NTPC climbs 12% in three months on thermal additions, renewable growth bets

NTPC's shares have surged approximately 12% over the past three months, outperforming the ET Power index's 2.9% increase, as investors express optimism about the company's capacity expansion and renewable energy initiatives. As of December 2025, NTPC's installed capacity stands at nearly 86 gigawatts (GW), with an additional 33 GW currently under construction. The company plans to add 6.5 GW of new thermal capacity while significantly boosting its renewable energy production through its subsidiary, NTPC Green Energy Ltd. (NGEL). This subsidiary has already commissioned 2.6 GW in FY26 and aims for a total of 5 GW this year. Furthermore, NTPC is advancing its energy storage capabilities, evaluating a 5 GWh battery energy storage system across 16 locations. The company is also finalizing a 320 MWh BESS project in Kerala. Analysts have maintained a 'buy' rating for NTPC, projecting target prices between ₹420 and ₹397, reflecting confidence in its strategy to diversify its generation portfolio and enhance operational efficiency. With strong Power Purchase Agreement (PPA) coverage for upcoming projects, NTPC is poised for continued growth in the evolving energy landscape of India.