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.

Equity Bottom-Up

<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

<ul><li>Total capacity addition: 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.

Total capacity addition: 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.

NTPC  - Strong Q4; Capacity Additions to Pick Up in FY26

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

Kalpataru Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> is looking to raise about US$184m in its upcoming India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Kalpataru Limited (KTARU IN) is looking to raise about US$184m in its upcoming India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Kalpataru Ltd IPO - Cemented by Debt Repayment

<ul><li>NTPC Ltd (NTPC) is the largest power producer in the country. It was conferred a Maharatna status in 2010, which provides it with more operational and financial flexibility.</li><li>NTPC group is the leader in power production in India, with an installed capacity of 76.6 GW.</li><li>It has total under-construction projects of over 30 GW and approvals for 8 GW of thermal projects.</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.

NTPC Ltd (NTPC) is the largest power producer in the country. It was conferred a Maharatna status in 2010, which provides it with more operational and financial flexibility.NTPC group is the leader in power production in India, with an installed capacity of 76.6 GW.It has total under-construction projects of over 30 GW and approvals for 8 GW of thermal projects.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 - 22nd February, 2025

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>NTPC (standalone)’s reported 3QFY25 EBITDA came in 2% above our estimates, though adjusted PAT was below due to a higher-than-expected tax rate and previous year-related adjustments.</li><li>Profitability at the PAT level was also hit by adverse movement in regulatory deferral account balances of INR3.6b.</li><li>Gross generation was up 2% YoY in 3QFY25 while plant availability across both coal and gas plants improved on a YoY basis.</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.

NTPC (standalone)’s reported 3QFY25 EBITDA came in 2% above our estimates, though adjusted PAT was below due to a higher-than-expected tax rate and previous year-related adjustments.Profitability at the PAT level was also hit by adverse movement in regulatory deferral account balances of INR3.6b.Gross generation was up 2% YoY in 3QFY25 while plant availability across both coal and gas plants improved on a YoY basis.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 - Valuations Inexpensive but Execution to Watch Out For

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)

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

NTPC - Strong Q4; Capacity Additions to Pick Up in FY26

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...

Axis Direct

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Pick of the Week: NTPC - 22nd February, 2025

NTPC Ltd (NTPC) is the largest power producer in the country. It was conferred a Maharatna status in 2010, which provides it with more operational...

Axis Direct

NTPC - Valuations Inexpensive but Execution to Watch Out For

NTPC (standalone)’s reported 3QFY25 EBITDA came in 2% above our estimates, though adjusted PAT was below due to a higher-than-expected tax rate and...

Motilal Oswal

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