“Macquarie maintains an 'Outperform' rating on NTPC, raising its target price to ₹480 per share from ₹475. This positive outlook is based on the role of coal in anchoring baseload stability within India's evolving power sector, coupled with a transmission-led capex cycle and improving financial health of discoms.”

Macquarie Analysis’s track record (trackable calls only): 9 graded calls · 95% CI 0–30%