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NTPC (NTPC) · mywealthgrid

About

India's largest power utility with ₹3,29,800 Cr market cap and 29.5% operating margins. NTPC operates thermal generation alongside a growing renewables pipeline as it navigates the power sector's energy transition.

Founded: 1975
Face value: ₹10

Market cap

₹3,05,647 Cr

P/E

11.0×

P/B

1.5×

Dividend yield

3.9%

ROE

14%

ROCE

8.8%

Debt / equity

1.32

OPM

29.5%

EPS (TTM)

₹28.6

Book value

₹209.5

52-week high

₹410.2

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Debt-to-equity ratio of 1.32; verify if this constrains capex and how it compares to peer utilities
Operating margins fluctuate between 25.58% and 31.99% across recent quarters; identify drivers of this volatility (fuel costs, tariffs, capacity utilisation)
Thermal generation exposure; verify coal sourcing reliability, stranded-asset risk, and regulatory headwinds
1-year return of 3.11% signals investor skepticism; verify whether concerns relate to the energy transition, capex demands, or valuation ceiling

Generated analysis · source review pending

Growth drivers

Renewable pipeline (per description) can expand the revenue base from current ₹40–50k Cr quarterly run rate; verify MW additions and timelines
Consistent net profit generation (₹4.6–₹10.6 Cr quarterly) funds regular dividends and growth capex
Operating margins at 29–31% reflect operational discipline; identify if there is room for margin expansion and ROE improvement from current 13.97%
₹3.3L Cr market capitalisation and market leadership provide funding access for the energy transition; verify capex plans and return profiles

Generated analysis · source review pending

₹315.1-6.7%1Y

Beta

1.02

Moves with the index

Volatility (1y)

18.9%

Annualised, daily returns

RSI (14)

24.7

Oversold territory

Rel. strength (1y)

-16.2%

Behind the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Healthy operating margin of 29.5%
+Dividend yield of 3.9%
+Dividend payout of 43.1% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

46/100

Business quality: 35
Growth: 40
Valuation: 91
Momentum

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Adani Power LimitedADANIPOWERADANIPOWER	₹3,78,385 Cr	₹4,31,941 Cr	₹59,033 Cr	₹22,070 Cr	36.5%	₹14,255 Cr	23.9%	17.3%	21.2%	89
NTPCNTPCNTPC	₹3,05,647 Cr	₹5,72,905 Cr	₹1,91,060 Cr	₹58,936 Cr	29.5%	₹27,763 Cr	14.7%	8.8%	14%	98
Power Grid CorporationPOWERGRIDPOWERGRID	₹2,36,732 Cr	₹3,84,741 Cr	₹47,033 Cr	₹38,369 Cr	81.3%	₹15,896 Cr	34.1%	11%	16.5%	140
Adani Green EnergyADANIGREENADANIGREEN	₹2,10,199 Cr	₹3,11,639 Cr	₹13,559 Cr	₹11,711 Cr	83.3%	₹1,784 Cr	15.4%	7.6%	10.3%	-80
Adani Energy Solutions LimitedADANIENSOLADANIENSOL	₹1,59,340 Cr	₹2,08,239 Cr	₹30,480 Cr	₹9,778 Cr	32.9%	₹2,919 Cr	8.7%	11.1%	9.6%	-139
Tata PowerTATAPOWERTATAPOWER	₹1,12,048 Cr	₹1,83,170 Cr	₹63,445 Cr	₹12,969 Cr	21%	₹3,863 Cr	8.2%	8.1%	10%	-61
Jsw Energy LimitedJSWENERGYJSWENERGY	₹88,925 Cr	₹1,64,771 Cr	₹18,965 Cr	₹10,149 Cr	53.3%	₹1,967 Cr	14.6%	8.6%	7.7%	28
Ntpc Green Energy LimitedNTPCGREENNTPCGREEN	₹76,755 Cr	₹1,06,013 Cr	₹3,285 Cr	₹2,860 Cr	86.6%	₹607 Cr	18.2%	3.3%	2.8%	-32
Nhpc LimitedNHPCNHPC	₹72,073 Cr	₹1,24,207 Cr	₹12,210 Cr	₹5,787 Cr	45.1%	₹3,797 Cr	36.3%	4.4%	9.3%	77
Torrent Power LimitedTORNTPOWERTORNTPOWER	₹62,630 Cr	₹76,363 Cr	₹29,184 Cr	₹5,596 Cr	19.1%	₹2,324 Cr	8.5%	13.2%	13.2%	-285
Nlc India LimitedNLCINDIANLCINDIA	₹35,109 Cr	₹62,911 Cr	₹18,381 Cr	₹6,125 Cr	32%	₹3,367 Cr	21.6%	8.2%	17.5%	171
Acme Solar Holdings LimitedACMESOLARACMESOLAR	₹30,577 Cr	₹49,565 Cr	₹2,370 Cr	₹2,058 Cr	88%	₹603 Cr	24.6%	8.5%	10.4%	63

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	73,426	82,081	88,083	1,00,287	1,09,464	1,11,531	1,32,669	1,76,207	1,78,501	1,88,138	1,87,385
COGS	—	—	—	—	57,186	56,099	69,753	1,00,656	98,312	1,01,515	92,490
Gross profit	—	—	—	—	52,278	55,432	62,916	75,551	80,189	86,623	94,895
	60,702	66,595	73,123	73,606	20,336	20,774	21,617	27,042	27,461	30,282	36,745
	12,725	15,486	14,961	26,681	31,942	34,658	41,300	48,509	52,728	56,341	58,150
OPM %	17.3%	18.9%	17%	26.6%	29.2%	31.1%	31.1%	27.5%	29.5%	30%	31%
Depreciation	—	—	—	8,669	10,356	12,450	13,788	14,792	16,204	17,401	19,629
Interest	3,314	3,651	4,435	5,605	8,117	9,224	9,316	11,156	12,048	13,168	13,801
	1,058	967	1,558	2,247	2,909	2,503	2,325	1,770	2,665	2,724	2,414
Profit before tax	10,618	13,761	—	—	21,250	17,390	22,007	23,917	28,142	32,198	24,669
Tax	-163	3,047	5,653	-2,780	9,348	2,421	5,047	6,796	6,809	8,245	-2,876
Tax %	-1.5%	22.1%	—	—	44%	13.9%	22.9%	28.4%	24.2%	25.6%	-11.7%
	10,781	10,714	10,502	14,034	11,902	14,969	16,960	17,121	21,332	23,953	27,546
PAT margin %	14.7%	13.1%	11.9%	14%	10.9%	13.4%	12.8%	9.7%	12%	12.7%	14.7%
EPS (₹)	—	—	—	—	11.7	14.9	17.2	17.4	21.5	24.2	27.9
EPS adjusted (₹)	10.9	10.8	10.7	13.9	11.7	15.1	17.2	17.4	21.5	24.2	27.9
	—	—	—	—	26.9%	41.4%	40.7%	41.6%	36.1%	34.6%	32.3%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	8,245	8,245	8,245	9,895	9,895	9,697	9,697	9,697	9,697	9,697	9,697
Reserves	75,836	89,593	89,593	1,01,462	1,08,945	1,16,042	1,25,677	1,37,327	1,51,013	1,74,374	1,93,479
Minority interest	774	803	803	2,908	3,317	3,524	3,760	3,930	4,413	7,052	7,977
	83,605	1,07,195	1,07,195	1,64,433	1,92,576	2,09,310	2,19,056	2,19,805	2,35,040	2,47,575	2,67,258
	37,287	42,661	47,587	67,964	63,753	60,315	66,756	75,263	80,034	85,467	80,232
Total equity & liabilities	2,05,747	2,48,497	2,53,423	3,46,661	3,78,485	3,98,888	4,24,946	4,46,021	4,80,197	5,24,165	5,58,644
	79,468	1,04,532	1,02,912	1,50,985	1,87,803	2,03,245	2,24,923	2,40,424	2,58,934	2,71,437	3,18,697
CWIP	63,731	86,461	88,080	1,17,998	98,211	97,404	91,025	89,133	87,593	1,00,776	84,833
Investments	7,371	7,614	7,614	8,132	9,807	10,589	10,626	13,935	15,885	19,704	24,180
	55,176	49,891	54,817	69,546	82,665	87,649	98,371	1,02,529	1,17,786	1,32,249	1,30,934
Total assets	2,05,747	2,48,497	2,53,423	3,46,661	3,78,485	3,98,888	4,24,946	4,46,021	4,80,197	5,24,165	5,58,644

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Generation	1,82,610.35	40,437.27	4,89,858.7	65,371.05	4,24,487.65	9.53
Others	19,415.99	1,234.21

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	47.8%	49.7%	47.4%

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.1%	51.1%	51.1%	51.1%	51.1%	51.1%	51.1%	51.1%	51.1%	51.1%	51.1%	51.1%
	16.69%	17.04%	17.86%	17.69%	18.6%	18.2%	17.79%	16.09%	16.4%	16.24%	16.55%	16.3%
	29.02%	28.7%	27.55%	27.54%	26.51%	26.76%	27.22%	28.92%	28.94%	29.19%	29.13%	29.44%
	0%	0%	0%	0%	0.11%	0.11%	0.11%	0.12%	0.12%	0.12%	0.12%	0%
	3.19%	3.16%	3.49%	3.67%	3.68%	3.83%	3.78%	3.77%	3.44%	3.35%	3.1%	3.16%
No. of shareholders	—	—	—	—	—	—	—	—	37,29,617	35,43,434	33,00,179	32,01,112

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹322.8 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹321.2	-3.6	-1.1%	₹321.2	61,644	-1,424	2,989	1500
23 Nov 2026	₹321.0	-2.8	-0.8%	₹321.0	1,599	+185	308	1500
29 Dec 2026	₹322.2	-6.2	-1.9%	₹327.8	3	+3	5	1500

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

37

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	270

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

266

across 23 fund houses

Held by these funds

10.26%

of the company's equity

All mutual funds

17.4%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

266 schemes · 23 fund houses

		Shares
CPSE ETF	Nippon India Mutual Fund	11.27 Cr	3,688.96	19.37%	1.162%	+1.27 L
Nifty 50 ETF	SBI Mutual Fund	9.2 Cr	3,010.67	1.41%	0.948%	+4.84 L
BSE Sensex ETF	SBI Mutual Fund	6.35 Cr	2,081.75	1.71%	0.655%	+6.3 L
Large Cap Fund	ICICI Prudential Mutual Fund	4.89 Cr	1,601.14	2%	0.504%	-0
Value Fund	ICICI Prudential Mutual Fund	3.71 Cr	1,213.99	2.02%	0.382%	-0
LARGE CAP FUND	Nippon India Mutual Fund	3 Cr	982.79	1.82%	0.309%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	2.98 Cr	974.43	1.73%	0.307%	—
ETF NIFTY 50 BEES	Nippon India Mutual Fund	2.89 Cr	944.8	1.41%	0.298%	+5.8 L

1–8 of 266

1 / 34

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Intimation of credit Rating agency of NTPC Limited.17 Feb 2026

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPT REC
May 2026Transcript AI SummaryPPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

179 announcementsExport CSV

18 Jul 2026, 10:13 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Directorate

Change in Directorate PDF

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42 deals · 23 Sept 2021 – 11 Nov 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Nov 2024	PIONEER INVESTMENT FUND	Block	BSE	Sell	25,25,252	₹397.70	₹100.43 Cr
11 Nov 2024	PI OPPORTUNITIES AIF V LLP	Block	BSE	Buy	25,25,252	₹397.70	₹100.43 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	11,33,874	₹308.85	₹35.02 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	11,33,874	₹308.85	₹35.02 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	61,65,950	₹171.45	₹105.72 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	61,65,950	₹171.45	₹105.72 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	61,65,950	₹180.95	₹111.57 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	61,65,950	₹180.95	₹111.57 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	33,17,292	₹166.95	₹55.38 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	33,17,292	₹166.95	₹55.38 Cr

1–10 of 42

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
18 Jul 2026, 10:13 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
17 Jul 2026, 10:24 pm	Company Update General	Declaration Of COD Of 11 Mwac Floating Solar Plant On The Raw Water Reservoir Of Khurja STPP Of THDC India Limited.	PDF
17 Jul 2026, 6:00 pm	Company Update General	Nomination Of Independent Director	PDF
17 Jul 2026, 4:31 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
17 Jul 2026, 4:26 pm	Board Meeting	Board Meeting Intimation for Considering Of Un-Audited Financial Results Of The Company For The Quarter Ended 30Th June 2026 And Raising Of Funds Through Issue Of Non-Convertible Debentures	PDF
11 Jul 2026, 5:52 pm	Company Update General	Investment Approval For Lara Super Thermal Power Project, Stage-III (2X800 MW)	PDF
8 Jul 2026, 2:20 pm	Company Update General	Declaration Of COD Of First Part Capacity Of 50.4 MW Of Vanki Wind Energy Project Located In Nakhatrana, Kutch, Gujarat Of NTPC Renewable Energy Limited.	PDF
7 Jul 2026, 3:04 pm	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	24,125	20,167	19,663	18,686	23,890	32,444	41,788	40,052	40,785	50,436	50,902
	-19,162	-24,480	-20,672	-24,063	-29,628	-21,034	-22,838	-26,107	-32,141	-45,800	-37,578
	-3,899	3,138	1,033	4,927	6,004	-11,049	-19,172	-14,154	-8,246	-4,073	-11,328
Net cash flow	—	-1,176	24	-451	266	361	-222	-210	398	563	1,995
Free cash flow	2,987	-4,233	898	-2,921	5,659	9,132	17,344	15,233	9,969	9,153	6,852
CFO / Operating profit %	189.6%	130.2%	131.4%	70%	75.8%	95.5%	103.8%	83.9%	79.8%	93.2%	92.1%

Leverage
Current ratio	0.65	0.88	0.8	0.76	0.81	0.84	0.92	0.82

Working capital
Receivable days	45	68	92	100	60	68	67	71

NTPC

NTPC

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Option chain37

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Futures3

Option chain37

Ratio timeline

Quarterly record

Dividends43

Board meetings1

Bonus issues1

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

Add: Share of net profits of JVs · revenue

3

37

3

37

43

1

1