Buy NTPC; target of Rs 207: ICICI Direct

ICICI Direct's research report on NTPC

NTPC is India’s largest power generation company with a total installed capacity of 69134 MW at the group level. NTPC has 17% of total installed capacity in India with 24% generation share • The company’s vision is to become a 130 GW+ company by 2032 of which 60 GW would be contributed by renewable energy.

Outlook

We maintain our BUY rating on the stock. We value NTPC at Rs 207 i.e. 1.4x FY24E book value.

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