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
| ₹ 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) |
| ₹ 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 |
| 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 |
| 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 | 32.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · NTPC appoints 5 statutory auditors for FY 2026-27 by C&AG | general | low | — | — |
| 3 Sept 2026 · NTPC gets ESG score of 49, rated Adequate by independent agency | general | low | — | — |
| 31 Aug 2026 · NTPC informs cessation of four senior management personnel | management changes | high | — | — |
| 27 Aug 2026 · NTPC 50th AGM: All 9 resolutions approved, Rs 12000 Cr fundraise cleared | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · NTPC 50th AGM held; key items include Rs 12,000 Cr NCD fundraising | board shareholder meetings | medium | — | — |
| 26 Aug 2026 · BSE and NSE fine NTPC for non-compliance with Listing Regulations | general | low | — | — |
| 7 Aug 2026 · NTPC informs about newspaper notice on special window for physical share dematerialisation | compliance | minimal | — | — |
| 5 Aug 2026 · NTPC publishes notice for 50th AGM in newspapers | compliance | minimal | — | — |
| 4 Aug 2026 · NTPC Integrated Annual Report FY26 and 50th AGM notice filed | investor communications | medium | — | — |
| 4 Aug 2026 · Notice of 50th AGM on Aug 27, 2026 and Integrated Annual Report FY26 | board shareholder meetings | low | — | — |
| 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 |
| 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 | 1.5 | 1.6 | 12 of 26 | 52% |
| ROCE | 5.5 | 2.7 | 6 of 29 | 82% |
| ROE | 13.1 | 6.2 | 5 of 27 | 85% |
| Debt / Equity | 1.3 | 0.7 | 19 of 27 | 31% |
| 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 | 323287 | 3866 | 1 of 29 | 100% |
| 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 |
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