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<ul><li>We initiate coverage of NTPC Green Energy Ltd (NGEL) with a BUY and a TP of INR 121 at 14.5x EV/EBITDA FY29 EBIDTA discounted at 12% to arrive at Mar-28 TP</li><li>NGEL is the renewable energy arm of NTPC Ltd (NTPC), India’s leading energy producer, with a strong presence in thermal energy</li><li>Through NGEL, NTPC plans to expand its existing renewable energy operating capacity from ~8GW as of Dec’25 to 60GW by FY32</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We initiate coverage of NTPC Green Energy Ltd (NGEL) with a BUY and a TP of INR 121 at 14.5x EV/EBITDA FY29 EBIDTA discounted at 12% to arrive at Mar-28 TPNGEL is the renewable energy arm of NTPC Ltd (NTPC), India’s leading energy producer, with a strong presence in thermal energyThrough NGEL, NTPC plans to expand its existing renewable energy operating capacity from ~8GW as of Dec’25 to 60GW by FY32Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC Green Energy (Initiating Coverage): The Green Energy Play. BUY

India

NTPC Green Energy Limited is a subsidiary of NTPC Limited, specializing in renewable energy generation in India. The company focuses on developing, owning, and operating large-scale solar and wind power projects, alongside emerging technologies like green hydrogen and battery energy storage systems. It was incorporated on April 7, 2022, and is headquartered in New Delhi, India.

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NTPC Green Energy (NTPCGREE IN)

NTPC Green Energy (Initiating Coverage): The Green Energy Play. BUY

We initiate coverage of NTPC Green Energy Ltd (NGEL) with a BUY and a TP of INR 121 at 14.5x EV/EBITDA FY29 EBIDTA discounted at 12% to arrive at...

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