Skip to content
NTPC logo

NTPC

NTPC NSE
₹321.95 +0.40 (+0.12%)
P/E
10.50
View as Markdown
MCP
Close 4 Nov 2026 ₹321.95 −4.70 −1.44% 1Y
Start ₹326.65

Key Fundamentals

LargecapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
8.92%
Debt to Equity
1.31
EPS (TTM)
₹30.65
Book Value
₹220.15
Market Cap
—
P/E (TTM)
10.50
P/B
1.46
ROE
15.10%
Dividend Yield
0.93%
EBITDA
₹57,700 Cr
52W High
₹414.40
52W Low
₹292.05
Day Range
₹316.75 – ₹321.95
Volume
82,88,399

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
65
Good
Returns, margins, earnings quality 22% weight
Valuation
71
Strong
Cheap vs sector & own history 24% weight
Growth
39
Weak
Sales & profit trajectory 9% weight
Financial Health
30
Poor
Solvency, leverage, coverage 9% weight
Momentum
28
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish739
OscillatorsNeutral333
Moving AveragesStrong Bullish406

Key readings

RSI (14)
58.18
Neutral
MACD (12,26,9)
−1.18
Bullish
SMA (50)
321.44
Bullish
SMA (200)
355.39
Bearish

As of

Analyst Rating

Based on 29 analysts
BUY97%

28 of 29 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
28
97%
HOLD
1
3%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+9.83%
5Y+10.93%
3Y+2.07%
1Y−0.40%
TTM+7.39%

Net profit

Net profit growth by window
10Y+9.83%
5Y+12.97%
3Y+17.18%
1Y+15.00%
TTM+24.83%

Operating cash flow

Operating cash flow growth by window
10Y+7.75%
5Y+9.43%
3Y+2.58%
1Y+0.82%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+4.29 pp
5Y−0.93 pp
3Y+2.58 pp
1Y+0.70 pp
TTM−1.25 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹82,042 Cr
Mar 2018₹88,083 Cr
Mar 2019₹1,00,287 Cr
Mar 2020₹1,09,464 Cr
Mar 2021₹1,11,531 Cr
Mar 2022₹1,32,669 Cr
Mar 2023₹1,76,207 Cr
Mar 2024₹1,78,525 Cr
Mar 2025₹1,88,138 Cr
Mar 2026₹1,87,385 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹10,714 Cr
Mar 2018₹10,502 Cr
Mar 2019₹14,034 Cr
Mar 2020₹11,902 Cr
Mar 2021₹14,969 Cr
Mar 2022₹16,960 Cr
Mar 2023₹17,121 Cr
Mar 2024₹21,332 Cr
Mar 2025₹23,953 Cr
Mar 2026₹27,546 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹14,574 Cr −21.8% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk medium

NTPC Ltd trades at ₹310.5 as of 2026-10-29 with a market cap of ₹3,01,081 Cr. The stock carries a PE of 10.85x and ROE of 14.21%, with compounded profit growth of 20% over three years but tepid TTM sales growth of just 2%. The stock is 25.1% below its 52-week high of ₹414.4.

Bull Case 6
  • Consistent ROE track record — 14% over 3 years, 14% over 5 years, and 13% over 10 years — indicates disciplined capital allocation for a capital-intensive business
  • Strong compounded profit growth of 20% CAGR over 3 years and 14% over 5 years, outpacing revenue growth and reflecting improving operational efficiency
  • Healthy dividend yield of 2.9% supported by a consistent payout ratio of 34.3%, providing steady income in a volatile market
  • Price-to-book ratio of 1.48x is reasonable for a company generating 14.21% ROE, suggesting the stock is not excessively priced relative to its asset base
  • TTM profit growth of 16% demonstrates continued earnings momentum even as top-line growth has moderated to 2%
  • 10-year stock CAGR of 10% and compounded sales growth of 10% over the same period show a long track record of wealth creation aligned with business growth
Bear Case 8
  • TTM sales growth has decelerated sharply to just 2%, down from a 5-year CAGR of 11%, raising concerns about top-line stagnation
  • Debt-to-equity ratio of 1.33x is elevated, typical for the power sector but a risk if interest rates rise or project returns disappoint
  • The company may be capitalizing interest costs, which would inflate reported asset values and understate true operating expenses, flattering profitability metrics
  • Stock has declined roughly 25% from its 52-week high of ₹414.4 to ₹310.5, indicating significant negative sentiment or derating in recent quarters
  • 1-year stock CAGR of -10% shows near-term underperformance despite solid profit growth, suggesting the market may be pricing in forward risks
  • ROCE of 9.22% is notably lower than ROE of 14.21%, partly reflecting the high leverage and indicating that returns on total capital employed are modest
  • Apparently low tax rate could signal one-time benefits or regulatory adjustments that may not recur, posing a risk to future net profit if the effective rate normalizes
  • Five-year compounded sales growth of only about 11% is modest for a company with significant capacity expansion plans, suggesting limited pricing power in a regulated tariff environment

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

AI News Digest

9h ago

TL;DR: NTPC delivered a strong Q2 FY27 with consolidated profit surging ~39-41% YoY to ₹7,351 crore, driven by 13% generation growth, 73% higher subsidiary profits, and declining borrowing costs. The company is actively diversifying into renewables, BESS, and nuclear while maintaining disciplined capital returns with a raised dividend. Key risks include narrowing standalone margins, transmission constraints that could slow renewable capacity additions, and a stock price that has underperformed over six months despite improving fundamentals. The earnings trajectory is clearly improving, and execution on the 36 GW under-construction pipeline and BESS rollout will be critical catalysts ahead.

Headwinds 3
  • Standalone margins narrowed slightly Oct 31

    Standalone EBITDA margin dipped to ~23.8% from ~25.6% YoY and PAT margin slipped to 11.6% from 11.9%, indicating profit growth was volume-driven rather than margin-led.

  • Transmission constraints risk renewables Oct 31

    NTPC's 7-8 GW renewable capacity target for FY27 is subject to transmission infrastructure availability; grid bottlenecks could delay commissioning regardless of project readiness.

  • Stock down ~21% in six months Oct 31

    Despite strong Q2 results, NTPC shares have declined approximately 20.82% over six months and 8.27% over three months, reflecting broader sector or valuation headwinds.

Positives 7
  • Q2 consolidated profit surges ~39-41% Oct 31

    Consolidated net profit jumped 38.7-40.7% YoY to ~₹7,351 crore in Q2 FY27, with revenue from operations rising 21.2% to ₹54,270 crore driven by 12.93% generation growth to 117.9 billion units.

  • Subsidiary profits surge 73% Oct 31

    Profits from subsidiary companies rose 73% YoY to ₹1,990 crore in Q2 FY27, widening the consolidated-standalone gap significantly and diversifying the earnings base.

  • Interim dividend raised to ₹3/share Oct 31

    Board declared first interim dividend of ₹3 per share for FY27 (record date Nov 6), up ~9% from ₹2.75 last year, with payment commencing Nov 25, 2026.

Neutral 4
  • LIC raises NTPC stake to 7% Oct 22

    LIC increased its holding in NTPC from 5.002% to 7.004% by acquiring 19.41 crore shares via market purchases between October 2025 and October 2026.

  • Nuclear expansion plans advance Oct 18

    NTPC plans six nuclear reactors with Rosatom at ~₹1.5 trillion cost and is conducting feasibility studies across Bihar, MP, Odisha, and UP as part of a 30 GW nuclear target by 2047.

  • Green ammonia export discussions Oct 13

    NTPC is in talks with buyers from Japan, South Korea, and Germany for green ammonia deals tied to its green hydrogen hub under development in Andhra Pradesh.

Quarterly Results

₹ Cr
NTPC quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
44,983
42,820
47,628
48,529
44,706
45,069
49,834
47,064
44,784
45,846
49,686
50,741
54,270
Expenses
32,303
31,458
33,638
35,091
33,041
31,729
35,080
34,485
31,970
31,276
41,181
34,510
38,643
Operating Profit
12,680
11,362
13,990
13,438
11,665
13,341
14,754
12,579
12,814
14,570
8,505
16,231
15,627
OPM %
28%
27%
29%
28%
26%
30%
30%
27%
29%
32%
17%
32%
29%
Other Income
1,024
2,532
1,400
1,187
3,218
986
4,180
3,241
2,735
1,738
1,918
1,549
3,007
Interest
2,921
3,250
2,955
3,136
3,621
2,764
3,648
3,468
3,432
3,164
3,737
3,386
4,086
Depreciation
4,038
4,074
4,271
4,204
4,216
4,318
4,663
4,587
4,816
5,093
5,134
5,234
5,330
PBT
6,746
6,571
8,164
7,284
7,046
7,245
10,623
7,765
7,301
8,050
1,553
9,160
9,218
Tax %
30%
21%
20%
24%
24%
29%
26%
21%
28%
30%
−584%
25%
20%
Net Profit
4,726
5,209
6,490
5,506
5,380
5,170
7,897
6,108
5,225
5,597
10,615
6,896
7,351
EPS (₹)
4.76
5.32
6.36
5.65
5.44
5.22
7.85
6.2
5.23
5.66
10.81
6.93
7.25

Profit & Loss

₹ Cr
NTPC profit and loss, annual, ₹ crore
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
2,00,543
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
1,45,610
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
54,933
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
8,211
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
14,373
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
20,790
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
27,980
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
30,459
EPS (₹)
10.09
10.92
10.83
10.66
13.88
11.72
15.09
17.2
17.44
21.46
24.16
27.9
30.65
Div. Payout %
21%
26%
37%
40%
44%
27%
41%
41%
42%
36%
35%
32%
—

Balance Sheet

₹ Cr
NTPC balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 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
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
2,03,775
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
2,79,526
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
84,365
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
5,77,363
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
3,22,770
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
91,394
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
25,289
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
1,37,910
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
5,77,363

Cash Flow

₹ Cr
NTPC cash flow, annual, ₹ crore
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/EBITDA
97
137
106
79
98
89
104
109
108
85
101
98

Ratios

NTPC financial ratios, annual
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

Log in to view NTPC insights

65 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.10%
  • DIIs 29.87%
  • FIIs 15.79%
  • Public 2.68%
  • Others 0.56%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 Utilities sector, in the Power industry.
What is the PE ratio of NTPC Ltd?
NTPC Ltd trades at a PE ratio of 10.50 as of 4 Nov 2026, on earnings per share of ₹30.65, against a book value of ₹220.15 per share.
What is the 52-week high and low of NTPC Ltd?
Over the last 52 weeks NTPC Ltd has traded between ₹292.05 and ₹414.4 as of 4 Nov 2026.
Does NTPC Ltd pay dividends?
NTPC Ltd has a dividend yield of 0.93%.
What is the Return on Equity (ROE) of NTPC Ltd?
NTPC Ltd reported a return on equity of 15.10%. Its debt-to-equity ratio is 1.31.

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.

Website ntpc.co.in
CEO Mr. Gurdeep Singh
Employees 16,646
Listed 5 Nov 2004
Face Value ₹10

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/NTPC.md for NTPC Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More Power stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month