NTPC Ltd
NTPC (National Thermal Power Corporation) Ltd along with its subsidiaries/ associates & JVs is primarily involved in generation and sale of bulk power to State power utilities. Other business of the group includes providing consultancy, project management & supervision, energy trading, oil & gas exploration and coal mining.[1]
- Market Cap ₹ 3,32,305 Cr.
- Current Price ₹ 343
- High / Low ₹ 448 / 293
- Stock P/E 16.9
- Book Value ₹ 167
- Dividend Yield 2.26 %
- ROCE 11.1 %
- ROE 12.6 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 41.2%
Cons
- The company has delivered a poor sales growth of 11.7% over past five years.
- Company has a low return on equity of 12.7% over last 3 years.
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Power Power Power Generation
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Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
71,459 | 72,634 | 70,844 | 78,273 | 83,453 | 90,307 | 97,700 | 99,207 | 121,175 | 163,770 | 161,985 | 170,037 | |
53,611 | 56,711 | 52,848 | 56,918 | 58,596 | 71,260 | 60,918 | 66,614 | 82,221 | 120,738 | 116,076 | 124,664 | |
Operating Profit | 17,848 | 15,923 | 17,996 | 21,356 | 24,856 | 19,048 | 36,782 | 32,593 | 38,953 | 43,032 | 45,909 | 45,373 |
OPM % | 25% | 22% | 25% | 27% | 30% | 21% | 38% | 33% | 32% | 26% | 28% | 27% |
2,665 | 2,377 | 1,118 | 316 | 1,839 | 1,755 | -2,065 | 973 | 2,110 | 3,846 | 3,217 | 7,689 | |
Interest | 2,466 | 2,842 | 3,346 | 3,699 | 3,996 | 4,717 | 6,799 | 7,459 | 8,265 | 10,265 | 10,503 | 11,057 |
Depreciation | 4,142 | 4,912 | 5,172 | 5,921 | 7,099 | 7,254 | 8,623 | 10,412 | 12,058 | 13,137 | 13,943 | 15,056 |
Profit before tax | 13,905 | 10,547 | 10,596 | 12,052 | 15,600 | 8,831 | 19,295 | 15,695 | 20,740 | 23,476 | 24,679 | 26,949 |
Tax % | 21% | 2% | -2% | 22% | 34% | -33% | 48% | 12% | 21% | 27% | 27% | 27% |
10,975 | 10,291 | 10,770 | 9,385 | 10,343 | 11,750 | 10,113 | 13,770 | 16,282 | 17,197 | 18,079 | 19,649 | |
EPS in Rs | 11.09 | 10.40 | 10.88 | 9.49 | 10.45 | 11.88 | 10.22 | 14.20 | 16.79 | 17.73 | 18.64 | 20.26 |
Dividend Payout % | 43% | 20% | 26% | 42% | 41% | 51% | 31% | 43% | 42% | 41% | 42% | 41% |
Compounded Sales Growth | |
---|---|
10 Years: | 9% |
5 Years: | 12% |
3 Years: | 12% |
TTM: | 5% |
Compounded Profit Growth | |
---|---|
10 Years: | 7% |
5 Years: | 11% |
3 Years: | 5% |
TTM: | 8% |
Stock Price CAGR | |
---|---|
10 Years: | 12% |
5 Years: | 31% |
3 Years: | 32% |
1 Year: | -9% |
Return on Equity | |
---|---|
10 Years: | 13% |
5 Years: | 13% |
3 Years: | 13% |
Last Year: | 13% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 8,245 | 8,245 | 8,245 | 8,245 | 8,245 | 9,895 | 9,895 | 9,697 | 9,697 | 9,697 | 9,697 | 9,697 |
Reserves | 77,570 | 73,412 | 83,048 | 87,986 | 93,532 | 97,514 | 103,675 | 109,289 | 118,971 | 129,193 | 140,188 | 151,944 |
67,170 | 85,995 | 93,127 | 106,840 | 121,605 | 142,807 | 168,712 | 176,466 | 185,578 | 187,271 | 186,206 | 186,231 | |
26,641 | 29,568 | 30,810 | 33,609 | 44,579 | 40,787 | 45,557 | 47,915 | 57,115 | 57,716 | 57,439 | 60,046 | |
Total Liabilities | 179,627 | 197,220 | 215,231 | 236,680 | 267,962 | 291,002 | 327,838 | 343,367 | 371,361 | 383,877 | 393,530 | 407,918 |
72,111 | 78,849 | 91,773 | 99,356 | 119,759 | 125,621 | 156,811 | 164,449 | 195,571 | 197,361 | 212,611 | 212,211 | |
CWIP | 44,889 | 56,493 | 66,423 | 80,737 | 79,076 | 91,207 | 73,359 | 75,438 | 73,618 | 61,789 | 47,157 | 52,327 |
Investments | 9,758 | 9,032 | 8,393 | 8,248 | 10,047 | 13,146 | 26,401 | 28,626 | 23,249 | 29,770 | 33,158 | 35,105 |
52,869 | 52,846 | 48,642 | 48,339 | 59,079 | 61,029 | 71,266 | 74,854 | 78,923 | 94,957 | 100,605 | 108,275 | |
Total Assets | 179,627 | 197,220 | 215,231 | 236,680 | 267,962 | 291,002 | 327,838 | 343,367 | 371,361 | 383,877 | 393,530 | 407,918 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
15,732 | 14,235 | 23,987 | 20,014 | 19,250 | 16,157 | 21,584 | 27,058 | 37,898 | 42,351 | 34,831 | 41,318 | |
-13,980 | -14,563 | -18,346 | -24,414 | -20,390 | -20,894 | -27,247 | -17,342 | -18,080 | -14,101 | -15,118 | -20,546 | |
-3,309 | -1,878 | -4,550 | 3,185 | 1,043 | 4,701 | 5,659 | -9,646 | -19,877 | -28,365 | -19,519 | -20,968 | |
Net Cash Flow | -1,556 | -2,206 | 1,092 | -1,215 | -97 | -36 | -4 | 70 | -59 | -114 | 194 | -195 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 27 | 38 | 40 | 38 | 33 | 34 | 58 | 85 | 75 | 58 | 62 | 62 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 27 | 38 | 40 | 38 | 33 | 34 | 58 | 85 | 75 | 58 | 62 | 62 |
Working Capital Days | -12 | -39 | -28 | -35 | -14 | 1 | 22 | 37 | 22 | 45 | 65 | 71 |
ROCE % | 11% | 8% | 8% | 9% | 11% | 6% | 12% | 9% | 10% | 11% | 11% | 11% |
Documents
Announcements
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Declaration Of COD Of Unit II (250 MW) Of Tehri PSP (4X250 MW) Of THDC India Limited
8 Jul - COD declared for 2nd 250 MW unit of Tehri PSP; total capacity now 2,747 MW.
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Announcement under Regulation 30 (LODR)-Change in Management
8 Jul - Executive Director Rajiv Gupta relieved from NTPC on 7 July 2025 after pre-mature retirement.
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Declaration Of COD Of The Second Part Capacity Of 32.80 MW Out Of 300 MW Khavda Solar Energy Project And The Third Part Capacity Of 64.7 MW Out Of 1255 MW Khavda-I Solar PV Project.
1 Jul - Declared COD for 32.8 MW and 64.7 MW solar capacities in Gujarat projects on 30.06.2025.
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Declaration Of COD Of The Third And Last Part Capacity Of 120 MW Out Of 220 MW Shajapur Solar Project (Unit-II) Of NTPC Renewable Energy Limited (NTPC REL)
29 Jun - 120 MW capacity of Shajapur Solar Project declared commercial operation from 29.06.2025.
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Disclosure Dated 27.06.2025 Made By Our Subsidiary NTPC Green Energy Limited Reg. Declaration Of COD Of The First Part Capacity Of 142.2 MW Out Of 300 MW Khavda Solar Energy Project And Declaration Of COD Of The Second Part Capacity Of 146.7 MW Out Of 1255 MW Khavda-I Solar PV Project.
28 Jun - COD declared for 142.2 MW and 146.7 MW solar projects in Gujarat by NTPC subsidiaries.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
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Concalls
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May 2025Transcript PPT
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Jan 2025TranscriptPPT
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Nov 2024TranscriptPPT
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Aug 2024TranscriptPPT
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Jul 2024Transcript PPT REC
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Jul 2024TranscriptNotesPPT
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May 2024TranscriptPPT
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Feb 2024TranscriptPPT
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Nov 2023TranscriptPPT
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Aug 2023Transcript PPT
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May 2023TranscriptPPT
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Jan 2023TranscriptPPT
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Nov 2022TranscriptPPT
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Aug 2022Transcript PPT
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Aug 2021TranscriptNotesPPT
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Aug 2020TranscriptNotesPPT
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Aug 2019TranscriptNotesPPT
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Aug 2018TranscriptNotesPPT
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Aug 2017TranscriptNotesPPT
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Aug 2016TranscriptNotesPPT
Business Segments
1) Generation (94% in 9M FY25 vs 96% in FY22): [1] [2] The company is India’s largest power generating company with a total installed capacity of 76,598 MW, accounting for ~17% of the nation’s total capacity and 22% of its total power generation. [3] [4] [5]