New Research Reports

Thermal equipment ordering is scaling the summit. In our view, it would be overly hasty to write an obituary for thermal or coal-based power yet.

NTPC Green Energy Limited (NGEL), a 100% subsidiary of NTPC, is looking to debut on exchanges as the company files its DRHP. In this note, we analyse NGEL’s business, look at its valuation metrics and evaluate key concerns.

Coal India (COAL) reported a production of 46.1mt in Aug’24, down 12% YoY. Accordingly, during Apr-Aug’24, total production reached 290mt (+3% YoY) and dispatches stood at 308mt (+1% YoY).

Consolidated PAT at Rs. 1,971 crore was up 19% y-o-y and led by a beat in EBITDA margins due to decrease in royalty payments.

Revenue was in line with our estimate at INR54b, flat YoY/down 17% QoQ. The QoQ decline was primarily due to weak volumes.

HPCL’s Rajasthan Refinery (HRRL) is set to start operations in FY26 and will add ~30% to HPCL’s refining capacity. At peak capacity utilization (likely in FY28), HRRL will contribute ~37% to HPCL’s FY26E EBITDA.