Strength
Earnings consistently backed by cash
Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 1.85×).
Importance 52 / 95 · cash quality
NTPC Limited · Research view
NTPC Limited
NSE: NTPCBSE: 532555ISIN INE733E01010Face value ₹10consolidated
₹317
−2.24% · 2026-10-01 · 52-wk ₹317–₹410
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
Strength
More profitable than peers
ROE of 13.7% is well above the power generation median of 9.0%.
Importance 52 / 95 · profitability
Concern
Thinner margins than peers
EBITDA margin of 30.8% is below the power generation median of 54.3%.
Importance 49 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Utilities › Power › Power › Power Generation.
- Market cap
- ₹3.07 L cr
- FY2026 revenue
- ₹1,87,385 cr
- FY2026 net profit
- ₹27,546 cr
- Net worth
- ₹2,11,153 cr
- Total debt
- ₹2,67,258 cr
- EPS (basic)
- ₹27.90
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 5 power generation.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Reported net profit grew 15.0% (FY2025 → FY2026), but pre-tax profit was ₹24,269 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.
Rule PROFIT_GREW_YOY
- Revenue growth per year
- +10.1%over 7 years
- Revenue growth
- −0.4%vs last year
- Net profit growth
- +15.0%vs last year
- Change in net profit since FY19
- +118%
Revenue has compounded at 10.1% a year over 7 years (₹95,742 → ₹1,87,385) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 EBITDA margin was 32.8%, up 4.44 percentage points from 28.3% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
Strength
Q1 FY27 EBIT was ₹11,397 cr, up 30.3% from ₹8,749 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
Strength
Q1 FY27 net profit was ₹6,896 cr, up 12.9% from ₹6,108 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 44,696 | — | 5,380 | — | 12.0% |
| Q3 FY25 | 45,053 | +5.2% | 5,170 | −0.8% | 11.5% |
| Q4 FY25 | 49,834 | +4.6% | 7,897 | +21.7% | 15.8% |
| Q1 FY26 | 47,065 | −3.0% | 6,108 | +10.9% | 13.0% |
| Q2 FY26 | 44,786 | +0.2% | 5,225 | −2.9% | 11.7% |
| Q3 FY26 | 45,846 | +1.8% | 5,597 | +8.3% | 12.2% |
| Q4 FY26 | 49,688 | −0.3% | 10,615 | +34.4% | 21.4% |
| Q1 FY27 | 50,741 | +7.8% | 6,896 | +12.9% | 13.6% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹1,91,060 crTTM
- EBITDA
- ₹60,995 crTTM
- EBIT
- ₹40,719 crTTM
- PBT
- ₹27,000 crTTM
- Net profit
- ₹28,334 crTTM
C. Corporate actions
2 Sept 2026DividendFinal Dividend - Rs. - 3.5000 — ₹3.50/share
6 Feb 2026DividendInterim Dividend - Rs. - 2.7500 — ₹2.75/share
7 Nov 2025DividendInterim Dividend - Rs. - 2.7500 — ₹2.75/share
4 Sept 2025DividendFinal Dividend - Rs. - 3.3500 — ₹3.35/share
31 Jan 2025DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
31 Oct 2024DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
7 Aug 2024DividendFinal Dividend - Rs. - 3.2500 — ₹3.25/share
6 Feb 2024DividendInterim Dividend - Rs. - 2.2500 — ₹2.25/share
3 Nov 2023DividendInterim Dividend - Rs. - 2.2500 — ₹2.25/share
11 Aug 2023DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
3 Feb 2023DividendInterim Dividend - Rs. - 4.2500 — ₹4.25/share
10 Aug 2022DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
3 Feb 2022DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
8 Sept 2021DividendFinal Dividend - Rs. - 3.1500 — ₹3.15/share
11 Feb 2021DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
12 Nov 2020BuybackBuy Back of Shares
13 Aug 2020DividendFinal Dividend - Rs. - 2.6500 — ₹2.65/share
26 Mar 2020DividendInterim Dividend - Rs. - 0.5000 — ₹0.50/share
13 Aug 2019DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
19 Mar 2019Bonus issueBonus issue 1:5 — 5:6
6 Feb 2019DividendInterim Dividend - Rs. - 3.5800 — ₹3.58/share
6 Sept 2018DividendFinal Dividend - Rs. - 2.3900 — ₹2.39/share
7 Feb 2018DividendInterim Dividend - Rs. - 2.7300 — ₹2.73/share
7 Sept 2017DividendFinal Dividend - Rs. - 2.1700 — ₹2.17/share
15 Feb 2017DividendInterim Dividend - Rs. - 2.6100 — ₹2.61/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 13.7% is well above the power generation median of 9.0%.
Rule ROE_ABOVE_PEER_MEDIAN
- EBITDA margin now
- 30.8%
- 8-year range
- 27.1–34.1%
- ROE FY2026
- 13.7%
- ROCE FY2026
- 8.3%
EBITDA margin of 30.8% is below the power generation median of 54.3%.
EBITDA margin has ranged from 27.1% to 34.1% over 7 years and sits at 30.8% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 1.85×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹2,67,258 cr
- Operating cash flow ÷ net profit
- 1.85×FY2026
- Free cash flow
- ₹6,895 cr
- Current ratio
- 0.82×
Net debt is 4.49× EBITDA.
Free cash flow has been positive in 6 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 5 power generation (FY2026, consolidated).
Revenue growth
NTPC · 5th of 5 · set median 14.4%
EBITDA margin
NTPC · 5th of 5 · set median 54.3%
Return on equity
NTPC · 2nd of 5 · set median 9.0%
P/E ratio
NTPC · 2nd of 5 · set median 16.9×
Context
Trades at 10.84× earnings — 36% below the power generation median of 16.93×.
Rule PE_BELOW_PEERS
- P / E
- 10.8×TTM to Jun 26
- P / B
- 1.5×latest book
- P / S
- 1.6×TTM sales
- Earnings yield
- 9.2%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 11.1× · P/S 1.6× · ROE 13.7%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −6.9%
- 3-year return
- +29.0%
- 5-year return
- +126.4%
- From 52-wk high
- −22.8%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹336
- vs 200-day avg
- Below₹357
- RSI (14)
- 30.7neutral
- MACD histogram
- -0.5
- From 52-wk high
- −22.8%
- From 52-wk low
- 0.0%
- 30-day volatility
- 13.1%ann.
- 6-month return
- −15.7%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernThinner margins than peersEBITDA margin of 30.8% is below the power generation median of 54.3%.MARGIN_BELOW_PEER_MEDIAN · conviction 49
- WatchUnusual tax rateEffective tax rate of -11.9% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.EFFECTIVE_TAX_UNUSUAL · conviction 45
- ConcernMeaningful debt loadNet debt is 4.49× EBITDA.HIGH_LEVERAGE · conviction 45
- WatchProfit growingReported net profit grew 15.0% (FY2025 → FY2026), but pre-tax profit was ₹24,269 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.PROFIT_GREW_YOY · conviction 36
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 95,742 | 1,09,464 | 1,11,531 | 1,32,669 | 1,76,207 | 1,78,501 | 1,88,138 | 1,87,385 |
| Total income | 97,537 | 1,12,373 | 1,15,547 | 1,34,994 | 1,77,977 | 1,81,166 | 1,90,862 | 1,89,799 |
| EBITDA | 25,905 | 34,445 | 37,990 | 42,605 | 49,499 | 53,758 | 56,852 | 57,700 |
| Profit before tax | 12,956 | 15,972 | 14,803 | 19,501 | 23,551 | 25,506 | 26,283 | 24,269 |
| Net profit | 12,633 | 11,902 | 14,969 | 16,960 | 17,121 | 21,332 | 23,953 | 27,546 |
| EPS (₹) | 12.8 | 11.7 | 14.9 | 17.2 | 17.4 | 21.5 | 24.2 | 27.9 |
| Net worth | 1,10,702 | 1,22,156 | 1,29,262 | 1,39,134 | 1,50,954 | 1,65,122 | 1,91,123 | 2,11,153 |
| Total debt | 1,53,787 | 1,92,576 | 1,97,237 | 2,09,555 | 2,19,805 | 2,35,040 | 2,47,575 | 2,67,258 |
| Operating cash flow | — | — | 32,444 | 41,788 | 40,052 | 40,785 | 50,436 | 50,902 |
| Free cash flow | — | — | 9,132 | 17,457 | 15,233 | 10,043 | 9,153 | 6,895 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 14.3 | 1.9 | 19.0 | 32.8 | 1.3 | 5.4 | -0.4 |
| Profit growth YoY | — | -5.8 | 25.8 | 13.3 | 0.9 | 24.6 | 12.3 | 15.0 |
| Profitability | ||||||||
| EBITDA margin % | 27.1 | 31.5 | 34.1 | 32.1 | 28.1 | 30.1 | 30.2 | 30.8 |
| Net margin % | 13.0 | 10.6 | 13.0 | 12.6 | 9.6 | 11.8 | 12.5 | 14.5 |
| Return on equity % | 11.4 | 10.2 | 11.9 | 12.6 | 11.8 | 13.5 | 13.4 | 13.7 |
| Return on capital % | 6.9 | 8.3 | 8.0 | 8.5 | 9.6 | 9.7 | 9.4 | 8.3 |
| Leverage & cash | ||||||||
| Debt to equity | 1.39 | 1.58 | 1.53 | 1.51 | 1.46 | 1.42 | 1.30 | 1.27 |
| Cash flow ÷ profit | — | — | 2.17 | 2.46 | 2.34 | 1.91 | 2.11 | 1.85 |
| Current ratio | 0.76 | 0.88 | 0.80 | 0.76 | 0.81 | 0.84 | 0.92 | 0.82 |