At a Glance
NTPC Ltd, India’s largest power generator, has had a shockingly strong 5-year run that no one bothered to talk about. While Adani Power grabbed headlines and Ambani lit up Jio, NTPC quietly added 55 GW, delivered a consistent 13% ROE, paid fat dividends, and turned into a PSU dividend darling. Boring? Yes. But also undervalued, consistent, and quietly alpha.
🌟 Part 1: The Forgotten Giant
In the age of EVs, AI chips, and IPOs with the word ‘Tech’ in them, who wants to talk aboutthermal plantsandstate-run electricity boards?
Apparently… nobody.
But NTPC didn’t care. It just kept doing this:
- Grewrevenue from ₹132,669 Cr (FY22) → ₹188,138 Cr (FY25)
- Grewnet profit from ₹16,960 Cr → ₹23,953 Crin the same period
- ImprovedOPM from 30%
- → 29%(flat but high)
- KeptEPS compounding at 12-13% CAGR
NTPC doesn’t move fast. It moves like a train. Heavy, loud, and impossible to stop once in motion.
💡 Part 2: So What Exactly Do They Do?
NTPC = National Thermal Power Corporation. But calling it “thermal” is outdated now. Here’s their business breakdown:
- Generation (94%): Coal, gas, hydro, solar, nuclear (yep)
- Mining (via subsidiaries): They mine their own coal now.
- Energy Trading: NTPC Vidyut Vyapar Nigam
- Consultancy/Project Mgmt: They actually help others set up plants too.
- Green Energy Push: 3.5 GW solar added in 3 years. 60 GW renewable target.
