NTPC Ltd
NTPC NSE
NTPC Ltd
Power F&ONSE: NTPC BSE: 532555 Power Generation
Key Fundamentals
LargecapPower GenerationPowerMarket Cap
3.3L Cr
Volatility
Moderate
P/E Ratio
11.76
EBITDA
₹57,700 Cr
Return on Equity
14.21%
Debt to Equity
1.33
Book Value
₹209.53
EPS
₹22.08
52W High
₹414.4
52W Low
₹315.55
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view NTPC Ltd insights
47 extracted metrics + investor summaries across FY13–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
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
Revenue Growth
-0.56% ↘
Net Income Growth
48.19% ↗
Cash Flow Change
0.82% ↗
ROE
34.06% ↗
ROCE
-6.30% ↘
EBITDA Margin (Avg.)
2.05% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoAI opinion · based on fundamentals
Risk medium
NTPC Ltd is India's largest power generator with a group capacity of ~80 GW and a market cap of ₹3.28 lakh crore, trading at a PE of 11.7x with a dividend yield of 2.65%. The company delivered 20% compounded profit growth over three years and a 15% ROE in the last year, while revenue growth has remained muted at 2% TTM.
Bull Case 7
- Attractive valuation at PE of 11.7x, well below the broader market average, offering a margin of safety for a large-cap utility with predictable cash flows
- Consistent 20% compounded profit growth over the last 3 years, with FY25 consolidated PAT rising 12% YoY to ₹23,953 crore
- Healthy dividend payout of 34.3% with a 2.65% yield; FY25 dividend increased to ₹8.35/share from ₹7.75 in FY24
- Aggressive renewable energy plan targeting 60 GW RE capacity by 2032, with 3,312 MW RE added in FY25 and 7,226 MW RE targeted in FY26
- Operational efficiency at a 7-year high coal plant PLF of 77.44% in FY25, with total generation growing 4% YoY to 439 billion units
- Stable ROE track record of 13-15% over the past decade, with the last year at 15%, indicating consistent capital efficiency for a regulated utility
- Coal mining output quadrupled in 5 years to 46 MMT, now meeting 15% of total coal needs and reducing fuel supply risk
Bear Case 8
- Sluggish revenue growth of just 2% TTM and 2% CAGR over 3 years, indicating limited pricing power in a regulated tariff environment
- High debt-to-equity ratio of approximately 1.33x, with massive capex requirements for 60 GW RE and nuclear expansion likely to keep leverage elevated
- Poor 5-year sales CAGR of ~11% (per screener data 10.9%) despite India's growing power demand, suggesting structural revenue constraints
- Potential interest cost capitalisation as flagged in accounting concerns, which may overstate reported profitability
- Effective tax rate appears low, which if normalised could compress net margins going forward
- Price-to-book at 1.63x for a capital-intensive utility with regulated returns caps the upside from asset revaluation
- Massive capital deployment planned — 11,806 MW in FY26 and 9,904 MW in FY27 — raises execution risk and could strain balance sheet further
- Transition risk as thermal fleet (still majority of capacity) faces long-term policy headwinds from India's net-zero 2070 commitment
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 9h ago Positives 5
- Record PAT up 15% YoY Aug 4
NTPC reported record consolidated PAT of ₹27,545.76 crore for FY 2025-26, up 15% YoY, to be presented at the 50th AGM on August 27, 2026.
- Q1FY27 profit beats estimates Jul 27
Standalone net profit jumped to ₹53.42B from ₹47.74B YoY, beating ₹47.9B estimate. EBITDA margin expanded sharply to 28.81% from 24.16%.
- Group capacity reaches 91,080 MW Jul 29
NTPC Green Energy added 50 MW solar in Rajasthan and 64.76 MW in Gujarat (Khavda), taking total group installed capacity to 91,080 MW with green energy at 10,786.56 MW.
- ₹3.50 final dividend declared Jul 27
Record date set for September 2, 2026 for final dividend of ₹3.50 per share for FY26, to be approved at the AGM on August 27.
- Strong ESG and financial disclosure Aug 4
BRSR filed for FY 2025-26 showing turnover of ₹1,69,724.60 crore and net worth of ₹1,74,865.25 crore with comprehensive ESG metrics.
Neutral 5
- ₹120B NCD issuance approved Jul 24
Board approved issuance of non-convertible debentures worth up to ₹120 billion to fund capital requirements without equity dilution.
- CMD tenure extended 6 months Jul 28
Gurdeep Singh's tenure as CMD extended for six months effective August 1, 2026, approved by Ministry of Power.
- ₹22.31 Cr block trade on NSE Jul 27
Institutional block trade of ~6.37 lakh shares executed at ₹350.50 per share on NSE, valued at ₹22.31 crore.
- ED Ram Bhajan Malik retires Jul 31
Executive Director Ram Bhajan Malik ceased office due to superannuation on July 31, 2026.
- 22nd Annual Analysts Meet held Jul 27
NTPC hosted its 22nd Annual Analysts and Institutional Investors Meet in Mumbai on July 27, 2026; audio recording published per SEBI compliance.
TL;DR: NTPC is delivering strong financial performance with record PAT up 15% and Q1FY27 beating all consensus estimates on profit and margins. The green energy build-out continues steadily with group capacity now at 91,080 MW. No material headwinds are visible in recent news flow. The trend is firmly positive with improving profitability, consistent capacity additions, and shareholder-friendly dividend payouts.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
Documents
1
Imposition Of Fine By BSE & NSE For The Quarter Ended 31St March 2026.
27 May - BSE and NSE imposed Rs.5.31 lakh each fine for Reg. 17(1) non-compliance for quarter ended 31 March 2026. 27 May - BSE and NSE imposed Rs.5.31 lakh each fine for Reg. 17(1) non-compliance for quarter ended 31 March 2026.
2
Declaration Of COD Of Eighth And The Last Part Capacity Of 105 MW Out Of 1200 MW Khavda-II Solar PV Project Of NTPC Renewable Energy Limited, A Stepdown Subsidiary Of NTPC Limited
27 May - 105 MW of Khavda-II Solar PV commissioned from 28 May 2026; NTPC group capacity reaches 90,773 MW. 27 May - 105 MW of Khavda-II Solar PV commissioned from 28 May 2026; NTPC group capacity reaches 90,773 MW.
3
Declaration Of Commercial Operation Of 100 MW Out Of 176 MW Capacity Of NTPC'S Solar PV Project At Ramagundam
2 May - 100 MW of NTPC's 176 MW Ramagundam Solar PV project declared commercial from 2 May 2026. 2 May - 100 MW of NTPC's 176 MW Ramagundam Solar PV project declared commercial from 2 May 2026.
4
Announcement under Regulation 30 (LODR)-Change in Management
30 Apr - NTPC reports cessation of Executive Director Kariveda Narasimha Reddy and Chief General Manager Anuj Kush on 30 April 2026. 30 Apr - NTPC reports cessation of Executive Director Kariveda Narasimha Reddy and Chief General Manager Anuj Kush on 30 April 2026.
5
Announcement under Regulation 30 (LODR)-Acquisition
7 May - NTPC acquires MCD’s 26% stake in NEWS for Rs. 5.2 lakh, making it wholly owned. 7 May - NTPC acquires MCD’s 26% stake in NEWS for Rs. 5.2 lakh, making it wholly owned.
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 Power sector within the Power Generation 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 ₹327989.73 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 11.76. 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 2.67%. 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 14.21%. 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