Operates a portfolio of power generation, smart meter infrastructure, roads and EPC businesses, with power generation accounting for 71.9 percent of segment revenue at Rs. 5,406.99 crore in FY26 and smart meter infrastructure contributing 18.8 percent at Rs. 1,417.78 crore. The power segment runs thermal power plants that maintained plant load factors of 91-92 percent, with the Warora plant posting 30 percent EBITDA margins and Kamalanga at 34 percent. The smart meter infrastructure business installs electricity meters under long-term contracts, having deployed around 39 lakh meters against a 7.57 million total contract in Uttar Pradesh. Roads, a toll-road operation, contributed 2.9 percent of segment revenue at Rs. 218.37 crore though traffic fell 13.3 percent year-on-year. Other opex at 46.1 percent of revenue and materials at 16.6 percent are the largest cost lines, with depreciation at 9.1 percent reflecting the asset-heavy plant base. Total net debt stands at Rs. 91.6 billion and the company raised about Rs. 900 crore through a preferential issue in January 2026 to repay borrowings. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Power (72%), Smart Meter Infrastructure (19%), Others (5%), Roads (3%), EPC (1%). Asset-heavy, capital-intensive power generation with growing smart meter and road infrastructure operations.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,102 | 5,525 | 4,489 | 6,344 | 7,332 |
| EBITDA (ex other income) | 511 | 1,625 | 1,516 | 3,567 | 2,568 |
| margin % | 12.4 | 29.4 | 33.8 | 56.2 | 35.0 |
| Owners' profit | (648) | 1,183 | (103) | 1,418 | 600 |
| EPS, as reported (₹) | (10.73) | 19.60 | (1.71) | 20.72 | 8.26 |
| ROE % · ROCE % | 29.2 · 9.9 | (41.6) · 43.0 | 4.3 · 15.6 | 216.3 · 31.8 | 29.1 · 18.3 |
| Debt / equity (x) | (4.66) | (2.99) | (4.65) | 14.26 | 5.46 |
| Cash from operations | 1,215 | 1,230 | 1,690 | 2,833 | 1,260 |
| Capex | (152) | (24) | (99) | (270) | (238) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,384 | 1,612 | 1,737 | 1,648 | 1,810 | 1,869 | 2,004 | 1,705 |
| Profit before tax | 224 | (23) | 257 | (15) | 888 | (167) | (46) | 17 |
| Net profit | 250 | (108) | 49 | (7) | 895 | (160) | (114) | (35) |
| EPS (₹) | 3.63 | (1.49) | 0.61 | (0.11) | 12.43 | (2.36) | (1.47) | (0.53) |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Power | 5,407 | 71.9 |
| Smart Meter Infrastructure | 1,418 | 18.8 |
| Roads | 218 | 2.9 |
| EPC | 92 | 1.2 |
| Others | 387 | 5.1 |
| Total, before eliminations | 7,522 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 3,23,287 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Aug 2026 · Newspaper ad published for 7th AGM notice and annual report | compliance | minimal | — | — |
| 27 Aug 2026 · BRSR Report for FY 2025-26 submitted with assurance from Grant Thornton Bharat | compliance | low | — | — |
| 27 Aug 2026 · GMR Power & Urban Infra: 7th AGM on Sep 21, 2026; INR 3,000 Cr fundraise proposal | board shareholder meetings | low | — | — |
| 27 Aug 2026 · GMR Power filed FY25-26 Annual Report; 7th AGM on September 21 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Newspaper ad for 7th AGM on September 21, 2026 | compliance | minimal | — | — |
| 11 Aug 2026 · Board meeting on Aug 14 to consider Q1 results and up to Rs 3,000 crore fundraise | results | low | — | — |
| 24 Jul 2026 · Promoters declare no new share encumbrances in FY26 | compliance | minimal | — | — |
| 15 Jul 2026 · Routine compliance certificate for Q1 FY26-27 - no demat requests received | compliance | minimal | — | — |
| 9 Jul 2026 · GMR Kalinga Solar becomes step-down subsidiary after Grasim takes 29% stake | strategic transactions | medium | — | — |
| 9 Jul 2026 · GMR Kalinga Solar becomes step-down subsidiary; Grasim takes 29% stake | strategic transactions | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 11.7 |
| 1.53 |
| 10.2 |
| 13.0 |
| 5.5 |
| 10.9 |
| 32.8 |
| ADANI GREEN ENERGY LTD | 2,11,030 | 87.2 | 7.06 | 27.2 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 96,469 | 47.0 | 2.87 | 15.3 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 76,724 | 20.2 | 1.59 | 20.1 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 73,604 | 123.0 | 3.84 | 38.8 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 36,725 | 11.0 | 1.45 | 9.7 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 28,352 | 41.0 | 5.60 | 19.9 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 25,984 | 40.8 | 1.82 | 16.1 | 4.5 | 2.8 | 12.7 | 65.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.7 | 20.2 | 6 of 25 | 75% |
| P/B | 3.5 | 1.6 | 21 of 26 | 20% |
| ROCE | 5.2 | 2.7 | 9 of 29 | 71% |
| ROE | 29.1 | 6.2 | 2 of 27 | 96% |
| Debt / Equity | 5.5 | 0.7 | 27 of 27 | 0% |
| EBITDA margin | 29.2 | 53.8 | 21 of 24 | 13% |
| Revenue growth | 3.4 | 10.0 | 15 of 24 | 39% |
| Profit growth | (394.1) | 4.2 | 24 of 25 | 4% |
| Market cap | 7345 | 3866 | 13 of 29 | 57% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
