NTPC Ltd.

•

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

News

Recent coverage and analyst commentary for NTPC

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Name

ADANIPOWER

209.85

28.39

404689.32

0.00

4866.60

47.24

18901.89

33.97

17.79

42.67

NTPC

333.30

11.64

323189.88

2.70

6896.44

-88.71

50740.96

7.81

8.52

33.23

POWERGRID

269.10

15.74

250279.25

3.34

3598.42

-0.89

11496.72

2.68

9.74

82.97

ADANIGREEN

1282.00

118.37

211167.98

0.00

983.00

19.30

4431.00

16.61

9.90

91.24

ADANIENSOL

1373.75

57.55

168003.37

0.00

12365.60

2194.43

97110.80

1324.06

9.71

31.27

TATAPOWER

365.00

30.19

116629.89

0.68

1400.86

10.98

19051.26

5.63

11.63

21.53

JSWENERGY

525.45

48.97

96340.35

0.38

532.70

-36.27

5207.13

1.24

8.50

55.22

NHPC

76.30

20.19

76643.62

2.11

1178.09

4.15

3808.31

18.50

6.16

61.80

NTPCGREEN

86.90

120.64

73224.80

0.00

304.84

38.26

1106.86

62.72

3.73

91.95

TORNTPOWER

1298.20

28.15

65416.76

1.54

661.85

-10.75

8124.15

2.75

14.37

18.93

NLCINDIA

264.25

11.42

36641.87

1.46

436.33

-48.01

4716.75

23.29

11.27

32.83

ACMESOLAR

401.85

47.07

28405.75

0.05

235.33

79.88

857.50

67.81

9.23

85.63

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

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

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

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

8,245

9,895

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

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

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

-451

266

360

-274

-210

398

563

1,995

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

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

0.12

0.00

3.55

3.68

3.83

3.77

3.44

3.34

3.10

3.16

NTPC Ltd.

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NTPC Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI