NSE: NTPC · BSE: 532555
NTPC LTD
Generates and sells electricity in India, running coal, gas, hydro, nuclear and renewable power plants. Generation is the core business, accounting for 91.4% of segment revenue (₹1,62,530.49 crore) and almost all segment earnings (EBIT ₹32,900.43 crore). The 'Others' segment at 6.9% of segment revenue covers ancillary activities such as consultancy, mining and related services. NTPC Group crossed 90 GW of installed capacity in FY26, adding a record 9,618 MW in the year, with renewables arm NGEL contributing 4,225 MW. As of late July 2026, Group installed capacity stood at 91,080 MW and commercial capacity at 90,000 MW. Another 34 GW was under construction, split 16.5 GW coal, 2.6 GW hydro and 15 GW renewable energy. Fuel (materials) is the dominant cost at 49.4% of revenue, reflecting coal-fired generation's economics. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Generation (91%), Others (7%), Unallocated (2%). Asset-heavy, capital-intensive power generation with regulated cost-plus tariffs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,32,669 | 1,76,207 | 1,78,501 | 1,88,138 | 1,87,385 |
| EBITDA (ex other income) | 40,280 | 47,729 | 51,093 | 54,128 | 55,286 |
| margin % | 30.4 | 27.1 | 28.6 | 28.8 | 29.5 |
| Owners' profit | 16,676 | 16,913 | 20,812 | 23,422 | 27,053 |
| EPS, as reported (₹) | 17.20 | 17.44 | 21.46 | 24.16 | 27.90 |
| ROE % · ROCE % | 12.2 · 8.5 | 11.3 · 9.6 | 12.9 · 9.8 | 12.5 · 9.3 | 13.0 · 8.6 |
| Debt / equity (x) | 1.51 | 1.46 | 1.42 | 1.30 | 1.27 |
| Cash from operations | 41,788 | 40,052 | 40,785 | 50,436 | 50,902 |
| Capex | (24,444) | (24,819) | (30,816) | (41,283) | (44,050) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 44,696 | 45,053 | 49,834 | 47,065 | 44,786 | 45,846 | 49,688 | 50,741 |
| Profit before tax | 4,321 | 7,130 | 7,694 | 5,281 | 5,044 | 6,772 | 7,173 | 8,011 |
| Net profit | 5,380 | 5,170 | 7,897 | 6,108 | 5,225 | 5,597 | 10,615 | 6,896 |
| EPS (₹) | 5.44 | 5.22 | 7.85 | 6.20 | 5.23 | 5.66 | 10.81 | 6.93 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Generation | 1,82,610 | 96.2 |
| Others | 19,416 | 10.2 |
| Unallocated | 657 | 0.3 |
| Total, before eliminations | 2,02,683 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD ◆ | 2,95,264 | 10.6 | 1.40 | 9.7 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,09,663 | 86.6 | 7.02 | 27.0 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 88,507 | 43.1 | 2.64 | 14.6 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 74,383 | 19.6 | 1.54 | 19.8 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 69,947 | 116.9 | 3.65 | 37.4 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,560 | 9.5 | 1.25 | 8.9 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 28,962 | 41.9 | 5.72 | 20.2 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,030 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.6 | 19.2 | 5 of 22 | 81% |
| P/B | 1.4 | 1.4 | 13 of 26 | 52% |
| ROCE | 5.5 | 2.7 | 6 of 29 | 82% |
| ROE | 13.1 | 5.3 | 5 of 26 | 84% |
| Debt / Equity | 1.3 | 0.8 | 18 of 26 | 32% |
| EBITDA margin | 32.8 | 53.8 | 20 of 24 | 17% |
| Revenue growth | 7.8 | 10.0 | 13 of 24 | 48% |
| Profit growth | 12.9 | 4.2 | 12 of 25 | 54% |
| Market cap | 295264 | 3356 | 1 of 29 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · NTPC to discuss September 2026 quarter and half-year results | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Diwakar Nath Misra appointed Government Nominee Director | management changes | medium | — | — |
| 23 Oct 2026 · NTPC board to review September 2026 quarter and half-year results | results | low | — | — |
| 22 Oct 2026 · LIC raises NTPC stake to 7.004% through market purchases | ownership changes | medium | — | — |
| 20 Oct 2026 · NTPC denies news report about profit growth and buyback | results | high | — | — |
| 19 Oct 2026 · Govt. Nominee Director Shri Diwakar Nath Misra appointed on NTPC board | management changes | medium | — | — |
| 15 Oct 2026 · NTPC partners with Africa50 for power projects across Africa | strategic transactions | high | — | — |
| 15 Oct 2026 · NTPC submits quarterly certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 12 Oct 2026 · Newspaper public notice for proposed transfer of equity shares | compliance | minimal | — | — |
| 10 Oct 2026 · NTPC Green Energy arm declares 66.18 MW solar commercial operation | business updates | medium | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.