NTPC
NTPC share price & financials
- Price
- ₹341.85
- Market cap
- ₹3.4L Cr
- Sector
- Power
- Calls analysed
- 7
NTPC Limited Q1 FY27
What went well
- Q1 FY27 PAT increased by 12% YoY to INR 5,343 crores, demonstrating strong financial performance.
- FY26 Group PAT grew at a healthy 12.89% CAGR to INR 27,546 crores, while standalone PAT increased by 9.21% to INR 23,162 crores.
- The weighted average interest rate on borrowing significantly reduced to 5.98% in FY26 from 6.61% in FY25, reflecting efficient financial management.
What to watch
- Curtailment of thermal plants due to high renewable penetration is impacting Plant Load Factor (PLF), currently around 77%.
- Transmission constraints are causing delays in the commissioning of planned renewable energy projects.
What NTPC Limited does
NTPC Limited is India's largest integrated power utility, generating electricity from coal, gas, hydro, solar and wind and selling it largely to state distribution companies under regulated tariffs. It operates through standalone stations plus numerous subsidiaries and joint ventures (NTPC Green Energy, THDC India, NEEPCO, NTPC Mining, NTPC Vidyut Vyapar Nigam). It is also the third-largest coal mining company in India through its captive mines, and is expanding into nuclear (a JV with NPCIL), pumped storage, battery storage and green hydrogen.
Segments
- Thermal generation
- Renewable energy
- Hydro & pumped storage
- Coal mining
- Power trading
- Market position
- India's largest integrated power utility
- Group installed capacity (FY26)
- 89,108 MW
- Standalone installed capacity (FY26)
- 60,796 MW
- Capacity under construction
- 34,188 MW (16,520 MW coal, 2,631 MW hydro/PSP, 15,037 MW renewables)
- Coal mining position
- Third-largest coal mining company in India
- Top-ranked stations
- 5 stations (Korba, Lara, Darlipali, Rihand, Sipat) ranked among India's top 25
Guidance record · Q1 FY27
what the last two calls moved 24 tracked 1 delivered 9 missed 14 open- New Thermal Awarding FY27 went quiet said Q3 FY26 Promised: 4 GW (Lara-2, Jhabua, BRBCL, Bhilai) Q1 FY27: The specific 4 GW thermal awarding target for FY27 was not mentioned in the Q1 FY27 call. Management focused on broader, long-term capacity plans.
- Group COD FY27 revised down said Q4 FY26 Promised: 9,557 MW (1,070 MW thermal, 250 MW hydro, 8,237 MW RE) Q1 FY27: The renewable component of the FY27 target was revised down from 8,237 MW to a range of 7-8 GW. However, 1.9 GW of capacity has already been added in FY27 YTD, showing some progress.
- NGEL CAPEX FY26 delivered said Q2 FY26 Promised: ₹30,000 crore Q4 FY26: Final capex for NGEL in FY26 was ₹35,800 crore, exceeding the original guidance of ₹30,000 crore.
All 24 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 3.0%, net profit up 11.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40,337 | 41,369 | 43,904 | 42,572 | 39,167 −3% | 40,644 −2% | 43,109 −2% | 43,832 +3% |
| EBITDA | 9,686 | 11,617 | 11,255 | 10,283 | 10,019 +3% | 11,992 +3% | 5,808 −48% | 12,629 +23% |
| Net profit | 4,649 | 4,711 | 5,778 | 4,775 | 4,653 +0% | 4,987 +6% | 8,747 +51% | 5,342 +12% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +2.4% 1Y
1Y: ₹325.65 on 10 Sept 2025 → ₹333.4. High ₹410.2 (27 Apr 2026), low ₹318.5 (18 Dec 2025).
How the price took the results
close before → close after
- Q1 FY27
- +1.0%
- 27 Jul
- Q4 FY26
- +2.2%
- 27 May
- Q3 FY26
- −0.6%
- 30 Jan
- Q2 FY26
- −0.7%
- 30 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 0.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 23.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹170.1k Cr | ₹162.0k Cr | ₹170.0k Cr | ₹165.5k Cr |
| Operating profit | ₹43.8k Cr | ₹42.8k Cr | ₹44.4k Cr | ₹38.1k Cr |
| Operating margin | 25.7% | 26.4% | 26.1% | 23.0% |
| Interest | ₹10.6k Cr | ₹10.3k Cr | ₹11.1k Cr | ₹10.4k Cr |
| Depreciation | ₹13.9k Cr | ₹13.9k Cr | ₹15.1k Cr | ₹16.0k Cr |
| Net profit | ₹17.5k Cr | ₹18.1k Cr | ₹19.6k Cr | ₹23.2k Cr |
| Net margin | 10.3% | 11.2% | 11.6% | 14.0% |
| Cash from operations | ₹42.4k Cr | ₹34.8k Cr | ₹41.3k Cr | ₹41.0k Cr |
| Free cash flow | ₹25.1k Cr | ₹17.4k Cr | ₹20.6k Cr | ₹18.3k Cr |
| ROCE | 11.0% | 11.0% | 12.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9.7k Cr | ₹9.7k Cr | ₹9.7k Cr | ₹9.7k Cr | ₹9.7k Cr | ₹9.7k Cr |
| Reserves | ₹109.3k Cr | ₹119.0k Cr | ₹129.2k Cr | ₹140.2k Cr | ₹158.2k Cr | ₹165.2k Cr |
| Borrowings | ₹176.5k Cr | ₹185.6k Cr | ₹187.3k Cr | ₹186.2k Cr | ₹187.1k Cr | ₹191.1k Cr |
| Other liabilities | ₹47.9k Cr | ₹57.1k Cr | ₹57.7k Cr | ₹57.4k Cr | ₹62.2k Cr | ₹48.4k Cr |
| Total liabilities | ₹343.4k Cr | ₹371.4k Cr | ₹383.9k Cr | ₹393.5k Cr | ₹417.2k Cr | ₹414.4k Cr |
| Fixed assets | ₹164.4k Cr | ₹195.6k Cr | ₹197.4k Cr | ₹212.6k Cr | ₹221.9k Cr | ₹217.3k Cr |
| Capital work in progress | ₹75.4k Cr | ₹73.6k Cr | ₹61.8k Cr | ₹47.2k Cr | ₹45.7k Cr | ₹48.3k Cr |
| Investments | ₹28.6k Cr | ₹23.2k Cr | ₹29.8k Cr | ₹33.2k Cr | ₹36.2k Cr | ₹38.7k Cr |
| Other assets | ₹74.9k Cr | ₹78.9k Cr | ₹95.0k Cr | ₹100.6k Cr | ₹113.3k Cr | ₹110.1k Cr |
| Total assets | ₹343.4k Cr | ₹371.4k Cr | ₹383.9k Cr | ₹393.5k Cr | ₹417.2k Cr | ₹414.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −0.63 pp while DIIs added +0.52 pp. The shareholder count shrank 19% to 32,01,112.
- Promoters
- 51.1%
- FIIs
- 16.3%
- DIIs
- 29.4%
- Public
- 3.1%
Since Jun 2025
- Public −0.63 pp
- DIIs +0.52 pp
- FIIs +0.21 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 51.1%, FIIs 16.7%, DIIs 29.0%, Government 0.1%, Public 3.1%.Dec '23: Promoters 51.1%, FIIs 17.1%, DIIs 28.7%, Government 0.1%, Public 3.0%.Mar '24: Promoters 51.1%, FIIs 17.9%, DIIs 27.6%, Government 0.1%, Public 3.4%.Jun '24: Promoters 51.1%, FIIs 17.7%, DIIs 27.6%, Government 0.1%, Public 3.5%.Sep '24: Promoters 51.1%, FIIs 18.6%, DIIs 26.5%, Government 0.1%, Public 3.7%.Dec '24: Promoters 51.1%, FIIs 18.2%, DIIs 26.8%, Government 0.1%, Public 3.8%.Mar '25: Promoters 51.1%, FIIs 17.8%, DIIs 27.2%, Government 0.1%, Public 3.8%.Jun '25: Promoters 51.1%, FIIs 16.1%, DIIs 28.9%, Government 0.1%, Public 3.8%.Sep '25: Promoters 51.1%, FIIs 16.4%, DIIs 28.9%, Government 0.1%, Public 3.5%.Dec '25: Promoters 51.1%, FIIs 16.2%, DIIs 29.2%, Government 0.1%, Public 3.3%.Mar '26: Promoters 51.1%, FIIs 16.5%, DIIs 29.1%, Government 0.1%, Public 3.1%.Jun '26: Promoters 51.1%, FIIs 16.3%, DIIs 29.4%, Public 3.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Life Insurance Corporation Of India - P & Gs Fund Insurer newly disclosed 5.91% held
- Isif Hybrid Long - Short Fund AIF newly disclosed 4.04% held
- Nippon Life India Trustee Ltd-A/C-Nippon India Nifty 50 Value 20 Index Fund Mutual fund newly disclosed 3.09% held
- NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I Pension / PF newly disclosed 2.87% held
- SBI PSU Fund Mutual fund newly disclosed 2.10% held
- HDFC Value Fund Mutual fund newly disclosed 1.78% held
- Kotak Sensex ETF Mutual fund newly disclosed 1.36% held
The same filing shows 1 holder trimming and 7 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of NTPC Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 51.10% | unchanged |
| Life Insurance Corporation Of India - P & Gs Fund Insurer | 5.91% | newly disclosed |
| Isif Hybrid Long - Short Fund AIF | 4.04% | newly disclosed |
| Nippon Life India Trustee Ltd-A/C-Nippon India Nifty 50 Value 20 Index Fund Mutual fund | 3.09% | newly disclosed |
| NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I Pension / PF | 2.87% | newly disclosed |
| SBI PSU Fund Mutual fund | 2.10% | newly disclosed |
| Government Of Singapore - E Sovereign | 1.98% | −0.18 pp |
| HDFC Value Fund Mutual fund | 1.78% | newly disclosed |
| Kotak Sensex ETF Mutual fund | 1.36% | newly disclosed |
| Life Insurance Corporation Of India Insurer | — | off the list |
| ICICI Prudential Equity & Debt Fund Mutual fund | — | off the list |
| Cpse Exchange Traded Scheme (Cpse ETF) Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in NTPC
Filings to Aug 2026
0 new, 18 added, 12 trimmed, 2 sold out — net −29.11 L shares (−0.5%).
- Held by funds
- ₹21.2k Cr
- 57 schemes
- Biggest holder
- CPSE ETF
- ₹3.7k Cr · 19.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| CPSE ETF Nippon India Mutual Fund | ₹3.7k Cr | +1.27 L | Jan '19 |
| SBI Nifty 50 ETF SBI Mutual Fund | ₹3.0k Cr | +4.84 L | Aug '21 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹2.2k Cr | held | Dec '22 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹2.1k Cr | +6.30 L | Aug '21 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹983 Cr | held | Apr '20 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹974 Cr | held | Jun '23 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹945 Cr | +5.80 L | Jan '19 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹775 Cr | held | Dec '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
18 added, 12 trimmed — net −29.11 L shares (−0.5%)
- Funds are sitting on
- +53%
- vs est. average cost
- Held by funds
- ₹21.2k Cr
- 57 schemes · ≈ 6.5% of the company
- Biggest holder
- CPSE ETF
- ₹3.7k Cr · 19.4% of that fund
- Longest holder
- Nippon India Power & Infra Fund
- 14y · since Sep '12
Shares held by these funds −12%
Aug '23 64.06 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse NTPC Limited
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