NTPC Green Energy Share Price Target: Domestic brokerage firm HDFC Securities has initiated coverage on NTPC Green Energy with a BUY rating. The brokerage has set a target price of Rs 121 on NTPC Green Energy shares.

The target implies an upside of more than 25 per cent from Wednesday's (March 17) closing price of Rs 95.99 on NSE.

NTPC Green Energy is the renewable energy arm of NTPC Ltd (NTPC), India’s leading energy producer, with a strong presence in thermal energy. NTPC Green Energy had made its Dalal Street debut in 2024 and the issue price was Rs 108.

According to HDFC Securities, through NTPC Green Energy, NTPC plans to expand its existing renewable energy operating capacity from 8GW as of December 2025 to 60GW by FY32. As of December 2025, NTPC Green Energy has a presence in nine states, through subsidiaries as well as JVs.

NTPC Green Energy's capacity addition plans, backed by NTPC’s proven execution, positions it to capture India’s accelerating renewable energy demand.

Alignment with the government’s 500GW RE plan target by FY30 provides a substantial growth runway, while a clear focus on profitable growth and disciplined capital allocation enhances NTPC Green Energy's investment appeal. Strong parent support from NTPC—its vision, resources, and deep industry experience—helps de-risk execution.

NTPC Group’s goal of 45-50 per cent non-fossil portfolio and 60GW RE by 2032 underpins NTPC Green Energy's long-term pipeline visibility.

"Collectively, these factors position NTPC Green Energy favourably for sustainable scaling creation of lasting shareholder value," the brokerage said.

NTPC, via NGEL, aims to build and diversify its expertise and capacity in new energy growth areas like Energy Storage Systems (ESS), Green Hydrogen, Electrolysers, and Green Ammonia production, which have seen wide industry participation in the form of capacity building and investment commitments in recent years, and are expected to contribute significantly to the Indian economy.