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NTPC
SectorUtilities
NTPC Ltd is India's largest power utility company with an installed capacity of 72,254 MW including joint ventures. It is primarily engaged in the generation and sale of bulk power to state utilities. The company operates 92 power stations across India through its own facilities and joint ventures. NTPC's core business is thermal power generation, but it has diversified into hydro, nuclear, and renewable energy sources as well as coal mining and oil exploration. The company aims to reach 130 GW capacity by 2032. NTPC has several subsidiaries involved in various aspects of the power sector. The Government of India holds a majority stake in the company. NTPC has been expanding its renewable energy portfolio and has commissioned several solar and wind power projects in recent years. It is also exploring new technologies like floating solar plants and waste-to-energy facilities.
In the news
NTPC to study nuclear projects in more states for 30 GW target
Policy, Profit and Power: How India Inc Is Navigating Change
India's Green Hydrogen Race: Three Very Different Bets
NTPC arm to start 500 MWh BESS operations soon amid strong demand growth
Coal supplies to power plants rise 36% from Sep low, stock depletion slows
NTPC Q2 power generation rises 13% to 118 bn units
NTPC-EDF Power Solutions form 50:50 JV for low-carbon projects
NTPC Pays ₹3,394 Cr Final Dividend, Total FY26 Payout at ₹8,727 Cr
NTPC Green Energy Upgraded to Market-Perform by Bernstein
Kotak Questions Valuation Gap Between NTPC and BHEL
NCR power plants face strict emissions monitoring amid coal phase-out push
Coal Gasification Scheme: Strategic Bets by India's Industrial Giants
NTPC gets Neutral rating, ₹378 target from Motilal Oswal
Power Grid Testing Fault Triggers NTPC Korba Shutdown: Multi-State Crisis
NTPC Korba Units Trip Simultaneously Due to PGCIL Test Fault
NTPC seeks SHANTI rule changes, upgraded to 'Add' with ₹355 target
NTPC Dividend: Last Day to Buy ₹3.50 Share Today
India's Coal Crisis: Monsoon, El Niño, and the Power Struggle
NTPC targets 244 GW capacity, ₹16.86 trillion capex by 2037
BSE, NSE Impose ₹59.17 Cr Fines on NTPC, SJVN, REC
The Quarter story
The two most recent quarterly results, compared side-by-side.
NTPC moves construction projects to operational status, though quarterly profits remain unstable.
Under construction capacity falls from 30,853 MW in Q1 FY26 to 35.70 MW in Q1 FY27, signaling projects moving to operational status.
Profit for the period drops from ₹23,953 Cr in Q1 FY26 to ₹5,343 Cr in Q1 FY27, reflecting unstable quarterly earnings.
Company insights, generated from the most recent coverage.
CMD pegs regulated return on new projects at ~15.5% post-commissioning but 12-13% in practice. The 250-350 bps gap between headline and delivered return is where NTPC's ROCE actually leaks.
NTPC's AAA/Stable from CRISIL, ICRA, CARE and IND AAA rests on sovereign ownership and regulated returns, so domestic ratings should tolerate far more leverage than a private peer carrying the same D/E.
International ratings sit at the sovereign ceiling — S&P BBB/Stable after an upgrade from BBB-, Moody's Baa3/Stable, Fitch BBB-/Stable. NTPC cannot be rated above India, so global funding cost tracks the sovereign, not company execution.