1. At a Glance – India’s Electricity Landlord Still Collecting Rent
NTPC is that landlord who owns half the city’s buildings, complains about maintenance, yet still collects rent on time. With a market cap of ₹3.45 lakh crore, stock price ₹356, and a dividend yield of 2.35%, NTPC continues its boring-but-beautiful PSU dominance. Q3 FY26 revenue came in at ₹45,846 crore, while PAT stood at ₹5,597 crore, growing 8.4% YoY. Coal PLF remains a muscular 76.2%, hydro is partying at ~59%, and renewables are slowly waking up from their afternoon nap.
Debt? Yes, ₹2.55 lakh crore, but lenders sleep peacefully because the Government of India is literally the promoter. NTPC isn’t sexy like startups or dramatic like Adani stocks—but it pays bills, dividends, and salaries without crying on Twitter. Question is: how long can coal daddy stay relevant while flirting with nuclear, hydro, and green energy at scale?
2. Introduction – The PSU That Refuses to Die
NTPC is not a stock. It’s an institution.
Born in 1975, raised by babu efficiency, and fed on coal since childhood, NTPC today generates ~22% of India’s electricity. If India switches off NTPC tomorrow, half the country will rediscover candlelight dinners—unwillingly.
Over the years, NTPC has done three things extremely well:
- Generated power reliably
- Raised debt without panic
- Paid dividends like a disciplined uncle
While private players chase renewables with PowerPoint optimism, NTPC quietly builds capacity, signs fuel agreements, and executes capex like an EPC contractor on caffeine. FY25–FY29 is where NTPC is attempting its biggest personality upgrade—coal
+ renewables + nuclear + pumped hydro. Midlife crisis? Maybe. Strategic evolution? Definitely.
But remember: NTPC doesn’t need growth to survive. Growth needs NTPC to behave.
3. Business Model – WTF Do They Even Do?
Imagine NTPC as a giant electricity factory with multiple assembly lines.
Core Business
- Generation & sale of bulk power to State DISCOMs
- Regulated returns = boring but predictable cash flows
- Tariffs approved, costs pass-through, drama minimized
Segments
- Generation – 94% of revenue (9M FY25)
- Other services – 6% (consultancy, mining, trading, oil & gas)
NTPC generates power from:
- Coal (the OG)
- Gas (mostly idle due to pricing)
- Hydro (monsoon-dependent mood swings)
- Solar & wind (long-term gym membership)
- Nuclear (new relationship, still texting)
DISCOMs may delay payments, but NTPC has sovereign backing. That’s the cheat code.
4. Financials Overview – The Boring Table That Actually Matters
Quarterly Performance (Q3 FY26 – Consolidated, ₹ crore)
| Metric | Latest Qtr | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 45,846 | 45,069 | 44,786 | 1.7% | 2.4% |
| EBITDA | 14,570 | 13,341 | 12,816 | 9.2% | 13.7% |
| PAT | 5,597 | 5,170 | 5,225 | 8.4% | 7.1% |
| EPS (₹) | 5.66 | 5.22 | 5.23 | 8.4% | 8.2% |
Annualised EPS (Q3): Average of Q1–Q3 EPS × 4 ≈ ₹24.9
NTPC doesn’t explode. It compounds slowly, like a government file
