While the company has demonstrated strong growth in profitability with 10-year profit CAGR of 8% surging to 11% on a TTM basis, recent quarterly results reveal declining sales (-4.18% YoY) and operating profit (-13.23% YoY), highlighting structural challenges.
Despite an attractive P/E of 16.4 and steady ROE at 13.6%, retail investors should note decelerating top-line growth and a sharp 23% drop in stock price over the past year, suggesting caution in the near term and a potential entry point once growth stabilizes.
News TidBits
NTPC announced a ₹3,248 crore final dividend for FY25, boosting its total payout for the financial year to ₹8,096 crore—a consistent dividend track record for 32 years, appealing to long-term, dividend-focused investors. The large-scale dividend reflects NTPC's stable cash flows and robust operational performance amidst evolving energy demands. NTPC's emphasis on India's largest green hydrogen facility positions it well in the renewable energy transition. Gas discovery in Andaman further strengthens NTPC's long-term potential in clean energy and resource exploration markets. Investors can view NTPC as a stable income stock, with promising prospects in green energy expansion.
Stacks on Stacks: Tip Time 🤑
Invest in businesses that are simple to understand but have complex moats—this approach minimizes unforeseen risks while amplifying the long-term rewards. Companies like ITC or Reliance demonstrate why simplicity in objectives coupled with execution excellence can compound wealth for patient investors.
Inside The Fund
ICICI Prudential Manufacturing Fund
Fund Size: ₹ 6490.27 Cr
NAV: ₹ 38.04 (as on 26th September, 2025)
1 Year
-2.59%
Category: -4.22%
2 Year
25.13%
Category: 19.52%
3 Year
27.64%
Category: 20.99%
5 Year
30.31%
Category: 24.08%
Top 10 Holdings
Stock
Holding %
1M Change
Ultratech Cement Ltd.
5.40%
0.26%
Mahindra & Mahindra Ltd.
4.92%
0.08%
Cummins India Ltd.
4.21%
0.36%
J S W Steel Ltd.
3.75%
-0.01%
Ambuja Cements Ltd.
3.42%
-0.12%
Hindustan Aeronautics Ltd.
3.20%
-0.09%
Siemens Energy India Ltd.
2.93%
0.17%
Jindal Stainless Ltd.
2.74%
0.29%
Vedanta Ltd.
2.45%
0.01%
Bharat Forge Ltd.
2.41%
-0.09%
The Common Ground
Shows the commonly added & removed stocks by mutual funds last month
Top Added (3)
TVS Motor Company Ltd. - Preference Shares
9 funds
ICICI Prudential Large & Mid Cap Fund- Direct Plan - Growth
0.01%
HDFC Large and Mid Cap Fund - Direct Plan - Growth
0.00%
Canara Robeco Large and Mid Cap Fund - Direct Plan - Growth
0.05%
Axis Large & Mid Cap Fund - Direct Plan - Growth
0.01%
Bandhan Large & Mid Cap Fund - Direct Plan - Growth
0.01%
Invesco India Large & Mid Cap Fund - Direct Plan - Growth
0.02%
Nippon India Vision Large & Mid Cap Fund - Direct Plan - Growth
0.01%
Aditya Birla Sun Life Large & Mid Cap Fund - Direct Plan - Growth
0.02%
Edelweiss Large and Mid Cap Fund - Direct Plan - Growth
0.01%
Britannia Industries Ltd.
2 funds
Canara Robeco Large and Mid Cap Fund - Direct Plan - Growth
0.34%
Nippon India Vision Large & Mid Cap Fund - Direct Plan - Growth
0.75%
TVS Motor Company Ltd.
2 funds
Motilal Oswal Large and Midcap Fund - Direct Plan - Growth
0.54%
Nippon India Vision Large & Mid Cap Fund - Direct Plan - Growth
0.93%
Top Removed (4)
NMDC LTD
2 funds
ICICI Prudential Large & Mid Cap Fund- Direct Plan - Growth
-0.28%
UTI Large & Mid Cap Fund - Direct Plan - Growth
-0.20%
Hero Motocorp Ltd.
2 funds
Canara Robeco Large and Mid Cap Fund - Direct Plan - Growth
-0.16%
DSP Large & Mid Cap Fund - Direct Plan - Growth
-0.53%
Inox Wind Ltd. - Rights
2 funds
Motilal Oswal Large and Midcap Fund - Direct Plan - Growth
-0.03%
Bandhan Large & Mid Cap Fund - Direct Plan - Growth
0.00%
Indusind Bank Ltd.
2 funds
Bandhan Large & Mid Cap Fund - Direct Plan - Growth
-0.14%
Aditya Birla Sun Life Large & Mid Cap Fund - Direct Plan - Growth
FIIs net sold ₹5,688 crore last Friday, contributing to a cumulative outflow of ₹30,000 crore in September—the highest monthly outflow in six months.
Domestic investors counterbalanced with ₹5,843 crore in net buying, highlighting local confidence despite external uncertainties.
Sectors like FMCG and IT, preferred by DIIs, may provide near-term stability even as financials face pressure from sustained foreign selling.
Indian Rupee Slides to Five-Month Low Amid US Federal Rate Uncertainty
The rupee’s depreciation reflects growing dollar strength and foreign fund outflows, exposing India's external vulnerabilities like trade deficits.
Import-dependent industries like oil and metals may face margin pressures, while export-driven sectors like IT and textiles benefit via competitiveness gains.
RBI intervention remains a critical factor in determining the currency's stabilization prospects in the coming weeks.
Punjab National Bank’s subdued earnings highlight challenges in asset quality and slower credit growth, stoking bearish sentiment in banking stocks.
The Bank Nifty declined, impacting heavyweights like Kotak Mahindra Bank and Axis Bank, raising concerns over systemic liquidity risks in the sector.
Rotational investor sentiment may favor defensives like IT or consumer goods amidst financial sector volatility.
IPO Watchlist
Ongoing IPOs
Pace Digitek’s IPO is open till September 30, with modest demand seen so far as its subscription stands at 0.17x. TruAlt Bioenergy's IPO closes on September 29, showing stronger demand with a subscription rate of 0.85x, partially due to its promising bioenergy market outlook. Jinkushal Industries has garnered significant interest with a high subscription of 5.11x before its September 29 deadline, indicating heightened investor enthusiasm for this small-cap offering.
Pace Digitek
819.15
Date: 26 Sept - 30 Sept
List: 6 Oct
Subscription: 0.17x
GMP: 9.13%
TruAlt Bioenergy
839.28
Date: 25 Sept - 29 Sept
List: 3 Oct
Subscription: 0.85x
GMP: 20.16%
Jinkushal Industries
116.15
Date: 25 Sept - 29 Sept
List: 3 Oct
Subscription: 5.11x
GMP: 14.05%
Upcoming IPOs
Advance Agrolife's IPO with a size of ₹192.86 crore will open on September 30 and close on October 3, with early indications of a 10% GMP reflecting investor interest. Fabtech Technologies, opening on September 29, has the highest GMP at 18.32%, which suggests strong market anticipation ahead of its October 1 closure. Om Freight Forwarders' IPO will run from September 29 to October 3, with a smaller GMP of 8.15%, signaling moderate investor traction so far.
Advance Agrolife
192.86
Date:30 Sept - 3 Oct
List:8 Oct
Subscription: -
GMP: 10.00%
Om Freight Forwarders
122.31
Date:29 Sept - 3 Oct
List:8 Oct
Subscription: -
GMP: 8.15%
Fabtech Technologies
230.35
Date:29 Sept - 1 Oct
List:7 Oct
Subscription: -
GMP: 18.32%
Glottis
307.00
Date:29 Sept - 1 Oct
List:7 Oct
Subscription: -
GMP: 7.75%
Cha-Ching Cheatsheet 💵
Cognitive biases like loss aversion can lead to selling at the wrong time—train your mind to monitor your portfolio less frequently and let your investments breathe amidst short-term market volatility.
Global Markets
Country
Category
Current PE
Forward PE
Forward PEG
🇬🇧 United Kingdom
Highly Undervalued
13.8
1.0
5.5
🇯🇵 Japan
Undervalued
17.5
0.9
1.5
🇫🇷 France
Undervalued
16.9
0.9
1.4
🇰🇷 South Korea
Undervalued
12.2
0.7
0.2
🇮🇩 Indonesia
Undervalued
16.3
0.7
0.3
🇩🇪 Germany
Fairly Valued
19.7
0.8
0.8
🇹🇭 Thailand
Fairly Valued
15.1
-
-
🇮🇳 India
Fairly Valued
21.6
1.0
7.8
🇨🇳 China
Fairly Valued
16.7
0.9
1.3
🇦🇺 Australia
Fairly Valued
21.4
1.0
-8.1
🇸🇬 Singapore
Overvalued
15.4
-
-
🇺🇸 United States
Overvalued
24.8
0.9
1.9
🇭🇰 Hong Kong
Highly Overvalued
11.9
1.2
-0.8
* Valuation category is calculated as a weighted average of PE ratio, CAPE, forward PE, historical PEG, and forward PEG. We are currently showing PE, Forward PE, and Forward PEG for reference.
Global markets showed volatility influenced by geopolitical concerns, particularly US trade policies such as increased tariffs on pharmaceuticals and heavy-duty trucks, which negatively affected investor sentiments in emerging markets including India.
Tensions surrounding the US H-1B visa fee hikes and trade restrictions have heightened worries about the growth prospects of Indian IT and pharma sectors, which have sizeable exposure to US markets, impacting global risk appetite.
Currency fluctuations were pronounced, with the Indian rupee experiencing its steepest single-day decline in months, driven by increased demand for the US dollar and foreign capital outflows, reflecting global dollar strength.
The global economic outlook remains uncertain, with cautious investor behavior due to mixed signals from major central banks worldwide ahead of their monetary policy decisions impacting cross-border capital flows and equity valuations.
Equity markets across Asia and other emerging economies showed mixed performance but generally leaned toward risk aversion in response to escalating protectionist measures and trade disputes affecting global supply chains.
Emerging Opportunities
The automotive sector is poised for growth thanks to recent GST revisions lowering taxes by 5–10%, expected to boost demand across both entry-level and premium vehicle segments, supported by potential RBI measures easing auto loan risk weights.
Contrarian opportunities may arise in the IT and pharmaceutical sectors, where significant corrections driven by US regulatory concerns have potentially undervalued companies with strong medium- to long-term prospects tied to innovation and global demand recovery.
Infrastructure and capital goods sectors show promise due to government spending focus and ongoing urbanization, which could benefit companies positioned for rising domestic demand and modernization initiatives.
Financial services, especially banks and non-banking financial companies that demonstrate resilient earnings and capitalize on improving credit growth, may offer attractive returns amid policy support and financial inclusion trends.
Renewable energy and green technology sectors stand out as promising areas, given India's continued policy emphasis on sustainability and clean energy transition, likely supported by regulatory incentives and rising environmental awareness.
Crypto Buzz
Name
Price
Market Cap
24h Change
ATH Change
Bitcoin (BTC)
$109322
$2.18T
0.29%
-11.91%
Ethereum (ETH)
$3999.13
$483.18B
2.87%
-19.05%
Tether (USDT)
$1
$174.27B
-0.01%
-24.39%
XRP (XRP)
$2.78
$166.20B
2.11%
-23.81%
BNB (BNB)
$970.46
$135.13B
3.43%
-10.02%
Bitcoin is priced at $109,322 with a modest 0.29% gain over the last 24 hours, reflecting stability despite broader market fluctuations. Ethereum rose by 2.87% to $3999.13, showing strong investor confidence in the token's long-term utility. Tether saw minimal change as it maintained its peg stability at $1, indicating sustained interest in stablecoins. XRP and BNB experienced gains of 2.11% and 3.43%, respectively, highlighting selective bullish sentiment driven by sector-specific adoption.
Indian Macroeconomy
Currency
Exchange rate against USD
88.67
-0.1
Previous: 88.77
As of Sep 25
Nominal GDP
Annual growth including inflation
7.8%
0.4%
Previous: 7.4%
As of Jun 25
CPI Inflation
Consumer price increase
2.07%
0.46%
Previous: 1.61%
As of Aug 25
Repo Rate
RBI lending rate
5.5%
→
0%
Previous: 5.5%
As of Aug 25
Trade Balance
Exports minus imports
$-26.49B
$0.86B
Previous: $-27.35B
As of Aug 25
Current Account
Global trade, income & transfers
$-2351M
$-15828M
Previous: $13477M
As of Jun 25
Mfg PMI
Manufacturing activity level
58.5 points
-0.8 points
Previous: 59.3 points
As of Sep 25
Services PMI
Services activity level
61.6 points
-1.3 points
Previous: 62.9 points
As of Sep 25
India's GDP annual growth rate increased to 7.8%, up from 7.4%, showcasing robust economic momentum. This growth can drive optimism for sectors like banking, infrastructure, and consumer goods, while improving investor confidence in medium-term economic prospects. However, challenges remain in the form of decelerating PMI indicators, with manufacturing and services both exhibiting declines, signaling slower near-term activity in production and consumption.
Inside The Fund
Top Added (3) 
Top Removed (4) 
