Goldman Sachs maintains a Buy rating on NTPC after a 4QFY26 PAT beat and strong capacity execution, citing a tightening India power balance and attractive relative valuation.
Key Takeaways
- 1.Adjusted Profit After Tax (PAT) for 4QFY26 grew 2.8% YoY, exceeding Goldman Sachs estimates by 13% due to lower interest costs and higher JV contributions.
- 2.NTPC demonstrated strong execution with 9.6GW of capacity added in FY26; management targets adding 9.5-10GW per year in FY27 and FY28.
- 3.The tightening power supply-demand balance in India, with peak deficits at 3-year highs, supports a constructive growth outlook and potential stock re-rating.
Table of Contents
- Key takeaways from the management call:
- Renewables (RE)
- BESS & Nuclear
- Thermal
- Investment Thesis and PTRM
- Valuation methodology and risks - NTPC
- GS Forecast
- Disclosure Appendix
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
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Authors
Nikhil BhandariRandy Lau
Securities
NTPC.BOTata PowerJSW EnergyTorrent Power
Themes
Renewable Energy TransitionIndia Power DeficitRelative Valuation Re-rating
Regions
Asia PacificIndia