NTPC Ltd logo

NTPC Ltd

NTPC NSE

NTPC (National Thermal Power Corporation) Ltd along with its subsidiaries/ associates & JVs is primarily involved in generation and sale of bulk power to State power utilities. Other business of the group includes providing consultancy, project management & supervision, energy trading, oil & gas exploration and coal mining.[1]

AI Verdict: BUY Confidence: 7%

NTPC trades at a compelling PE of 12.9x with 92% analyst buy ratings and strong profit CAGR of 17% over 3 years. While sales growth remains muted at 2% (3-year CAGR), the stock's 25% CAGR over 3-5 years reflects market confidence in its capacity expansion and energy transition strategy.

Key Fundamentals

LargecapPower GenerationPower
Market Cap
3.5L Cr
Volatility
Moderate
P/E Ratio
12.62
EBITDA
₹52,822 Cr
Return on Equity
12.31%
Debt to Equity
1.41
Book Value
₹209.53
EPS
₹22.08
52W High
₹414.4
52W Low
₹315.55

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 34.3%

Weaknesses

4
  • The company has delivered a poor sales growth of 10.9% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 13.5% over last 3 years.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
-1.82% ↘
Net Income Growth
-0.57% ↘
Cash Flow Change
25.78% ↗
ROE
-13.89% ↘
ROCE
-4.00% ↗
EBITDA Margin (Avg.)
-7.96% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
BUY
Risk medium

NTPC trades at a compelling PE of 12.9x with 92% analyst buy ratings and strong profit CAGR of 17% over 3 years. While sales growth remains muted at 2% (3-year CAGR), the stock's 25% CAGR over 3-5 years reflects market confidence in its capacity expansion and energy transition strategy.

Bull Case 8
  • Overwhelming analyst consensus with 92.31% buy ratings (24 out of 26 analysts recommend buy)
  • Attractive valuation at PE of 12.9x, well below broader market multiples for a utility giant with Rs 3.57 lakh crore market cap
  • Strong compounded profit growth of 17% over 3 years and 20% TTM, indicating improving operational efficiency
  • Consistent ROE improvement from 12% (10-year average) to 14% (last year and 3-year average), showing capital efficiency gains
  • Healthy dividend payout of 34.3% with current yield of 1.5%, providing income stability for long-term investors
  • Stock CAGR of 25% over both 3-year and 5-year periods demonstrates sustained wealth creation and re-rating
  • Price-to-book of 1.75x is reasonable for a company with improving return ratios and massive asset base
  • 10-year compounded profit growth of 10% provides a long track record of earnings delivery through multiple cycles
Bear Case 8
  • Poor sales growth of only 2% CAGR over 3 years and near-flat 0% TTM revenue growth raises demand concerns
  • Low return on equity of 13.5% over 3 years is suboptimal for the capital deployed in the business
  • 5-year sales CAGR of only 10.9% is weak for a company undergoing massive capex expansion
  • Potential interest cost capitalization may be flattering reported profits and understating true financing costs
  • Low effective tax rate raises sustainability concerns — normalization could compress earnings by 5-10%
  • Dividend yield of 1.5% is modest relative to peers in the utility space and barely beats fixed deposit rates
  • Debt-heavy business model inherent to utilities sector exposes NTPC to rising interest rate environments
  • Stock has delivered only 10% 1-year CAGR suggesting re-rating momentum may be slowing after the 25% multi-year run

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 4
  • Bearish short-term outlook at ₹366.80 Jun 04

    Univest analysts flagged bearish-to-sideways prediction with support at ₹360 and resistance at ₹375. Elevated crude oil prices and IT weakness drove broader market sell-off.

  • Coal PLF moderation to 72% May 26

    Coal plant load factor fell to 72% in FY26 from 77.4% in FY25. Thermal capacity addition targets reduced to 1,070 MW/1,460 MW for FY27/FY28 versus earlier guidance of 1,600 MW/2,120 MW.

  • Exchange fine for non-compliance May 28

    BSE and NSE fined NTPC Rs 5.31 lakh each for Q4FY26 non-compliance with Regulation 17(1) regarding Independent Directors.

  • Renewable curtailment hits NGEL earnings May 26

    NTPC Green disclosed that renewable generation curtailment during FY26 reduced EBITDA by approximately ₹90 crore. Only 57% of FY27 renewable projects have firm transmission connectivity.

Positives 8
  • 800 MW Patratu unit goes commercial Jun 23

    PVUNL declared commercial operation of Unit#2 (800 MW) at Patratu STPP Phase-1, lifting NTPC group's total installed capacity to 90,857 MW.

  • 9.6 GW capacity addition target FY27 May 26

    NTPC targets nearly 9.6 GW additions in FY27 and 10.4 GW in FY28, with renewable energy contributing close to 8 GW annually. Motilal Oswal set target price at ₹393.

  • Strong FY26 profit and dividend Jun 04

    Standalone PAT rose to ₹23,162 crore from ₹19,649 crore in FY25. Total FY26 dividend stood at ₹9 per share. Consolidated regulated equity grew to ₹1.20 lakh crore.

  • Multiple broker Buy ratings Jun 16

    JM Financial maintains Buy with ₹450 target, Nuvama retains Buy at ₹445, Axis Securities reiterates Buy at ₹430. Mirae Asset Sharekhan also recommends Buy at ₹355.55 levels.

  • Meja Stage-II capacity expansion signed Jun 04

    NTPC and UPRVUNL signed SJVA-III to enhance Meja Stage-II capacity from 2x660 MW to 3x800 MW, adding significant future thermal generation.

  • NGEL solar CODs in Rajasthan Jun 12

    NTPC Green declared COD for 50 MW solar in Rajasthan and 105 MW at Khavda-II, raising NGEL's total commercial capacity to 10,671 MW. NGEL generation grew 114% YoY in FY26.

  • Nuclear expansion accelerates Jun 10

    NTPC plans to float tender exceeding ₹10,000 crore for Rajasthan nuclear project. Work commenced on 2.8 GW Mahi Banswara project with ₹50,000 crore capex, targeting first criticality by FY32E.

  • Grid flexibility EOI for 150-250 MW Jun 06

    NTPC issued EOI for thermal units operating at 25% minimum technical load versus current 55%, positioning itself as enabler of higher renewable integration as India targets grid stability.

Neutral 7
  • Trading window closed for Q1FY26 Jun 23

    NTPC closed its insider trading window from July 1, 2026, until 48 hours after Q1FY26 results are declared.

  • Institutional block trades recorded Jun 11

    NTPC saw ₹88.43 crore block trade at ₹351.85 per share (2.5M shares) on Jun 11 and ₹31.55 crore block trade at ₹383.15 on Jun 1, indicating institutional activity.

  • Defence Ministry 250 MW solar approved Jun 09

    Defence Ministry approved a 250 MW solar project with battery storage at Sitapur Cantonment, UP, with NTPC associated with the initiative.

  • 34 Executive Directors appointed Jun 08

    NTPC appointed 34 officials as Executive Director (Senior Management) effective June 8, 2026, under SEBI Listing Regulations.

  • EOI for flexible thermal solutions Jun 08

    NTPC invited Expressions of Interest from technology partners for flexible thermal power solutions to support renewable energy integration into India's power grid.

  • Physical share transfer window open Jun 07

    NTPC opened a special window until February 4, 2027 for transfer and dematerialisation of physical securities sold before April 1, 2019.

  • Executive Director S K Suar retires May 29

    NTPC Executive Director S K Suar ceased duties due to superannuation on May 31, 2026.

TL;DR: NTPC is executing well on its multi-pronged growth strategy with 90,857 MW installed capacity, strong FY26 financials (PAT up 18%), and ambitious 9.6 GW FY27 addition targets across thermal, renewables, and nuclear. Key risks include coal PLF moderation to 72%, renewable curtailment impacting NGEL earnings, and only 57% firm connectivity for FY27 projects. Multiple brokerages maintain Buy ratings with targets of ₹393-450, well above current levels around ₹350-366. The trend is constructive with capacity commissioning accelerating, though execution on renewable connectivity and nuclear timelines bears watching.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
44,253
43,075
44,983
42,820
47,628
48,529
44,706
45,069
49,834
47,065
44,786
45,846
49,688
Expenses
32,311
30,664
32,303
31,458
33,638
35,091
33,041
31,729
35,080
34,485
31,970
31,276
41,181
Operating Profit
11,942
12,411
12,680
11,362
13,990
13,438
11,665
13,341
14,754
12,580
12,816
14,570
8,507
OPM %
27%
29%
28%
27%
29%
28%
26%
30%
30%
27%
29%
32%
17%
Other Income
1,084
994
1,024
2,532
1,400
1,187
3,218
986
4,180
3,240
2,734
1,738
1,917
Interest
2,860
2,922
2,921
3,250
2,955
3,136
3,621
2,764
3,648
3,468
3,432
3,164
3,737
Depreciation
3,848
3,821
4,038
4,074
4,271
4,204
4,216
4,318
4,663
4,587
4,816
5,093
5,134
PBT
6,318
6,661
6,746
6,571
8,164
7,284
7,046
7,245
10,623
7,765
7,301
8,050
1,553
Tax %
23%
26%
30%
21%
20%
24%
24%
29%
26%
21%
28%
30%
-584%
Net Profit
4,872
4,907
4,726
5,209
6,490
5,506
5,380
5,170
7,897
6,108
5,225
5,597
10,615
EPS in Rs
5.01
5.03
4.76
5.32
6.36
5.65
5.44
5.22
7.85
6.2
5.23
5.66
10.81
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
79,957
73,396
82,042
88,083
1,00,287
1,09,464
1,11,531
1,32,669
1,76,207
1,78,525
1,88,138
1,87,385
Expenses
62,605
54,829
60,445
65,598
77,576
77,878
77,487
92,307
1,28,611
1,27,056
1,33,783
1,34,563
Operating Profit
17,352
18,568
21,598
22,485
22,710
31,586
34,044
40,362
47,596
51,469
54,355
52,822
OPM %
22%
25%
26%
26%
23%
29%
31%
30%
27%
29%
29%
28%
Other Income
2,338
1,188
1,592
5,576
2,818
8,209
5,021
4,809
2,561
5,177
8,526
5,278
Interest
3,669
3,366
3,753
4,447
5,605
8,189
9,224
9,376
11,447
12,301
13,282
13,801
Depreciation
5,565
5,771
6,010
7,460
8,669
10,356
12,450
13,788
14,792
16,204
17,401
19,629
PBT
10,456
10,618
13,426
16,154
11,255
21,250
17,390
22,007
23,917
28,142
32,198
24,669
Tax %
4%
-2%
20%
35%
-25%
44%
14%
23%
28%
24%
26%
-12%
Net Profit
9,992
10,781
10,714
10,502
14,034
11,902
14,969
16,960
17,121
21,332
23,953
27,546
EPS in Rs
10.09
10.92
10.83
10.66
13.88
11.72
15.09
17.2
17.44
21.46
24.16
27.9
Div. Payout %
21%
26%
37%
40%
44%
27%
41%
41%
42%
36%
35%
32%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
8,245
8,245
8,245
8,245
9,895
9,895
9,697
9,697
9,697
9,697
9,697
9,697
Reserves
73,849
83,330
89,593
95,318
1,01,462
1,08,945
1,16,042
1,25,677
1,37,326
1,51,013
1,74,374
1,93,479
Borrowings
1,02,252
99,424
1,13,773
1,30,049
1,73,058
2,00,630
2,10,208
2,10,707
2,22,913
2,37,131
2,50,096
2,71,005
Other Liabilities
35,366
33,666
36,990
48,880
62,509
58,202
62,075
69,751
77,253
81,437
89,330
84,463
Total Liabilities
2,19,712
2,24,665
2,48,601
2,82,492
3,46,923
3,77,671
3,98,022
4,15,831
4,47,189
4,79,278
5,23,497
5,58,644
Fixed Assets
91,853
92,929
1,04,532
1,28,245
1,50,985
1,87,803
2,03,245
2,24,923
2,40,424
2,58,934
2,71,437
3,18,821
CWIP
67,555
75,046
86,896
83,386
1,18,397
98,508
97,506
91,126
89,179
87,664
1,00,859
84,833
Investments
1,902
6,473
7,614
8,876
8,132
9,307
10,589
10,626
13,935
15,885
19,704
24,180
Other Assets
58,403
50,217
49,560
61,985
69,409
82,053
86,681
89,156
1,03,651
1,16,795
1,31,498
1,30,810
Total Assets
2,19,712
2,24,665
2,48,601
2,82,492
3,46,923
3,77,671
3,98,022
4,15,831
4,47,189
4,79,278
5,23,497
5,58,644
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
14,889
24,125
20,167
19,670
18,686
24,583
32,444
41,788
47,152
40,099
50,436
50,902
Investing
-15,977
-19,162
-24,480
-20,678
-24,063
-30,322
-21,034
-22,891
-26,145
-31,456
-45,800
-37,578
Financing
-1,474
-3,899
3,138
1,028
4,927
6,004
-11,049
-19,172
-21,217
-8,246
-4,073
-11,328
Net Cash Flow
-2,563
1,064
-1,176
19
-451
266
360
-274
-210
398
563
1,995
Free Cash Flow
-4,431
3,110
-4,161
912
-2,842
6,521
9,162
17,457
22,432
9,358
9,431
6,895
CFO/OP
97
137
106
79
98
89
104
109
108
85
101
103
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
42
41
40
37
45
68
92
77
62
68
67
71
Cash Conversion Cycle
42
41
40
37
45
68
92
77
62
68
67
71
Working Capital Days
-47
-39
-52
-44
-106
-35
-61
-62
-43
-45
-38
-55
ROCE %
8%
7%
9%
9%
7%
10%
9%
9%
10%
10%
11%
8%

Shareholding Pattern

As of Mar 2026
Promoters 51.10%
DIIs 29.13%
FIIs 16.55%
Public 2.58%
Others 0.52%
Government 0.12%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
51.10%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.02%
0.00%
0.00%
0.00%
0.00%
17.86%
17.69%
18.60%
18.20%
17.79%
16.09%
16.40%
16.24%
16.55%
DIIs
33.15%
32.16%
31.96%
30.89%
30.74%
31.10%
30.14%
30.51%
30.50%
28.40%
27.17%
26.74%
27.55%
27.54%
26.51%
26.76%
27.22%
28.92%
28.94%
29.19%
29.13%
Government
0.14%
0.09%
0.21%
0.17%
0.17%
0.17%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.12%
0.12%
0.12%
0.12%
Public
2.32%
2.24%
1.98%
2.13%
2.12%
2.06%
2.02%
2.01%
2.07%
2.11%
2.24%
2.29%
2.50%
2.73%
2.84%
3.02%
2.96%
3.10%
2.87%
2.83%
2.58%
Others
13.29%
14.41%
14.75%
15.71%
15.86%
15.56%
16.63%
16.25%
16.23%
18.27%
19.38%
19.76%
0.87%
0.82%
0.84%
0.81%
0.81%
0.67%
0.57%
0.51%
0.52%
No. of Shareholders
0
7,79,609
8,05,693
7,86,830
9,26,648
9,72,465
9,90,910
9,88,625
9,83,606
9,86,674
10,66,540
11,58,990
13,93,480
17,67,140
35,74,830
43,65,790
41,43,180
39,65,860
37,29,620
35,43,430
33,00,180

Documents

1
Concall - Aug 2017 Aug 2017
2
Concall - Aug 2018 Aug 2018
3
Concall - Aug 2019 Aug 2019
4
Concall - Aug 2020 Aug 2020
5
Concall - Aug 2021 Aug 2021

Frequently Asked Questions about NTPC Ltd

What does NTPC Ltd do?
NTPC (National Thermal Power Corporation) Ltd along with its subsidiaries/ associates & JVs is primarily involved in generation and sale of bulk power to State power utilities. Other business of the group includes providing consultancy, project management & supervision, energy trading, oil & gas ...
Where is NTPC Ltd (NTPC) listed?
NTPC Ltd is listed on the Indian stock exchanges. It is listed on NSE: NTPC and BSE: 532555. You can view its live share price, financials, and ratios on Tapetide.
Which sector does NTPC Ltd belong to?
NTPC Ltd operates in the Utilities sector within the Power industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of NTPC Ltd?
NTPC Ltd has a market capitalisation of approximately ₹345686.15 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of NTPC Ltd?
The Price-to-Earnings (PE) ratio of NTPC Ltd is 12.62. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of NTPC Ltd?
Over the past 52 weeks, NTPC Ltd has traded between a low of ₹315.55 and a high of ₹414.4. This range helps investors understand the stock's price volatility and recent trading levels.
Does NTPC Ltd pay dividends?
Yes, NTPC Ltd has a dividend yield of 1.54%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of NTPC Ltd?
NTPC Ltd has a Return on Equity (ROE) of 12.31%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research NTPC Ltd on Tapetide?
On Tapetide, you can view NTPC Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

NTPC (National Thermal Power Corporation) Ltd along with its subsidiaries/ associates & JVs is primarily involved in generation and sale of bulk power to State power utilities. Other business of the group includes providing consultancy, project management & supervision, energy trading, oil & gas exploration and coal mining.[1]

Website ntpc.co.in
CEO Mr. Gurdeep Singh
Employees 16,646
Listed 2004-11-05
Face Value ₹ 10
Issued Size 9,69,66,66,134

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