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NTPC Q3 Review — Valuations Inexpensive But Execution To Watch Out For, Says Motilal Oswal, Retains 'Neutral'
The subsidiary NTPC Green Energy is already trading at the higher end of the 10-15x FY27 EV/Ebitda for RE generation players, and execution slippages could potentially lead to a de-rating: brokerage.
27 Jan 2025, 10:15 AM IST 
NTPC Ltd. (standalone)’s reported Q3 FY25 Ebitda came in 2% above estimates, though adjusted PAT was below due to a higher-than-expected tax rate and previous year-related adjustments.
(Source: Company website)
At the NTPC Green Energy Ltd. level, only 0.5GW capacity has been commissioned in 9MFY25 versus the FY25/26 guidance of 3/5GW. Lastly, we also note that subsidiary NGEL is already trading at the higher end of the 10-15x FY27 EV/Ebitda for RE generation players, and execution slippages could potentially lead to a de-rating.
