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HDFC Securities Institutional Equities
HDFC Securities has initiated coverage of NTPC Green Energy Ltd. with a Buy rating and has set a target price of Rs 121 at 14.5x EV/Ebitda FY29 Ebitda discounted at 12% to arrive at Mar-28 TP.
NGEL is the renewable energy arm of NTPC Ltd., India's leading energy producer, with a strong presence in thermal energy. Through NGEL, NTPC plans to expand its existing renewable energy operating capacity from ~8GW as of Dec'25 to 60GW by FY32.
As of December 2025, NGEL has a presence in nine states, through subsidiaries as well as JVs. NGEL's capacity addition plans, backed by NTPC's proven execution, positions it to capture India's accelerating renewable energy demand. Alignment with the government's 500GW RE plan target by FY30 provides a substantial growth runway, while a clear focus on profitable growth and disciplined capital allocation enhances NGEL's investment appeal.
Strong parent support from NTPCโits vision, resources, and deep industry experienceโhelps de-risk execution. NTPC Group's goal of 45-50% non-fossil portfolio and 60GW RE by 2032 underpins NGEL's long-term pipeline visibility. Collectively, these factors position NGEL favourably for sustainable scaling creation of lasting shareholder value. NTPC, via NGEL, aims to build and diversify its expertise and capacity in new energy growth areas like Energy Storage Systems (ESS), Green Hydrogen, Electrolysers, and Green Ammonia production, which have seen wide industry participation in the form of capacity building and investment commitments in recent years, and are expected to contribute significantly to the Indian economy.
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