Adani Power vs NTPC post Q1 results: Power capacity, capex, price targets and more

Shares of Adani Power and NTPC are on investors' radar after the announcement of their Q1 earnings. While Adani Power has operational power generation capacity of 18,150 MW, state-owned NTPC has a total operational installed power generation capacity of 91,029 MW (nearly 91 GW). On the capital expenditure front, Adani Power has allocated over Rs 2 lakh crore in capital expenditure to support its expansion. NTPC has a Rs 7 lakh crore capital expenditure to have an installed capacity of 244 gigawatts (GW) by 2037.

ALSO READ: NTPC Green Energy shares rise 9%, trading volumes surge over 60 times; here's the trigger 

STOCK COMPARISON

Adani Power 

Adani Power shares have risen 61% in six months and gained 351% in three years. The Adani Group's multibagger zoomed 968% in five years. The stock has gained 95% from its 52 week low of Rs 110.47 reached on August 7, 2025. 

In the current session, the stock was trading on a flat note at Rs 215.30. Market cap of the firm rose to Rs 4.15 lakh crore. 

NTPC 

NTPC shares are down 15% in three months and gained 193% in five years. The power stock has fallen 12% in two years. The stock is trading near its 52-week low of Rs 315.55 reached on December 9, 2025. 

In the current session, the stock was trading at Rs 348.40. Market cap of the firm rose to Rs 3.37 lakh crore. 

PRICE TARGETS

Adani Power 

ICICI Securities has an 'add' call on the stock with a price target of Rs 233 on the stock. "The company has advanced its vision from 42GW to 45GW capacity by FY32E. The 23.7GW of under-construction projects are on track. Hydropower in Bhutan (5GW) and nuclear power (10GW) are new ventures. We maintain BUY with a SotP-based TP of Rs 257 (Rs 253 earlier) based on 18x Sep’28E EV/Ebitda," Adani Power said.

IIFL has a 'Buy' rating on the stock with a target of Rs 240. Global brokerage Jefferies finds the stock worth Rs 270. 

Antique Stock Broking has a 'Buy' call with a target of Rs 282 on the stock.

JM Financial has a buy call on the stock with a price target of Rs 253. 

"Adani Power has advanced its vision from 42GW to 45GW capacity by FY32E. The 23.7GW of under-construction projects are on track. Hydropower in Bhutan (5GW) and nuclear power (10GW) are new ventures. We maintain Buy with a SotP-based target of Rs 257 (Rs 253 earlier) based on 18x Sep’28E EV/Ebitda," JM Financial said.

In Q1 of the current fiscal, the Adani Group firm announced a 42% rise in Q1 net profit. Profit rose to Rs 4805.69 crore in the June 2026 quarter against a profit of Rs 3384.86 crore in the year ago period. 

Revenue rose 34% to Rs Rs 18901 crore in Q1 against a revenue of Rs 14,109 crore in the June 2025 quarter. 

NTPC 

NTPC shares are down 15% in three months and gained 193% in five years. The power stock has fallen 12% in two years. The stock is trading near its 52-week low of Rs 315.55 reached on December 9, 2025. 

In the current session, the stock was trading at Rs 348.40. Market cap of the firm rose to Rs 3.37 lakh crore. 

JM Financial is bullish on the NTPC stock with a price target of Rs 413. 

"The company continues to make progress on its first nuclear and BESS projects. The execution of new thermal projects remains a key variable to monitor. We maintain BUY with a revised TP of Rs 413 (earlier Rs 411), valuing the stock at 2.3x Sep’28E regulated equity for the thermal business and the RE business at NGEL’s m-cap, implying 1.7x P/B Sep’28E," said JM Financial. 

Global brokerage Macquarie has an outperform call on the stock with a target of Rs 480. Macquarie said the company continues to make progress on its first nuclear and BESS projects. 

The execution of new thermal projects remains a key variable to monitor. "We maintain BUY with a revised TP of INR 413 (earlier INR 411), valuing the stock at 2.3x Sep’28E regulated equity for the thermal business and the RE business at NGEL’s m-cap, implying 1.7x P/B Sep’28E," said Macquarie. 

CLSA has an outperform call on the stock with a target of Rs 459. 

NTPC delivered on its energy security agenda by saving grid when demand spiked with a 50bp & 155bps YoY rise in coal PAF & PLF, while marginally reducing its tariff, said the global brokerage. 

Key was its $31 bn capex plan over FY27-29 led by under construction of 19GW in regulated and 16GW of non-fossil (NFE) projects for an installed capacity of 91GW, plus its entry into BESS, it added. 

In Q1 of the current fiscal, the company posted a consolidated net profit of Rs 6,721 crore in Q1 beating Bloomberg estimate of Rs 6,224 crore. Net profit rose 11.8% year-on-year from Rs 6,011 crore.

Consolidated revenue rose 7.8% year-on-year to Rs 50,741 crore in line with the Bloomberg estimate of Rs 50,837 crore, against Rs 47,064 crore in the corresponding quarter last year.