Buy NTPC; target of Rs 140: Dolat Capital Market

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26 Aug, 2025 12:21

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Dolat Capital Market's research report on NTPC

NTPC Q2 sales was up 8% YoY at Rs247bn while RPAT was Rs35bn, up 7% YoY. It has provided for a rebate of the remaining Rs5.6bn of its Rs13.6bn rebate to SEBs due to covid, after having provided Rs8bn in Q1. It has announced a Buyback of up to 2% of the paid up capital at Rs115/ share. NTPC added capacity of 984MW H1FY21, including 24MW of renewables. It plans to achieve 5.5GW of capacity addition in FY21. Its capex target remains at Rs210bn in FY21. Its CWIP is expected to fall as more assets are capitalized and it is targeting a 15% CAGR in regulated equity in next three years.

Outlook

Stock is trading at an attractive P/BV of 0.7x FY22E. We maintain a Buy rating with a TP of Rs140 valuing the stock at 1.1xFY22EP/BV.

For all recommendations report, click here

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