Bernstein has reiterated its ‘Outperform’ rating on NTPC with a target price of ₹440, citing strong fundamentals driven by several key factors. These include accelerating power demand, a reduction in power shortages, and NTPC’s cost-of-debt and receivables advantages.
While Bernstein doesn’t foresee significant upside levers beyond these, it also sees no major downside risks. The stock currently trades at 16x FY25 earnings and 10x EV/EBITDA, aligning with global peers in the energy sector.
Bernstein remains positive on NTPC’s role in India’s energy ecosystem, supported by steady growth and strong financial positioning
