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NTPC Limited NTPC.NS

IN · National Stock Exchange of India · XNSE · stock · Utilities · website

NTPC Limited statistics & valuation

Market cap₹3.30T
P / E12.2×
P / S1.8×
P / B1.6×
P / FCF48.1×
Net margin14.7%
FCF margin3.7%
Net debt₹2.68T
Enterprise value USD$62.7B
Earnings yield EBIT/EV6.4%
Return on capital8.7%
Graham number +6.7%₹362.68

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (₹362.68); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
9.70% 11.80% 12.60% 14.70% 2023202420252026
Gross margin (%)
36.00% 37.30% 38.40% 41.90% 2023202420252026
Operating margin (%)
19.10% 18.80% 19.50% 20.90% 2023202420252026
Return on equity (%)
11.50% 13.00% 12.70% 13.30% 2023202420252026
Shares outstanding
9.70B 9.70B 9.70B 9.70B 2023202420252026
Net debt (₹)
₹2.22T ₹2.36T ₹2.49T ₹2.68T 2023202420252026
Share buybacks (₹)
2023202420252026
Return on assets (%)
3.80% 4.30% 4.50% 4.80% 2023202420252026
Free cash flow margin (%)
12.80% 5.30% 4.90% 3.70% 2023202420252026
Debt / equity (×)
1.52× 1.48× 1.36× 1.33× 2023202420252026
EPS (₹)
₹17.44 ₹21.46 ₹24.16 ₹27.90 2023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

NTPC Limited trades at about 12.2× earnings — below its 10-year norm (10-year range 9.9×–16.9×, median 14.7×).

9.9× 16.9×

Shaded band = 10-year range (9.9×–16.9×); dot = today's 12.2×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023
Gross margin41.9%38.4%37.3%36.0%
Operating margin20.9%19.5%18.8%19.1%
Net margin14.7%12.6%11.8%9.7%
FCF margin3.7%4.9%5.3%12.8%
Return on assets4.8%4.5%4.3%3.8%
Return on equity13.3%12.7%13.0%11.5%
Debt / equity1.02×1.09×1.18×1.28×
Current ratio0.810.900.820.79

Computed from company filings · IN · as of 2026-03-31. Figures in INR. Facts plus Stocktoria's own computed scores — not investment advice.