Is it justifiable to term a particle 'hydrophobic',if it can be dispersed in water meanwhile the coatings on a substrate, developed from the same particles gives you a hydrophobic surface
The particle is hydrophobic, but the surface can exhibited some hydrophilicity since these particle are stabilized by hydrophilic compounds (surfactants) if the surfactant is removed from particle, so the particles will be completely hydrophobic.
To some part the hydrophobicity also depend on particle diamater. Think of the contact angle of a drop on a flat and a curved surface. Also the method of your "development" might change surface chemistry and therefore also the contact angle.
Check out this publication in which we rendered hydrophobic particles hydrophilic by addition of some surfactants. However, if the surfactants are removed again, the particles become hydrophobic once more.
I beleive you must investigate what really is "inside" your nanoparticle dispersion and nanoparticles surface.