NTPC
NTPC · NSE · Mega Cap
NTPC
Largest power utility transitioning fleet mix toward renewables; majority parent of NTPC Green Energy.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. NTPC: capacity compounding meets falling tariffs — capital recycling and offtaker mix decide equity IRR.
Bull case for NTPC: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for NTPC: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Average realized tariff and merchant exposure
- 06Capital recycling via InvIT / asset sales
- 07Equity IRR vs cost of equity
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 16.0x | — |
| Forward P/E | — | — |
| EV/EBITDA | 11.7x | — |
| EV/Sales | 3.4x | — |
| P/B | 2.0x | — |
| FCF Yield | 1.2% | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker NTPC · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Sales | 1,11,531 | 1,32,669 | 1,76,207 | 1,78,525 | 1,88,138 |
| Operating Profit | 34,044 | 40,362 | 47,596 | 51,469 | 54,355 |
| OPM % | 31% | 30% | 27% | 29% | 29% |
| Net Profit | 14,969 | 16,960 | 17,121 | 21,332 | 23,953 |
| EPS (₹) | 15.09 | 17.20 | 17.44 | 21.46 | 24.16 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|
| Sales | 44,706 | 45,069 | 49,834 | 47,065 |
| OPM % | 26% | 30% | 30% | 27% |
| Net Profit | 5,380 | 5,170 | 7,897 | 6,108 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Equity Capital | 9,697 | 9,697 | 9,697 | 9,697 | 9,697 |
| Reserves | 1,16,042 | 1,25,677 | 1,37,326 | 1,51,013 | 1,74,374 |
| Borrowings | 2,10,208 | 2,10,707 | 2,22,913 | 2,37,131 | 2,50,096 |
| Fixed Assets | 2,03,245 | 2,24,923 | 2,40,424 | 2,58,934 | 2,71,437 |
| Total Assets | 3,98,022 | 4,15,831 | 4,47,189 | 4,79,278 | 5,23,497 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Operating | 32,444 | 41,788 | 47,152 | 40,099 | 50,436 |
| Investing | -21,034 | -22,891 | -26,145 | -31,456 | -45,800 |
| Financing | -11,049 | -19,172 | -21,217 | -8,246 | -4,073 |
| Net Cash Flow | 361 | -275 | -210 | 397 | 563 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary