NTPC Ltd.

NSE: NTPC · Power Generation

52W Range₹316 ₹414

Snapshot

Unlock NTPC Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

NTPC Limited is a major Indian power utility primarily engaged in the generation and sale of bulk electricity to state-owned and private distribution companies. The company operates a diversified portfolio spanning thermal, hydro, solar, and renewable energy sources, while also providing consultancy and project management services.

Business Model

The company generates revenue through long-term power purchase agreements with state utilities and private DISCOMs, alongside income from energy trading, coal mining, and consultancy services. It leverages a massive installed capacity base to ensure consistent power supply across the Indian grid.

  • Installed Capacity:54818 MW
  • Commercial Capacity:69183 MW

Growth Outlook

Growth is driven by the expansion of renewable energy capacity and strategic investments in coal mining and oil and gas exploration. The company continues to focus on scaling its infrastructure to meet India's rising energy demand.

Key Risks

  • Regulatory and Policy Risk. Changes in government regulations regarding power tariffs and environmental compliance can significantly impact profitability.
  • Fuel Supply Volatility. Dependence on coal and gas exposes the company to price fluctuations and supply chain disruptions in the global fuel market.
  • Counterparty Credit Risk. Financial instability of state-owned distribution companies (DISCOMs) may lead to delays in payment collection and liquidity constraints.
  • Energy Transition Risk. The global shift towards decarbonisation necessitates significant capital expenditure to transition from traditional thermal generation to renewable energy sources.

Price

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Key Metrics

REVENUE

₹1,87,385 Cr

TTM · consolidated

-0.4%YoY

NET PROFIT

₹27,546 Cr

TTM · consolidated

+15.0%YoY

EPS

₹27.90

TTM · consolidated

+15.5%YoY

RETURN ON EQUITY

14.6%

TTM · consolidated

+0.2 ppYoY

RETURN ON CAPITAL EMPLOYED

8.9%

TTM · consolidated

-1.2 ppYoY

P/E

12.3x

Q4 FY26 · consolidated

12.3 vs 18.0x5Y avg

EV/EBITDA

10.3x

Q4 FY26 · consolidated

10.3 vs 11.5x5Y avg

EBITDA MARGIN

30.8%

TTM · consolidated

+0.6 ppYoY

NET PROFIT MARGIN

21.4%

Q4 FY26 · consolidated

+5.6 ppYoY

DEBT TO EQUITY

1.3%

Q4 FY26 · consolidated

-0.0 ppYoY

Peers · Power Generation

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
NTPC Ltd.NTPC
3,64,59412.2710.33-0.4%30.8%14.6%8.9%0.0%
Adani Green Energy Ltd.ADANIGREEN
1,38,033110.9819.1516.8%100.4%30.9%12.6%+48.6%
JSW Energy Ltd.JSWENERGY
85,45742.3515.5160.9%58.4%9.8%9.2%+2.2%
NTPC Green Energy Ltd.NTPCGREEN
82,114152.5440.5692.8%2.8%3.5%-16.9%
NHPC Ltd.NHPC
76,59321.0420.5211.9%54.3%10.5%4.5%-10.9%
NLC India Ltd.NLCINDIA
36,01711.3310.4814.5%37.5%19.4%8.5%+26.1%

As of Q4 FY26

Financials