NTPC is projected to lift Q2 earnings by 20% as plants run at higher load factors, according to Rupesh Sankhe, Senior VP at Elara Capital.
Peak demand climbed to 250 GW from 220 GW, driven by cooling needs and industrial activity, a trend that should translate into higher coal offtake and generation output.
Power Grid’s ₹20,000 crore asset capitalization last year and improved load factors signal earnings growth, while Tata Power is forecast to rise 25% with its Coastal Gujarat Power plant revival.
The Indian Energy Exchange retains 97% of the day‑ahead market, with transaction margins hovering around four paise, underscoring a stable trading environment.
Investors favour established utilities expanding into renewables; NTPC trades at 1.2× price‑to‑book, a valuation last seen in 2019, reflecting its strong balance sheet and regulated assets.
NTPC is expected to release its Q2 results in October, a move that could trigger a reassessment of its valuation and potential price‑target revisions.