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Axis Direct keeps 'Buy' calls on NTPC, Skipper and JSW Energy
For NTPC, the firm highlights capacity growth plus about 35.7 GW under construction as of June 2026, and for Skipper it points to a closing order book of ₹9,217 crore.
Axis Direct maintained 'Buy' ratings on power and utility stocks NTPC, Skipper, and JSW Energy following their June-quarter results, citing strong capacity additions, healthy order books, and improving execution as key drivers for earnings momentum.
For NTPC, the brokerage said installed capacity rose by 1,796 MW in Q1 FY27 to 90,904 MW as of June 30, 2026, with around 35.7 GW under construction. It also noted guidance to lift thermal capacity from 74 GW in June 2026 to 84 GW by FY32 and 97 GW by FY37, and to scale operational renewables from about 12 GW toward higher targets including 20 GW by FY27E, 28 GW by FY28E, 60 GW by FY32E, and 136 GW by FY37E.
On Skipper, Axis Direct pointed to Q1 FY27 order inflows of ₹1,674 crore, taking its closing order book to a fresh high of ₹9,217 crore as of June 2026, and a bidding pipeline of over ₹35,000 crore. The firm said Skipper's 75,000 MTPA capacity expansion is on track for commissioning by the end of Q2FY27, which would raise total manufacturing capacity to 450,000 MTPA, and it expects export order inflows to rise by more than 50% year on year in FY27 despite a roughly 50% year on year export decline in Q1 linked to West Asia geopolitical developments.
For JSW Energy, the brokerage cited a rapid capacity ramp-up and stronger balance sheet visibility, saying installed capacity grew by 872 MW to 14.5 GW in Q1 FY27. It added that capacity additions reached 1,081 MW as of July 8, covering 36% of the company's FY27 guidance of 3 GW, and that total locked-in capacity stands at 32.4 GW toward a 30 GW target by 2030.