NSE/NTPC

NTPCNTPC Ltd

Power · NSE

₹393.6+0.72%

52-wk low52-WEEK RANGE52-wk high

₹318.5+23.6% from low ·0.0% from high₹393.6

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

NTPC+12.67% · 1Y

Range high ₹397.25Range low ₹315.55Latest ₹393.6252 bars · daily-close · NSE bhavcopy + 10Y history

PowerUtilities - Regulated ElectricLargecapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite63/100

Performance

High

Amongst the strong performers in the market.

· 52w return +8.0%
· Trades 15.1% above 200-DMA — uptrend intact

Valuation

Low

Appears to be fairly valued to cheap vs peers.

· P/E 22.0 vs sector median 36.0 — 39% cheaper
· P/B 2.01 below sector median 3.29

Growth

Low

Lagging the market in growth.

· Revenue YoY +8.0% — slow
· Profit YoY -1.6% — earnings slipping

Profitability

Medium

Average profitability vs peers.

· ROE 9.1% — weak returns on equity

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeB(73/100)

Durability

49/100

Mixed quality signals; requires deeper due diligence.

Show 4 drivers

Piotroski F-score7/9 (78pt)
Altman Z" score0.89 (24pt)
Debt/Equity1.18 (45pt)
ROE9.1% (36pt)

Valuation

A+

91/100

Attractively valued vs peers and growth — good margin of safety.

Show 4 drivers

P/E vs sector (22.0 / 36.0)61% (100pt)
P/B2.01 (100pt)
Dividend yield2.88% (72pt)
EV/EBITDA9.1 (70pt)

Momentum

80/100

Strong, confirmed momentum across price + technicals.

Show 5 drivers

52w change+8.0% (55pt)
DMA-trend alignmentstrong up (100pt)
RSI (14)64.2 (91pt)
Price vs 200-DMA+14.0% (88pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)22.03

UNDERVALUED

CheapestP/E 22.0 at 27th %ile of sector — cheaper than 73% of peers.Most expensive

P/B2.01

UNDERVALUED

CheapestP/B 2.01 at 20th %ile of sector.Most expensive

EV/EBITDA9.07

FAIR

Monthly seasonality

Avg monthly return over 11 years · historical — not a forecast

Best: Apr +3.85% · Worst: Nov -1.01%

Jan

+0.0%

45% win

Feb

+0.3%

42% win

Mar

+1.3%

67% win

Apr

+3.9%

58% win

May

-0.7%

36% win

Jun

+1.8%

Monthly return distribution

Distribution of 135 monthly returns

Mean

+1.14%

Median

+0.30%

Std dev

7.24%

Best

+22.3%

Worst

-21.0%

% positive

52%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 1

Financial quality score 7/9
Piotroski ≥7 historically associated with outperformance

WEAKNESSES · 2

Low return on equity (9.1%)
Below 10% ROE suggests inefficient use of shareholder capital
Distress-zone Altman Z″ (0.89)
Historically associated with elevated bankruptcy probability

OPPORTUNITIES · 2

Strong uptrend — DMA stack bullish
Price > 20-DMA > 50-DMA > 200-DMA: momentum tailwind intact
Attractive income yield (2.88%)
Payout ratio 48% leaves room for dividend growth

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+0.7%

+3.5%

+2.4%

+14.3%

+15.7%

+11.5%

+29.7%

+28.5%

10Y

+12.6%

Fundamentals

VALUATION

Market cap

₹3,85,927 Cr

P/E (TTM)

22.0

P/E (fwd)

14.8

next 12m

P/B

2.01

EV/EBITDA

9.1

Book value

₹198.22

per share

PROFITABILITY · QUALITY

ROE

9.1%

ROCE

—

Net margin

13.8%

Op margin

18.4%

Gross margin

45.8%

D/E

1.18

GROWTH · MARKET

Rev YoY

+8.0%

Profit YoY

-1.6%

Div yield

2.88%

Payout

47.6%

52w change

+8.0%

Beta

0.30

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 2

+Trading at -38.9% vs sector median P/EP/E 22.0 vs Power median 36.0 — relative value on earnings
+Forward P/E materially below trailing (14.8x vs 22.0x)Street expects earnings growth that compresses the multiple — positive surprise cushion

CONS · 1

−Low ROE of 9.1%Below the 10%+ threshold most quality-focused investors require

Sector-relative context

Power · 15 peers

P/E (TTM)

This stock

22.03

Sector median

36.02

Rank 4/15 (80th %ile)

ROE

This stock

9.1%

Sector median

9.1%

Rank 11/15 (33th %ile)

P/B

This stock

2.01

Sector median

3.29

Rank 3/15 (87th %ile)

Quality score · Piotroski F-score

7 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✓Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✓ROA improved YoY· Getting more productive with the asset base
✓Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

DISTRESS0.89

Z″ = 0.89 — DISTRESS zone. Historical Altman-Z models have associated this range with elevated 2-year bankruptcy probability. Treat as a flag for deeper diligence, not a verdict.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.031	×6.56	0.202
Retained Earnings / Total Assets (B)	0.058	×3.26	0.189
EBIT / Total Assets (C)	0.061	×6.72	0.411
Book Equity / Total Liabilities (D)	0.088	×1.05	0.093

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

26 analysts · STRONG_BUY

Target mean

₹424.88

Target high

₹490.00

Target low

₹325.00

Upside vs today

+6.8%

Street consensus target is +6.8% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Utilities - Regulated Electric

Employees

16,646

Shares out

969.7

Revenue (TTM)

₹1,87,531 Cr

EBITDA

₹54,374 Cr

Total debt

₹1,23,456 Cr

Cash

₹12,812 Cr

Net debt

₹1,10,645 Cr

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	44,706	45,069	47,977	47,065	45,846
Operating profit	7,449	9,365	9,739	7,993	9,477
OPM %	16.7%	20.8%	20.3%	17.0%	20.7%
Interest	3,621

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	1,31,329	1,74,076	1,76,720	1,86,246
Operating profit	25,485	33,223	33,150	36,340
OPM %	19.4%	19.1%	18.8%	19.5%
Interest	9,395	10,886	12,253	12,596

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
NTPCTHIS NTPC Limited	₹393.6	+8.0%	3,85,927	22.0	2.01	9.1%	1.18	+8.0%
ADANIPOWER Adani Power Limited	₹198.5	-65.1%	3,87,295	34.3	6.63	19.4%	0.81	-8.9%
POWERGRID Power Grid Corporation of India Limited	₹318.1	-0.6%	2,97,340	20.5	3.00	14.6%	1.41	+10.3%
ADANIGREEN Adani Green Energy Limited	₹1,127.3	+17.9%	1,89,870	134.5	10.07	7.5%	2.96	+10.7%
ADANIENSOL Adani Energy Solutions Limited	₹1,259.8	+34.4%	1,51,290	67.5	6.48	9.6%	1.87	+15.4%
JSWENERGY JSW Energy Limited	₹538.05	+3.2%	95,366	41.7	3.25	7.8%	2.19	+67.4%
NTPCGREEN NTPC Green Energy Limited	₹111.96	+4.2%	94,796	163.0	5.06	—	1.16	—
NHPC NHPC Limited	₹83.56	-4.7%	83,314	53.2	2.01	—	1.00	-6.6%
PREMIERENE Premier Energies Limited	₹1,034.6	+2.5%	45,585	36.3	13.16	—	0.47	—

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	5.39	5.66	+5.0%
-2q	5.80	5.23	-9.8%
-3q	5.55	6.20	+11.7%
-4q	7.13	7.85	+10.2%

Date	Amount
2026-02-06	₹2.75
2025-11-07	₹2.75
2025-09-04	₹3.35
2025-01-31	₹2.50
2024-10-31	₹2.50
2024-08-07	₹3.25
2024-02-06	₹3.25
2023-11-03	₹2.25
2023-08-11	₹3.00
2023-02-03	₹4.25
2022-08-10	₹3.00
2022-02-03	₹4.00
2021-09-08	₹3.15
2021-02-11	₹3.00
2020-08-13	₹2.65
2020-03-26	₹0.50
2019-08-13	₹2.50
2019-02-06	₹2.98
2018-09-06	₹1.99
2018-02-07	₹2.27

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	9,697	9,697	9,697	9,697
Reserves	24,156	34,524	49,831	59,091
Borrowings	2,10,707	2,22,913	2,37,131	2,50,096
Other liabilities	1,927	605	1,300	863
Total liabilities	4,16,596	4,47,913	4,80,197	5,24,165
Fixed assets	3,15,369	3,29,016	3,46,017	3,71,712
CWIP	91,025	89,133	87,593	1,00,776
Investments	144	699	847	784
Other assets	13,199	13,153	14,856	18,731
Total assets	4,16,596	4,47,913	4,80,197	5,24,165

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	41,788	47,152	40,099	50,436
CF Investing	-22,891	-26,145	-31,456	-45,800
CF Financing	-19,172	-21,217	-8,246	-4,073
Net cash flow	-274	-210	398	563
Free cash flow	17,344	22,333	9,283	9,153

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	19.5%	18.8%	19.1%	19.4%
Net margin %	12.6%	11.8%	9.7%	12.7%
ROE %	36.5%	40.1%	43.3%	49.3%
ROCE %	13.4%	14.0%	13.8%	12.2%
Debt / Equity	3.64	3.98	5.04	6.22
Dividend payout %	34%	40%	42%	42%
Interest coverage	3.3×	3.2×	3.2×	3.2×
Revenue growth YoY	+5.4%	+1.5%	+32.5%	—
Profit growth YoY	+12.5%	+23.1%	+1.4%	—

NTPCNTPC Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Power

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Recent news

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Stock scorecard

Balance sheet

Cash flow statement

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Ratios

Peer comparison · Power