Want to see IN:NTPC full AI Analyst Report?
Top Page
NTPC Limited
(NTPC)
Select Model
Select Model
Rating:65Neutral
Price Target:
₹374.00
▲(7.73% Upside)
Action:Downgraded
Date:05/24/26
The score is primarily driven by solid operating performance and acceptable valuation, offset by weaker cash-flow quality (including negative FY2026 free cash flow) and a debt-heavy balance sheet. Technically, the stock shows longer-term strength but lacks short-term momentum.
Positive Factors
Multi-year revenue growth
Sustained top-line expansion over multiple years reflects stable demand and effective capacity utilization in a mature power market. Durable revenue growth enhances scale, supports reinvestment capacity for generation projects, and underpins medium-term credit metrics even amid cyclical pressures.
Negative Factors
High and rising absolute debt
Elevated absolute indebtedness increases interest obligations and reduces strategic flexibility for capex or acquisitions. Even with improved leverage ratios, continued debt accumulation heightens refinancing and covenant risk and restricts ability to shift financing to renewables without adding strain.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue growth
Sustained top-line expansion over multiple years reflects stable demand and effective capacity utilization in a mature power market. Durable revenue growth enhances scale, supports reinvestment capacity for generation projects, and underpins medium-term credit metrics even amid cyclical pressures.
Read all positive factors
NTPC Limited (NTPC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.37T
Dividend Yield2.55%
Average Volume (3M)478.43K
Price to Earnings (P/E)12.1
Beta (1Y)0.79
Revenue Growth2.36%
EPS Growth15.86%
CountryIN
Employees20,074
SectorGeneral
Sector StrengthN/A
IndustryRegulated Electric
Share Statistics
EPS (TTM)28.63
Shares Outstanding9,696,666,000
10 Day Avg. Volume419,056
30 Day Avg. Volume478,429
Financial Highlights & Ratios
PEG Ratio0.86
Price to Book (P/B)1.77
Price to Sales (P/S)1.92
P/FCF Ratio-36.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹459.33Price Target Upside32.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)26.11
Revenue Forecast (FY)₹2.11T
NTPC Limited Business Overview & Revenue Model
Company Description
NTPC Limited is an Indian enterprise primarily engaged in the large-scale production and distribution of electricity, supplying power mainly to state-owned utilities across India. Its business operations are categorized into two main segments: "Ge...
How the Company Makes Money
NTPC primarily makes money by generating electricity and selling it under long-term power purchase arrangements in India. Its core earnings are driven by (1) capacity/availability-based charges that compensate it for keeping contracted generation ...
NTPC Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.91T | 1.87T | 1.88T | 1.79T | 1.76T | 1.33T |
| Gross Profit | 646.68B | 625.27B | 810.39B | 744.95B | 702.02B | 573.14B |
| EBITDA | 617.88B | 605.64B | 546.54B | 501.24B | 487.85B | 397.02B |
| Net Income | 340.56B | 295.17B | 234.22B | 208.12B | 169.13B | 166.76B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 5.59T | 5.24T | 4.80T | 4.46T | 4.17T |
| Cash, Cash Equivalents and Short-Term Investments | 80.54B | 80.54B | 45.08B | 39.17B | 22.07B | 25.50B |
| Total Debt | 0.00 | 2.71T | 2.50T | 2.37T | 2.23T | 2.11T |
| Total Liabilities | -2.11T | 3.47T | 3.33T | 3.15T | 2.95T | 2.77T |
| Stockholders Equity | 2.11T | 2.03T | 1.84T | 1.61T | 1.47T | 1.35T |
Cash Flow | ||||||
| Free Cash Flow | 60.66B | -97.35B | 91.53B | 99.69B | 152.33B | 173.44B |
| Operating Cash Flow | 244.79B | 343.15B | 504.36B | 407.85B | 400.52B | 417.88B |
| Investing Cash Flow | -132.91B | -385.29B | -458.00B | -321.41B | -261.07B | -228.38B |
| Financing Cash Flow | -104.50B | 62.09B | -40.73B | -82.46B | -141.54B | -191.72B |
NTPC Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹3.37T | 12.13 | ― | 2.55% | 2.36% | 15.86% | |
65 Neutral | ₹4.07T | 28.59 | ― | ― | 1.22% | 14.86% | |
63 Neutral | ₹219.51B | 14.29 | ― | 3.68% | 9.23% | 12.18% | |
57 Neutral | ₹712.12B | 29.47 | ― | 1.39% | -0.68% | -21.42% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹1.02T | 49.52 | ― | 0.36% | 35.37% | -10.03% | |
51 Neutral | ₹1.22T | 31.46 | ― | 0.67% | -4.19% | -4.84% |
* General Sector Average
IN:NTPC
NTPC Limited
347.60
22.68
6.98%
IN:ADANIPOWER
Adani Power Limited
211.55
95.67
82.56%
IN:CESC
CESC Ltd
165.95
7.03
4.42%
IN:JSWENERGY
JSW Energy Limited
558.90
23.07
4.31%
IN:TATAPOWER
Tata Power Company Limited
381.50
-1.43
-0.37%
IN:TORNTPOWER
Torrent Power Limited
1,392.40
96.90
7.48%
NTPC Limited Corporate Events
NTPC Publishes Transcript of 22nd Annual Analysts and Investors Meet
Aug 2, 2026
NTPC Limited has notified stock exchanges that it held its 22nd Annual Analysts and Institutional Investors Meet on July 27, 2026, in line with disclosure norms under SEBI’s listing regulations. The company has made the full transcript of th...
NTPC extends Chairman and Managing Director Gurdeep Singh’s tenure by six months
Jul 28, 2026
NTPC Limited has announced that the Government of India’s Ministry of Power has extended the contract of Chairman and Managing Director Gurdeep Singh by six months beyond the end of his current tenure on 31 July 2026. The extension, effectiv...
NTPC Submits Investor Presentation for 22nd Annual Analysts Meet
Jul 27, 2026
NTPC Limited has submitted an investor presentation to the National Stock Exchange and BSE in line with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements. The presentation will be delivered at the company’s 22nd A...
NTPC to Host 22nd Annual Meet for Analysts and Institutional Investors in Mumbai
Jul 22, 2026
NTPC Limited has announced it will host its 22nd Annual Analysts and Institutional Investors Meet on July 27, 2026, in Mumbai, providing a formal forum for the management to interact with the financial community. The event underscores the company&...
NTPC Board Clears Rs 20,456 Crore Investment for Lara Super Thermal Stage-III
Jul 11, 2026
NTPC Limited is India’s largest power generation company, operating primarily in the thermal power sector with a portfolio that includes coal-based super thermal power projects. The company plays a central role in meeting the country’s...
NTPC Forwards Government Shareholding Disclosure to Stock Exchange
Jul 9, 2026
NTPC Limited has informed the stock exchange that it has received and forwarded a disclosure from the Ministry of Power, acting on behalf of the President of India, under Regulation 31(4) of SEBI’s Substantial Acquisition of Shares and Takeo...
NTPC Elevates 34 Senior Officials to Executive Director Roles
Jun 8, 2026
NTPC Limited has elevated 34 long-serving officials to the role of Executive Director in its senior management, effective 8 June 2026. The appointees bring decades of experience across operations, maintenance, fuel management, project construction...
NTPC opens special window for transfer and demat of physical shares
Jun 7, 2026
NTPC Limited has notified stock exchanges that it has published a notice in leading English and Hindi newspapers regarding a special window for transfer and dematerialisation of its physical securities. The disclosure, made in compliance with a re...
NTPC, UPRVUNL Expand Meja JV With Higher Generation Capacity Plan
Jun 4, 2026
NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited have signed a third supplementary joint venture agreement for their 50:50 venture Meja Urja Nigam Private Limited in Lucknow. The revised agreement updates the joint venture terms t...
NTPC Commissions Final Unit of 1,200 MW Khavda-II Solar Project in Gujarat
May 27, 2026
NTPC Limited has announced the commercial operation date of the eighth and final 105 MW unit of its 1,200 MW Khavda-II Solar PV Project in Gujarat, implemented via stepdown subsidiary NTPC Renewable Energy Limited through NTPC Green Energy Limited...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.