Green Energy Push Leads NTPC to New Heights

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NTPC, India’s largest power generation company, reached a record-high stock price of Rs. 251 on September 29th. As per Mint Genie, NTPC has surged by ~53% in this year alone. Let’s explore why NTPC is on investors’ radar.

Focus on Renewable Energy:

NTPC is aggressively expanding its renewable energy portfolio, including green hydrogen projects.
They aim to have 45-50% of their energy capacity come from non-fossil fuels by 2030, with a shorter-term goal of achieving 60 GW of renewable capacity by 2032.
Currently, they have 3,300 MW of installed renewable capacity, with 5,900 MW under construction and plans for 11,000 MW more in the pipeline.
The company is confident about reaching 20,000 MW of renewable capacity by FY26. Additionally, NTPC is diversifying into areas like green hydrogen, nuclear power (through a joint venture with NPCIL), and more.

Strong Base Business:

NTPC is unique in that it has been adding coal-based power generation capacity over the past five years, reaching a consolidated base of 73,000 MW. They have 9,300 MW of coal-based plants under construction, set to be commissioned by FY25-26.
This expansion is expected to lead to an 11% growth in electricity generation, with above-average Plant Load Factors (PLF) in the thermal power business.

ICICI Securities has reported an estimated growth of 16.1% in EBITDA and 16% in PAT over FY23-25E, recommending a BUY rating on NTPC.

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Shivani Shah

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