Buy NTPC; target of Rs 181: Axis Direct

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26 Aug, 2025 12:21

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Axis Direct's research report on NTPC

Adjusted PAT (Rs 26 bn) was up just 2% YoY despite 6% YoY increase in regulated equity to Rs 440 bn. This can be attributed to lower incentives reflected in generation being up just 2% YoY (63.8 bn units). From Q3, change in mode of calculation of Gross calorific value (GCV) of coal from “as fired” measured in boiler to “as received” from coal wagons at unloading point was done.

Outlook

While FY17 had commercialization of just 1.4 GW, NTPC expects commercialization to pick up to 4.7 GW in FY18. We roll forward our estimates to FY19 and have BUY rating with TP of Rs 181.

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