According to latest reports from NDTV Profit and ET Now, NTPC Ltd has delivered a mixed but steady performance in Q4 FY26, with profitability showing strong growth while revenue remained largely stable. The state-run power major's consolidated net profit surged by 38% year-on-year to ₹10,487 crore in Q4 FY26, compared with ₹7,611.2 crore in the corresponding quarter of the previous financial year. This dramatic turnaround from earlier expectations demonstrates the company's operational efficiency improvements and better cost management during the quarter. The profit growth was primarily driven by profit before tax and regulatory deferral account balances surging 211.16% YoY to ₹17,428.49 crore, attributed to regulatory deferral account movements, tariff true-up adjustments, and accounting-related income recognition under CERC regulations. As per ET Now poll estimates, analysts had expected a net profit of ₹6,441 crore, indicating the company significantly outperformed expectations on this key metric.
As reported by NDTV Profit and ET Now, NTPC Ltd is expected to report steady top-line performance in Q4 FY26, driven by stable domestic electricity demand. The state-run power major's consolidated revenue from operations was marginally lower by 0.3% YoY to ₹49,689 crore in Q4 FY26, compared with ₹49,833 crore posted in the corresponding quarter of the previous financial year. Revenue from power generation activity stood at ₹48,548.49 crore in Q4 FY26, down 1.63% YoY, while the company recorded ₹4,704.92 crore as other income, up 6.18% YoY. The company's EBITDA margins are expected to improve to 29.8% from 29.6% in the previous year, indicating better operational efficiency despite the marginal revenue decline. According to ET Now estimates, revenue came in slightly below expectations of ₹52,667 crore, while the company managed to maintain stability in core operations amid fluctuating demand and pricing dynamics in the power sector.
According to NDTV Profit and ET Now, NTPC's operational performance showed significant improvement in Q4 FY26. EBITDA increased by 8.3% YoY to ₹15,323 crore compared to ₹14,154.1 crore in the previous year, while EBITDA margins expanded to 30.8% from 29.6% in the corresponding quarter. This margin expansion demonstrates the company's enhanced operational efficiency and cost management capabilities. The improved EBITDA performance, combined with the strong net profit growth, indicates effective operational leverage and better resource utilization during the quarter. As per ET Now estimates, EBITDA came in at ₹15,321 crore, up 3.8% from ₹14,754 crore in the year-ago period, highlighting healthy operational performance across the company's operations.
According to ET Now, brokerage firm Nuvama has maintained a Buy rating on NTPC's stock with a target price of ₹389, citing new frontiers to improve efficiency and lower costs. The brokerage highlighted that "Despite near-term growth challenges, NTPC remains our top pick given steady-state 16–17% core RoE and a 9.4% adjusted consolidated EPS CAGR over FY26–28E (higher RE-led growth) while trading inexpensive at 1.7x FY28E P/BV." A significant development is the allocation of a 5GWh BESS (Battery Energy Storage System) to NTPC under the VGF scheme, which will be deployed across 14 stations to optimise utilisation of existing thermal infrastructure and supply during non-solar hours. This initiative is expected to improve efficiency and lower costs, positioning the company for enhanced operational performance in future quarters.
According to NDTV Profit and ET Now, NTPC's board of directors has declared a final dividend of ₹3.50 per equity share of face value ₹10 each for FY26, after announcing its financial results for the fourth quarter of fiscal 2025-26. This represents an increase from the previously declared ₹3.50 per share, demonstrating the company's commitment to maintaining consistent dividend payments despite mixed revenue performance. The company has maintained consistent dividend distributions, with ₹2.75 distributed in February 2026 and ₹3.35 in September 2025. The board meeting was scheduled on Saturday, May 23, 2026, in New Delhi to consider and approve annual standalone and consolidated financial statements for FY2025-26. The dividend declaration, combined with strong profitability growth, rewards shareholders despite the subdued revenue growth in the quarter.
