Announcement
Announcement under Regulation 30 (LODR)-Cessation 5 Oct
Source: Bse
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.
₹309
-6.15 · -1.95%
Market cap ₹3,04,182 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result25 Jul, 01:25 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
18Strong Bearfull bear SMA stack · SMA20 -4.0% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NTPCD candles · FIT view-23.1%Latest close ₹309.00 on 2026-10-19
Bar
-1.3%
RSI
35
MACD hist
-0.10
52W pos
3%
2026-10-19O ₹313.20H ₹316.40L ₹308.10C ₹309.00Vol 78.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NTPCNifty PowerNifty 500
- NTPC
- -11.0%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- -5.4 pp
Chart stats
19 Oct 2026- From 52W high
- -25.4%
- 52W range position
- 3%
- ATR (14)
- 2.0%
- Volume vs 20D
- 0.91x
- Avg traded value
- ₹272 Cr
- 20D price channel
- ₹305.7 - ₹329.4
₹414.4
₹305.7 - ₹414.4
₹6.2
Latest completed session
20-session average
18.9% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED67
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good60
Revenue +7.8% · PAT +12.9% YoY
Technical
Strong Bear18
Price trend and sector-relative-strength timing.
Valuation
Legacy model+57.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 60/100Rev +8% YoY · PAT +13% YoY · margin expansion · operating leverage
Filed 24 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 11.00
- P/B
- 1.50
- EV/EBITDA
- 7.94
- Market Cap
- 304182.00Cr
Profitability
- ROE
- 15.10%
- ROCE
- 8.92%
- ROA
- 5.07%
- Dividend Y
- 2.87%
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
- 1.78
- Book Value
- 210.00
Cash Flow
- FCF Yield
- 4.38%
- FCF Positive Y
- 7/5
- OCF
- 50902.00 Cr
- EPS TTM
- 28.63
Shareholding
- Promoter Hold
- 51.10%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 187.4k-0.4% vs prev
Net Profit
₹ CrLatest: 27.5k+15.0% vs prev
Return on Equity
%Latest: 13.6+4.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 35. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.2% over last month) — short-term momentum negative.
- RSI(14) at 35 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
34
RS percentile
Stage 4 Downtrend
1M return
-4.5%
3M return
-11.0%
6M return
-23.8%
1Y return
-8.9%
RS 1D
-4
RS 20D
+8
Sector rank
#17
Industry rank
#25
Stage evidence
- Price is 13.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 94.23-0.94%
RS vs Nifty 50094
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation23/30
Growth18/25
Quality8/20
Balance Sheet3/15
Cash Flow9/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
67
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
67/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 4.4%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 57.1%.
Main drags
- Altman Z is 1.8, in distress territory.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
11.0
PB
1.5
EV/EBITDA
7.9
ROE
15.1%
ROCE
8.9%
FCF Yield
4.4%
Debt/Equity
1.3
MoS
+57.1%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
67
Previous: 67
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+57.1%
Previous: +58.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
67
67
67
67
67
67
67
67
67
67
67
67
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹367.8
+16.0% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹719.47
+57.1% MoS
PEG
0.67
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ADANIPOWER
Large
Adani Power Limited
Power Generation
match 164
45
26.5
21.1%
-1%
WATCHLIST
TATAPOWER
Large
Tata Power Company Limited
Power Generation
match 162
26
28.6
10.2%
-12%
OVERVALUED
NLCINDIA
Large
NLC India Limited
Power Generation
match 158
52
11.1
11.9%
+60%
FAIR VALUE
TORNTPOWER
Large
Torrent Power Limited
Power Generation
match 157
35
26.2
12.5%
+16%
WATCHLIST
JPPOWER
Large
Jaiprakash Power Ventures Limited
Power Generation
match 156
42
32.3
3.6%
-24%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T15:38:57.837Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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
capex timelinenot yet verifiablequantified
NTPC aims to invest a cumulative group capital expenditure of approximately INR 7 lakh crore by FY32.
Timeframe: by FY32Direction: upwardConfidence: medium
"aim to invest about INR7 lakh crore by FY32"
capex timelinenot yet verifiablequantified
NTPC aims to invest a cumulative group capital expenditure of approximately INR 7 lakh crore by FY32.
Timeframe: by FY32Direction: upwardConfidence: medium
"aim to invest about INR7 lakh crore by FY32"
operational efficiencydeliveredquantified
NTPC targets meeting at least 25% of its total coal requirement through captive mining by FY30.
Timeframe: by FY30Direction: upwardConfidence: high
"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).
project executionnot yet verifiablequantified
NTPC has revised its long-term capacity target upward to 149 gigawatts by FY32 from the earlier target of 130 gigawatts.
Timeframe: by FY32Direction: upwardConfidence: high
"upward revision is, it is 149 gigawatt by FY32 instead of 130"
project executionnot yet verifiablequantified
NTPC has revised its long-term capacity target upward to 149 gigawatts by FY32 from the earlier target of 130 gigawatts.
Timeframe: by FY32Direction: upwardConfidence: high
"upward revision is, it is 149 gigawatt by FY32 instead of 130"
project executionnot yet verifiablequantified
NTPC is likely to add around 6 gigawatts of renewable energy capacity during the current fiscal year.
Timeframe: current fiscal yearDirection: upwardConfidence: medium
"This year we are likely to add around 6 gigawatt"
project executionnot yet verifiablequantified
NTPC is likely to add around 6 gigawatts of renewable energy capacity during the current fiscal year.
Timeframe: current fiscal yearDirection: upwardConfidence: medium
"This year we are likely to add around 6 gigawatt"
project executionnot yet verifiablequantified
NTPC plans to award 2.8 gigawatts of nuclear power capacity within the current fiscal year.
Timeframe: within this fiscal yearDirection: upwardConfidence: high
"2.8 gigawatt of capacity planned to be awarded within this fiscal year"
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 45th percentile of the scored universe and 52nd percentile within Power. Main check: balance sheet trust is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
63 docs text-extracted · 32 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Power: 52nd pctile, median 65 · Large: 23rd pctile, median 73
Evidence depth
Financial-only
63 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
1/6 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.4%.
- ▸7 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.78.
- ▸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.
Continue researching NTPC Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug - Newspaper publication regarding special window for transfer and dematerialisation of physical securities of NTPC Limited
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug - Newspaper publication regarding 50th Annual General Meeting of NTPC Limited
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.