NTPC Share Price: Morgan Stanley bullish on Maharatna PSU; see what target indicates

NTPC Share Price: Shares of National Thermal Power Corporation (NTPC) slipped over 2 per cent on Friday's trading session after the public sector undertaking released its financial earnings for the quarter ended September 2025. At 1 pm, the stock of the Maharatna PSU was trading at Rs 337.65, down by 2.16 per cent from the previous close.

The stock has risen 1.24 gains so far this year(YTD). It recorded its 52-week high of Rs 417 on November 4, 2024 and 52-week low of Rs 292.70 on February 17, 2025.

NTPC Q2 result highlights

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NTPC reported a mixed set of quarterly results, with a slight decline in revenue. The company’s revenue fell 2.9 per cent year-on-year (YoY), reflecting lower realisation and generation volumes.

However, EBITDA rose 3.4 per cent, and the EBITDA margin expanded to 25.58 per cent from 24 per cent in the year-ago period. Meanwhile, profit after tax (PAT) remained flat at Rs 4,653 crore.

Additionally, NTPC declared to pay the first interim dividend to its shareholders at the rate of 27.50 per cent (Rs 2.75 per share) on the face value of paid-up equity shares of Rs 10 each for the financial year 2025-26.

The date of payment/dispatch of dividend is fixed as November 25, 2025.

"Further, Board of Directors in its aforesaid meeting decided, inter alia, to pay first interim dividend at the rate of 27.50 per cent (Rs 2.75 per share) on the face value of paid-up equity shares of Rs 10/- each for the financial year 2025-26. The date of payment/dispatch of dividend shall be 25 November 2025;" the company's exchange filing read.

Morgan Stanley's view on NTPC

Morgan Stanley maintained its 'overweight' rating on NTPC with a target price of Rs 409, following the company’s Q2FY26 results, which were broadly in line with expectations.

The brokerage noted that NTPC continues to deliver steady operational performance; however, it highlighted a moderation in the company’s capacity commissioning guidance.

NTPC has revised its FY26 capacity addition target to 9.8 GW from 11.8 GW earlier, and for FY27 to 9.6 GW from 10.4 GW, reflecting possible delays in project execution and commissioning timelines.