NTPC Limited (NTPC)
Large CapPower stocks · Large cap · NSE
NTPC Limited is a leading Indian power generation company with a diversified portfolio including thermal, hydro, and renewable energy. It is expanding into nuclear power and pumped storage projects, focusing on capacity additions and sustainable value creation across its standalone and group entities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 60/100Rev +8% YoY · PAT +13% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹50,741 Cr | +7.8% | +2.1% |
| EBITDA | ₹16,231 Cr | +29.0% | +90.8% |
| Operating margin | 32.0% | +500 bps | +1500 bps |
| PAT | ₹6,896 Cr | +12.9% | -35.0% |
| PAT margin | 13.6% | +61 bps | -777 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
NTPC Group reports highest ever capacity addition of 9,178 MW (net) in FY26. Standalone PAT for FY26 grew to ₹23,162 Cr, up from ₹19,649 Cr in FY25, despite a decline in coal PLF and commercial generation.
The investment thesis remains intact due to significant capacity expansion and robust PAT growth in FY26. However, a decline in standalone coal PLF and commercial generation, alongside lower average tariff, warrants close monitoring of operational efficiency and realization trends.
Renewable Energy Expansion
Added 5,488 MW RE capacity in FY26. 15,037 MW RE capacity is currently under construction across the group.
Entry into Nuclear Power
JV with NPCIL for 2800 MW Mahi Banswara Atomic Power Project. Established wholly owned subsidiary NPUNL for advanced nuclear technologies.
Pumped Storage Projects (PSP)
Strategically positioned with an 18 GW pumped storage portfolio. 750 MW commissioned in FY26, another 250 MW in April 2026.
Battery Energy Storage Systems (BESS)
5 GWh BESS capacity allocated under VGF scheme, with projects awarded across 14 thermal power stations.
Total Group Capacity Addition FY26
9,178 MW (net after decommissioning Tanda Stage 1).
Thermal Capacity Added FY26
3,690 MW (net) including Barh (660 MW), North Karanpura (660 MW), THDC Khurja (660 MW), PVUNL (800 MW), Sinnar (1350 MW).
Renewable Capacity Added FY26
5,488 MW, including Nokh Solar (490 MW), THDC-PSP (750 MW), NREL Solar (3240 MW), NREL Wind (146 MW), Ayana Solar (688 MW), Ayana Wind (152 MW).
Total Capacity Under Construction (Group)
34,188 MW, comprising 16,520 MW Coal, 2,631 MW Hydro (incl PSP), and 15,037 MW Renewables.
Government Support for BESS
5 GWh BESS capacity allocated under the Viability Gap Funding (VGF) scheme to optimize thermal generation and ensure reliable power supply.
Favorable Tariff Orders
CERC tariff orders positively impacted NTPC Tamil Nadu Energy Company Ltd. and Aravali Power Company Private Ltd. in FY26.
Increased Biomass Co-firing
Group thermal stations co-fired 15.19 lakh metric tonnes of biomass in FY26, more than double the previous year.
Decline in Commercial Generation
Standalone commercial generation decreased YoY in FY26 from 372.800 BU to 352.529 BU.
Lower Coal PLF
Standalone coal PLF declined YoY in FY26 from 77.44% to 72.04%.
Reduced Average Tariff
Standalone average tariff decreased YoY in FY26 from ₹2.82/kWh to ₹2.74/kWh.
Profit Variation in Subsidiaries/JVs
Ratnagiri Gas & Power Private Ltd. profit declined due to one-time revenue recognition in prior year. Bangladesh-India Friendship Power Co. Pvt. Ltd. profit declined due to tariff adjustment and worker fund provisions.
Operational Efficiency
Declining standalone coal PLF and commercial generation could impact profitability if not reversed, despite new capacity additions.
Tariff Realization
A decrease in standalone average tariff could pressure revenue growth and overall financial performance.
Project Execution Risk
The large pipeline of 34,188 MW capacity under construction carries inherent risks related to timely execution, commissioning, and cost overruns.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual comparisons (YoY) are crucial for assessing overall financial health and full-year operational trends in power generation. Sequential (QoQ) data offers insight into recent operational momentum and seasonal variations, particularly for PLF and generation volumes.
Group Installed Capacity
FY26: 89,108 MW vs FY25: 79,930 MW
Group Capacity Addition (Net)
9,178 MW added in FY26, highest ever capacity addition.
Standalone Commercial Generation
FY26: 352.529 BU vs FY25: 372.800 BU (YoY decline). Q4 FY26: 91.050 BU vs Q3 FY26: 87.251 BU (QoQ increase).
Standalone Coal PLF
FY26: 72.04% vs FY25: 77.44% (YoY decline). Q4 FY26: 76.16% vs Q3 FY26: 71.03% (QoQ increase).
Sustainable Value to Shareholders
Committed to delivering sustainable value to shareholders by balancing payouts with deployment for growth plans.
Diversified Growth Strategy
Expanding into new frontiers like nuclear, pumped storage, and BESS to diversify energy sources and ensure future growth.
Optimizing Thermal Assets
BESS deployment is planned across thermal power stations to optimize utilization of existing infrastructure and ensure reliable power supply during non-solar hours.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Standalone Coal PLF | 72.04% (FY26) | Reversal of the declining trend and improvement towards previous levels, indicating better operational efficiency. |
| Standalone Commercial Generation | 352.529 BU (FY26) | Growth in generation volume, particularly from newly commissioned capacities, to offset recent declines. |
| Standalone Average Tariff | ₹2.74/kWh (FY26) | Stabilization or improvement in realization rates to support revenue growth. |
| Capacity Under Construction | 34,188 MW (Group) | Timely commissioning and ramp-up of new thermal, hydro, and renewable projects as per stated timelines. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
NTPC aims to invest a cumulative group capital expenditure of approximately INR 7 lakh crore by FY32.
"aim to invest about INR7 lakh crore by FY32"
NTPC aims to invest a cumulative group capital expenditure of approximately INR 7 lakh crore by FY32.
"aim to invest about INR7 lakh crore by FY32"
NTPC targets meeting at least 25% of its total coal requirement through captive mining by FY30.
"targets meeting at least 25% of its coal requirement through captive mining by FY30"
Outcome check: OPM moved from 29.0% to average 32.0% (+3.0 pp).
NTPC has revised its long-term capacity target upward to 149 gigawatts by FY32 from the earlier target of 130 gigawatts.
"upward revision is, it is 149 gigawatt by FY32 instead of 130"
NTPC has revised its long-term capacity target upward to 149 gigawatts by FY32 from the earlier target of 130 gigawatts.
"upward revision is, it is 149 gigawatt by FY32 instead of 130"
NTPC is likely to add around 6 gigawatts of renewable energy capacity during the current fiscal year.
"This year we are likely to add around 6 gigawatt"
NTPC is likely to add around 6 gigawatts of renewable energy capacity during the current fiscal year.
"This year we are likely to add around 6 gigawatt"
NTPC plans to award 2.8 gigawatts of nuclear power capacity within the current fiscal year.
"2.8 gigawatt of capacity planned to be awarded within this fiscal year"
Trend score and candlestick chart
21Bearishfull bear SMA stack · SMA20 -3.2% / mo · MACD −
Technical chart
NTPCdaily · 1Y · AUTO-12.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 41. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.3% over last month) — short-term momentum negative.
- RSI(14) at 41 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 20% off 52W high · 5% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 9.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 69 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 69 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.1%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 53.2%.
Main drags
- Quality is weaker at 8/20; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
- Growth is weaker at 18/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 59th percentile of the scored universe and 70th percentile within Power. Main check: balance sheet trust is weak at 53/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 1.33.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 70th pctile, median 65 · Large: 35th pctile, median 73
62 documents have extracted text, but claim history is not strong enough yet.
1/6 claims checked · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.1%.
- ▸7 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 1.33.
- ▸OPM spread across recent quarters is 15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 11.60
- P/B
- 1.58
- EV/EBITDA
- 8.20
- Market Cap
- 322414.00Cr
Profitability
- ROE
- 15.10%
- ROCE
- 8.92%
- ROA
- 5.07%
- Dividend Y
- 2.71%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 1.33
- Interest Coverage
- 3.80×
- Altman Z
- 1.81
- Book Value
- 210.00
Cash Flow
- FCF Yield
- 4.13%
- FCF Positive Y
- 7/5
- OCF
- 50902.00 Cr
- EPS TTM
- 28.63
Shareholding
- Promoter Hold
- 51.10%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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