NTPC Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Generation: 92.9% • Others: 7.1%
AI Sector View
AI GENERATEDPower
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.
PROS
- Latest quarter profit grew 87.0% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.92x)
- Company has been maintaining a healthy dividend payout of 37.7%
- Working capital cycle has improved - days down from 30 to 15
- Company has a consistent dividend-paying track record
- Stock looks reasonably valued - P/E of 11.6 is below its historical median
CONS
- Company has a low return on capital employed of 10.1%
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 213.00 | 28.82 | 410764.00 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 337.00 | 11.77 | 326777.65 | 2.67 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 272.00 | 15.91 | 252976.42 | 3.31 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1308.00 | 120.77 | 215450.64 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1393.00 | 58.36 | 170357.56 | 0.00 | 12365.60 | 2194.43 | 97110.80 | 1324.06 | 9.71 | 31.27 |
| TATAPOWER | 367.00 | 30.35 | 117268.96 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 532.00 | 49.58 | 97541.28 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.40 | 20.21 | 76744.07 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 87.74 | 121.81 | 73932.62 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1295.65 | 28.09 | 65288.26 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 270.40 | 11.68 | 37494.65 | 1.42 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| ACMESOLAR | 396.95 | 46.50 | 28059.38 | 0.05 | 235.33 | 79.88 | 857.50 | 67.81 | 9.23 | 85.63 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 39,122 | 40,875 | 39,455 | 42,538 | 44,428 | 40,337 | 41,369 | 43,904 | 42,573 | 39,167 | 40,644 | 43,111 | 43,832 | |
| 27,753 | 30,338 | 29,514 | 31,198 | 31,973 | 30,651 | 29,392 | 32,649 | 32,289 | 29,147 | 28,652 | 30,607 | 37,634 | |
| Operating Profit | 11,369 | 10,537 | 9,941 | 11,341 | 12,455 | 9,686 | 11,977 | 11,255 | 10,284 | 10,019 | 11,992 | 12,504 | 6,198 |
| OPM % | 29.06% | 25.78% | 25.20% | 26.66% | 28.03% | 24.01% | 28.95% | 25.64% | 24.16% | 25.58% | 29.50% | 29.00% | 14.14% |
| 558 | 643 | 833 | 2,517 | 626 | 908 | 934 | 1,909 | 760 | 1,523 | 1,029 | 919 | 681 | |
| Interest | 2,515 | 2,465 | 2,783 | 2,488 | 2,649 | 3,108 | 2,203 | 3,097 | 2,838 | 2,662 | 2,275 | 2,667 | 2,359 |
| Depreciation | 3,260 | 3,464 | 3,491 | 3,728 | 3,654 | 3,647 | 3,722 | 4,032 | 3,869 | 3,993 | 4,117 | 4,051 | 4,071 |
| Profit before Tax | 6,153 | 5,251 | 4,500 | 7,642 | 6,777 | 3,839 | 6,986 | 6,034 | 4,337 | 4,887 | 6,628 | 6,705 | 6,879 |
| Tax % | 26.88% | 27.45% | 30.99% | 27.61% | 24.54% | 36.51% | 27.41% | 38.45% | 34.14% | 33.63% | 31.82% | -130.32% | 26.14% |
| Net Profit | 4,498 | 3,810 | 3,106 | 5,532 | 5,114 | 2,437 | 5,071 | 3,714 | 2,856 | 3,243 | 4,519 | 15,442 | 5,342 |
| 4.19 | 4.01 | 4.71 | 5.73 | 4.65 | 4.79 | 4.86 | 5.96 | 4.92 | 4.80 | 5.14 | 9.02 | 5.51 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 77,574 | 82,571 | 89,403 | 96,762 | 98,060 | 1,19,895 | 1,62,339 | 1,60,454 | 1,68,435 | 1,63,928 | 1,66,753 | |
| 56,465 | 60,952 | 70,586 | 69,699 | 69,453 | 83,078 | 1,19,473 | 1,18,374 | 1,22,973 | 1,19,157 | 1,26,039 | |
| Operating Profit | 21,109 | 21,619 | 18,817 | 27,063 | 28,606 | 36,816 | 42,867 | 42,080 | 45,462 | 44,772 | 40,714 |
| OPM % | 27.21% | 26.18% | 21.05% | 27.97% | 29.17% | 30.71% | 26.41% | 26.23% | 26.99% | 27.31% | 24.42% |
| 827 | 5,076 | 1,985 | 7,653 | 5,372 | 4,322 | 4,011 | 7,046 | 7,714 | 1,360 | 4,151 | |
| Interest | 3,699 | 3,996 | 4,717 | 6,799 | 7,872 | 8,340 | 10,265 | 10,503 | 11,171 | 10,442 | 9,963 |
| Depreciation | 5,921 | 7,099 | 7,254 | 8,623 | 10,412 | 12,058 | 13,137 | 13,943 | 15,056 | 16,031 | 16,233 |
| Profit before Tax | 12,316 | 15,600 | 8,831 | 19,295 | 15,695 | 20,740 | 23,476 | 24,679 | 26,949 | 19,659 | 25,099 |
| Tax % | 23.80% | 33.70% | -33.05% | 47.59% | 12.27% | 21.49% | 26.75% | 26.74% | 27.09% | -17.82% | -12.69% |
| Net Profit | 9,385 | 10,343 | 11,750 | 10,113 | 13,770 | 16,282 | 17,197 | 18,079 | 19,649 | 23,162 | 28,285 |
| EPS | 11.38 | 10.45 | 11.88 | 10.22 | 13.99 | 16.79 | 17.73 | 18.64 | 20.26 | 23.89 | — |
| Dividend Payout % | 42.00% | 40.82% | 51.20% | 30.82% | 43.31% | 41.69% | 40.88% | 41.57% | 41.21% | 37.68% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 11%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 8%
- 5 Years:
- 11%
- 3 Years:
- 10%
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:
- 13%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 87,986 | 93,532 | 97,514 | 1,03,675 | 1,09,289 | 1,18,971 | 1,29,193 | 1,40,188 | 1,51,944 | 1,65,169 | |
| 1,05,390 | 1,21,683 | 1,40,369 | 1,66,073 | 1,69,861 | 1,78,787 | 1,80,523 | 1,73,649 | 1,77,291 | 1,78,828 | |
| Trade Payables | 4,876 | 5,593 | 7,551 | 9,001 | 7,182 | 9,734 | 9,598 | 9,475 | 9,567 | 8,979 |
| 37,235 | 46,808 | 46,870 | 51,809 | 58,316 | 65,923 | 71,044 | 74,538 | 74,668 | 65,613 | |
| Total Liabilities | 2,43,732 | 2,75,862 | 3,02,199 | 3,40,452 | 3,54,345 | 3,83,112 | 4,00,054 | 4,07,547 | 4,23,165 | 4,28,285 |
| 99,356 | 1,19,759 | 1,25,621 | 1,56,811 | 1,64,449 | 1,95,571 | 1,96,896 | 2,11,751 | 2,11,349 | 2,16,450 | |
| Capital Work in Progress | 80,302 | 78,607 | 90,809 | 73,067 | 75,344 | 73,519 | 61,744 | 47,154 | 52,327 | 48,276 |
| 8,248 | 10,047 | 13,146 | 26,401 | 28,626 | 23,249 | 29,770 | 33,158 | 35,105 | 38,729 | |
| 6,505 | 6,057 | 7,988 | 10,732 | 9,179 | 9,691 | 13,680 | 17,370 | 17,848 | 17,078 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27,348 | 28,735 | 30,780 | |
| Cash & Bank | 2,930 | 3,978 | 2,144 | 2,209 | 2,338 | 2,747 | 3,742 | 4,600 | 4,779 | 3,044 |
| 46,390 | 57,412 | 62,491 | 71,232 | 74,410 | 78,334 | 94,223 | 66,166 | 73,023 | 73,929 | |
| Total Assets | 2,43,732 | 2,75,862 | 3,02,199 | 3,40,452 | 3,54,345 | 3,83,112 | 4,00,054 | 4,07,547 | 4,23,165 | 4,28,285 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 22,671 | 17,424 | 18,128 | 25,509 | 30,171 | 39,882 | 45,962 | 34,756 | 41,318 | 41,000 | |
| Cash from Investing | -24,414 | -20,390 | -20,894 | -27,247 | -17,342 | -18,080 | -14,101 | -15,044 | -20,546 | -20,118 |
| Cash from Financing | 3,185 | 1,043 | 4,701 | 5,659 | -9,646 | -19,877 | -28,365 | -19,519 | -20,968 | -20,211 |
| -1,215 | -97 | -36 | -4 | 70 | -59 | -114 | 194 | -195 | 670 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - NTPC Limited has informed the Exchange about Intimation of ESG rating by ESG Risk Assessments and Insights Limited.
2026-08-31 - NTPC Limited has informed the Exchange about change in Management
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 - NTPC Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 27, 2026
2026-08-26 - NTPC Limited has informed the Exchange about Action(s) taken or orders passed
2026-08-07 - NTPC Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-05 - NTPC Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-04 - NTPC Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Reporting for the Financial Year 2025-26'.
News
Recent coverage and analyst commentary for NTPC
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