NTPC Share Price: PAT mein tagda jump, par revenue pe thodi tension? Jaaniye Q3 results ka poora update!

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AuthorAarav Shah|Published at:
NTPC Share Price: PAT mein tagda jump, par revenue pe thodi tension? Jaaniye Q3 results ka poora update!
Overview

NTPC ka Q3 FY26 results aa gaya hai aur results mein mix reaction hai. Consolidated PAT toh **8.3%** jump maar kar **₹5,597 crore** ho gaya, mainly because of **₹467 crore** ka regulatory gain. Lekin yaar, standalone revenue thoda **1.7%** gir gaya, **₹40,643 crore** par aa gaya. Company ne **₹2.75** per share ka interim dividend bhi announce kiya hai. Toh overall numbers mein kuch achha, kuch sochne wala.

Numbers ka Khel: Standalone vs Consolidated

NTPC ne apne Q3 FY26 aur 9 mahine ke results release kiye hain, aur numbers thode mixed hain.

Standalone Revenue: Is quarter mein 1.7% YoY gir kar ₹40,643.79 crore par aa gaya. Par pichle quarter se dekhein toh 3.8% ka rise hai. 9 mahine mein standalone revenue 3.0% neeche ₹1,22,383.00 crore raha.

Standalone Profit After Tax (PAT): Yeh 5.8% YoY badh kar ₹4,986.94 crore ho gaya. Is growth ka sabse bada credit ₹467.91 crore ke regulatory deferral account adjustment ko jaata hai. Pichle saal isme ₹360.06 crore ka negative impact tha. Toh, is adjustment ko hata dein toh core EPS actually YoY kam hua hai.

Consolidated PAT: Yeh zyada positive dikh raha hai, 8.3% YoY badh kar ₹5,597.05 crore raha quarter mein. Aur 9 mahine ke liye, yeh 5.4% YoY badh kar ₹16,930.81 crore ho gaya.

Margins ki baat: Operating margin thoda sudhar kar 21.83% (pehle 20.71%) ho gaya aur Net Profit Margin bhi 12.27% (pehle 11.39%) tak pahunch gaya.

Profit Quality aur Future ka Kya?

Dekhne wali baat yeh hai ki standalone PAT mein jo growth dikh rahi hai, woh kaafi hadd tak regulatory adjustments ki wajah se hai. Matlab, core operations se utna fayda nahi ho raha jitna numbers dikha rahe hain. Investors ko is pe dhyaan dena chahiye.

Aur sabse chinta ki baat yeh hai ki management ne aage ke liye koi financial guidance nahi diya hai. Isse investors aur analysts ke liye future performance ka andaza lagana mushkil ho raha hai.

Risks aur Outlook: Standalone revenue mein girawat ek major concern hai. Regulatory adjustments pe dependency profit ko unpredictable bana rahi hai. Coal business ko NTPC Mining Limited (NML) mein transfer karne ka kaam bhi chal raha hai, jo ek important strategic move hai.

Overall, profit numbers toh theek dikh rahe hain, khaas kar consolidated wale, lekin asali operational performance aur future growth ko lekar guidance ki kami ne uncertainty badha di hai.

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