NTPC

Listed Utility / PSU — per-stock model.

As of 21 Aug 2026

Utility / PSU—

CMP ₹340NSE: NTPC

Latest concall

Q4 FY26 · 25 May 2026

Q4 consolidated PAT ₹10,615cr (+34%); standalone PAT ₹8,747cr (+75%).
FY26 group PAT ₹27,546cr (+15%); group capex ₹49,068cr.
Installed capacity ~89,108 MW; record 9,619 MW added in FY26 (RE 4,738 MW).
Over 32 GW under construction; final dividend ₹3.5 (plus two ₹2.75 interims).

Order-book execution

32 GW under construction (thermal, hydro, RE) commissions through FY27-FY32 at ~9.5-10 GW/yr, increasingly RE-led.

Management guidance

FY27 adds ~9,557 MW (8,237 RE); FY28 ~10,039 MW.
Target 149 GW by 2032 including 60 GW renewables.
NTPC Green to add 8 GW each in FY27 and FY28.

Q4 FY26 earnings call, May 2026

UC + pipeline

32GW

own capacity, not an order book

Revenue FY26E

1,87,379₹ cr

EBITDA margin

28%

P/E

11.9×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	79,957	17,352	22.0%	9,992	—	—	—	—	—	10.1	—
FY16	73,396	18,568	25.0%	10,781	—	—	—	—	—	10.9	—
FY17	82,042	21,598	26.0%	10,714	—	—	—	—	—	10.8	—
FY18	88,083	22,485	26.0%	10,502	—	—	—	—	—	10.7	—
FY19	1,00,287	22,710	23.0%	14,034	—	—	—	—	—	13.9	—
FY20	1,09,464	31,586	29.0%	11,902	—	—	—	—	—	11.7	—
FY21	1,11,531	34,044	31.0%	14,969	—	—	—	—	—	15.1	—
FY22	1,32,669	40,362	30.0%	16,960	—	—	—	—	—	17.2	—
FY23	1,76,207	47,596	27.0%	17,121	—	—	—	—	—	17.4	—
FY24	1,78,525	51,469	29.0%	21,332	—	—	—	—	—	21.5	—
FY25	1,88,138	54,355	29.0%	23,953	—	—	—	—	—	24.2	—
FY26	1,87,379	52,816	28.0%	27,546	—	—	—	—	—	27.9	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY24	43,075	12,411	29.0%	4,907	11.4%
Q2FY24	44,983	12,680	28.0%	4,726	10.5%
Q3FY24	42,820	11,362	27.0%	5,209	12.2%
Q4FY24	47,628	13,990	29.0%	6,490	13.6%
Q1FY25	48,529	13,438	28.0%	5,506	11.3%
Q2FY25	44,706	11,665	26.0%	5,380	12.0%
Q3FY25	45,069	13,341	30.0%	5,170	11.5%
Q4FY25	49,834	14,754	30.0%	7,897	15.8%
Q1FY26	47,064	12,579	27.0%	6,108	13.0%
Q2FY26	44,786	12,816	29.0%	5,225	11.7%
Q3FY26	45,846	14,570	32.0%	5,597	12.2%
Q4FY26	49,686	8,505	17.0%	10,615	21.4%
Q1FY27	50,741	16,231	32.0%	6,896	13.6%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

11.9×

EV / EBITDA

11.5×

P/B

1.6×

Operating metrics

What the rest of the dashboard tracks for NTPC — capacity, auctions, offtake, manufacturing and returns.

Policy exposure

Schemes whose impact note names this company

Policy

BESS VGF Scheme (Battery Storage)StorageActive
De-risks battery projects for developers — Adani, JSW Energy, Tata Power, NTPC, ACME — and supports the BESS pipeline visible in the tender mix.
Offshore Wind VGF SchemeDemandActive
Opens a new market for wind developers and turbine makers — Suzlon, Inox Wind, NTPC — plus port and EPC contractors.
FDRE (Firm & Dispatchable Renewable Energy) TendersStorageActive
Reshapes bidding for large IPPs — Adani Green, ReNew, NTPC, JSW, ACME — rewarding those with solar-plus-wind-plus-storage portfolios; drives the firm-power share seen in the tender mix.
RPO / RGO TrajectoryDemandActive
Underpins offtake for every IPP — Adani Green, ReNew, NTPC Green, Tata Power, JSW; non-compliant DISCOMs face penalties, which indirectly supports new PPA signings.
National Green Hydrogen MissionManufacturingActive
Backs the green-hydrogen and electrolyser ambitions of Reliance, Adani, NTPC, ACME, JSW; creates fresh demand for captive solar and wind to power electrolysers.
CPSU Scheme Phase-II (Government Producer)ManufacturingActive
Directs guaranteed orders to state producers — NTPC, SJVN, NHPC, NLC India — and, through the DCR rule, to the domestic module makers supplying them.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026