NTPC Green Energy shares are down 37% from record high, here are fresh price targets 

Shares of NTPC Green Energy Ltd have fallen 37% from their record high in the last four months. The stock hit a high of Rs 155.30 on December 4, 2024. The green energy stock was listed at Rs 111.5 on both NSE and BSE on November 27, 2024.  NTPC Green Energy shares have fallen 22.47% this year. However, a 13.47% rally in a month has capped losses for the arm of state-owned power producer NTPC.  

Shares of NTPC Green Energy were trading on a flat note at Rs 98.85 on BSE today. Market cap of the firm stood at Rs 83,294 crore. The stock saw a turnover of Rs 3.36 crore on BSE.

 IIFL Capital has an 'Add' call for a price target of Rs 105 per share. 

"We like NGEL's large growth trajectory, sovereign-backed balance sheet and access to cost-plus / fixed-return PPAs with other PSUs and state governments. At current valuations, we find the risk-reward to be evenly balanced with potential pressure from execution delays. However, we are keen about the potential of IRR expansion from debt repricing, at an opportune time," said IIFL Capital. 

Ravi Singh, SVP - Retail Research, Religare Broking said, "NTPC Green has recently reversed from the 50-day EMA, which is positioned near Rs 105. On technical charts, the stock has shown a strong rebound from the major demand zone of 84-88. In the short term, it is likely to find support near this level. For fresh buying, we recommend waiting for a clearer trend and allowing the price to settle above 105 for a few sessions before entering. Once stabilized, the stock could target an upside range of Rs 120-134. On March 27, 2025, ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between NTPC Green Energy Limited and ONGC Green Limited, successfully acquired a 100% equity stake in Ayana Renewable Power Private Limited. This acquisition will help NTPC Green Energy Limited (NGEL) expand its renewable energy capacity as part of its goal to achieve 60 GW of renewable energy capacity by 2032."

Om Mehra, Technical Research Analyst, SAMCO Securities said, "NTPC Green Energy Ltd has been in a consolidation phase since its IPO but is now exhibiting early signs of a bullish reversal. After forming a strong base near Rs 85, the stock is gradually trending higher, supported by a higher high and higher low price structure, indicating renewed buying interest.

Currently, the stock is holding above its 20-DMA, though it remains below the 50-DMA. The daily RSI remains neutral near the 50 level, while volume activity is steady. However, a gradual uptick in delivery volumes over the past few weeks suggests growing investor interest. The 23.6% Fibonacci retracement level at ?102 acts as a key resistance. A sustained move above this zone could unlock further upside potential. The stock is holding above the midline of the Bollinger Band, pointing toward growing underlying strength. In the last month, NTPC Green Energy stock has outperformed the broader BSE 500, delivering a 13.12% return vs the index's 6.59% gain, further validating its relative strength. The stock offers a favorable risk-reward setup and can be accumulated at current levels, with opportunities to add on dips toward ?95-96. A firm support base is seen at Rs 90, while a breakout above Rs 102-103 could pave the way for a rally toward Rs 120-125 in the near term."

A R Ramachandran, SEBI registered independent analyst says, "NTPC Green is slightly bullish on the Daily charts with strong support at Rs 97. A daily close above the resistance of Rs 105 could lead to a target of Rs 120 in the near term."

NTPC Green Energy reported a 52.3% rise in Q3 net profit to Rs 89.4 crore compared to Rs 58.7 crore in the same quarter last fiscal year. The renewable energy firm's revenue for the quarter climbed 4.1%, totaling Rs 460.9 crore, up from Rs 442.6 crore in Q3 FY24.

EBITDA (earnings before interest, taxes, depreciation, and amortization) slipped 2.3% at Rs 384.6 crore against Rs 393.6 crore in the previous year. The company's EBITDA margins, however, fell to 83.5% from 88.9% in Q3 FY24.

NTPC Green Energy is the largest renewable energy public sector enterprise (excluding hydro) in terms of operating capacity as of September 30, 2024 and power generation in Fiscal 2024.