Incorporated in 1975, NTPC is India's largest power company with total installed capacity of 45,548MW (including JVs) with 18 coal based and 7 gas based stations and accounts for ~26% of the total power generation in the country. Capacity additions to drive regulated equity: NTPC is a long term growth play on the power sector with its strong capacity addition plans. The company's current consolidated capacity stands at 45,048MW and is expected to add ~23,500MW (~7,500MW by FY2017, ~8,050MW in FY2018 and ~8,200MW in FY2019) by FY2019. The company has earmarked a consolidated capex of ~Rs31,500cr this fiscal. With the strong capex plan, Management expects a 45% jump in regulated equity by FY2018 and a 75% increase by FY2019. Well placed to benefit from demand recovery: Power sector woes have mostly been related to fuel supply issues and debt issues of State Electricity Boards (SEB). We believe the government is proactively taking steps to resolve both these issues. With increasing production at Coal India, coal availability issues have already been sorted to a large extent. The UDAY scheme can help the SEBs restructure their debt and provide long term solutions for the SEBs via tariff hikes and improvements in operating...