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. 

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Equity Bottom-Up

<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

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

<ul><li>Total capacity addition: NTPC group’s installed capacity grew by 2,716 MW to 82,646 MW in Q1FY26, led by 1,320 MW of thermal capacity addition, 996 MW of solar capacity addition, 150 MW of wind capacity and 250 MW of Hydro PSP additions.</li><li>The thermal capacity additions include 660 MW of the North Karanpura project and 660 MW of the Barh–1 project.</li><li>For FY26, the company targets 3.6 GW of thermal capacity addition and 6.5 GW of RE capacity addition.</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 2,716 MW to 82,646 MW in Q1FY26, led by 1,320 MW of thermal capacity addition, 996 MW of solar capacity addition, 150 MW of wind capacity and 250 MW of Hydro PSP additions.The thermal capacity additions include 660 MW of the North Karanpura project and 660 MW of the Barh–1 project.For FY26, the company targets 3.6 GW of thermal capacity addition and 6.5 GW of RE capacity addition.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 -Q1FY26 Investors’ Meet: Capacity Additions in Focus

<ul><li>Q1FY26 PAT ahead of estimates: The Company’s PAT stood at Rs 6,108 Cr, up 11% YoY but down 23% QoQ, beating our and consensus estimates by 13%.</li><li>PAT adjusted for regulatory deferral movement stood at Rs 4,101 Cr.</li><li>However, the consolidated revenue and EBITDA missed our and consensus estimates, led by lower power generation.</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.

Q1FY26 PAT ahead of estimates: The Company’s PAT stood at Rs 6,108 Cr, up 11% YoY but down 23% QoQ, beating our and consensus estimates by 13%.PAT adjusted for regulatory deferral movement stood at Rs 4,101 Cr.However, the consolidated revenue and EBITDA missed our and consensus estimates, led by lower power generation.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 - Decent Q1, Capacity Additions in Focus

<ul><li>Capacity expansion: NTPC group’s installed capacity grew by 3,972 MW to 79,930 MW in FY25, mainly led by 3,312 MW of RE capacity (includes inorganic Anaya acquisition), while thermal capacity increased by only 660 MW.</li><li>The total under-construction capacity stands at over 33,750 MW, with Thermal under construction at 16,900 MW, Solar at 9,629 MW, Wind at 4,966 MW and Hydro at 2,255 MW.</li><li>Target CoD is 21 GW over FY26-27 (11.8/9.9 GW in FY26/27).</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.

Capacity expansion: NTPC group’s installed capacity grew by 3,972 MW to 79,930 MW in FY25, mainly led by 3,312 MW of RE capacity (includes inorganic Anaya acquisition), while thermal capacity increased by only 660 MW.The total under-construction capacity stands at over 33,750 MW, with Thermal under construction at 16,900 MW, Solar at 9,629 MW, Wind at 4,966 MW and Hydro at 2,255 MW.Target CoD is 21 GW over FY26-27 (11.8/9.9 GW in FY26/27).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.

Pick of the Week: NTPC Ltd - 14th June, 2025

India

NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India.  The Company is a public sector undertaking of the Government of India and it also undertakes turnkey consulting projects to set up power plants.

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NTPC Ltd (NTPC IN)

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

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Ntpc -Q1FY26 Investors’ Meet: Capacity Additions in Focus

he under-construction portfolio includes 15,580 MW of thermal capacity, 13,268 MW of RE capacity, and 2,005 MW of Hydro capacity.

Axis Direct

NTPC - Decent Q1, Capacity Additions in Focus

Q1FY26 PAT ahead of estimates: The Company’s PAT stood at Rs 6,108 Cr, up 11% YoY but down 23% QoQ, beating our and consensus estimates by 13%.

Axis Direct

Pick of the Week: NTPC Ltd - 14th June, 2025

NTPC group’s installed capacity grew by 3,972 MW to 79,930 MW in FY25, mainly led by 3,312 MW of RE capacity (includes inorganic Anaya...

Axis Direct

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