NTPC (National Thermal Power Corporation) Ltd, along with its subsidiaries, associates, and Joint Ventures (JVs), is primarily involved in the **generation and sale of bulk power to State power utilities**. Other business activities of the group include providing consultancy, project management & supervision, energy trading, oil & gas exploration, and coal mining. NTPC Ltd, or National Thermal Power Corporation, is a major public sector undertaking under the Ministry of Power, India, established in **1975**. Its primary function is power generation.
The company is **India's largest power generating company** with a total installed capacity of **76,598 MW**, accounting for approximately **17% of the nation's total capacity** and **22% of its total power generation**. NTPC has evolved from a single-source power generator to a diversified energy conglomerate, maintaining its position as the backbone of India's power sector infrastructure.
NTPC operates through multiple business segments, with **Generation constituting its core business (94% in 9M FY25 vs 96% in FY22)**. The company operates a total of **89 power stations** across various Indian states, either independently or through its joint ventures (JVs) and subsidiaries.
The Company's subsidiaries include:
* NTPC Vidyut Vyapar Nigam Limited
* NTPC Electric Supply Company Limited
* Bhartiya Rail Bijlee Company Limited
* Patratu Vidyut Utpadan Nigam Limited
* NTPC Mining Limited
* North Eastern Electric Power Corporation Limited
* THDC India Limited
* NTPC EDMC Waste Solutions Private Limited
* NTPC Green Energy Limited
* Ratnagiri Gas and Power Private Limited
NTPC has been significantly expanding its renewable energy portfolio through subsidiaries like NTPC Green Energy Limited, which has shown remarkable growth in recent quarters. During the first nine months of FY25, NTPC Green added **550 MW of commercial renewable energy capacity** to its portfolio. As of December 31, 2024, NTPC Green's commercial capacity stood at **3,475 MW**, up from 2,761 MW a year earlier.
NTPC's **market capitalization stands at ₹3,25,323 Crore** (down -11.7% in 1 year) as of recent data. The company maintains a strong market position despite recent volatility, with promoter holding at 51.1%, indicating strong government backing.
For the full year FY25:
* NTPC clocked total income of **₹1,90,862.45 Crore**, compared to ₹1,81,165.86 Crore in FY24, reflecting a year-on-year (YoY) growth of **5.4%**.
* The consolidated net profit surged to **₹23,953.15 Crore**, marking a healthy **12.3% growth** over ₹21,332.45 Crore in FY24.
* NTPC Group generated **327 billion units** in the first nine months of FY25, an increase from 315 billion units in the corresponding period last year.
* On a standalone basis, NTPC's gross generation rose to **278 billion units**, up from 268 billion units in 9M FY24.
* On a standalone basis, the Company's total income for 9M FY25 reached **₹1,28,601 Crore**, compared to ₹1,21,486 Crore in the same period last year.
The coal-based power stations achieved a **Plant Load Factor (PLF) of 76.20%**, significantly outperforming the Rest of India's average PLF of 67.20%. This demonstrates NTPC's operational excellence and efficient utilization of its assets.
NTPC has maintained a consistent dividend policy, regularly rewarding shareholders. The Board of Directors has recommended a **final dividend of ₹3.35 per share for FY25**, subject to shareholder approval in the upcoming Annual General Meeting. This final payout is in addition to the two interim dividends of ₹2.50 each declared earlier in November 2024 and February 2025. With this, the total dividend for FY25 stands at **₹8.35 per share** on a face value of ₹10 each.
NTPC has been aggressively expanding its renewable energy portfolio through NTPC Green Energy Limited, which was listed on stock exchanges on November 27, 2024, with its **₹100 billion (~$1.19 billion) initial public offering oversubscribed 2.42 times**. The subsidiary has ambitious expansion plans, with an expected capacity addition for FY25 of **3.08 GW**. For FY26 and FY27, the targets are close to **5 GW and 8 GW**, respectively.
NTPC has been actively expanding its renewable energy capacity through various projects. The company declared Commercial Operation Date (COD) for **32.8 MW and 64.7 MW solar capacities in Gujarat projects on June 30, 2025**. Additionally, **120 MW capacity of the Shajapur Solar Project** was declared commercial operation from June 29, 2025. These developments demonstrate NTPC's commitment to India's renewable energy transition.
Despite some operational challenges, NTPC remains a cornerstone of India's power sector. The company has delivered a poor sales growth of 11.4% over the past five years. It also has a low return on equity of 13.1% over the last 3 years. However, the company's strategic focus on renewable energy expansion and its dominant market position provide strong long-term growth prospects.
The company's diversified business model, strong government backing, and aggressive renewable energy expansion strategy position it well for future growth. With India's increasing power demand and the government's focus on renewable energy, NTPC is well-positioned to benefit from the country's energy transition while maintaining its leadership in conventional power generation.
