India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Thematic (Sector/Industry)

<div class="content-highlight"><p>Government of India is considering a massive 70% duty on imported solar modules from foreign countries to counter the import threat especially from China. While it will be good for domestic manufacturers, this will be extremely bad for Indian project developers in renewables mainly because their quoted tariffs are very low. One of the key assumption behind such low tariffs was cheap imported solar modules and if that changes, it will also be bad for funding agencies and investors in renewable…</p></div>

Government of India is considering a massive 70% duty on imported solar modules from foreign countries to counter the import threat especially from China. While it will be good for domestic manufacturers, this will be extremely bad for Indian project developers in renewables mainly because their quoted tariffs are very low. One of the key assumption behind such low tariffs was cheap imported solar modules and if that changes, it will also be bad for funding agencies and investors in renewable…

India Renewables: Import Duty on Solar Modules = Difficulties for Developers and Viability Concerns

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

<h2>Renewable vs. Conventional: 2017 was a landmark year for Indian power sector</h2><p>In 2017, Renewable energy became more cost competitive than conventional power as the tariffs for wind and solar power have touched new lows. For the first time in history, the renewable energy is more competitive than even domestic coal based generation, the cheapest source of electricity in India. Please refer <a href="https://www.smartkarma.com/insights/india-power-sector-wind-tariffs-in-auction-crash-to-a-new-low-and-why-that-is-not-a-cause-to-cheer" target="_blank" data-smartkarma-citation="insights:16356">India Power Sector: Wind Tariffs in Auction Crash to a New Low and Why that Is Not a Cause to Cheer?</a></p><p>It is a…</p>

Renewable vs. Conventional: 2017 was a landmark year for Indian power sectorIn 2017, Renewable energy became more cost competitive than conventional power as the tariffs for wind and solar power have touched new lows. For the first time in history, the renewable energy is more competitive than even domestic coal based generation, the cheapest source of electricity in India. Please refer India Power Sector: Wind Tariffs in Auction Crash to a New Low and Why that Is Not a Cause to Cheer?It is a…

India Power Sector: Why 2017 Was a Watershed Year and What to Expect in 2018?

<h2>Wind power tariffs crash to Rs2.43/unit in the latest auction in Gujarat</h2><p>As has been the trend this year in India, the tariffs quoted by companies during the auction to win renewable energy projects have crashed further and formed new lows in the latest round. A few days ago, Gujarat Urja Vikas Nigam Ltd (GUVNL) announced that Sprng Energy Pvt Ltd has quoted Rs2.43 per unit, bidding for 197.5 MW of the 500-MW auctioned by GUVNL. Interestingly, tariff of Rs2.43 per unit is lower than the…</p>

Wind power tariffs crash to Rs2.43/unit in the latest auction in GujaratAs has been the trend this year in India, the tariffs quoted by companies during the auction to win renewable energy projects have crashed further and formed new lows in the latest round. A few days ago, Gujarat Urja Vikas Nigam Ltd (GUVNL) announced that Sprng Energy Pvt Ltd has quoted Rs2.43 per unit, bidding for 197.5 MW of the 500-MW auctioned by GUVNL. Interestingly, tariff of Rs2.43 per unit is lower than the…

India Power Sector: Wind Tariffs in Auction Crash to a New Low and Why that Is Not a Cause to Cheer?

<p>The pollution crisis has become an emergency in Indian capital city of Delhi and several other towns and the Air Quality is reflecting severe deterioration. As a result, normal life has been affected and these changes are likely to have serious implications on policies. We think this may have important implications in many sectors such as Power Generation, Automobiles and Air Purifiers. Negative impact is also likely on some companies such as <a href="https://www.smartkarma.com/entities/9117" target="_blank">Coal India Ltd (COAL IN)</a> and <a href="https://www.smartkarma.com/entities/460" target="_blank">Bharat Heavy Electricals (BHEL IN)</a>. On Indian Economy in general, the impact on GDP growth rate and industrial production is also possible if the problem sustains.</p>

The pollution crisis has become an emergency in Indian capital city of Delhi and several other towns and the Air Quality is reflecting severe deterioration. As a result, normal life has been affected and these changes are likely to have serious implications on policies. We think this may have important implications in many sectors such as Power Generation, Automobiles and Air Purifiers. Negative impact is also likely on some companies such as Coal India Ltd (COAL IN) and Bharat Heavy Electricals (BHEL IN). On Indian Economy in general, the impact on GDP growth rate and industrial production is also possible if the problem sustains.

India: The Capital City and the Entire Northern Region Is Choking on Smog, The Implications

India

Tata Power is an Indian electric utility company that generates, transmits, and distributes electricity. It offers a range of energy solutions including solar, wind, hydro, and thermal power, along with EV charging infrastructure and home automation. The company is headquartered in Mumbai, India, and was founded in 1919.

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Tata Power (TPWR IN)

India Renewables: Import Duty on Solar Modules = Difficulties for Developers and Viability Concerns

Government of India is considering a massive 70% duty on imported solar modules from foreign countries to counter the import threat especially from...

Pankaj Sharma

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

India Power Sector: Why 2017 Was a Watershed Year and What to Expect in 2018?

Renewable vs. Conventional: 2017 was a landmark year for Indian power sectorIn 2017, Renewable energy became more cost competitive than...

Pankaj Sharma

India Power Sector: Wind Tariffs in Auction Crash to a New Low and Why that Is Not a Cause to Cheer?

Wind power tariffs crash to Rs2.43/unit in the latest auction in GujaratAs has been the trend this year in India, the tariffs quoted by companies...

Pankaj Sharma

India: The Capital City and the Entire Northern Region Is Choking on Smog, The Implications

The pollution crisis has become an emergency in Indian capital city of Delhi and several other towns and the Air Quality is reflecting severe...

Pankaj Sharma

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Renewables: Import Duty on Solar Modules = Difficulties for Developers and Viability Concerns

Government of India is considering a massive 70% duty on imported solar modules from foreign countries to counter the import threat especially from...

Pankaj Sharma

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

India Power Sector: Why 2017 Was a Watershed Year and What to Expect in 2018?

Renewable vs. Conventional: 2017 was a landmark year for Indian power sectorIn 2017, Renewable energy became more cost competitive than...

Pankaj Sharma

India Power Sector: Wind Tariffs in Auction Crash to a New Low and Why that Is Not a Cause to Cheer?

Wind power tariffs crash to Rs2.43/unit in the latest auction in GujaratAs has been the trend this year in India, the tariffs quoted by companies...

Pankaj Sharma

India: The Capital City and the Entire Northern Region Is Choking on Smog, The Implications

The pollution crisis has become an emergency in Indian capital city of Delhi and several other towns and the Air Quality is reflecting severe...

Pankaj Sharma

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