NTPC Limited (NTPC)

Power · Power · NSE · Updated 13 July 2026

₹351.75 ↑ 2.64% (1Y)

🎯 Key Takeaways

NTPC Limited is in a strategic expansion phase, transitioning from a mature utility to a growth-oriented power generator with a clear focus on capacity augmentation and new energy ventures. The company has recently approved major capital investments, including a Rs.
Revenue grew 2.4% QoQ to ₹45,846 in Q3FY26.
⚠️ 1) Execution risk around the large-scale Lara Super Thermal Project, which involves significant capital deployment and long gestation periods, could s

Market Cap

₹3.83 L Cr

P/E Ratio

15.8

P/B Ratio

2.08

ROE

13.1%

ROCE

8.8%

Debt/Equity

1.34

Div Yield

0.00%

Promoter

51.1%

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📖 The Story

NTPC Limited is in a strategic expansion phase, transitioning from a mature utility to a growth-oriented power generator with a clear focus on capacity augmentation and new energy ventures. The company has recently approved major capital investments, including a Rs.20,456.70 Crore thermal project and the establishment of a Mauritius-based subsidiary to develop floating solar projects, signaling proactive growth initiatives. While financial performance shows stable profitability, the narrative is increasingly centered on execution risk around large-scale project rollouts and diversification into renewables.

📰 What's Happening

The board approved a significant capital expenditure of Rs.20,456.70 Crore for the 2x800 MW Lara Super Thermal Power Project Stage-III, marking a pivotal move to expand baseload capacity. Concurrently, NTPC incorporated its wholly owned subsidiary NTPC (Mauritius) Energy Limited with an initial capital of INR 19.8 lakh to develop floating solar and storage projects in Mauritius, reflecting a strategic pivot toward renewable energy infrastructure. These moves underscore management's focus on both thermal expansion and clean energy diversification, with the latter being a new strategic frontier for the company.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Revenue	47,622	48,521	44,696	45,053	49,834	47,065	44,786	45,846
Operating Profit	15,390	14,478	12,157	14,212	16,005	13,336	13,292	15,029
OPM %	29.8%	28.9%	26.1%	30.3%	29.6%	26.7%	28.6%	31.8%
Net Profit	6,490	5,506	5,380	5,170	7,897	6,108	5,225	5,597
EPS	₹6.36	₹5.65	₹5.44	₹5.22	₹7.85	₹6.20	₹5.23	₹5.66

Operating performance has shown sequential improvement in Q3FY26 with revenue of Rs.45,846 Crore and operating profit of Rs.15,029 Crore, though margins remain below the peak seen in Q4FY25 (OPM 29.6%). Net profit of Rs.5,597 Crore and EPS of Rs.5.66 in Q3FY26 reflect a recovery from the dip in Q1FY26, with operating margins stabilizing after a temporary decline. The quarterly trend suggests that recent financial results are holding up reasonably well despite macro headwinds, supported by consistent execution in core thermal operations and controlled cost structure.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on earnings or margins in the latest filings, but the board-level approval of the Lara project and establishment of the Mauritius subsidiary indicate a clear strategic intent to grow capacity and enter new markets. The company emphasized that the board meeting date for further updates will be communicated later, suggesting that detailed capital allocation plans and project timelines are forthcoming. The incorporation of the Mauritius entity specifically highlights a structured approach to international renewable expansion.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2024-2025	2024-2025	2024-2025	2024-2025	2025-2026
Equity Capital	9,697	9,697	9,697	9,697	9,697
Reserves	—	1.59 L Cr	—	1.74 L Cr	1.82 L Cr
Borrowings	—	2.40 L Cr	—	2.48 L Cr	2.52 L Cr
Total Liabilities	3.20 L Cr	3.19 L Cr	3.24 L Cr	3.33 L Cr	3.39 L Cr
Fixed Assets	—	2.59 L Cr	—	2.71 L Cr	2.94 L Cr
Investments	—	757	—	680	659
Total Assets	4.86 L Cr	4.92 L Cr	5.04 L Cr	5.24 L Cr	5.39 L Cr

The balance sheet reflects a stable capital structure with equity of Rs.9,697 Crore and reserves growing to Rs.1.82 L Crore, indicating retained earnings are being built over time. Borrowings have increased slightly to Rs.2.52 L Crore from Rs.2.48 L Crore, suggesting ongoing project financing without aggressive leverage. Total assets have risen to Rs.5.39 L Crore, supporting the capital-intensive expansion plans, while the modest rise in reserves and controlled debt growth point to a conservative and sustainable capital allocation strategy focused on long-term asset creation.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021	2020-2021
Operating	+8,228	+32,444
Investing	-11,941	-21,034
Financing	+3,989	-11,049
Net Cash Flow	—	—

👥 Shareholding Pattern

Category	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Promoters	51.1%	51.1%	51.1%	51.1%	51.1%	51.1%	51.1%	51.1%
FII	17.9%	17.7%	18.6%	18.2%	17.8%	16.1%	16.4%	16.2%
DII	27.6%	27.5%	26.5%	26.8%	27.2%	28.9%	28.9%	29.2%
Public	3.4%	3.6%	3.7%	3.8%	3.8%	3.8%	3.4%	3.4%
# Shareholders	13,93,480	17,67,138	35,74,828	43,65,786	41,43,175	39,65,860	37,29,617	35,43,434

Promoter holding remains steady at 51.1% across all recent quarters, indicating no signs of dilution or stake sale. FII ownership has fluctuated slightly, peaking at 17.79% in Q4FY25 before declining to 16.24% in Q3FY26, while DII holdings have remained relatively stable around 28-29%. The number of public shareholders has increased over time, suggesting broader retail participation. There are no visible signs of institutional exit, and the stable promoter stake supports continuity in governance.

⚖️ Peer Comparison — Power

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Adani Power Limited	4.27 L Cr	32.9	15.7%	19.8%	0.82
NTPC Limited	3.83 L Cr	15.8	8.8%	13.1%	1.34
Power Grid Corporation of India Limited	2.84 L Cr	18.3	12.2%	16.8%	1.41
Adani Green Energy Limited	2.27 L Cr	105.3	7.6%	11.2%	5.08
Adani Energy Solutions Limited	1.57 L Cr	65.4	10.4%	9.0%	1.92
Tata Power Company Limited	1.30 L Cr	34.1	—	—	—
NTPC Green Energy Limited	90,996	163.8	—	—	—
JSW Energy Limited	90,509	46.8	—	—	—
NHPC Limited	77,136	28.4	—	—	—
Torrent Power Limited	73,872	29.9	—	—	—

🔗 Peer Stock Analyses

ADANIPOWER POWERGRID ADANIGREEN ADANIENSOL TATAPOWER

⚠️ Risk Factors

1) Execution risk around the large-scale Lara Super Thermal Project, which involves significant capital deployment and long gestation periods, could strain cash flows if delays occur. 2) The nascent renewable energy initiative in Mauritius carries commercial and regulatory risks due to its early-stage nature and limited operational history. 3) Margin compression in core thermal operations, as seen in Q1FY26 (OPM 26.7%), highlights sensitivity to fuel and operational costs, which could pressure profitability if not managed. 4) High D/E ratio of 1.34 indicates leverage is above global peers, making the company vulnerable to rising interest rates or financing constraints.

📋 Recent Filings

🧠 Analyst's Read

NTPC is transitioning into a growth phase with clear capital deployment plans, but investor sentiment will depend on timely project execution and successful commercialization of new ventures like floating solar. The company's ability to maintain margins and manage leverage amid expansion will be critical. Watch for updates on the board meeting, project timelines, and progress in renewable energy projects as key near-term catalysts.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on NTPC

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-13.

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