Axis Capital cuts India's NTPC Green PT on slower capacity additions

NTPC Green Energy

18/09/2026 05:16

** Axis Capital maintained its "Buy" rating on NTPC Green Energy NTPG.NS but cut its PT to 113 rupees from 125 rupees, citing slower-than-expected capacity additions
** Brokerage cut its capacity-addition assumptions to about 5.5 GW annually over FY28-30, from about 7 GW earlier, and said co's target of reaching 60 GW by 2032 appears aspirational
** The brokerage said NTPG's renewable-energy portfolio has remained at about 32 GW since FY25, with project execution lagging expectations despite a pipeline of contracted and strategic projects
**The slower ramp-up prompted Axis to also cut its FY28 and FY29 EBITDA estimates by 23% and 28%, respectively
** Seven analysts covering the stock have "hold" rating on avg; median PT is 100 rupees - LSEG data
** Shares of NTPG up 0.3% to 87.89 rupees; YTD down ~7.8%

 (Reporting by Urvi Dugar in Bengaluru)
 ((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))