NTPC Limited

NTPC.NS

Regulated Electric · Utilities

Price

₹342.50

-2.50 (-0.72%)

Market Cap

₹3.32T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

NTPC Limited is India's largest power generation company, owned mostly by the Indian government. It builds and runs power plants that produce electricity, which it sells mainly to state electricity distribution companies across India. Those companies then deliver the power to homes, factories, and businesses throughout the country.

NTPC earns money through long-term contracts called power purchase agreements, where buyers agree to pay a fixed rate for electricity over many years. This gives the company steady, predictable revenue. It operates primarily in India and generates roughly 70 gigawatts of capacity, making it the dominant player in the country's power sector. NTPC is also expanding into renewable energy — solar and wind — to meet India's clean energy goals, which represents its biggest growth opportunity. However, its heavy reliance on coal plants and government-set tariffs means profitability is tightly regulated, limiting how much it can grow earnings on its own terms.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+37.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

55.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

NTPC Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 9.70B (2022) → 9.70B (2026)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

32.9%

Modest — 32.9% gross margin

Operating Margin

21.7%

Excellent — 21.7% operating margin

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

+2.3%

Nearly flat sales (+2.3% YoY)

EPS YoY

+15.9%

Earnings growing fast (+15.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

72%

Modest — 72% of profit becomes cash

FCF Margin

3.2%

Thin free cash flow (3.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

1.32

Elevated debt (1.32)

Interest Cover

2.82x

Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

12.0x

Attractive valuation — P/E 12.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-0.2

SLOWING

Earnings expected to fall — forward P/E higher than today

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend Yield

2.55%

Moderate income — 2.55% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+7.4%

Dividend growing modestly (7.4% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial