NTPC Ltd.

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ntpc.co.inBSE: 532555NSE: NTPC

Market Cap₹ 3,23,190 Cr.

Current Price

High / Low₹ 414 / 316

Stock P/E11.6

Book Value₹ 215

Price to Book1.77

Dividend Yield2.70 %

ROCE8.5 %

ROE14.2 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Generation: 94.7% • Others: 5.3%

AI Sector View

AI GENERATED

Power

Buy

Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.

Confidence

71%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.94x)
Company has been maintaining a healthy dividend payout of 32.3%
Working capital cycle has improved - days down from 19 to -12
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Recent results are weak - TTM profit is down 51.1% versus prior year
Company has a low return on capital employed of 10.0%
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

PowerPowerPower Generation/Distribution

Part ofNIFTY 100 NIFTY 50 NIFTY 500 NIFTY ALPHALOWVOL NIFTY CPSE

S.No.	Name
1.	ADANIPOWER	209.85	28.39	404689.32	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	333.30	11.64	323189.88	2.70	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	269.10	15.74	250279.25	3.34	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1282.00	118.37	211167.98	0.00	983.00	19.30	4431.00	16.61	9.90	91.24
5.	ADANIENSOL	1373.75	57.55	168003.37	0.00	12365.60	2194.43	97110.80	1324.06	9.71	31.27
6.	TATAPOWER	365.00	30.19	116629.89	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	525.45	48.97	96340.35	0.38	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.30	20.19	76643.62	2.11	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	86.90	120.64	73224.80	0.00	304.84	38.26	1106.86	62.72	3.73	91.95
10.	TORNTPOWER	1298.20	28.15	65416.76	1.54	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	264.25	11.42	36641.87	1.46	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	ACMESOLAR	401.85	47.07	28405.75	0.05	235.33	79.88	857.50	67.81	9.23	85.63

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	43,075	44,983	42,820	47,628	48,529	44,706	45,069	49,834	47,065	44,786	45,846	49,688	50,741
	30,220	32,303	31,458	33,427	34,504	33,041	31,386	35,080	34,485	31,970	31,276	34,367	43,130
Operating Profit	12,855	12,680	11,362	14,201	14,025	11,665	13,684	14,754	12,580	12,816	14,570	15,320	7,611
OPM %	29.84%	28.19%	26.53%	29.82%	28.90%	26.09%	30.36%	29.61%	26.73%	28.62%	31.78%	30.83%	15.00%
	315	401	754	1,188	453	492	529	1,251	756	476	459	723	401
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
Profit before Tax	6,426	6,123	4,792	8,164	7,138	4,320	7,130	7,694	5,281	5,044	6,772	7,173	8,640
Tax %	27.30%	32.98%	28.41%	20.50%	24.91%	38.57%	29.10%	35.42%	31.37%	41.16%	36.23%	-126.34%	26.20%
Net Profit	4,907	4,726	0	0	5,506	53,802	5,170	78,971	61,085	52,253	5,597	10,615	6,896
	5.03	4.76	5.32	6.36	5.65	5.44	5.22	7.85	6.20	5.23	5.66	10.81	6.93

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	81,343	87,202	99,382	1,08,512	1,10,368	1,31,387	1,74,773	1,76,968	1,86,532	1,85,817	1,91,060
	60,029	64,832	76,906	76,976	76,626	91,749	1,27,314	1,27,034	1,32,371	1,30,637	1,40,744
Operating Profit	21,314	22,369	22,476	31,536	33,742	39,638	47,459	49,933	54,162	55,180	50,317
OPM %	26.20%	25.65%	22.62%	29.06%	30.57%	30.17%	27.15%	28.22%	29.04%	29.70%	26.34%
	1,513	5,246	2,380	7,853	5,070	4,572	1,918	5,077	6,506	56	2,059
Interest	3,753	4,447	5,605	8,189	9,655	9,434	11,447	12,301	13,282	13,801	13,719
Depreciation	6,010	7,460	8,669	10,356	12,450	13,788	14,792	16,204	17,401	19,629	20,276
Profit before Tax	13,689	16,154	11,255	21,250	17,390	22,007	23,917	28,142	32,198	24,669	27,628
Tax %	21.73%	34.99%	-24.70%	43.99%	13.92%	22.93%	28.41%	24.20%	25.61%	-11.66%	-8.22%
Net Profit	10,714	10,502	14,034	11,902	14,969	16,960	17,121	21,332	23,953	27,546	29,898
EPS	13.00	10.66	13.88	11.72	14.87	17.20	17.44	21.46	24.16	27.90	—
Dividend Payout %	36.77%	40.04%	43.79%	26.87%	40.75%	40.70%	41.57%	36.11%	34.57%	32.26%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 11%
3 Years:: 2%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 13%
3 Years:: 17%

STOCK PRICE CAGR

10 Years:: 10%
5 Years:: 24%
3 Years:: 12%
1 Year:: 1%

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 13%
3 Years:: 14%
Last Year:: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	9,895	9,895	9,697	9,697	9,697	9,697	9,697	9,697
Minority Interest	803	948	2,908	3,317	3,524	3,760	3,930	4,413	7,052	7,977
	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
	1,12,718	1,30,395	1,72,658	2,01,884	2,07,312	2,10,913	2,19,177	2,25,960	2,42,796	2,60,038
Trade Payables	5,573	6,708	8,614	10,109	8,726	11,277	11,356	11,338	11,147	11,787
	38,836	48,981	62,776	56,309	63,910	63,145	82,443	91,214	94,137	89,983
Total Liabilities	2,55,768	2,90,595	3,58,312	3,90,458	4,09,210	4,24,469	4,63,929	4,93,634	5,39,203	5,72,960
	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
Capital Work in Progress	86,461	82,917	1,17,998	98,211	97,404	91,025	89,133	87,593	1,00,776	84,833
	7,614	8,876	8,132	9,307	10,589	10,626	13,935	15,885	19,704	24,180
	6,586	6,140	8,252	11,139	9,810	10,139	14,240	18,019	18,722	18,663
	0	0	0	0	0	0	0	33,350	34,720	36,616
Cash & Bank	3,301	4,388	2,933	3,214	4,388	4,458	4,949	6,847	11,457	8,004
	47,274	60,029	70,012	80,785	83,774	83,297	1,01,248	73,007	82,387	81,968
Total Assets	2,55,768	2,90,595	3,58,312	3,90,458	4,09,210	4,24,469	4,63,929	4,93,634	5,39,203	5,72,960

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	22,793	17,896	21,138	28,242	35,900	44,165	51,135	40,099	50,488	50,902
Cash from Investing	-24,480	-20,678	-24,063	-29,628	-21,034	-22,891	-26,145	-31,456	-45,852	-37,578
Cash from Financing	3,138	1,028	4,927	6,004	-11,049	-19,172	-21,217	-8,246	-4,073	-11,328
	-1,176	19	-451	266	360	-274	-210	398	563	1,995

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
51.10	51.10	51.10	51.10	51.10	51.10	51.10	51.10	51.10
17.67	18.59	18.20	17.79	16.09	16.40	16.24	16.54	16.30
27.55	26.51	26.76	27.22	28.92	28.93	29.19	29.13	29.31
0.11	0.11	0.11	0.11	0.12	0.12	0.12	0.12	0.00
3.55	3.68	3.83	3.77	3.77	3.44	3.34	3.10	3.16

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-12

General Updates

2026-09-12 - NTPC Limited has informed the Exchange about declaration of COD of second part capacity of 6.3 MW of Vanki Wind EnergyProject located in Nakhatrana, Kutch, Gujarat of NTPC Renewable Energy Limited, a stepdown subsidiary of NTPC Limited through NGEL

2026-09-08

General Updates

2026-09-08 - NTPC Limited has informed the Exchange about Appointment of Statutory/Joint Statutory Auditors by C&AG for Financial Year 2026-27

2026-09-03

General Updates

2026-09-03 - NTPC Limited has informed the Exchange about Intimation of ESG rating by ESG Risk Assessments and Insights Limited.

2026-08-31

Change in Management

2026-08-31 - NTPC Limited has informed the Exchange about change in Management

2026-08-27

Shareholders meeting

2026-08-27 - NTPC Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 27, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-27

Shareholders meeting

2026-08-27 - NTPC Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 27, 2026

2026-08-26

Action(s) taken or orders passed

2026-08-26 - NTPC Limited has informed the Exchange about Action(s) taken or orders passed

2026-08-07

Copy of Newspaper Publication

2026-08-07 - NTPC Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-05

Copy of Newspaper Publication

2026-08-05 - NTPC Limited has informed the Exchange about Copy of Newspaper Publication