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India's largest, majority state-owned power generation company, running coal, gas and a growing renewable-energy fleet.
India's largest, majority state-owned power generation company, running coal, gas and a growing renewable-energy fleet.
Is paid under tariffs set by the central regulator, which cover its fixed costs, a regulated return on the equity invested and fuel cost, so earnings grow as its asset base grows rather than with power prices. The central government holds the majority of its shares. Renewable generation sits in the listed subsidiary NTPC Green Energy, which listed in 2024.
In one line: India's version of a giant state-owned utility like Duke Energy.
Moat: wide (scale, regulatory licence, installed base). Largest state-backed generation capacity with regulated cost-plus tariffs and preferential access to coal linkages.
Headquarters: New Delhi, India · Founded: 1975 · Employees: 18,451
Size NTPC (NTPC.NS) is an India Utilities company (Electric Utilities) with a market value of $33.2B, the 28th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹323.45 on 6 Nov 2026.
Performance Over six months the shares fell 19.2%, against +4.0% for the median peer and 0.0% for the India market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 7.4% over the last twelve months (peer median +7.2%); the operating margin is 20.4% (peer median 23.8%).
Valuation It trades at 12.3× forward earnings against a peer median of 18.2× (2nd cheapest of 21).
Capital Return on invested capital runs 4.1 points below its cost of capital (10.3% WACC).
Credit NTPC has 2 bonds outstanding ($957M), rated BBB by the agencies and trading like BBB at a weighted spread of 81 bp.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹2.01T | ₹1.84T | ₹1.85T | ₹1.75T | ₹1.73T |
| Revenue growth | — | 0% | +5% | +1% | — |
| Gross profit | ₹683B | ₹434B | ₹382B | ₹360B | ₹358B |
| EBITDA | ₹617B | ₹584B | ₹542B | ₹494B | ₹495B |
| Net income | ₹297B | ₹271B | ₹234B | ₹208B | ₹169B |
| Free cash flow | n/a | -₹97.4B | -₹79.4B | -₹63.2B | ₹76.6B |
| Capital expenditure | n/a | ₹440B | ₹413B | ₹308B | ₹248B |
| Total debt | ₹2.80T | ₹2.71T | ₹2.50T | ₹2.37T | ₹2.23T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NTPC NTPC.NS | $33.2B | -19% | +7% | 20% | 12.3× | n/a |
| Adani Power ADANIPOWER.NS | $41.6B | -11% | +8% | 23% | 29.4× | n/a |
| Tata Power TATAPOWER.NS | $11.9B | -20% | -4% | 13% | 25.0× | n/a |
| Power Grid Corporation of India POWERGRID.NS | $25.6B | -17% | +3% | 55% | 14.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NTPC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.1% | +6.3% | 3rd lowest of 21 |
| 6-month return | -19.2% | +4.0% | lowest of 21 |
| Distance from 52-week high | -21.9% | -9.4% | 3rd lowest of 21 |
| Revenue growth (TTM) | +7.4% | +7.2% | 11th highest of 21 |
| Operating margin | 20.4% | 23.8% | 9th lowest of 21 |
| Forward P/E | 12.3× | 18.2× | 2nd cheapest of 21 |
| ROIC minus cost of capital | -4.1 pp | -1.1 pp | 3rd lowest of 21 |
| EV / EBITDA | 9.6× | 12.9× | 3rd cheapest of 18 |
| Net debt / EBITDA | 4.4× | 5.2× | 7th least indebted of 18 |
| Bond spread | 81 bp | 77 bp | 6th widest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| CGN Power 003816.SZ | China | $33.1B | +4% | -20% | 30% | 22.4× | n/a | n/a |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| Public Service Enterprise PEG | United States | $36.2B | -5% | +13% | 27% | 16.0× | n/a | n/a |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 20.4× | n/a | n/a |
| WEC Energy WEC | United States | $38.1B | +5% | +8% | 25% | 21.6× | n/a | n/a |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Vistra VST | United States | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% | +10.1% |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Sse SSE.L | United Kingdom | $43.2B | +7% | +1% | 19% | 14.2× | n/a | n/a |
| Consolidated Edison ED | United States | $43.7B | +12% | +10% | 18% | 18.5× | n/a | n/a |
NTPC has 2 bonds outstanding with $957M face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.21%, a spread of 81 bp over government bonds.