (PLF) of 75.16%, compared to the national average of 67.67%, reinforcing operational efficiency.

Strategic Developments

In October 2025, NTPC signed an agreement with Engineers India Limited (EIL) to develop a Coal-to-Synthetic Natural Gas (SNG) facility. The initiative aligns with NTPC’s broader efforts under its R&D arm, NETRA, aimed at advancing clean coal technologies and supporting India’s transition to low-carbon energy sources.

NTPC currently contributes about one-fourth of India’s power supply with an installed capacity of 84 GW and an additional 30.9 GW under construction, including 13.3 GW of renewable capacity. The company has set a goal to achieve 60 GW of renewable energy capacity by 2032, as part of its commitment to India’s Net Zero ambitions.

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