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Last Updated: April 2, 2026, 3:25 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532555 | NSE: NTPC

NTPC Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹286.24Overvalued by 21.58%vs CMP ₹365.00

P/E (14.6) × ROE (12.1%) × BV (₹198.00) × DY (2.29%)

₹265.73Overvalued by 27.20%vs CMP ₹365.00
MoS: -37.4% (Negative)Confidence: 59/100 (Moderate)Models: 2 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹308.3226%Over (-15.5%)
Graham NumberEarnings₹333.3318%Fair (-8.7%)
DCFCash Flow₹125.1915%Over (-65.7%)
Net Asset ValueAssets₹198.238%Over (-45.7%)
EV/EBITDAEnterprise₹329.7810%Fair (-9.6%)
Earnings YieldEarnings₹249.408%Over (-31.7%)
ROCE CapitalReturns₹301.408%Over (-17.4%)
Revenue MultipleRevenue₹194.216%Over (-46.8%)
Consensus (8 models)₹265.73100%Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 7.7%

*Investments are subject to market risks

Investment Snapshot

52
NTPC Ltd scores 52/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health47/100 · Moderate
ROCE 10.0% AverageROE 12.1% GoodD/E 1.57 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.55% (6mo) SellingDII holding up 1.97% MF buyingPromoter holding at 51.1% Stable
Earnings Quality50/100 · Moderate
OPM stable around 29% Steady
Quarterly Momentum58/100 · Moderate
Revenue (4Q): 1% YoY FlatProfit (4Q): +10% YoY Positive
Industry Rank65/100 · Strong
P/E 14.6 vs industry 41.9 Cheaper than peersROCE 10.0% vs industry 9.0% Average3Y sales CAGR: 12% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

NTPC Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
40/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 14.6 vs Ind 41.9 | ROCE 10.0% | ROE 12.1% | CFO/NP N/A
Balance Sheet Stress
70/100
Stressed
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 1.57x | IntCov 0.0x | Current 0.93x | Borrow/Reserve 1.40x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹23,953 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -0.16 pp | DII +0.26 pp | Prom 0.00 pp
Business Momentum
+23
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +2.4% | Q NP +7.1% | Q OPM +3.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-27.2%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves1.40xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-0.16 ppLatest FII% minus previous FII%
DII Change+0.26 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-186,183Latest shareholder count minus previous count
Quarterly Sales Change+2.4%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+7.1%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+3.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:25 am

Market Cap 3,53,589 Cr.
Current Price 365
Intrinsic Value₹265.73
High / Low 394/316
Stock P/E14.6
Book Value 198
Dividend Yield2.29 %
ROCE9.95 %
ROE12.1 %
Face Value 10.0
PEG Ratio1.89

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for NTPC Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
NTPC Ltd 3,53,589 Cr. 365 394/31614.6 1982.29 %9.95 %12.1 % 10.0
Adani Power Ltd 3,02,982 Cr. 157 183/92.426.4 30.30.00 %22.5 %26.1 % 2.00
Adani Green Energy Ltd 1,40,349 Cr. 852 1,179/76585.1 1190.00 %8.70 %14.6 % 10.0
Tata Power Company Ltd 1,21,487 Cr. 380 418/33232.1 1180.59 %10.8 %11.0 % 1.00
JSW Energy Ltd 85,079 Cr. 484 557/42836.8 1670.41 %6.49 %7.41 % 10.0
Industry Average60,447.10 Cr156.8041.9494.050.95%8.95%11.73%7.77

All Competitor Stocks of NTPC Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 44,60244,25343,07544,98342,82047,62848,52944,70645,06949,83447,06544,78645,846
Expenses 31,78332,31130,66432,30331,45833,63835,09133,04131,72935,08034,48531,97031,276
Operating Profit 12,81911,94212,41112,68011,36213,99013,43811,66513,34114,75412,58012,81614,570
OPM % 29%27%29%28%27%29%28%26%30%30%27%29%32%
Other Income 7471,0849941,0242,5321,4001,1873,2189864,1803,2402,7341,738
Interest 3,1682,8602,9222,9213,2502,9553,1363,6212,7643,6483,4683,4323,164
Depreciation 3,7153,8483,8214,0384,0744,2714,2044,2164,3184,6634,5874,8165,093
Profit before tax 6,6836,3186,6616,7466,5718,1647,2847,0467,24510,6237,7657,3018,050
Tax % 27%23%26%30%21%20%24%24%29%26%21%28%30%
Net Profit 4,8544,8724,9074,7265,2096,4905,5065,3805,1707,8976,1085,2255,597
EPS in Rs 4.935.015.034.765.326.365.655.445.227.856.205.235.66

Last Updated: February 4, 2026, 7:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 5:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 78,33079,95773,39682,04288,083100,287109,464111,531132,669176,207178,525188,138187,531
Expenses 58,60362,60554,82960,44565,59877,57677,87877,48792,307128,611127,025133,746132,811
Operating Profit 19,72717,35218,56821,59822,48522,71031,58634,04440,36247,59651,49954,39254,719
OPM % 25%22%25%26%26%23%29%31%30%27%29%29%29%
Other Income 2,7922,3381,1881,5925,5762,8188,2095,0214,8092,5615,1468,49011,891
Interest 3,2633,6693,3663,7534,4475,6058,1899,2249,37611,44712,30113,28213,712
Depreciation 4,7705,5655,7716,0107,4608,66910,35612,45013,78814,79216,20417,40119,159
Profit before tax 14,48610,45610,61813,42616,15411,25521,25017,39022,00723,91728,14232,19833,739
Tax % 21%4%-2%20%35%-25%44%14%23%28%24%26%
Net Profit 11,4039,99210,78110,71410,50214,03411,90214,96916,96017,12121,33223,95324,828
EPS in Rs 11.5310.0910.9210.8310.6613.8811.7215.0917.2017.4421.4624.1624.94
Dividend Payout % 42%21%26%37%40%44%27%41%41%42%36%35%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-12.37%7.90%-0.62%-1.98%33.63%-15.19%25.77%13.30%0.95%24.60%12.29%
Change in YoY Net Profit Growth (%)0.00%20.27%-8.52%-1.36%35.61%-48.82%40.96%-12.47%-12.35%23.65%-12.31%

NTPC Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:9%
5 Years:11%
3 Years:12%
TTM:1%
Compounded Profit Growth
10 Years:8%
5 Years:16%
3 Years:8%
TTM:12%
Stock Price CAGR
10 Years:13%
5 Years:28%
3 Years:25%
1 Year:-18%
Return on Equity
10 Years:12%
5 Years:12%
3 Years:12%
Last Year:12%

Last Updated: September 5, 2025, 11:50 am

Balance Sheet

Last Updated: December 4, 2025, 1:44 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 8,2458,2458,2458,2458,2459,8959,8959,6979,6979,6979,6979,6979,697
Reserves 79,08473,84983,33089,59395,318101,462108,945116,042125,677137,326151,013174,374182,338
Borrowings 81,455102,25299,424113,773130,049173,058202,984210,208210,707222,913237,131250,096254,876
Other Liabilities 31,33435,36633,66636,99048,88062,50955,74662,07569,75177,25381,43789,33091,753
Total Liabilities 200,118219,712224,665248,601282,492346,923377,569398,022415,831447,189479,278523,497538,664
Fixed Assets 84,20891,85392,929104,532128,245150,985187,803203,245224,923240,424258,934271,437295,305
CWIP 53,82567,55575,04686,89683,386118,39798,50897,50691,12689,17987,664100,85988,605
Investments 3,3001,9026,4737,6148,8768,1329,30710,58910,62613,93515,88519,70420,162
Other Assets 58,78558,40350,21749,56061,98569,40981,95186,68189,156103,651116,795131,498134,593
Total Assets 200,118219,712224,665248,601282,492346,923377,569398,022415,831447,189479,278523,497538,664

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 16,53114,88924,12520,16719,67018,68623,89032,44441,78847,15240,09950,436
Cash from Investing Activity + -15,509-15,977-19,162-24,480-20,678-24,063-29,628-21,034-22,891-26,145-31,456-45,800
Cash from Financing Activity + -2,709-1,474-3,8993,1381,0284,9276,004-11,049-19,172-21,217-8,246-4,073
Net Cash Flow -1,687-2,5631,064-1,17619-451266360-274-210398563
Free Cash Flow -2,418-4,4313,110-4,161912-2,8425,8279,16217,45722,4329,3589,431
CFO/OP 97%97%137%106%79%98%86%104%109%108%85%101%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-62.00-85.00-81.00-92.00-108.00-151.00-171.00-176.00-170.00-175.00-186.00-196.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 314241403745689277626867
Inventory Days
Days Payable
Cash Conversion Cycle 314241403745689277626867
Working Capital Days -18-47-39-52-44-106-37-61-62-43-45-38
ROCE %11%8%7%9%9%7%10%9%9%10%10%10%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
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 15.61%15.80%16.69%17.05%17.86%17.68%18.60%18.20%17.79%16.09%16.40%16.24%
DIIs 30.51%30.20%29.02%28.70%27.55%27.55%26.51%26.76%27.22%28.92%28.93%29.19%
Government 0.10%0.10%0.10%0.10%0.11%0.11%0.11%0.11%0.11%0.12%0.12%0.12%
Public 2.69%2.79%3.08%3.04%3.37%3.55%3.68%3.83%3.77%3.77%3.45%3.34%
No. of Shareholders 9,83,6069,86,67410,66,54311,58,99213,93,48017,67,13835,74,82843,65,78641,43,17539,65,86037,29,61735,43,434

Shareholding Pattern Chart

No. of Shareholders

NTPC Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Equity & Debt Fund 74,795,559 5.41 2662.7276,360,7692026-02-23 00:15:36-2.05%
ICICI Prudential Value Fund 70,040,641 4.13 2493.4569,020,5902026-01-26 05:07:321.48%
HDFC Balanced Advantage Fund 63,500,000 2.12 2260.666,937,4152026-02-23 04:29:17-5.14%
ICICI Prudential Large Cap Fund 58,856,611 2.73 2095.355,971,7872026-01-26 05:07:325.15%
ICICI Prudential Multi Asset Fund 35,734,651 1.58 1272.1553,514,1632025-12-08 04:33:31-33.22%
Nippon India Large Cap Fund 33,417,977 2.37 1189.68N/AN/AN/A
ICICI Prudential India Opportunities Fund 33,308,128 3.37 1185.7732,840,6522025-12-15 07:16:471.42%
Nippon India Multi Cap Fund 29,762,573 2.17 1059.55N/AN/AN/A
ICICI Prudential Balanced Advantage Fund 26,646,829 1.35 948.6325,361,9822026-01-26 05:07:325.07%
ICICI Prudential Energy Opportunities Fund 25,991,911 9.35 925.3128,641,9112026-02-23 05:01:47-9.25%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 20.3421.4617.4417.2014.87
Diluted EPS (Rs.) 20.3421.4617.8715.6614.87
Cash EPS (Rs.) 40.3737.0232.1130.6627.57
Book Value[Excl.RevalReserv]/Share (Rs.) 189.83165.74155.68143.49133.31
Book Value[Incl.RevalReserv]/Share (Rs.) 189.83165.74155.68143.49133.31
Revenue From Operations / Share (Rs.) 194.02184.08181.72136.82115.02
PBDIT / Share (Rs.) 58.6355.4451.0543.9439.18
PBIT / Share (Rs.) 40.6838.7335.7929.7226.34
PBT / Share (Rs.) 30.9227.3424.2920.1115.27
Net Profit / Share (Rs.) 22.4220.3116.8516.4414.73
NP After MI And SOA / Share (Rs.) 24.1621.4617.4417.2015.09
PBDIT Margin (%) 30.2130.1128.0932.1134.06
PBIT Margin (%) 20.9621.0319.6921.7222.89
PBT Margin (%) 15.9314.8413.3614.6913.27
Net Profit Margin (%) 11.5511.039.2712.0112.80
NP After MI And SOA Margin (%) 12.4411.659.5912.5613.12
Return on Networth / Equity (%) 12.7212.9511.5012.3111.63
Return on Capital Employeed (%) 9.409.939.688.537.84
Return On Assets (%) 4.464.333.794.003.66
Long Term Debt / Equity (X) 1.091.181.281.341.44
Total Debt / Equity (X) 1.341.461.501.551.57
Asset Turnover Ratio (%) 0.370.380.400.300.27
Current Ratio (X) 1.070.950.920.900.93
Quick Ratio (X) 0.890.780.760.770.79
Inventory Turnover Ratio (X) 10.2411.070.000.000.00
Dividend Payout Ratio (NP) (%) 34.1534.9424.3623.2537.79
Dividend Payout Ratio (CP) (%) 19.5919.6412.9912.7320.42
Earning Retention Ratio (%) 65.8565.0675.6476.7562.21
Cash Earning Retention Ratio (%) 80.4180.3687.0187.2779.58
Interest Coverage Ratio (X) 4.324.464.444.574.12
Interest Coverage Ratio (Post Tax) (X) 2.372.552.502.552.51
Enterprise Value (Cr.) 589970.94558365.60388721.24339714.15299593.49
EV / Net Operating Revenue (X) 3.143.132.212.562.69
EV / EBITDA (X) 10.3810.397.857.977.89
MarketCap / Net Operating Revenue (X) 1.841.820.960.980.92
Retention Ratios (%) 65.8465.0575.6376.7462.20
Price / BV (X) 1.882.031.160.960.82
Price / Net Operating Revenue (X) 1.841.820.960.980.92
EarningsYield 0.060.060.090.120.14

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

NTPC Ltd. is a Public Limited Listed company incorporated on 07/11/1975 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L40101DL1975GOI007966 and registration number is 007966. Currently Company is involved in the business activities of Electric power generation by coal based thermal power plants. Company's Total Operating Revenue is Rs. 170037.37 Cr. and Equity Capital is Rs. 9696.67 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Power - Generation/DistributionNTPC Bhawan, New Delhi Delhi 110003Contact not found
Management
NamePosition Held
Mr. Gurdeep SinghChairman & Managing Director
Mr. Shivam SrivastavaDirector
Mr. Jaikumar SrinivasanDirector - Finance
Mr. K Shanmugha SundaramDirector - Projects
Mr. Ravindra KumarDirector - Operations
Mr. Anil Kumar JadliDirector - Human Resources
Dr. Anil Kumar GuptaIndependent Director
Mr. Anil Kumar TrigunayatIndependent Director
Mr. Pankaj GuptaIndependent Director
Dr. K Ghayathri DeviIndependent Director
Mr. Sushil Kumar ChoudharyIndependent Director
Mr. Piyush SinghGovernment Nominee Director
Mr. Mahabir PrasadGovernment Nominee Director

FAQ

What is the intrinsic value of NTPC Ltd and is it undervalued?

As of 05 April 2026, NTPC Ltd's intrinsic value is ₹265.73, which is 27.20% lower than the current market price of ₹365.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (12.1 %), book value (₹198), dividend yield (2.29 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of NTPC Ltd?

NTPC Ltd is trading at ₹365.00 as of 05 April 2026, with a FY2026-2027 high of ₹394 and low of ₹316. The stock is currently in the middle of its 52-week range. Market cap stands at ₹3,53,589 Cr..

How does NTPC Ltd's P/E ratio compare to its industry?

NTPC Ltd has a P/E ratio of 14.6, which is below the industry average of 41.94. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is NTPC Ltd financially healthy?

Key indicators for NTPC Ltd: ROCE of 9.95 % is on the lower side compared to the industry average of 8.95%. Dividend yield is 2.29 %.

Is NTPC Ltd profitable and how is the profit trend?

NTPC Ltd reported a net profit of ₹23,953 Cr in Mar 2025 on revenue of ₹188,138 Cr. Compared to ₹16,960 Cr in Mar 2022, the net profit shows an improving trend.

Does NTPC Ltd pay dividends?

NTPC Ltd has a dividend yield of 2.29 % at the current price of ₹365.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in NTPC Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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