Generates electricity and sells it primarily under long-term power purchase agreements (PPAs) to state distribution utilities and industrial buyers, with a small share sold on the merchant market. FY26 segment revenue split is Thermal 69.9% (₹13,212.23 crore) and Renewable 29.8% (₹5,625.75 crore), with Thermal including coal-based plants such as KSK Mahanadi and Salboni, and Renewable covering solar, wind, hydro and hybrid assets. Installed capacity reached 14,535 MW at the time of the Q1 FY27 update, with renewables at 61% of the mix; the firm is building toward 30 GW by FY30 with 32.1 GW of locked-in capacity and 13 GW under construction. The build-out is supported by a 5 GWh-per-year battery assembly plant in Pune, a wind blade facility at Halol, and pumped-storage projects (Bhavali 1,500 MW, Kandhaura 1,680 MW), plus acquisitions of Maruti Clean Coal & Power (300 MW thermal) and a Toshiba JSW Power Systems stake to secure turbine-generators and GE boiler technology. Cost shape is dominated by fuel (materials 29.5% of FY26 revenue), followed by depreciation (16.9%) tied to the heavy asset base, with FY27 capex guided at ₹20,000 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Thermal (70%), Renewable (30%), Unallocated (0%). Capital-intensive, asset-heavy power generation with heavy ongoing build-out (FY27 capex guided at ₹20,000 crore, ~54.5% of FY26 revenue)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,167 | 10,332 | 11,486 | 11,745 | 18,901 |
| EBITDA (ex other income) | 3,569 | 3,402 | 5,382 | 5,221 | 9,999 |
| margin % | 43.7 | 32.9 | 46.9 | 44.4 | 52.9 |
| Owners' profit | 1,729 | 1,478 | 1,723 | 1,951 | 2,239 |
| EPS, as reported (₹) | 10.52 | 9.01 | 10.50 | 11.19 | 12.82 |
| ROE % · ROCE % | 10.0 · 11.6 | 7.9 · 7.0 | 8.2 · 8.2 | 6.8 · 5.7 | 8.2 · 7.5 |
| Debt / equity (x) | 0.51 | 1.32 | 1.49 | 1.71 | 2.26 |
| Cash from operations | 2,952 | 2,084 | 6,234 | 3,838 | 9,898 |
| Capex | (2,294) | (4,236) | (8,033) | (6,709) | (10,310) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,238 | 2,439 | 3,189 | 5,143 | 5,177 | 4,082 | 4,499 | 5,207 |
| Profit before tax | 997 | 145 | 355 | 1,012 | 954 | (176) | 185 | 694 |
| Net profit | 877 | 157 | 415 | 836 | 824 | 529 | 574 | 533 |
| EPS (₹) | 4.90 | 0.96 | 2.34 | 4.26 | 4.04 | 2.41 | 2.12 | 2.64 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Thermal | 13,212 | 69.9 |
| Renewable | 1,142 | 6.0 |
| Unallocated | 63 | 0.3 |
| Renewables | 4,484 | 23.7 |
| Total, before eliminations | 18,901 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 3,23,287 | 11.7 | 1.53 | 10.2 | 13.0 | 5.5 | 10.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · ICRA affirms AA rating, assigns A1+ to enhanced credit facilities | credit debt | medium | — | — |
| 9 Sept 2026 · JSW Energy credit rating affirmed at IND AA; ratings assigned for proposed debt | credit debt | medium | — | — |
| 5 Sept 2026 · CARE reaffirms, assigns ratings to 4 JSW Energy step-down subsidiaries | credit debt | medium | — | — |
| 4 Sept 2026 · JSW Energy crosses 15 GW capacity, adds 1,572 MW in FY27 | capex operations | high | — | — |
| 3 Sept 2026 · JSW Energy discloses schedule of analyst and investor meetings | investor communications | low | — | — |
| 1 Sept 2026 · JSW Energy: CARE upgrades ratings for 2 O2 subsidiaries | credit debt | high | — | — |
| 1 Sept 2026 · JSW Energy: CHRO Anushree Singh resigns, effective 31 Aug 2026 | management changes | high | — | — |
| 21 Aug 2026 · MSEDCL appeals to Supreme Court against APTEL order favouring JSW Energy | regulatory legal | high | — | — |
| 20 Aug 2026 · JSW Energy subsidiary JSW Renew Energy Two gets IND A rating affirmed | credit debt | medium | — | — |
| 20 Aug 2026 · JSW Energy wins as APTEL dismisses MSEDCL appeal | regulatory legal | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 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) | 47.0 | 20.2 | 19 of 25 | 25% |
| P/B | 2.9 | 1.6 | 19 of 26 | 28% |
| ROCE | 1.9 | 2.7 | 16 of 29 | 46% |
| ROE | 8.2 | 6.2 | 12 of 27 | 58% |
| Debt / Equity | 2.3 | 0.7 | 24 of 27 | 12% |
| EBITDA margin | 59.6 | 53.8 | 11 of 24 | 57% |
| Revenue growth | 1.2 | 10.0 | 17 of 24 | 30% |
| Profit growth | (36.3) | 4.2 | 21 of 25 | 17% |
| Market cap | 96469 | 3866 | 3 of 29 | 93% |
| 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.
