【高盛-2025研报】印度国家热电公司（NTPC）：NTPC有限公司（NTPC.BO）：中期电力短缺将加剧，股票定价未考虑当前管道之外的火电产能；买入.pdfVIP

16June2025|11:22PMSGT

NTPCLtd.(NTPC.BO)

yPowerdeficittodeepeninmedium-term,stockpricingnothermalcapacity

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Bbeyondcurrentpipeline;Buy

NikhilBhandari

NTPC.BO12m Price Target: Rs450.00Price: Rs333.75Upside: 34.8%

+65-6889-2867|nikhil.bhandari@

GoldmanSachs(Singapore)Pte

DuetoeasedpowershortagespostFY23andamanageablepowerAmberCai

+852-2978-6602|amber.cai@

deficitoutlookforFY26E,NTPC’ssharepricehasunderperformedGoldmanSachs(Asia)L.L.C.

Sensexby14%inthepastyear.FromourSOTP,wecalculatethatKumariRishika

+91(22)6616-9154|rishika.x.singh@

thestockisnowpricinginnonewcoalcapacitypipelinebeyondGoldmanSachsIndiaSPL

c.24GWofcurrentlyorderedandidentifiedcapacities.WhileIndia’s

powerdemandisgoingthroughasoftpatchthissummerdueto

coolerweather,wefocusonthelong-termpotential,andthrough