Sharekhan's research report on NTPC
NTPC plans to tender 7.2 GW of thermal capacities in the next 2-3 years apart from under-construction thermal capacities of 17.6 GW. Renewable energy capacity target remains strong of 3GW/5GW/8GW addition in FY25/26/27. Company is also planning on adding 30GW of nuclear capacity by FY45.
Outlook
We maintain a Buy on NTPC with a revised PT of Rs. 374. Valuation of 1.8x/1.7x its FY26E/27 P/BV is reasonable given strong long-term growth prospects, and the stock offers a decent dividend yield as well.
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