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NTPC Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹341.03Overvalued by 15.17%vs CMP ₹402.00

P/E (16.1) × ROE (13.1%) × BV (₹198.00) × DY (2.08%)

₹280.72Overvalued by 30.17%vs CMP ₹402.00
MoS: -43.2% (Negative)Confidence: 62/100 (Moderate)Models: 1 Fair, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹367.3426%Fair (-8.6%)
Graham NumberEarnings₹333.3318%Over (-17.1%)
DCFCash Flow₹125.1215%Over (-68.9%)
Net Asset ValueAssets₹198.128%Over (-50.7%)
EV/EBITDAEnterprise₹329.5810%Over (-18%)
Earnings YieldEarnings₹249.408%Over (-38%)
ROCE CapitalReturns₹301.238%Over (-25.1%)
Revenue MultipleRevenue₹194.106%Over (-51.7%)
Consensus (8 models)₹280.72100%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

Analyst Summary

NTPC Ltd operates in the Power - Generation/Distribution segment, NSE: NTPC | BSE: 532555, current market price is ₹402.00, market cap is 3,89,661 Cr.. At a glance, stock P/E is 16.1, ROE is 13.1 %, ROCE is 10.8 %, book value is 198, dividend yield is 2.08 %. The latest intrinsic value estimate is ₹280.72, around 30.2% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹188,138 Cr versus the prior period change of 5.4%, while latest net profit is about ₹23,953 Cr with a prior-period change of 12.3%. The 52-week range shown on this page is 407/316, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisNTPC 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 L40101DL1975GOI007…

This summary is generated from the stock page data available for NTPC Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

55
NTPC Ltd scores 55/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health47/100 · Moderate
ROCE 10.8% AverageROE 13.1% 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 Rank80/100 · Strong
P/E 16.1 vs industry 53.0 Cheaper than peersROCE 10.8% vs industry 8.9% Above peers3Y 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.

Share Price and Basic Stock Data

Last Updated: April 25, 2026, 11:32 pm

Market Cap 3,89,661 Cr.
Current Price 402
Intrinsic Value₹280.72
High / Low 407/316
Stock P/E16.1
Book Value 198
Dividend Yield2.08 %
ROCE10.8 %
ROE13.1 %
Face Value 10.0
PEG Ratio2.09

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 3,89,661 Cr. 402 407/31616.1 1982.08 %10.8 %13.1 % 10.0
Adani Power Ltd 4,10,571 Cr. 213 217/10135.8 30.30.00 %22.5 %26.1 % 2.00
Adani Green Energy Ltd 2,03,558 Cr. 1,236 1,253/765112 1210.00 %7.02 %11.3 % 10.0
Tata Power Company Ltd 1,38,997 Cr. 435 441/34236.8 1180.52 %10.8 %11.0 % 1.00
JSW Energy Ltd 95,764 Cr. 545 568/42841.4 1670.37 %6.49 %7.41 % 10.0
Industry Average73,398.40 Cr186.9553.0394.130.85%8.92%11.64%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 + 16,53114,88924,12520,16719,67018,68624,58332,44441,78847,15240,09950,436
Cash from Investing Activity + -15,509-15,977-19,162-24,480-20,678-24,063-30,322-21,034-22,891-26,145-31,456-45,800
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 -2,418-4,4313,110-4,161912-2,8426,5219,16217,45722,4329,3589,431
CFO/OP 97%97%137%106%79%98%89%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 25 April 2026, NTPC Ltd's intrinsic value is ₹280.72, which is 30.17% lower than the current market price of ₹402.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (13.1 %), book value (₹198), dividend yield (2.08 %), and 5-year EPS CAGR.

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

NTPC Ltd is trading at ₹402.00 as of 25 April 2026, with a FY2026-2027 high of ₹407 and low of ₹316. The stock is currently near its 52-week high. Market cap stands at ₹3,89,661 Cr..

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

NTPC Ltd has a P/E ratio of 16.1, which is below the industry average of 53.03. 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 10.8 % is moderate. Dividend yield is 2.08 %.

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 2.08 % at the current price of ₹402.00. This is a relatively attractive yield for income-seeking investors.

Last Updated: April 25, 2026, 11:32 pm
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532555 | NSE: NTPC
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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