NTPC Limited (IN:NTPC)
:NTPC
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NTPC Limited
(NTPC)
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Rating:73Outperform
Price Target:
₹445.00
▲(26.42% Upside)
Action:ReiteratedDate:11/01/25
NTPC Limited's strong financial performance, characterized by consistent revenue and profit growth, is the most significant factor driving its stock score. The valuation is reasonable, with a fair P/E ratio and a decent dividend yield. Technical analysis shows a neutral to slightly positive trend, supporting the overall score. The absence of earnings call data and corporate events did not impact the score.
Positive Factors
Strong operating cash generation
Sustained high operating cash flow (₹504bn in 2025) underpins NTPC's ability to fund large capital expenditures for new capacity and renewables without immediate reliance on equity. Durable cash conversion supports capex, maintenance and steady dividend capacity over the medium term.
Negative Factors
Moderate reliance on debt financing
A D/E of ~1.36 signals meaningful leverage to finance capital-intensive plants. While manageable today, sustained high debt increases interest burden sensitivity to rates, constrains free cash flow for discretionary investment, and raises refinancing and covenant risks over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating cash generation
Sustained high operating cash flow (₹504bn in 2025) underpins NTPC's ability to fund large capital expenditures for new capacity and renewables without immediate reliance on equity. Durable cash conversion supports capex, maintenance and steady dividend capacity over the medium term.
Read all positive factors
NTPC Limited (NTPC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.87T
Dividend Yield2.66%
Average Volume (3M)478.43K
Price to Earnings (P/E)14.6
Beta (1Y)0.88
Revenue Growth0.88%
EPS Growth10.00%
CountryIN
Employees20,074
SectorEnergy
Sector Strength52
IndustryIndependent Power Producers
Share Statistics
EPS (TTM)5.32
Shares Outstanding9,696,666,000
10 Day Avg. Volume419,056
30 Day Avg. Volume478,429
Financial Highlights & Ratios
PEG Ratio1.16
Price to Book (P/B)1.85
Price to Sales (P/S)1.81
P/FCF Ratio37.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹423.00Price Target Upside20.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)26.28
Revenue Forecast (FY)₹2.11T
NTPC Limited Business Overview & Revenue Model
Company Description
NTPC Limited generates and sells bulk power to state power utilities in India. It operates in two segments, Generation of Energy and Others. The company generates power from coal, gas, liquid fuel, hydro, solar, nuclear, wind, thermal, and renewab...
How the Company Makes Money
NTPC makes money mainly by generating electricity at its power stations and selling it to utilities and other offtakers under long-term power purchase agreements (PPAs) and regulated tariff frameworks. Under these arrangements, NTPC’s revenue is t...
NTPC Limited Financial Statement Overview
Summary
Income Statement
87
Very Positive
Balance Sheet
76
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.87T | 1.88T | 1.79T | 1.76T | 1.33T | 1.12T |
| Gross Profit | 770.88B | 810.39B | 744.95B | 702.02B | 573.14B | 503.85B |
| EBITDA | 542.63B | 546.54B | 501.24B | 487.85B | 397.02B | 340.30B |
| Net Income | 237.51B | 234.22B | 208.12B | 169.13B | 166.76B | 146.35B |
Balance Sheet | ||||||
| Total Assets | 5.39T | 5.24T | 4.80T | 4.46T | 4.17T | 3.99T |
| Cash, Cash Equivalents and Short-Term Investments | 80.01B | 45.08B | 39.17B | 22.07B | 25.50B | 35.65B |
| Total Debt | 2.55T | 2.50T | 2.37T | 2.23T | 2.11T | 2.10T |
| Total Liabilities | 3.39T | 3.33T | 3.15T | 2.95T | 2.77T | 2.70T |
| Stockholders Equity | 1.92T | 1.84T | 1.61T | 1.47T | 1.35T | 1.26T |
Cash Flow | ||||||
| Free Cash Flow | 60.66B | 91.53B | 99.69B | 152.33B | 173.44B | 91.32B |
| Operating Cash Flow | 244.79B | 504.36B | 407.85B | 400.52B | 417.88B | 324.44B |
| Investing Cash Flow | -132.91B | -458.00B | -321.41B | -261.07B | -228.38B | -210.34B |
| Financing Cash Flow | -104.50B | -40.73B | -82.46B | -141.54B | -191.72B | -110.49B |
NTPC Limited Technical Analysis
Positive
352.00
Price Trends
374.27
Positive
352.02
Positive
340.78
Positive
Market Momentum
4.32
Negative
64.09
Neutral
91.34
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NTPC, the sentiment is Positive. The current price of 352 is below the 20-day moving average (MA) of 377.31, below the 50-day MA of 374.27, and above the 200-day MA of 340.78, indicating a bullish trend. The MACD of 4.32 indicates Negative momentum. The RSI at 64.09 is Neutral, neither overbought nor oversold. The STOCH value of 91.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:NTPC.
NTPC Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ₹2.97T | 8.93 | ― | 6.62% | 4.76% | -12.06% | |
73 Outperform | ₹3.87T | 14.56 | ― | 2.66% | 0.88% | 10.00% | |
70 Outperform | ₹985.49B | 50.05 | ― | 0.41% | 55.52% | 18.59% | |
69 Neutral | ₹439.22B | 11.98 | ― | 1.20% | 8.66% | 15.85% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | ₹4.28T | 22.72 | ― | ― | -1.75% | -0.85% | |
62 Neutral | ₹118.61B | 143.50 | ― | ― | 1.43% | -88.43% |
* Energy Sector Average
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NTPC Limited Corporate Events
NTPC Adds 87.5 MW of Solar Capacity in Rajasthan, Lifts Group Installed Power to 89,615 MW
Apr 17, 2026
NTPC Limited has reported that a group company of its green energy subsidiary NTPC Green Energy Limited has declared commercial operation of 87.5 MW from a 150 MW solar project in Rajasthan, effective 19 April 2026. The partial commissioning marks...
NTPC Announces Scheduled Exit of Independent Director Anil Kumar Trigunayat
Apr 16, 2026
NTPC Limited has announced that Shri Anil Kumar Trigunayat has ceased to serve as a Non-Executive Independent Director on its board with effect from April 15, 2026, following the completion of his one-year tenure as specified by the Ministry of Po...
NTPC boosts capacity as THDC’s fourth Tehri PSP unit starts commercial operation
Apr 11, 2026
NTPC Limited has announced that its subsidiary THDC India Limited has declared the commercial operation date of the fourth 250 MW unit of the Tehri Pumped Storage Plant, effective from midnight of 12 April 2026. The addition of this unit lifts NTP...
NTPC Files SEBI Demat Compliance Certificate for March 2026 Quarter
Apr 7, 2026
NTPC Limited has submitted a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended 31 March 2026 to the stock exchanges and depositories. The filing, backed by its regist...
NTPC adds new solar capacity at Bhadla and Khavda, lifts group installed power to 88,889 MW
Mar 28, 2026
NTPC Limited, through its subsidiary NTPC Green Energy Limited, has reported the declaration of commercial operation for additional solar capacities developed by stepdown arm NTPC Renewable Energy Limited. The projects form part of NTPC’s br...
NTPC Clears Rs 9,000 Crore Push Into Battery Storage and Meja Thermal Expansion
Mar 28, 2026
NTPC’s board has approved an investment of Rs 5,821.90 crore to develop a 4.70 GWh Battery Energy Storage System, underscoring the company’s pivot toward large-scale storage solutions to enhance grid stability and support renewable int...
NTPC Clears Rs 5,822 Crore Grid-Scale Battery Storage and Boosts JV Equity for Meja Stage-II
Mar 28, 2026
NTPC’s board has cleared an investment proposal for a 4.70 GWh Battery Energy Storage System at an estimated cost of Rs 5,821.90 crore, underscoring the utility’s push into grid-scale storage to support renewable integration and enhanc...
NTPC-MAHAGENCO Consortium Completes Acquisition of Sinnar Thermal Power Plant
Feb 25, 2026
NTPC Limited and Maharashtra State Power Generation Company (MAHAGENCO) have completed the acquisition of Sinnar Thermal Power Limited, which was undergoing insolvency proceedings under the Insolvency and Bankruptcy Code, following approval of a r...
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.