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    NTPC: A defensive play on green energy

    Recent correction offers a good entry point as earnings visibility remains strong

    Jitendra Kumar Gupta
    March 14, 2024 / 11:56 AM IST
    NTPC: A defensive play on green energy

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    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Highlights

    • Recent correction in the stock price provides good opportunity

    • Valuations at 11 times its fiscal 2026 estimated earnings attractive

    • Strong capacity addition in thermal and renewable space to support growth

    • Earnings visibility remains strong led by capex and improving operating performance

    NTPC (CMP: Rs 322, Market capitalisation: Rs 3,11,893 crore, Stock Rating: overweight), which could be a great play on renewable energy as well as the strong upswing in domestic power demand, has corrected in the past few days from

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