NTPC Limited has appointed Shri Sudhiranjan Mohini as the Head of Internal Audit (Senior Management) effective May 23, 2026. The Board of Directors approved the appointment during its meeting held on the same day. The appointment is subject to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Shri Mohini will serve in this capacity for a term of 6.1 years or until further orders, whichever is earlier.

Appointment Details

The Board Meeting, which commenced at 11:45 a.m. and concluded at 1:40 p.m., sanctioned the appointment. The decision follows the requirements under Regulation 30 of the Listing Regulations read with SEBI Master Circular dated January 30, 2026.

Profile of the Appointee

Shri Sudhiranjan Mohini is a Cost Accountant with over 27 years of extensive experience across diverse domains of finance. He is an Associate Member of the Institute of Cost Accountants of India and holds a B.Sc. (Hons.) in Chemistry, along with a Post Graduate Diploma in Business Management (PGDBM) and a Bachelor of Laws (LL.B.).

Prior to joining the Internal Audit Department, he held several key leadership positions in NTPC . During his tenure, he worked at various NTPC locations, including Ramagundam, Talcher Kaniha, Korba, Sipat, and the Unified Accounts Group, Faridabad. His expertise includes accounts and audit, financial management, corporate governance, regulatory affairs, cost optimization, and commercial operations.

NTPC has received sustained bullish coverage from two prominent global brokerages, with CLSA and Jefferies both reaffirming their positive ratings and highlighting the company's robust growth trajectory across capacity expansion, financial performance, and long-term capital deployment.

CLSA Maintains Outperform Rating

CLSA has maintained its Outperform rating on NTPC with a target price of ₹459. The brokerage cited 18% FY26 PAT growth as a key highlight, noting the achievement despite lower generation during the period. CLSA also pointed to strong regulated equity and operational efficiency gains as supporting factors underpinning its positive outlook on the stock.

A central element of CLSA's thesis is NTPC's capital expenditure roadmap. The brokerage highlighted a massive US$31bn capex plan for FY27-29, covering investments across thermal, non-fossil, and Battery Energy Storage System (BESS) projects. This diversified investment pipeline reflects NTPC's strategic positioning across conventional and clean energy segments. CLSA further noted an improving Return on Equity (ROE) outlook driven by the company's energy transition execution.

Jefferies Retains Buy Rating

Jefferies has maintained its Buy rating on NTPC with a target price of ₹470. The brokerage noted that FY26 PAT beat estimates, driven by 8.1 GW capacity additions during the period. Jefferies also raised its FY27-28 EPS estimates in response to the company's performance, reflecting increased confidence in NTPC's near-term earnings trajectory.

The brokerage identified continued capacity ramp-up as the key re-rating trigger for the stock, even as it acknowledged slightly lower FY28 addition guidance. Jefferies' revised estimates suggest a constructive view on NTPC's ability to sustain earnings momentum through its ongoing expansion programme.

Analyst Consensus Highlights

Both CLSA and Jefferies converge on NTPC's capacity expansion and financial outperformance as the primary pillars supporting their bullish stance. Key themes across both ratings include:

• Strong PAT performance in FY26, with growth beating or exceeding market estimates
• Significant capacity additions of 8.1 GW supporting revenue and earnings growth
• Large-scale capex deployment of US$31bn planned for FY27-29 across diversified energy segments
• Improving ROE outlook tied to energy transition execution
• Raised forward EPS estimates for FY27-28 by Jefferies, signalling confidence in sustained earnings delivery

The dual endorsement from CLSA and Jefferies underscores broad institutional confidence in NTPC's operational and financial execution, with both brokerages pointing to capacity growth and strategic capital allocation as central to the company's investment case.