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NTPC Q2 FY27 results: net profit up 40.7% to ₹7,351 crore, revenue up 21.2%
NTPC Limited reported consolidated Q2 FY27 revenue of ₹54,270 crore and net profit of ₹7,351 crore for the July–September 2026 quarter. Revenue rose 21.2% from Q2 FY26, while net profit increased 40.7%; against Q1 FY27, revenue rose 7.0% and net profit rose 6.6%, although EBITDA declined 3.7% and the margin fell 3.2 percentage points.
Key points
- Q2 FY27 consolidated revenue was ₹54,270 crore, up 21.2% from ₹44,786 crore in Q2 FY26.
- EBITDA was ₹15,627 crore, up 21.9% year on year, with the margin rising 0.2 percentage points to 28.8%.
- Net profit was ₹7,351 crore, up 40.7% from ₹5,225 crore, while basic EPS rose to ₹7.25 from ₹5.23.
- Against Q1 FY27, revenue rose 7.0% and net profit rose 6.6%, but EBITDA fell 3.7% to ₹15,627 crore.
- For H1 FY27, revenue was ₹105,010.91 crore, up 14.3%, and net profit was ₹14,247.23 crore, up 25.7%.
How did NTPC perform in Q2 FY27?
NTPC reported consolidated revenue of ₹54,270 crore in Q2 FY27, up 21.2% from ₹44,786 crore in Q2 FY26. Total income rose 20.9% to ₹54,716 crore, while EBITDA increased 21.9% to ₹15,627 crore and its margin rose 0.2 percentage points to 28.8%.
Net profit for the quarter was ₹7,351 crore, compared with ₹5,225 crore in Q2 FY26, and profit attributable to owners was ₹7,030 crore. Basic EPS was ₹7.25, up from ₹5.23. On a standalone basis, revenue was ₹45,752 crore and net profit was ₹5,319.94 crore.
Against Q1 FY27, consolidated revenue rose 7.0% from ₹50,741 crore and net profit rose 6.6% from ₹6,896 crore. EBITDA fell 3.7% from ₹16,231 crore and its margin declined 3.2 percentage points to 28.8%, while profit before tax fell 16.9% and basic EPS rose 4.6% to ₹7.25.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 54,270 | 50,741 | 44,786 | +21.2% | +7.0% |
| Other income | 445.74 | 400.55 | 476.28 | −6.4% | +11.3% |
| Total expenses | 48,059 | 43,130 | 40,218 | +19.5% | +11.4% |
| EBITDA | 15,627 | 16,231 | 12,816 | +21.9% | −3.7% |
| EBITDA margin | 28.8% | 32.0% | 28.6% | +0.2 pp | −3.2 pp |
| Profit before tax | 6,656 | 8,011 | 5,044 | +32.0% | −16.9% |
| Tax | 1,867 | 2,263 | 2,076 | −10.1% | −17.5% |
| Net profit | 7,351 | 6,896 | 5,225 | +40.7% | +6.6% |
| EPS (₹) | 7.25 | 6.93 | 5.23 | +38.6% | +4.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in NTPC's costs and profit?
Consolidated total expenses rose 19.5% year on year to ₹48,059 crore, slower than the 21.2% increase in revenue. Cost of materials increased 24.1% by ₹5,566 crore to ₹28,628 crore, while other expenses rose 12.0% by ₹876 crore to ₹8,203 crore.
Employee cost increased 14.6% year on year by ₹231.17 crore to ₹1,812 crore. Finance costs were ₹4,086 crore, up 19.1% or ₹653.97 crore, and depreciation was ₹5,330 crore, up 10.7% or ₹514.28 crore. Other income declined 6.4% by ₹30.54 crore to ₹445.74 crore.
There was no exceptional item. Tax expense fell 10.1% year on year by ₹209.18 crore to ₹1,867 crore, while profit before tax rose 32.0% by ₹1,612 crore to ₹6,656 crore and net profit increased 40.7% by ₹2,125 crore. The filing excerpt does not state reasons for the changes in individual cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 28,628 | 23,062 | +5,566 | +24.1% |
| Employee cost | 1,812 | 1,580 | +231.17 | +14.6% |
| Finance costs | 4,086 | 3,432 | +653.97 | +19.1% |
| Depreciation | 5,330 | 4,816 | +514.28 | +10.7% |
| Other expenses | 8,203 | 7,327 | +876 | +12.0% |
| Total expenses | 48,059 | 40,218 | +7,841 | +19.5% |
| Other income | 445.74 | 476.28 | −30.54 | −6.4% |
| Tax | 1,867 | 2,076 | −209.18 | −10.1% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, NTPC reported consolidated revenue of ₹105,010.91 crore, up 14.3% from ₹91,851.18 crore in H1 FY26. Total income rose 13.7% to ₹105,857.2 crore, while profit before tax increased 42.1% to ₹14,667.79 crore.
Consolidated net profit for H1 FY27 was ₹14,247.23 crore, up 25.7% from ₹11,333.76 crore. Basic EPS increased 24.2% from ₹11.42 to ₹14.18. The results cover the six months ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,05,011 | 91,851 | +14.3% |
| Profit before tax | 14,668 | 10,325 | +42.1% |
| Net profit | 14,247 | 11,334 | +25.7% |
| EPS (₹) | 14.18 | 11.42 | +24.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹577,362.88 crore, compared with ₹558,643.56 crore at 31 March 2026. Total equity increased to ₹221,847 crore from ₹211,153.06 crore, while borrowings rose to ₹275,633.68 crore from ₹267,258.2 crore. Cash fell to ₹2,459.86 crore from ₹3,421.63 crore.
Inventories declined to ₹14,046.95 crore from ₹18,662.62 crore. Trade receivables increased to ₹41,252.6 crore from ₹36,616.27 crore, while trade payables fell to ₹9,684.98 crore from ₹11,787.1 crore.
For H1 FY27, operating cash flow was ₹26,542.12 crore, compared with ₹24,482.88 crore in H1 FY26. Investing cash flow was negative ₹19,578.2 crore against negative ₹13,295.33 crore, financing cash flow was negative ₹5,903.36 crore against negative ₹10,450.19 crore, and capital expenditure was ₹21,146.35 crore against ₹18,412.87 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5,77,363 | 5,58,644 |
| Total equity | 2,21,847 | 2,11,153 |
| Borrowings | 2,75,634 | 2,67,258 |
| Cash and equivalents | 2,460 | 3,422 |
| Inventories | 14,047 | 18,663 |
| Trade receivables | 41,253 | 36,616 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 26,542 | 24,483 |
| Cash from investing | −19,578 | −13,295 |
| Cash from financing | −5,903 | −10,450 |
| Capital expenditure | 21,146 | 18,413 |
Source: Company's results filing (XBRL).
How has NTPC done over the last 8 quarters?
Revenue reached a reported high of ₹54,270 crore in Q2 FY27 after rising from ₹50,741 crore in Q1 FY27; the low in the supplied series was ₹44,786 crore in Q2 FY26. Revenue has risen year on year in each of the last two quarters. Net profit also increased year on year in each of the last four quarters.
Profit reached ₹7,351 crore in Q2 FY27, up from ₹6,896 crore in Q1 FY27, while the low in the supplied series was ₹5,225 crore in Q2 FY26. The EBITDA margin rose to 32.0% in Q1 FY27 before falling to 28.8% in Q2 FY27, below the Q2 FY26 level of 28.6% only marginally.
Which businesses drove the quarter?
Generation revenue was ₹53,258 crore in Q2 FY27, up 22.4% from ₹43,502 crore in Q2 FY26, while segment EBIT was ₹9,212 crore against ₹10,169 crore. The reported EBIT margin was 17.3%.
Others revenue rose 49.3% to ₹7,349 crore from ₹4,923 crore, and EBIT was ₹1,675 crore against ₹294 crore. The segment’s reported EBIT margin was 22.8%. Share of net profit of joint ventures was ₹625.04 crore, compared with ₹580.1 crore in the year-ago quarter.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Generation | 53,258 | +22.4% | 9,212 | 17.3% |
| Others | 7,349 | +49.3% | 1,675 | 22.8% |
| Unallocated | 124.70 | +158.9% | 0 | 0.0% |
| Less: Inter segment elimination | −6,016 | 0 | ||
| Share of net profit of JVs | 0 | 625.04 |
Source: Company's results filing (XBRL segment data).
How did NTPC shares react?
NTPC’s filing appeared after market hours from a reference price of ₹309. The stock moved down 0.2% after five minutes, up 0.4% after 15 minutes and up 0.1% after 30 minutes. On the reaction day it closed 1.9% below its previous close.
By the next day’s close, the stock was down 2.1% from its pre-results close, and by five sessions it was down 1.5%. The Power Generation sector’s median move was negative 3.4% on the reaction day, negative 4.3% by the next day and negative 2.0% over five sessions, leaving NTPC ahead by 1.4, 2.2 and 0.6 percentage points, respectively.
Earlier reaction-day moves were mixed: 0.7% on 24 July 2026, 0.6% on 23 May 2026, negative 0.5% on 30 January 2026, negative 2.6% on 30 October 2025, 0.9% on 29 July 2025, negative 0.4% on 24 May 2025, negative 0.8% on 25 January 2025 and negative 2.7% on 24 October 2024.
| After the filing | Stock | Power Generation median |
|---|---|---|
| 5 minutes | −0.2% | |
| 15 minutes | +0.4% | |
| 30 minutes | +0.1% | |
| Reaction day | −1.9% | −3.4% |
| Next day | −2.1% | −4.3% |
| 5 days | −1.5% | −2.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 24 July 2026 | +0.7% |
| 23 May 2026 | +0.6% |
| 30 January 2026 | −0.5% |
| 30 October 2025 | −2.6% |
| 29 July 2025 | +0.9% |
| 24 May 2025 | −0.4% |
| 25 January 2025 | −0.8% |
| 24 October 2024 | −2.7% |
Source: MarketPing price-reaction measurement.
How did other Power Generation companies do?
Thirteen other Power Generation companies were compared for revenue growth, with a median growth of 13.3%. Seven grew slower than NTPC and six grew faster than NTPC; the comparison excludes NTPC itself.
Profit was higher for 10 of the 14 peers included in the profit comparison, as of 4 November 2026.
| NTPC revenue growth (YoY) | +21.2% |
|---|---|
| Median of 13 other Power Generation companies | +13.3% |
| Companies with slower revenue growth than NTPC | 7 of 13 |
| Companies with faster revenue growth than NTPC | 6 of 13 |
| Companies whose net profit rose | 10 of 14 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was NTPC's revenue in Q2 FY27?
Revenue from operations was ₹54,270 crore, up 21.2% from ₹44,786 crore in Q2 FY26 (consolidated).
Did NTPC make a profit in Q2 FY27?
Yes. Net profit was ₹7,351 crore, against a net profit of ₹5,225 crore in Q2 FY26.
What was NTPC's EPS in Q2 FY27?
Basic earnings per share were ₹7.25, against ₹5.23 in Q2 FY26.
How did NTPC shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.9% from the previous close; the median Power Generation stock moved −3.4%.
When did NTPC announce its Q2 FY27 results?
On 20 October 2026, in a filing to the BSE.
Sources
- Clarification On The News Item Published On The Website Of AD HOC NEWS Dated 20Th October 2026 Captioned 'NTPC Posts 7.43 Percent Profit Growth; Buyback Sets Date For NTPC Stock" (BSE, 20 October 2026) · PDF
- Board Meeting Intimation for Consideration Of Un-Audited Financial Results For The Quarter And Half Year Ended 30Th September 2026 And Declaration Of 1St Interim Dividend, If Any, For The Financial Year 2026-27 (BSE, 23 October 2026) · PDF
- Outcome of Board Meeting (NSE, 31 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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