According to Business Standard, NTPC Ltd. has submitted four major amendments to the draft Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) rules to the Department of Atomic Energy (DAE). The company seeks removal of the three-year limit in the definition of new companies, utility-agnostic approval process, halving licensing timelines from 180 days to 90 days, and exemption from separate permissions for importing equipment once technology design is approved. As reported by Business Standard, the current draft rules define "newly-formed entity" as eligible for three years or less, but NTPC argues that new companies can get support from parent companies during this period but face licensing restrictions thereafter due to capability requirements.
According to latest reports, Kotak Institutional Equities has upgraded NTPC Ltd. to 'Add' from its previous 'Reduce' rating, though the brokerage has revised its target price down to ₹355 from ₹365 earlier. The target price implies a potential upside of 10.3% from the stock's current levels. As reported by CNBC TV18, shares of NTPC ended 0.06% lower at ₹329.95 on Thursday on the BSE, with the stock down around 4% over the past month. The stock has since moved to ₹364.00 as of September 4, 2026, showing some recovery from the previous levels.
According to Business Standard, NTPC is planning to achieve 30 gigawatt (GW) of nuclear power generation by 2047 through Anu Shakti Vidyut Nigam Limited (ASHVINI), a joint venture between NTPC and Nuclear Power Corporation of India Limited (NPCIL). The company is also developing its wholly-owned nuclear subsidiary, NTPC Parmanu Urja Nigam Limited (NPUNL), which was incorporated in January 2025. ASHVINI is in the process of establishing a 2,400 MW nuclear power project in Banswara district of Rajasthan, called Mahi Banswara Rajasthan Atomic Power Project (MBRAPP), with initial testing of the first 700 MW unit expected to begin by FY33. This nuclear expansion aligns with the company's broader diversification strategy beyond traditional thermal power generation.
As reported by CNBC TV18, Kotak believes the recent correction may be excessive, with valuations now more reasonable at around 1.5x FY27E price-to-book value. The brokerage noted that NTPC's stock has corrected 20% since May 2026 and has remained largely rangebound over the past three years. According to the report, 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 expects the Street will have to adjust to lower PAT growth as bulk of the incremental projects are based on competitive bids and move away from the traditional regulated-return profile.
Axis Securities highlights NTPC Green Energy Limited (NGEL) as becoming a credible second growth engine for the company. The subsidiary's operational renewable capacity of 12 GW is targeted to scale to 20 GW by FY27E, 28 GW by FY28E, 60 GW by FY32E, and 136 GW by FY37E. NGEL already operates with an industry-leading 89% operating EBITDA margin, positioning it as a high-quality, high-growth arm rather than a bolt-on renewable portfolio. This diversified growth strategy, combined with the company's structural pivot toward regulated cost-plus thermal base, provides multiple avenues for earnings visibility and cash flow de-risking.
As reported by CNBC TV18, of the 29 analysts covering NTPC, 27 have a 'Buy' rating, while one each has a 'Hold' and 'Sell' call on the stock. This represents a near-consensus buy rating among analysts covering the stock. The positive analyst sentiment reflects confidence in the company's expansion plans and growth prospects despite recent market corrections and the shift towards competitive bidding for projects. Axis Securities maintains a Buy rating with ₹363 target price, implying a potential upside of up to 10% from current levels.
