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NTPC (National Thermal Power Corporation) Ltd along with its subsidiaries/ associates & JVs is primarily involved in generation and sale of bulk power to State power utilities. Other business of the group includes providing consultancy, project management & supervision, energy trading, oil & gas exploration and coal mining.[1]
Business Segments1) Generation (94% in 9M FY25 vs 96% in FY22):[1][2]The company isIndia’s largest power generating companywith a total installed capacity of 76,598 MW, accounting for ~17% of the nation’s total capacity and 22% of its total power generation.[3][4][5]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | NTPC | 348.85 | 16.98 | 338219.99 | 2.39 | 4653.33 | 0.10 | 39166.59 | -2.90 | 12.17 | 167011.74 | 25.85 | 19917.57 | 4653.33 | 2.02 | 5.29 | 1.11 |
| 2. | Adani Green | 1019.20 | 76.68 | 168003.80 | 0.00 | 644.00 | 102.55 | 3008.00 | 0.10 | 8.70 | 12221.00 | 81.16 | 2190.88 | 658.14 | 8.60 | 2.32 | 4.52 |
| 3. | JSW Energy | 512.60 | 44.28 | 89608.02 | 0.39 | 824.27 | -17.41 | 5177.42 | 59.91 | 6.49 | 15949.06 | 49.55 | 2023.68 | 704.68 | 3.08 | 2.46 | 2.37 |
| 4. | NHPC Ltd | 83.66 | 26.50 | 84046.83 | 2.28 | 1219.28 | 13.49 | 3365.26 | 10.27 | 7.42 | 11212.76 | 52.98 | 3171.33 | 1021.44 | 2.04 | 3.43 | 1.09 |
| 5. | NTPC Green Ene. | 94.07 | 130.62 | 79274.92 | 0.00 | 86.38 | 130.26 | 612.29 | 21.52 | 4.89 | 2419.85 | 87.48 | 606.90 | 87.59 | 4.23 | 1.31 | 1.16 |
| 6. | NLC India | 269.65 | 14.31 | 37383.84 | 1.11 | 724.80 | -27.06 | 4178.41 | 14.25 | 10.51 | 16251.48 | 26.03 | 2612.76 | 665.12 | 1.87 | 4.68 | 1.22 |
| 7. | SJVN | 83.01 | 58.58 | 32636.70 | 1.76 | 307.80 | -30.20 | 1032.40 | 0.60 | 4.91 | 3125.24 | 72.70 | 557.11 | 307.91 | 2.24 | 1.92 | 2.03 |
| – | Median: 25 Co. | 128.44 | 27.06 | 7718.07 | 0.0 | 86.38 | 0.1 | 634.3 | 13.21 | 7.42 | 2265.01 | 31.76 | 187.7 | 80.07 | 2.17 | 2.32 | 0.89 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 41,411 | 39,455 | 41,369 | 39,122 | 44,428 | 42,573 | 41,318 | 42,538 | 43,904 | 41,015 | 40,875 | 40,337 | 39,167 |
Expenses | 29,905 | 29,514 | 29,752 | 28,185 | 32,576 | 32,289 | 30,208 | 31,198 | 32,649 | 31,880 | 30,338 | 30,651 | 29,147 |
Operating Profit | 11,506 | 9,941 | 11,617 | 10,937 | 11,852 | 10,284 | 11,110 | 11,341 | 11,255 | 9,135 | 10,537 | 9,686 | 10,019 |
Other Income | 738 | 2,299 | 934 | 558 | 626 | 2,679 | 2,081 | 2,542 | 3,973 | 1,608 | 718 | 3,119 | 2,933 |
Profit before tax | 6,057 | 5,966 | 6,626 | 5,720 | 6,174 | 6,255 | 7,216 | 7,667 | 8,098 | 5,105 | 5,326 | 6,051 | 6,297 |
Tax % | 26% | 23% | 29% | 29% | 27% | 24% | 21% | 28% | 29% | 35% | 27% | 23% | 26% |
Net Profit | 4,476 | 4,572 | 4,711 | 4,066 | 4,511 | 4,775 | 5,672 | 5,556 | 5,778 | 3,331 | 3,885 | 4,649 | 4,653 |
EPS in Rs | 4.62 | 4.71 | 4.86 | 4.19 | 4.65 | 4.92 | 5.85 | 5.73 | 5.96 | 3.44 | 4.01 | 4.79 | 4.80 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 71,459 | 72,634 | 70,844 | 78,273 | 83,453 | 90,307 | 97,700 | 99,207 | 121,175 | 163,770 | 162,009 | 170,037 | 167,012 |
Expenses | 53,611 | 56,711 | 52,848 | 56,918 | 58,596 | 71,260 | 60,918 | 66,614 | 82,221 | 120,738 | 116,087 | 117,722 | 123,836 |
Operating Profit | 17,848 | 15,923 | 17,996 | 21,356 | 24,856 | 19,048 | 36,782 | 32,593 | 38,953 | 43,032 | 45,922 | 52,315 | 43,175 |
Other Income | 2,665 | 2,377 | 1,118 | 316 | 1,839 | 1,755 | -2,065 | 973 | 2,110 | 3,846 | 3,203 | 861 | 10,519 |
Interest | 2,466 | 2,842 | 3,346 | 3,699 | 3,996 | 4,717 | 6,799 | 7,459 | 8,265 | 10,265 | 10,503 | 11,171 | 10,800 |
Depreciation | 4,142 | 4,912 | 5,172 | 5,921 | 7,099 | 7,254 | 8,623 | 10,412 | 12,058 | 13,137 | 13,943 | 15,056 | 15,617 |
Profit before tax | 13,905 | 10,547 | 10,596 | 12,052 | 15,600 | 8,831 | 19,295 | 15,695 | 20,740 | 23,476 | 24,679 | 26,949 | 27,277 |
Net Profit | 10,975 | 10,291 | 10,770 | 9,385 | 10,343 | 11,750 | 10,113 | 13,770 | 16,282 | 17,197 | 18,079 | 19,649 | 19,918 |
EPS in Rs | 11.09 | 10.40 | 10.88 | 9.49 | 10.45 | 11.88 | 10.22 | 14.20 | 16.79 | 17.73 | 18.64 | 20.26 | 20.54 |
Dividend Payout % | 43% | 20% | 26% | 42% | 41% | 51% | 31% | 43% | 42% | 41% | 42% | 41% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 8,245 | 8,245 | 8,245 | 8,245 | 8,245 | 9,895 | 9,895 | 9,697 | 9,697 | 9,697 | 9,697 | 9,697 | 9,697 |
Reserves | 77,570 | 73,412 | 83,048 | 87,986 | 93,532 | 97,514 | 103,675 | 109,289 | 118,971 | 129,193 | 140,188 | 151,944 | 158,162 |
Borrowings | 67,170 | 85,995 | 93,127 | 106,840 | 121,605 | 142,807 | 168,712 | 176,466 | 185,578 | 187,271 | 186,206 | 186,231 | 187,142 |
Other Liabilities | 26,641 | 29,568 | 30,810 | 33,609 | 44,579 | 40,787 | 45,557 | 47,915 | 57,115 | 57,716 | 57,439 | 60,308 | 62,217 |
Total Liabilities | 179,627 | 197,220 | 215,231 | 236,680 | 267,962 | 291,002 | 327,838 | 343,367 | 371,361 | 383,877 | 393,530 | 408,179 | 417,217 |
Fixed Assets | 72,111 | 78,849 | 91,773 | 99,356 | 119,759 | 125,621 | 156,811 | 164,449 | 195,571 | 197,361 | 212,611 | 212,208 | 221,916 |
Gross Block | 116,992 | 128,478 | 97,625 | 111,750 | 139,805 | 153,399 | 193,575 | 212,304 | 257,084 | 270,360 | 300,021 | 315,303 | – |
Accumulated Depreciation | 44,881 | 49,629 | 5,852 | 12,394 | 20,046 | 27,779 | 36,764 | 47,856 | 61,513 | 72,998 | 87,410 | 103,095 | – |
CWIP | 44,889 | 56,493 | 66,423 | 80,737 | 79,076 | 91,207 | 73,359 | 75,438 | 73,618 | 61,789 | 47,157 | 52,330 | 45,737 |
Investments | 9,758 | 9,032 | 8,393 | 8,248 | 10,047 | 13,146 | 26,401 | 28,626 | 23,249 | 29,770 | 33,158 | 35,105 | 36,248 |
Other Assets | 52,869 | 52,846 | 48,642 | 48,339 | 59,079 | 61,029 | 71,266 | 74,854 | 78,923 | 94,957 | 100,605 | 108,536 | 113,316 |
Total Assets | 179,627 | 197,220 | 215,231 | 236,680 | 267,962 | 291,002 | 327,838 | 343,367 | 371,361 | 383,877 | 393,530 | 408,179 | 417,217 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 15,732 | 14,235 | 23,987 | 20,014 | 19,250 | 16,157 | 21,584 | 27,058 | 37,898 | 42,351 | 34,756 | 41,318 |
Cash from Investing Activity | -13,980 | -14,563 | -18,346 | -24,414 | -20,390 | -20,894 | -27,247 | -17,342 | -18,080 | -14,101 | -15,044 | -20,546 |
Cash from Financing Activity | -3,309 | -1,878 | -4,550 | 3,185 | 1,043 | 4,701 | 5,659 | -9,646 | -19,877 | -28,365 | -19,519 | -20,968 |
Net Cash Flow | -1,556 | -2,206 | 1,092 | -1,215 | -97 | -36 | -4 | 70 | -59 | -114 | 194 | -195 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 27 | 38 | 40 | 38 | 33 | 34 | 58 | 85 | 75 | 58 | 62 | 62 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 27 | 38 | 40 | 38 | 33 | 34 | 58 | 85 | 75 | 58 | 62 | 62 |
Working Capital Days | -12 | -39 | -35 | -49 | -42 | -61 | -31 | -48 | -52 | -22 | -23 | -17 |
ROCE % | 11% | 8% | 8% | 9% | 11% | 6% | 12% | 9% | 10% | 11% | 11% | 12% |
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Stock Analysis
NTPC Limited is India's largest power producer, primarily engaged in the generation and sale of bulk power. Its operations extend to consultancy, project management, energy trading, oil & gas exploration, and coal mining, with a significant focus on expanding its renewable energy portfolio.
Key growth drivers include the company's consistent expansion of its renewable energy capacity through subsidiaries like NGEL, strategic diversification into nuclear power, pumped storage, and green hydrogen projects, and its role in bolstering India's overall energy infrastructure.
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