NTPC Ltd (NTPC) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-0.53%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 16.3%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 15.1%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹315.56

200-Day DMA ● Overlay

₹292.67

14-Day RSI ● Overlay

50.1 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹3.10 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

11.2x

Price / EPS

Book Value (₹) Assets

₹210.0

P/B: 1.5x

ROE (%) Quality

15.1%

Net Profit / Equity

ROCE (%) Efficiency

8.9%

EBIT / Capital

Dividend Yield Yield

2.80%

Face Value: ₹10

Debt / Equity Solvency

1.33x

Manageable

EPS (TTM) Per Share

₹28.73

Trailing 12M

OPM (%) Spread

27.0%

EBITDA Margin

Free Cash Flow Cash

₹6,895 Cr

CFO - Capex

About NTPC Ltd

NTPC Ltd (NTPC) is a leading Indian enterprise operating in the Power & Utilities sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 19.4% × Turnover: 0.85x × Leverage: 2.33x = ROE: 15.1%

✓ Company Strengths (Pros)

• Delivers solid shareholder returns with an ROE of 15.1%.
• Stock is trading at an attractive price-to-book multiple of 1.5x.

⚠ Key Considerations & Risks (Cons)

• Company has a high debt-to-equity ratio of 1.33x.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹1.91 Lakh Cr

Latest PAT

₹28,334 Cr

EPS (TTM)

₹28.73

OPM %

27.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹43,075 Cr	₹44,983 Cr	₹42,820 Cr	₹47,628 Cr	₹48,529 Cr	₹44,706 Cr	₹45,069 Cr	₹49,834 Cr	₹47,064 Cr	₹44,786 Cr	₹45,846 Cr	₹49,686 Cr	₹50,741 Cr
Operating Profit (EBITDA)	₹12,411 Cr	₹12,680 Cr	₹11,362 Cr	₹13,990 Cr	₹13,438 Cr	₹11,665 Cr	₹13,341 Cr	₹14,754 Cr	₹12,579 Cr	₹12,816 Cr	₹14,570 Cr	₹8,505 Cr	₹16,231 Cr
OPM %	29.0%	28.0%	27.0%	29.0%	28.0%	26.0%	30.0%	30.0%	27.0%	29.0%	32.0%	17.0%	32.0%
Interest Expense	₹2,922 Cr	₹2,921 Cr	₹3,250 Cr	₹2,955 Cr	₹3,136 Cr	₹3,621 Cr	₹2,764 Cr	₹3,648 Cr	₹3,468 Cr	₹3,432 Cr	₹3,164 Cr	₹3,737 Cr	₹3,386 Cr
Depreciation	₹3,821 Cr	₹4,038 Cr	₹4,074 Cr	₹4,271 Cr	₹4,204 Cr	₹4,216 Cr	₹4,318 Cr	₹4,663 Cr	₹4,587 Cr	₹4,816 Cr	₹5,093 Cr	₹5,134 Cr	₹5,234 Cr
Profit before Tax (PBT)	₹6,661 Cr	₹6,746 Cr	₹6,571 Cr	₹8,164 Cr	₹7,284 Cr	₹7,046 Cr	₹7,245 Cr	₹10,623 Cr	₹7,765 Cr	₹7,301 Cr	₹8,050 Cr	₹1,553 Cr	₹9,160 Cr
Net Profit (PAT)	₹4,907 Cr	₹4,726 Cr	₹5,209 Cr	₹6,490 Cr	₹5,506 Cr	₹5,380 Cr	₹5,170 Cr	₹7,897 Cr	₹6,108 Cr	₹5,225 Cr	₹5,597 Cr	₹10,615 Cr	₹6,896 Cr
EPS in ₹	₹5.03	₹4.76	₹5.32	₹6.36	₹5.65	₹5.44	₹5.22	₹7.85	₹6.20	₹5.23	₹5.66	₹10.81	₹6.93

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹79,957 Cr	₹73,396 Cr	₹82,042 Cr	₹88,083 Cr	₹1.00 Lakh Cr	₹1.09 Lakh Cr	₹1.12 Lakh Cr	₹1.33 Lakh Cr	₹1.76 Lakh Cr	₹1.79 Lakh Cr	₹1.88 Lakh Cr	₹1.87 Lakh Cr	₹1.91 Lakh Cr
Expenses	₹62,605 Cr	₹54,829 Cr	₹60,445 Cr	₹65,598 Cr	₹77,576 Cr	₹77,878 Cr	₹77,487 Cr	₹92,307 Cr	₹1.29 Lakh Cr	₹1.27 Lakh Cr	₹1.34 Lakh Cr	₹1.32 Lakh Cr	₹1.39 Lakh Cr
Operating Profit	₹17,352 Cr	₹18,568 Cr	₹21,598 Cr	₹22,485 Cr	₹22,710 Cr	₹31,586 Cr	₹34,044 Cr	₹40,362 Cr	₹47,596 Cr	₹51,469 Cr	₹54,355 Cr	₹55,438 Cr	₹52,121 Cr
OPM %	22%	25%	26%	26%	23%	29%	31%	30%	27%	29%	29%	30%	27%
Interest	₹3,669 Cr	₹3,366 Cr	₹3,753 Cr	₹4,447 Cr	₹5,605 Cr	₹8,189 Cr	₹9,224 Cr	₹9,376 Cr	₹11,447 Cr	₹12,301 Cr	₹13,282 Cr	₹13,801 Cr	₹13,719 Cr
Depreciation	₹5,565 Cr	₹5,771 Cr	₹6,010 Cr	₹7,460 Cr	₹8,669 Cr	₹10,356 Cr	₹12,450 Cr	₹13,788 Cr	₹14,792 Cr	₹16,204 Cr	₹17,401 Cr	₹19,629 Cr	₹20,276 Cr
Profit before Tax	₹10,456 Cr	₹10,618 Cr	₹13,426 Cr	₹16,154 Cr	₹11,255 Cr	₹21,250 Cr	₹17,390 Cr	₹22,007 Cr	₹23,917 Cr	₹28,142 Cr	₹32,198 Cr	₹24,669 Cr	₹26,064 Cr
Net Profit	₹9,992 Cr	₹10,781 Cr	₹10,714 Cr	₹10,502 Cr	₹14,034 Cr	₹11,902 Cr	₹14,969 Cr	₹16,960 Cr	₹17,121 Cr	₹21,332 Cr	₹23,953 Cr	₹27,546 Cr	₹28,334 Cr
EPS in Rs	10.09	10.92	10.83	10.66	13.88	11.72	15.09	17.20	17.44	21.46	24.16	27.90	28.63

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹8,245 Cr	₹8,245 Cr	₹8,245 Cr	₹8,245 Cr	₹9,895 Cr	₹9,895 Cr	₹9,697 Cr	₹9,697 Cr	₹9,697 Cr	₹9,697 Cr	₹9,697 Cr	₹9,697 Cr
Reserves & Surplus	₹73,849 Cr	₹83,330 Cr	₹89,593 Cr	₹95,318 Cr	₹1.01 Lakh Cr	₹1.09 Lakh Cr	₹1.16 Lakh Cr	₹1.26 Lakh Cr	₹1.37 Lakh Cr	₹1.51 Lakh Cr	₹1.74 Lakh Cr	₹1.93 Lakh Cr
Borrowings (Debt)	₹1.02 Lakh Cr	₹99,424 Cr	₹1.14 Lakh Cr	₹1.30 Lakh Cr	₹1.73 Lakh Cr	₹2.01 Lakh Cr	₹2.10 Lakh Cr	₹2.11 Lakh Cr	₹2.23 Lakh Cr	₹2.37 Lakh Cr	₹2.50 Lakh Cr	₹2.71 Lakh Cr
Total Liabilities	₹2.20 Lakh Cr	₹2.25 Lakh Cr	₹2.49 Lakh Cr	₹2.82 Lakh Cr	₹3.47 Lakh Cr	₹3.78 Lakh Cr	₹3.98 Lakh Cr	₹4.16 Lakh Cr	₹4.47 Lakh Cr	₹4.79 Lakh Cr	₹5.24 Lakh Cr	₹5.58 Lakh Cr
Fixed Assets	₹91,853 Cr	₹92,929 Cr	₹1.05 Lakh Cr	₹1.28 Lakh Cr	₹1.51 Lakh Cr	₹1.88 Lakh Cr	₹2.03 Lakh Cr	₹2.25 Lakh Cr	₹2.40 Lakh Cr	₹2.59 Lakh Cr	₹2.71 Lakh Cr	₹3.19 Lakh Cr
Total Assets	₹2.20 Lakh Cr	₹2.25 Lakh Cr	₹2.49 Lakh Cr	₹2.82 Lakh Cr	₹3.47 Lakh Cr	₹3.78 Lakh Cr	₹3.98 Lakh Cr	₹4.16 Lakh Cr	₹4.47 Lakh Cr	₹4.79 Lakh Cr	₹5.24 Lakh Cr	₹5.58 Lakh Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹14,889 Cr	₹24,125 Cr	₹20,167 Cr	₹19,670 Cr	₹18,686 Cr	₹24,583 Cr	₹32,444 Cr	₹41,788 Cr	₹47,152 Cr	₹40,099 Cr	₹50,488 Cr	₹50,902 Cr
Cash from Investing (CFI)	-₹15,977 Cr	-₹19,162 Cr	-₹24,480 Cr	-₹20,678 Cr	-₹24,063 Cr	-₹30,322 Cr	-₹21,034 Cr	-₹22,891 Cr	-₹26,145 Cr	-₹31,456 Cr	-₹45,852 Cr	-₹37,578 Cr
Cash from Financing (CFF)	-₹1,474 Cr	-₹3,899 Cr	₹3,138 Cr	₹1,028 Cr	₹4,927 Cr	₹6,004 Cr	-₹11,049 Cr	-₹19,172 Cr	-₹21,217 Cr	-₹8,246 Cr	-₹4,073 Cr	-₹11,328 Cr
Free Cash Flow (FCF)	-₹4,431 Cr	₹3,110 Cr	-₹4,161 Cr	₹912.00 Cr	-₹2,842 Cr	₹6,521 Cr	₹9,162 Cr	₹17,457 Cr	₹22,432 Cr	₹9,358 Cr	₹9,431 Cr	₹6,895 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	42	41	40	37	45	68	92	77	62	68	67	71
Inventory Days	0	0	0	0	0	0	0	0	0	0	0	0
Cash Conversion Cycle (Days)	42	41	40	37	45	68	92	77	62	68	67	71
ROCE %	8%	7%	9%	9%	7%	10%	9%	9%	10%	10%	11%	9%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹438.79 • Undervalued (Margin of Safety)

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹327.00

DCF Fair Value

₹438.79

Graham Number

₹368.44

Margin of Safety

+24.5%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹438.79

Undervalued (Margin of Safety) (Margin: +24.5%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹427	₹423	₹419	₹416
10%	₹435	₹431	₹427	₹423
12%	₹443	₹439	₹435	₹431
14%	₹451	₹447	₹443	₹439

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹439	Undervalued
Benjamin Graham Number	₹368	Margin of Safety
Historical Sector P/E	₹632	Discounted
EV / EBITDA Multiplier	₹343	In-Line
Free Cash Flow Yield Model	₹320	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 7/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

7 / 9 Pass

Altman Z-Score

3.45 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Elevated leverage at 1.33x

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 27.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

51.10%

FIIs (Foreign)

16.30%

DIIs (Domestic)

29.44%

Government

0.15%

Public / Retail

3.14%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	51.10%	51.10%	51.10%	51.10%	51.10%	51.10%	51.10%	51.10%	51.10%	51.10%	51.10%	51.10%
+ FIIs (Foreign Portfolio)	16.69%	17.05%	17.86%	17.68%	18.60%	18.20%	17.79%	16.09%	16.40%	16.24%	16.54%	16.30%
+ DIIs (Mutual Funds / Insurance)	29.02%	28.70%	27.55%	27.55%	26.51%	26.76%	27.22%	28.92%	28.93%	29.19%	29.13%	29.44%
+ Public (Retail & HNIs)	3.08%	3.04%	3.37%	3.55%	3.68%	3.83%	3.77%	3.77%	3.45%	3.34%	3.10%	3.14%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Utilities & Power.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

NTPC Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

NTPC Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

NTPC Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹418.56

Accelerated market share capture in Utilities & Power, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹366.24

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 11x P/E.

🐻 Bear Case (15%) -12.0%

₹287.76

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Utilities & Power)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:38 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ NTPC Ltd (NTPC)	Target Stock	₹327.00	-0.53%	11.2x	15.1%	8.9%	1.33	₹3.10 Lakh Cr
Adani Power Ltd (ADANIPOWER)	Sector Peer	₹208.00	+0.97%	26.5x	21.1%	17.2%	0.84	₹3.78 Lakh Cr
Power Grid Corporation of India (POWERGRID)	Interstate Electricity Transmission	₹263.75	+2.25%	14.9x	15.3%	9.1%	1.47	₹2.37 Lakh Cr
Adani Green Energy Ltd (ADANIGREEN)	Sector Peer	₹1,401.70	-3.26%	109.0x	11.4%	7.4%	5.19	₹2.11 Lakh Cr
Bharat Heavy Electricals Ltd (BHEL)	Sector Peer	₹432.00	+2.14%	61.4x	6.2%	9.1%	0.31	₹1.49 Lakh Cr
Suzlon Energy Ltd (SUZLON)	Wind Turbines & Green Energy	₹38.88	-0.08%	16.9x	39.7%	34.2%	0.06	₹53,071 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:38:09 IST	✓ Live Sync
Financial Statements (10Y)	NTPC Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

NTPC Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About NTPC Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Utilities & Power)

Metric Explainer

Stock DNA Methodology

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