Axis Direct Recommends Buy on NTPC, Skipper and JSW Energy After Q1 Results

NTPC Group’s installed capacity grew by 1,796 MW in Q1 FY27 to reach 90,904 MW as of June 30, 2026, with around 35.7 GW under construction across coal, hydro and renewable projects. Thermal capacity is expected to rise from 74 GW in June 2026 to 84 GW by FY32 and 97 GW by FY37. Operational renewable energy capacity stands at about 12 GW, with 16.4 GW under construction, and NTPC aims to scale this to 20 GW by FY27E, 28 GW by FY28E, 60 GW by FY32E and 136 GW by FY37E.

Skipper reported order inflows of ₹1,674 crore in Q1FY27, pushing its closing order book to a record high of ₹9,217 crore as of June 2026. Its bidding pipeline remains above ₹35,000 crore, supported by domestic and international opportunities. The company’s 75,000 MTPA capacity expansion is on track for completion by end of Q2FY27, which will raise total manufacturing capacity to 450,000 MTPA. Although exports fell nearly 50% year-on-year in Q1 due to geopolitical issues in West Asia, management expects export order inflows to grow over 50% YoY in FY27.

JSW Energy’s installed capacity increased by 872 MW to 14.5 GW in Q1FY27, with capacity additions reaching 1,081 MW by July 8, covering 36% of its FY27 guidance of 3 GW. Total locked-in capacity stands at 32.4 GW, providing visibility toward its 30 GW target by 2030. The thermal platform has expanded to 10,958 MW while renewable energy growth continues. The company raised ₹10,150 crore, reducing leverage and strengthening its balance sheet to support its ₹1.1 lakh crore capex plan through FY30.

Axis Direct’s positive outlook is based on the belief that these companies are well-positioned to benefit from sectoral trends despite mixed performance in the power and utilities space during the reporting quarter. The views expressed are those of the brokerage and not of Mint. Investors are advised to consult certified experts before making investment decisions.