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NTPC's stock has corrected 20% since May 2026 and has remained largely rangebound over the past three years. The stock's performance in recent years has largely tracked broader investment themes such as energy security and rising power demand, but these narratives have had a short-lived impact amid modest earnings growth, the brokerage said. By Meghna Sen September 4, 2026, 8:06:27 AM IST (Published) 2 Min Read Shares of NTPC Ltd. will be in focus on Friday, September 4, after brokerage firm Kotak Institutional Equities upgraded the stock to 'Add' from its previous rating, with a price target of ₹365 per share.
The target implies a potential upside of 10.3% from the stock's last closing price on Thursday. NTPC's stock has corrected 20% since May 2026 and has remained largely rangebound over the past three years. The stock's performance in recent years has largely tracked broader investment themes such as energy security and rising power demand, but these narratives have had a short-lived impact amid modest earnings growth, the brokerage said.
Kotak said the recent correction may have been excessive, with valuations now more reasonable at around 1.5x FY27E price-to-book value. The brokerage believes improved project execution could support stronger earnings growth over the medium term. NTPC's long-term capacity targets of 151 GW by FY32 and 250 GW by FY37 would entail capex of around ₹16.9 lakh crore over the next decade, with 43% of the planned spending directed towards renewable energy.
Meanwhile, the company's 35.7 GW of under-construction capacity is expected to support earnings growth in the near term. Of the 29 analysts covering NTPC, 27 have a 'Buy' rating, while one each has a 'Hold' and 'Sell' call on the stock. Shares of NTPC ended 0.27% higher at ₹330.90 on Thursday.
The stock is down around 4% over the past month. Note To Readers Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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