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NTPC shares rise 3% after Q2 results. Why Jefferies and Nuvama remain bullish

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In short

Standalone net profit reached Rs 5,320 crore on revenue of Rs 45,752 crore during the second quarter, outperforming expectations. Brokerage analysts highlighted an expansion in core return on equity to 19.5% and steady execution across conventional power assets. Capital deployment remained heavy, with first-half group expenditure totaling Rs 23,932 crore to expand fixed assets.

Key points

  • Jefferies maintained a Buy rating with a target price of Rs 425 per share after profit be…: Jefferies maintained a Buy rating with a target price of Rs 425 per share after profit beat estimates.
  • Transmission delays forced management to lower the renewable energy addition target to 5…: Transmission delays forced management to lower the renewable energy addition target to 5 GW for FY27.
  • Nuvama set a Rs 400 target price, citing an 11% generation increase and improved return o…: Nuvama set a Rs 400 target price, citing an 11% generation increase and improved return on equity.

Sources checked by our analysis pipeline: 1

The company’s revenue from operations meanwhile increased nearly 17% YoY to Rs 45,752 crore during the second quarter of FY27, from Rs 39,165 crore in the year-ago period. Its EBITDA rose around 9% YoY to Rs 10,891 crore during the quarter under review.

Along with the Q2 results, NTPC announced a first interim dividend of Rs 3 per share. The company has fixed November 6 as the record date to determine the eligibility of shareholders set to receive the dividend.

Also read | NTPC Q2 Results: Standalone profit rises 14% YoY to Rs 5,320 crore; revenue up 17%

The group's capital expenditure stood at Rs 23,932 crore in H1 FY27, compared with Rs 23,115 crore in the corresponding period of FY26. NTPC Group's gross fixed assets increased to Rs 4,85,444 crore as of September 30, 2026, from Rs 4,37,142 crore a year earlier.

Jefferies on NTPC share price

Jefferies maintained its ‘Buy’ call on the shares of NTPC with a target price of Rs 425 apiece, implying 34% upside potential. The international brokerage noted that the company’s September quarter profit…

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