NTPC
NTPC
Power F&OKey Fundamentals
LargecapPower GenerationPowerTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 34.3%
Weaknesses
3- The company has delivered a poor sales growth of 10.9% over past five years.
- Tax rate seems low
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
NTPC Ltd has a market capitalisation of about ₹3,14,802 crore. It trades at a P/E of 11.2x and a P/B of 1.56x, with a dividend yield of 2.76%. Profit has compounded at 20% over 3 years and 16% on a TTM basis, but sales growth has slowed to 2% over both 3 years and TTM. Return on equity has stayed in a narrow 13-15% band over the past decade. The stock has returned -3% over the last year against a 21% CAGR over 5 years.
- Profit growth has picked up: 3-year compounded profit growth is 20% and TTM profit growth is 16%, compared with a 10-year profit CAGR of 10%.
- Valuation multiples are modest for a company of ₹3,14,802 crore market cap, with a P/E of 11.2x and P/B of 1.56x.
- ROE has been steady: 13% over 10 years, 14% over 5 and 3 years, and 15% last year. This fits the regulated-return nature of its core generation business.
- Shareholder payouts are healthy, with a dividend yield of 2.76% and a dividend payout ratio of 34.3%.
- Long-term stock returns have been solid, with a 5-year CAGR of 21% and a 3-year CAGR of 11%.
- Latest-year ROE of 15% is above both the 5-year and 10-year averages (14% and 13%). This suggests capital efficiency is improving slightly rather than declining.
- Revenue has grown over the long run, with 10-year compounded sales growth of 10% and 5-year growth of 11%. Part of this reflects fuel cost pass-through.
- Top-line growth has nearly stalled, with compounded sales growth of only 2% on both a 3-year and TTM basis, down from 11% over 5 years.
- Profit growth of 20% over 3 years against sales growth of 2% means earnings have come from margins, other income or accounting items rather than volume. That may be hard to sustain.
- Earnings quality is a concern: the company may be capitalising interest cost, which can inflate reported profit on a P/E of 11.2x while large projects are under construction.
- The tax rate appears low. This could flatter reported profit growth (16% TTM) and may not continue.
- The stock has returned -3% over the last year, well below its 5-year CAGR of 21%. Momentum has faded after the earlier re-rating.
- ROE is capped at around 13-15% across every period (10-year 13%, last year 15%). Regulated tariffs limit how much returns can expand.
- Debt-to-equity is not given in the data. For a capital-heavy utility worth ₹3,14,802 crore with possible interest capitalisation, leverage cannot be checked from these figures alone.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock in sustained downtrend Sep 23
NTPC closed at ₹326.20 on Sep 23, just above its 52-week low of ₹315.55 and well below the Apr 27 high of ₹414.40. The stock is down 8.6% over three months, 13% over six months and about 23.8% over two years.
- Sluggish earnings, Motilal stays Neutral Sep 7
Motilal Oswal rated NTPC Neutral with a ₹378 target in its Sep 6 report, citing sluggish near-term earnings growth. It also flagged downside risk to the ~8GW renewables target within the ~9.5GW FY27 capacity guidance.
- Korba plant full shutdown Sep 4
All seven units at the 2,600 MW Korba station tripped on Sep 4 after a fault during PGCIL breaker testing, knocking out 2,100 MW of operating capacity across seven Western Region states. The net impact is estimated at ₹12.5-14.1 Cr, mostly startup oil costs. Fixed charges tied to plant availability limit the revenue hit.
- ₹8,727 Cr FY26 dividend payout Sep 23
NTPC paid a ₹3,393.83 Cr final dividend on Sep 23, bringing the FY26 total to ₹8,727 Cr, or ₹9 per share. This is the 33rd straight year of dividends, with a yield of about 2.59%.
- 50:50 JV with France's EDF Sep 26
NTPC signed a 50:50 JV with EDF Power Solutions India on Sep 25 covering pumped storage, hydro, renewables and distribution in India and neighbouring countries. It fits India's target of 100 GW of pumped storage by 2036.
- Thermal demand tailwinds improving Sep 7
Motilal raised its base-case power demand growth to ~6% from ~5% and sees a sector need for ~86GW of thermal additions. NTPC can add ~15GW without retiring units, and the ISTS waiver phase-out over four years makes thermal tariffs more competitive.
- Group capacity reaches 90,426 MW Oct 1
Group commercial capacity reached 90,426 MW after a 50 MW solar unit came online as part of the 200 MW RE Round The Clock project in Rajasthan. NTPC Green Energy installed capacity is now 11,262.51 MW.
- Strong long-term capacity pipeline Sep 23
More than 35 GW is under construction toward a target of 149 GW by 2032, including 60 GW of renewables. NTPC is also diversifying into storage, nuclear, green hydrogen and e-mobility.
- 'Performer' ESG rating, score 61 Sep 18
Niche Ninety Nine gave NTPC a 'Performer' ESG rating with a score of 61. The report was prepared independently from public data.
- Five statutory auditors for FY27 Sep 18
NTPC appointed five CA firms, including Hem Sandeep & Co and OP Bagla & Co, as joint statutory auditors for FY27 under a CAG directive. The appointments were first disclosed Sep 8 and took effect Sep 18.
- Four EDs retire Sep 30
Four Executive Directors, including Chandan Kumar Samanta and Vijay Goel, retired on Sep 30, 2026. This is routine management turnover.
- ₹121 Cr block trade flagged Sep 23
About 37.1 lakh shares worth ₹121.37 Cr were flagged changing hands on NSE at ₹326.80. This was a real-time signal and has not been confirmed by the exchange.
- Named in stocks-to-watch list Sep 7
NTPC appeared in a Sep 7 list of stocks in focus driven by brokerage calls, but the article gave no NTPC-specific details.
TL;DR: NTPC's fundamentals look steady, with a ₹8,727 Cr FY26 payout, 90.4 GW of group capacity, more than 35 GW under construction and a new EDF JV for pumped storage. The main risks are sluggish near-term earnings, possible delays to renewables capacity, and a falling share price now near its 52-week low of ₹315.55. The Korba outage had a small financial impact of about ₹13 Cr. Sentiment is weak in the near term, but rising power demand and better thermal economics could lift the stock toward Motilal's ₹378 target if earnings growth picks up.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 43,075 | 44,983 | 42,820 | 47,628 | 48,529 | 44,706 | 45,069 | 49,834 | 47,064 | 44,786 | 45,846 | 49,686 | 50,741 |
| Expenses | 30,664 | 32,303 | 31,458 | 33,638 | 35,091 | 33,041 | 31,729 | 35,080 | 34,485 | 31,970 | 31,276 | 41,181 | 34,510 |
| Operating Profit | 12,411 | 12,680 | 11,362 | 13,990 | 13,438 | 11,665 | 13,341 | 14,754 | 12,579 | 12,816 | 14,570 | 8,505 | 16,231 |
| OPM % | 29% | 28% | 27% | 29% | 28% | 26% | 30% | 30% | 27% | 29% | 32% | 17% | 32% |
| Other Income | 994 | 1,024 | 2,532 | 1,400 | 1,187 | 3,218 | 986 | 4,180 | 3,241 | 2,734 | 1,738 | 1,918 | 1,549 |
| Interest | 2,922 | 2,921 | 3,250 | 2,955 | 3,136 | 3,621 | 2,764 | 3,648 | 3,468 | 3,432 | 3,164 | 3,737 | 3,386 |
| Depreciation | 3,821 | 4,038 | 4,074 | 4,271 | 4,204 | 4,216 | 4,318 | 4,663 | 4,587 | 4,816 | 5,093 | 5,134 | 5,234 |
| PBT | 6,661 | 6,746 | 6,571 | 8,164 | 7,284 | 7,046 | 7,245 | 10,623 | 7,765 | 7,301 | 8,050 | 1,553 | 9,160 |
| Tax % | 26% | 30% | 21% | 20% | 24% | 24% | 29% | 26% | 21% | 28% | 30% | -584% | 25% |
| Net Profit | 4,907 | 4,726 | 5,209 | 6,490 | 5,506 | 5,380 | 5,170 | 7,897 | 6,108 | 5,225 | 5,597 | 10,615 | 6,896 |
| EPS in Rs | 5.03 | 4.76 | 5.32 | 6.36 | 5.65 | 5.44 | 5.22 | 7.85 | 6.2 | 5.23 | 5.66 | 10.81 | 6.93 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1,91,059 |
| 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 | 1,31,947 | 1,38,937 |
| Operating Profit | 17,352 | 18,568 | 21,598 | 22,485 | 22,710 | 31,586 | 34,044 | 40,362 | 47,596 | 51,469 | 54,355 | 55,438 | 52,121 |
| OPM % | 22% | 25% | 26% | 26% | 23% | 29% | 31% | 30% | 27% | 29% | 29% | 30% | 27% |
| Other Income | 2,338 | 1,188 | 1,592 | 5,576 | 2,818 | 8,209 | 5,021 | 4,809 | 2,561 | 5,177 | 8,526 | 2,662 | 7,938 |
| 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 | 13,719 |
| 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 | 20,276 |
| 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 | 26,064 |
| 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 | 28,334 |
| 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 | 28.63 |
| Div. Payout % | 21% | 26% | 37% | 40% | 44% | 27% | 41% | 41% | 42% | 36% | 35% | 32% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 89,565 | 84,262 |
| 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 | 5,23,732 | 5,58,442 |
| 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 | 3,18,697 |
| 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 | 84,957 |
| 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 | 1,31,733 | 1,30,609 |
| 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 | 5,23,732 | 5,58,442 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 14,889 | 24,125 | 20,167 | 19,670 | 18,686 | 24,583 | 32,444 | 41,788 | 47,152 | 40,099 | 50,488 | 50,902 |
| Investing | -15,977 | -19,162 | -24,480 | -20,678 | -24,063 | -30,322 | -21,034 | -22,891 | -26,145 | -31,456 | -45,852 | -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 | 98 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | -37 | -54 |
| ROCE % | 8% | 7% | 9% | 9% | 7% | 10% | 9% | 9% | 10% | 10% | 11% | 9% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY07–FY27.
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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]
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