NTPC Ltd
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]
Strengths
- +Company has been maintaining a healthy dividend payout of 41.2%
Weaknesses
- −The company has delivered a poor sales growth of 11.7% over past five years.
- −Company has a low return on equity of 13.0% over last 3 years.
- −Company might be capitalizing the interest cost
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 51.1% | 51.1% | 51.1% | 51.1% | 51.1% | 51.1% | 51.1% | 51.1% |
| FIIs | 17.68% | 18.6%▲0.9 | 18.2%▼0.4 | 17.79%▼0.4 | 16.09%▼1.7 | 16.4%▲0.3 | 16.24%▼0.2 | 16.54%▲0.3 |
| DIIs | 27.55% | 26.51%▼1.0 | 26.76%▲0.3 | 27.22%▲0.5 | 28.92%▲1.7 | 28.93%▲0.0 | 29.19%▲0.3 | 29.13%▼0.1 |
| Public | 3.55% | 3.68%▲0.1 | 3.83%▲0.1 | 3.77%▼0.1 | 3.77% | 3.45%▼0.3 | 3.34%▼0.1 | 3.1%▼0.2 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 40,875 | 39,455 | 42,538 | 44,428 | 40,337 | 41,369 | 43,904 | 42,573 | 39,167 | 40,644 |
| Expenses | 30,338 | 29,514 | 31,198 | 32,576 | 30,651 | 29,752 | 32,649 | 32,289 | 29,147 | 28,652 |
| Operating Profit | 10,537 | 9,941 | 11,341 | 11,852 | 9,686 | 11,617 | 11,255 | 10,284 | 10,019 | 11,992 |
| OPM % | 26% | 25% | 27% | 27% | 24% | 28% | 26% | 24% | 26% | 30% |
| Net Profit | 3,885 | 4,572 | 5,556 | 4,511 | 4,649 | 4,711 | 5,778 | 4,775 | 4,653 | 4,987 |
| EPS ₹ | 4.01 | 4.71 | 5.73 | 4.65 | 4.79 | 4.86 | 5.96 | 4.92 | 4.8 | 5.14 |
AI Insights
TTM revenue at ₹1,66,287Cr, down 2.2% YoY. OPM at 26%.
Borrowings at ₹1,87,142Cr. Debt-to-equity ratio: 1.18x. High leverage — monitor closely.
CWIP at ₹45,737Cr (21% of fixed assets). Significant capex underway — growth runway building.
DIIs: 29.13% (-1.07pp change). FIIs: 16.54% (+0.74pp change). Promoters hold 51.1%.
ROCE improving from 11% (Mar 2014) to 12% (Mar 2025). Working capital days: -17.
PE 18.6x with 12.2% ROCE. Price is 125% above book value of ₹173. Dividend yield: 2.15%.
Recent Announcements
- Completion Of Trial Operation Of Unit-2 (800 MW) By Patratu Vidyut Utpadan Nigam Limited 31s
- Closure of Trading Window 2d
- Board Meeting Intimation for Considering Of Annual Standalone And Consolidated Financial Statements For The Year Ended 31St March 2026 And Recommendation Of Final Dividend For The Year Ended 31St March 2026, If Any 2d - Board meets 23 May 2026 to approve FY26 financial statements and consider final dividend; trading window closed until 25 May.
- Declaration Of COD By Group Companies Of NTPC Green Energy Limited. 14 May - NTPC Green Energy subsidiaries declared COD for 12.5 MW and 50 MW solar capacities in Rajasthan from 15 May 2026.
- Announcement under Regulation 30 (LODR)-Acquisition 7 May - NTPC acquires MCD’s 26% stake in NEWS for Rs. 5.2 lakh, making it wholly owned.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse