India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>NTPC, India’s largest power generator, added 6,615 MW in 10M FY26 - its fastest-ever capacity addition, while 9M FY26 group PAT rose 5.45% YoY to INR 16,931 crore.</li>
<li>The company is scaling both thermal brownfield projects and renewables, with a 60 GW green energy target by 2032, creating a diversified PSU power growth story.</li>
<li>NTPC’s cost-plus regulated model supports stable earnings, while NGEL’s renewable expansion and nuclear opportunities could become key long-term re-rating triggers.</li>
</ul>


NTPC, India’s largest power generator, added 6,615 MW in 10M FY26 - its fastest-ever capacity addition, while 9M FY26 group PAT rose 5.45% YoY to INR 16,931 crore.
The company is scaling both thermal brownfield projects and renewables, with a 60 GW green energy target by 2032, creating a diversified PSU power growth story.
NTPC’s cost-plus regulated model supports stable earnings, while NGEL’s renewable expansion and nuclear opportunities could become key long-term re-rating triggers.


NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Total Capacity Addition: NTPC group's installed capacity grew by 1,744 MW QoQ to 85,637 MW in Q3FY26, comprising 800 MW from Patratu thermal power station (Unit 1), 694 MW from RE, and 250 MW from THDC pump storage project (Tehri PSP Unit 3).</li><li>The company has ~33 GW of capacity under construction, consisting of 16.5 GW of Thermal, ~1.9 GW of Hydro, and ~14.5 GW of RE capacity.</li><li>Thermal Targets: The company targets to add 6.5 GW of thermal capacity over the next three years. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Total Capacity Addition: NTPC group's installed capacity grew by 1,744 MW QoQ to 85,637 MW in Q3FY26, comprising 800 MW from Patratu thermal power station (Unit 1), 694 MW from RE, and 250 MW from THDC pump storage project (Tehri PSP Unit 3).The company has ~33 GW of capacity under construction, consisting of 16.5 GW of Thermal, ~1.9 GW of Hydro, and ~14.5 GW of RE capacity.Thermal Targets: The company targets to add 6.5 GW of thermal capacity over the next three years. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC - Q3 - Stable Performance Backed by Capacity Additions

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>China’s coal-based urea and chemicals chain absorbed the 2026 Middle East shock far better than gas- and oil-dependent competitors.</li>
<li>India imports critical industrial feedstocks and remains exposed to LNG, fertiliser and petrochemical supply disruptions through maritime chokepoints.</li>
<li>Coal gasification should be treated as strategic industrial infrastructure not merely another coal project provided economics, ash technology and carbon capture are solved</li>
</ul>


China’s coal-based urea and chemicals chain absorbed the 2026 Middle East shock far better than gas- and oil-dependent competitors.
India imports critical industrial feedstocks and remains exposed to LNG, fertiliser and petrochemical supply disruptions through maritime chokepoints.
Coal gasification should be treated as strategic industrial infrastructure not merely another coal project provided economics, ash technology and carbon capture are solved


What India Needs to Learn from China on Coal Gasification?

<ul><li>Total Capacity Addition: NTPC group’s installed capacity grew by 1,247 MW QoQ to 83,893 MW in Q2FY26, led by 684 MW of Solar capacity additions, 250 MW of PSP, 220 MW of coal-based thermal capacity and 93 MW of wind capacity.</li><li>The 220 MW of thermal additions is net of discontinued plants and includes 660 MW of Khurja plant commissioned in and the discontinuation of 440 MW (110 MW x 4 units) of Tanda plant in Sep’25.</li><li>The company’s under-construction capacity stands at 33 GW, consisting of 17 GW of thermal, 14 GW of RE capacity and 2 GW of hydro capacity. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Total Capacity Addition: NTPC group’s installed capacity grew by 1,247 MW QoQ to 83,893 MW in Q2FY26, led by 684 MW of Solar capacity additions, 250 MW of PSP, 220 MW of coal-based thermal capacity and 93 MW of wind capacity.The 220 MW of thermal additions is net of discontinued plants and includes 660 MW of Khurja plant commissioned in and the discontinuation of 440 MW (110 MW x 4 units) of Tanda plant in Sep’25.The company’s under-construction capacity stands at 33 GW, consisting of 17 GW of thermal, 14 GW of RE capacity and 2 GW of hydro capacity. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC - EBITDA Miss, Capacity Additions in Focus

<ul>
<li>India’s nuclear sector, operating 8.78 GW, gains a new fuel-security route as India and Australia operationalise long-term uranium exports for peaceful use under IAEA safeguards.</li>
<li>The agreement diversifies supply, supports the 22.38 GW FY32 and 100 GW 2047 roadmap, and strengthens confidence in reactor approvals, localisation and private participation.</li>
<li>
Fuel security is an enabler, not an earnings trigger, commercial volumes, reactor orders, financing, execution, regulation, SMR deployment, vendor capacity and public acceptance will determine value creation.</li>
</ul>


India’s nuclear sector, operating 8.78 GW, gains a new fuel-security route as India and Australia operationalise long-term uranium exports for peaceful use under IAEA safeguards.
The agreement diversifies supply, supports the 22.38 GW FY32 and 100 GW 2047 roadmap, and strengthens confidence in reactor approvals, localisation and private participation.

Fuel security is an enabler, not an earnings trigger, commercial volumes, reactor orders, financing, execution, regulation, SMR deployment, vendor capacity and public acceptance will determine value creation.


India-Australia Uranium Deal: Fuel Security Unlocks India’s Next Nuclear Capex Cycle

India

NTPC Limited is India's largest integrated power utility, primarily engaged in the generation and sale of electricity through a diversified portfolio including coal, gas, hydro, solar, and wind assets. The company also undertakes coal mining, power trading, and consultancy services for power projects. NTPC is headquartered in New Delhi, India, and was founded on November 7, 1975.

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NTPC (NTPC IN)

NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...

Sudarshan Bhandari

NTPC - Q3 - Stable Performance Backed by Capacity Additions

NTPC group's installed capacity grew by 1,744 MW QoQ to 85,637 MW in Q3FY26, comprising 800 MW from Patratu thermal power station (Unit 1), 694 MW...

Axis Direct

What India Needs to Learn from China on Coal Gasification?

China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...

Nimish Maheshwari

NTPC - EBITDA Miss, Capacity Additions in Focus

The company’s under-construction capacity stands at 33 GW, consisting of 17 GW of thermal, 14 GW of RE capacity and 2 GW of hydro capacity.

Axis Direct

India-Australia Uranium Deal: Fuel Security Unlocks India’s Next Nuclear Capex Cycle

India secures new fuel source with Australia, boosting nuclear sector growth and supporting ambitious energy goals. Fuel security key for...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

​NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...

Sudarshan Bhandari

NTPC - Q3 - Stable Performance Backed by Capacity Additions

NTPC group's installed capacity grew by 1,744 MW QoQ to 85,637 MW in Q3FY26, comprising 800 MW from Patratu thermal power station (Unit 1), 694 MW...

Axis Direct

What India Needs to Learn from China on Coal Gasification?

​China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...

Nimish Maheshwari

NTPC - EBITDA Miss, Capacity Additions in Focus

The company’s under-construction capacity stands at 33 GW, consisting of 17 GW of thermal, 14 GW of RE capacity and 2 GW of hydro capacity.

Axis Direct

India-Australia Uranium Deal: Fuel Security Unlocks India’s Next Nuclear Capex Cycle

​India secures new fuel source with Australia, boosting nuclear sector growth and supporting ambitious energy goals. Fuel security key for...

Nimish Maheshwari

NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...

China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...

India secures new fuel source with Australia, boosting nuclear sector growth and supporting ambitious energy goals. Fuel security key for...