NTPC is one of the best plays on the increasing total addressable market for power capex – led by security of the grid and increasing renewables penetration. It is the beneficiary of both the worlds – conventional (CO) and renewables (RE). It has laid out a plan to add 24GW of thermal capacities and 64GW of RE capacities by 2032. As a result, visibility on cost plus or regulated earnings has improved. We estimate cost plus earnings to grow at 10-12% CAGR in medium term. We expect NTPC to accelerate RE capacity addition on the back of 20GW tied up capacity. As a result, we expect EBITDA of RE capacity to grow at 30% CAGR over the next three years. We resume coverage on NTPC with BUY and SoTP-based target price of INR 495 per share.

With a first-mover advantage in EV products, MDA supplies to major EV 2W firms. Its smart key solution is being adopted by ICE 2W OEM, a key positive in hiking content per vehicle with realization for smart key at INR 2,500+ vs INR 400-600 for traditional locksets

PCBL reported a good show on numbers by maintaining its gross & operating spreads per kg near highest levels similar to last quarter. The good performance was backed by stronger volumes which helped maintain its operating metrics. Volumes have grown by 20% YoY & 5% QoQ because of additional volumes from Chennai (Normal carbon black) & Mundra (Speciality black) facility aiding volume momentum. We are expecting stronger pickup in volumes particularly to EU owing to ban on Russian CB supplies effective June 24 which will directly benefit Indian CB players

The company remains confident in its Bromine Derivatives project and the strategic acquisition of Oren, which is expected to contribute to the topline in FY25. Given its smaller size and large addressable market, ACIL is optimistic about achieving 60-70% utilization from the new derivative plants. The company also anticipates continued strong uptake from the Industrial Salt segment and a recovery in the SOP segment