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>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

<ul><li>Total capacity addition: As of 31st Dec’24, NTPC has a total installed capacity of 76,598 MW.</li><li>The total under-construction capacity stands at over 30 GW, with thermal projects under construction at 17.6 GW, RE at 10.3 GW and hydro at 2.2 GW.</li><li>It expects the commissioning of a total capacity of 24.6 GW over FY25-27, with a capacity of ~7/7.7/9.9 GW expected to be commissioned at the consolidated level for FY25/26/27.</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: As of 31st Dec’24, NTPC has a total installed capacity of 76,598 MW.The total under-construction capacity stands at over 30 GW, with thermal projects under construction at 17.6 GW, RE at 10.3 GW and hydro at 2.2 GW.It expects the commissioning of a total capacity of 24.6 GW over FY25-27, with a capacity of ~7/7.7/9.9 GW expected to be commissioned at the consolidated level for FY25/26/27.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 Q3, Growth Drivers Intact; Retain BUY

Thematic (Sector/Industry)

<ul><li>Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year.</li><li>The peak demand was 243 GW for Q1FY26 in Jun’25 (vs. 250 GW during Q1FY25 in May’24), a 3% YoY decline.</li><li>The weakness in electricity demand is led by the early onset of monsoon and less intense summer. y companies under our coverage, led by lower power generation and slower execution.</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.

Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year.The peak demand was 243 GW for Q1FY26 in Jun’25 (vs. 250 GW during Q1FY25 in May’24), a 3% YoY decline.The weakness in electricity demand is led by the early onset of monsoon and less intense summer. y companies under our coverage, led by lower power generation and slower execution.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 Earnings Preview - Power & Ancillaries

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>In the past five years, when Central government accelerated its capex momen-tum to bring about sustainable investment-led growth in the country, the in-vestor community remained puzzled with two questions: Is private capex picking up as well? (Capex-on a sustainable upswing)</li><li>If private capex is picking up, then why isn’t that visible in credit growth of the banking system?</li><li>Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&amp;T, Maruti, Mahindra &amp; Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.</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.

In the past five years, when Central government accelerated its capex momen-tum to bring about sustainable investment-led growth in the country, the in-vestor community remained puzzled with two questions: Is private capex picking up as well? (Capex-on a sustainable upswing)If private capex is picking up, then why isn’t that visible in credit growth of the banking system?Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&amp;T, Maruti, Mahindra &amp; Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.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.

Capex Tracker: Private and central capex strong, states fall behind

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 - 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

NTPC - Strong Q3, Growth Drivers Intact; Retain BUY

The total under-construction capacity stands at over 30 GW, with thermal projects under construction at 17.6 GW, RE at 10.3 GW and hydro at 2.2 GW.

Axis Direct

Q1FY26 Earnings Preview - Power & Ancillaries

Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year. The peak demand was...

Axis Direct

Capex Tracker: Private and central capex strong, states fall behind

Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&T, Maruti, Mahindra & Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.

HDFC Securities

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