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NTPC

NTPC NSE

Key Fundamentals

LargecapPower GenerationPower
Market Cap
3.2L Cr
Volatility
Moderate
P/E Ratio
11.65
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

Tapetide 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

Revenue Growth
-0.56% lower than 3Y
Net Income Growth
48.19% higher than 3Y
Cash Flow Change
0.82% lower than 3Y
ROE
34.06% higher than 3Y
ROCE
-6.3% higher than 3Y
EBITDA Margin (Avg.)
2.05% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

NTPC Ltd, India's largest power generation company, trades at a market cap of ₹3,24,984 Cr with a PE of 11.5x and a dividend yield of 2.69%. Compounded profit growth of 20% over three years outpaces a modest 2% sales growth over the same period, reflecting improving margins but raising questions about top-line momentum.

Bull Case 7
  • PE of 11.5x is attractive for a utility of this scale, suggesting the stock is not pricing in aggressive growth expectations
  • Consistent ROE averaging 14% over 5 years and improving to 15% last year indicates disciplined capital allocation for a capital-intensive business
  • Compounded profit growth of 20% over 3 years significantly outpaces sales growth, pointing to meaningful margin expansion and operational efficiency gains
  • Dividend yield of 2.69% with a healthy payout ratio of 34.3% offers steady income, backed by regulated return visibility
  • 10-year compounded sales growth of 10% and profit growth of 10% demonstrate a long track record of steady, predictable expansion
  • Price-to-book of 1.61x is reasonable for a utility earning 15% ROE, implying the market is not assigning a significant premium
  • TTM profit growth of 16% continues the recent trend of double-digit earnings expansion even as revenue growth has moderated to 2% TTM
Bear Case 8
  • TTM sales growth has decelerated sharply to just 2%, and 3-year compounded sales CAGR is also only 2%, signalling stalling top-line momentum
  • 5-year compounded sales growth of only 10.9% is considered poor for a company of this size operating in a power-deficit economy
  • Potential capitalisation of interest costs may be flattering reported profitability and understating true operating expenses
  • Low effective tax rate raises concerns about sustainability of current earnings levels if tax benefits normalise
  • Stock CAGR of just 1% over the past 1 year suggests the market has already priced in near-term positives and momentum has stalled
  • Debt-to-equity data is unavailable, but as a capital-intensive thermal power generator, balance sheet leverage remains an inherent structural risk
  • Heavy dependence on thermal generation exposes the company to evolving environmental regulations and rising renewable energy competition over the long term
  • The wide gap between profit growth (20% 3-year CAGR) and sales growth (2% 3-year CAGR) may not be sustainable if cost-driven margin gains plateau

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 5
  • BSE/NSE fine for non-compliance Aug 26

    NTPC penalized ₹5,36,900 each by BSE and NSE for failing to comply with Regulation 17(1) for Q2FY27 due to delays in appointing independent directors.

  • FY27 EPS decline forecast Aug 21

    Bloomberg estimates EPS to decline 6.6% to ₹26.07 in FY27 from ₹27.90 in FY26, with Motilal Oswal also citing sluggish near-term earnings growth.

  • Korba plant 2,100 MW shutdown Sep 4

    All seven units at NTPC Korba tripped simultaneously on Sep 4 due to a PGCIL breaker testing fault, knocking out 2,100 MW and causing an estimated financial impact of ₹12.5-14.1 crore across generation loss and restart costs.

  • Stock down 7% in past month Aug 31

    NTPC shares declined ~4% over one week and ~7% over the past month, falling nearly 4% in 2026 YTD as of late August.

  • Renewable target downside risk Sep 7

    Motilal Oswal flags downside risk to NTPC's ~8GW renewable capacity addition target within the 9.5GW FY27 guidance, while renewable projects face grid curtailment in Rajasthan and Gujarat.

Positives 7
  • 244 GW capacity target by 2037 Aug 27

    CMD Gurdeep Singh announced ₹16.86 trillion cumulative capex through FY37, targeting 244 GW capacity including 60 GW renewables by 2032, with a record 9.6 GW added in FY26.

  • Record FY26 PAT up 15% Aug 27

    Consolidated PAT hit highest-ever ₹27,546 crore in FY26 (+15% YoY), standalone profit rose 18% to ₹23,162 crore, and EBITDA reached ₹60,564 crore with improved debt-equity ratio of 1.32.

  • Strong Q1 FY27 results Aug 31

    Standalone net profit rose 11.9% YoY to ₹5,342.4 crore in Q1 FY27, EBITDA climbed 22.8% to ₹12,629 crore, and EBITDA margin improved to 28.8% from 24.2%.

  • Bernstein ₹450 target, 32% upside Aug 28

    Bernstein set a ₹450 target price implying ~32% upside from ₹330.05, while Axis Direct maintains Buy with ₹420 target, citing 35.7 GW capacity under construction.

  • ₹12,000 crore NCD raise approved Aug 27

    Shareholders approved a special resolution at the 50th AGM to raise up to ₹12,000 crore via private placement of NCDs to fund growth capex.

  • Record dividend forecast for FY27 Aug 21

    Bloomberg projects FY27 dividend at ₹9.42/share (+4.7% over FY26's ₹9), a record high, with payout ratio rising to 36.11% and three-year dividend growth of 6.70%.

  • Nuclear expansion across 13 states Aug 27

    NTPC is targeting 30 GW nuclear capacity by 2030 with studies at 34 sites across 13 states, including a 2.8 GW Mahi Banswara project in Rajasthan with NPCIL.

Neutral 4
  • Five statutory auditors for FY27 Sep 8

    NTPC appointed five CA firms as statutory auditors for FY27 following a directive from the Comptroller and Auditor General of India.

  • Four Executive Directors retire Aug 31

    Renu Narang and three other Executive Directors ceased their roles effective Aug 31, 2026 due to superannuation.

  • Motilal Oswal Neutral at ₹378 Sep 7

    Motilal Oswal assigned a Neutral rating with ₹378 target, acknowledging strong fundamentals but citing sluggish near-term earnings growth despite 86GW thermal capacity addition opportunity.

  • ₹3.50 final dividend ex-date Sep 2 Aug 31

    NTPC's ₹3.50/share final FY26 dividend went ex-date on Sep 2, 2026, with payment scheduled on or after Sep 23. Current dividend yield stands at 2.72%.

TL;DR: NTPC is executing an ambitious long-term growth plan with ₹16.86 trillion capex targeting 244 GW by 2037, backed by record FY26 profitability and strong Q1 FY27 results. Near-term headwinds include a projected FY27 EPS decline, the Korba plant shutdown incident, and stock underperformance YTD. Analyst sentiment is mixed with Bernstein bullish at ₹450 but Motilal Oswal cautious at ₹378. The long-term trajectory remains constructive given India's ~86GW thermal capacity requirement and NTPC's nuclear and renewable diversification, though execution on renewable targets and grid infrastructure will be key to watch.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others0.55%Promot.51.10%Public2.60%FIIs16.30%DIIs29.44%As ofJun 2026

Documents

Frequently Asked Questions about NTPC

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 trades as NTPC on the NSE and under code 532555 on the BSE.
Which sector does NTPC Ltd belong to?
NTPC Ltd is classified under the Power sector, in the Power Generation industry.
What is the market capitalisation of NTPC Ltd?
NTPC Ltd has a market capitalisation of ₹3,24,984 Cr, which places it in the Large Cap band.
What is the PE ratio of NTPC Ltd?
NTPC Ltd trades at a PE ratio of 11.65, on earnings per share of ₹22.08, against a book value of ₹209.53 per share.
What is the 52-week high and low of NTPC Ltd?
Over the last 52 weeks NTPC Ltd has traded between ₹315.55 and ₹414.4.
Does NTPC Ltd pay dividends?
NTPC Ltd has a dividend yield of 2.69%.
What is the Return on Equity (ROE) of NTPC Ltd?
NTPC Ltd reported a return on equity of 14.21%. Its debt-to-equity ratio is 1.33.

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

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