Buy NTPC; target of Rs 300: ICICI Direct

ICICI Direct's research report on NTPC

NTPC is India’s largest power generation company with a total installed capacity of ~73000 MW at the group level as of FY23. 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 NTPC. We value the stock at ₹ 300 per share (based on 1.8x FY25 Book Value).