Financials NTPC Ltd

Equities

NTPC

INE733E01010

Independent Power Producers

Delayed NSE India S.E. Other stock markets 12:11:51 13/01/2026 pm IST			5-day change	1st Jan Change
337.10 ^INR	-0.10%		-3.85%	+2.29%

09/01	NTPC says Mahagenco and NTPC sign agreement for STPL acquisition	RE
02/01	NTPC says has not entered into any agreement for partnership with CCTE	RE

Projected Income Statement: NTPC Ltd

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	9,92,067	11,61,373	16,37,698	16,19,850	17,00,374	17,73,390	19,14,494	20,26,977
Change	-	17.07%	41.01%	-1.09%	4.97%	4.29%	7.96%	5.88%
EBITDA ¹	2,88,034	3,38,457	4,32,284	4,31,824	4,53,732	4,76,348	5,13,338	5,38,583
Change	-	17.51%	27.72%	-0.11%	5.07%	4.98%	7.77%	4.92%
EBIT ¹	1,83,916	2,26,116	3,00,917	2,92,392	3,03,173	3,30,337	3,49,077	3,64,096
Change	-	22.95%	33.08%	-2.83%	3.69%	8.96%	5.67%	4.3%
Interest Paid ¹	-74,590	-73,509	-99,792	-1,02,508	-1,10,570	-1,18,530	-1,18,246	-1,21,349
Earnings before Tax (EBT) ¹	1,39,155	1,91,658	2,40,671	2,35,452	2,36,364	2,77,350	2,92,262	3,11,216
Change	-	37.73%	25.57%	-2.17%	0.39%	17.34%	5.38%	6.49%
Net income ¹	1,37,695	1,61,114	1,71,967	1,80,794	1,96,494	2,03,859	2,18,055	2,32,144
Change	-	17.01%	6.74%	5.13%	8.68%	3.75%	6.96%	6.46%
Announcement Date	19/06/21	20/05/22	19/05/23	24/05/24	24/05/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	2,34,535	2,46,771	2,45,093	2,65,669	2,60,385	2,83,290	2,88,648	3,29,050	3,83,498	4,18,110	4,14,105	4,13,179	3,91,222	4,08,753	3,94,553	4,25,322	4,44,192	4,03,276	4,13,523	4,39,036	4,25,726	4,25,039	4,35,918	5,12,600
Change	-	5.22%	-0.68%	8.4%	-1.99%	8.8%	1.89%	14%	16.55%	9.03%	-0.96%	-0.22%	-5.31%	4.48%	-3.47%	7.8%	4.44%	-9.21%	2.54%	6.17%	-3.03%	-0.16%	2.56%	17.59%
EBITDA ¹	77,451	71,834	88,857	65,078	74,389	72,244	90,619	1,01,206	90,823	95,216	1,32,392	1,11,095	1,13,694	1,05,375	99,211	1,13,344	1,24,466	96,763	1,19,605	1,12,550	1,02,838	1,27,272	1,24,673	1,57,600
Change	-	-7.25%	23.7%	-26.76%	14.31%	-2.88%	25.43%	11.68%	-10.26%	4.84%	39.04%	-16.09%	2.34%	-7.32%	-5.85%	14.25%	9.81%	-22.26%	23.61%	-5.9%	-8.63%	23.76%	-2.04%	26.41%
EBIT ¹	52,153	46,540	63,302	37,106	47,636	45,028	61,705	71,747	61,709	-	99,271	77,162	81,090	70,733	64,304	-	87,922	60,294	82,386	72,226	64,148	68,390	76,851	-
Change	-	-10.76%	36.02%	-41.38%	28.38%	-5.47%	37.03%	16.27%	-13.99%	-	-	-22.27%	5.09%	-12.77%	-9.09%	-	-	-31.42%	36.64%	-12.33%	-11.18%	6.61%	12.37%	-
Charge d'intérêts	-20,825	-17,728	-20,094	-15,943	-19,886	-17,163	-17,338	-19,122	-19,331	-27,371	-	-	-	-	-	-	-	-31,079	-22,029	-30,973	-	-28,000	-29,500	-31,100
Earnings before Tax (EBT) ¹	28,978	36,669	35,616	37,892	35,388	37,305	54,090	64,875	50,908	42,932	77,910	68,556	61,526	52,511	44,998	76,417	67,770	38,388	69,864	60,342	43,367	66,310	65,838	93,800
Change	-	26.54%	-2.87%	6.39%	-6.61%	5.42%	44.99%	19.94%	-21.53%	-15.67%	81.47%	-12.01%	-10.26%	-14.65%	-14.31%	69.82%	-11.32%	-43.36%	82%	-13.63%	-28.13%	52.9%	-0.71%	42.47%
Net income ¹	24,702	35,048	33,153	44,792	31,456	32,119	41,320	56,219	36,764	33,312	44,762	56,723	40,660	38,850	45,719	55,564	45,110	46,489	47,114	57,781	47,747	49,024	49,221	65,800
Change	-	41.89%	-5.41%	35.11%	-29.77%	2.11%	28.65%	36.06%	-34.61%	-9.39%	34.37%	26.72%	-28.32%	-4.45%	17.68%	21.53%	-18.82%	3.06%	1.35%	22.64%	-17.37%	2.67%	0.4%	33.68%
Announcement Date	14/08/20	02/11/20	04/02/21	19/06/21	31/07/21	28/10/21	29/01/22	20/05/22	29/07/22	29/10/22	28/01/23	19/05/23	29/07/23	28/10/23	29/01/24	24/05/24	27/07/24	24/10/24	25/01/25	24/05/25	29/07/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2022 S1	2023 S1	2024 S1
Net sales ¹	5,43,675	8,25,366	7,99,976
Change	-	51.81%	-3.08%
EBITDA ¹	1,78,421	1,86,040	2,19,069
Change	-	4.27%	17.75%
EBIT	-	-	-
Change	-	-	-
Charge d'intérêts	-	-	-
Earnings before Tax (EBT)	-	-	-
Change	-	-	-
Net income ¹	63,575	70,482	79,510
Change	-	10.86%	12.81%
Announcement Date	28/10/21	29/10/22	28/10/23

¹INR in Million

Estimates

Forecast Balance Sheet: NTPC Ltd

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	16,17,509	16,81,915	18,12,559	18,06,184	18,04,650	18,17,488	20,06,575	18,81,103
Change	-	3.98%	7.77%	-0.35%	-0.08%	0.71%	10.4%	-6.25%
Announcement Date	19/06/21	20/05/22	19/05/23	24/05/24	24/05/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: NTPC Ltd

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	1,83,071	1,77,929	1,73,205	1,74,443	2,09,546	2,59,193	2,34,232	3,14,968
Change	-	-2.81%	-2.65%	0.71%	20.12%	23.69%	-9.63%	34.47%
Free Cash Flow (FCF) ¹	87,507	1,75,953	1,80,780	1,73,866	2,03,637	1,59,504	1,46,854	1,62,432
Change	-	101.07%	2.74%	-3.82%	17.12%	-21.67%	-7.93%	10.61%
Announcement Date	19/06/21	20/05/22	19/05/23	24/05/24	24/05/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: NTPC Ltd

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	29.03%	29.14%	26.4%	26.66%	26.68%	26.86%	26.81%	26.57%
EBIT Margin (%)	18.54%	19.47%	18.37%	18.05%	17.83%	18.63%	18.23%	17.96%
EBT Margin (%)	14.03%	16.5%	14.7%	14.54%	13.9%	15.64%	15.27%	15.35%
Net margin (%)	13.88%	13.87%	10.5%	11.16%	11.56%	11.5%	11.39%	11.45%
FCF margin (%)	8.82%	15.15%	11.04%	10.73%	11.98%	8.99%	7.67%	8.01%
FCF / Net Income (%)	63.55%	109.21%	105.12%	96.17%	103.64%	78.24%	67.35%	69.97%
Profitability
ROA	4.1%	4.62%	4.56%	4.65%	4.9%	5%	5.06%	5.14%
ROE	11.84%	13.04%	12.85%	12.52%	12.62%	12.27%	12.25%	12.22%
Financial Health
Leverage (Debt/EBITDA)	5.62x	4.97x	4.19x	4.18x	3.98x	3.82x	3.91x	3.49x
Debt / Free cash flow	18.48x	9.56x	10.03x	10.39x	8.86x	11.39x	13.66x	11.58x
Capital Intensity
CAPEX / Current Assets (%)	18.45%	15.32%	10.58%	10.77%	12.32%	14.62%	12.23%	15.54%
CAPEX / EBITDA (%)	63.56%	52.57%	40.07%	40.4%	46.18%	54.41%	45.63%	58.48%
CAPEX / FCF (%)	209.21%	101.12%	95.81%	100.33%	102.9%	162.5%	159.5%	193.91%
Items per share
Cash flow per share ¹	27.9	36.5	36.5	35.92	42.61	56.03	43.75	46.39
Change	-	30.79%	0%	-1.58%	18.63%	31.5%	-21.93%	6.05%
Dividend per Share ¹	6.15	7	7.25	7.75	8.35	9.271	9.706	10.68
Change	-	13.82%	3.57%	6.9%	7.74%	11.03%	4.69%	10.05%
Book Value Per Share ¹	122.7	132.1	143.2	154.6	166.7	184.8	198.4	209.8
Change	-	7.62%	8.46%	7.92%	7.84%	10.84%	7.4%	5.74%
EPS ¹	13.99	16.62	17.73	17.48	20.26	21.29	23.97	25.5
Change	-	18.8%	6.68%	-1.41%	15.9%	5.08%	12.59%	6.38%
Nbr of stocks (in thousands)	96,96,666	96,96,666	96,96,666	96,96,666	96,96,666	96,96,666	96,96,666	96,96,666
Announcement Date	19/06/21	20/05/22	19/05/23	24/05/24	24/05/25	-	-	-