How to change the color of the text (not entire row) of the field value in the table in the report/panel based on the field value ?
@a_ameerabbas from Splunk 6.5 an above you should have option to Edit the Table in UI and directly assign Table Cell color based on your requirement. Refer to the Splunk Documentation for assistance: https://docs.splunk.com/Documentation/Splunk/latest/Viz/TableFormatsFormatting#Column_color
You can also use Simple XML JS and CSS extension along with Splunk JS Stack to render table with required formatting. However, this should be applied only if there is no other direct way to apply the same. There are examples for this in Splunk Dashboard Examples App and also on Splunk Answers, refer to one of my older answer with this as one of the example.