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NTPC Limited (532555) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of NTPC Limited ₹257, price ₹317, upside -18.9%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Sep 23, 2026
NTPC Limited
532555 · BSEWeak valuationQuality is weak on top of the rich price.
!Fair value ₹256.95 · Overvalued (−18.9%)
!Quality 48/100
!Expensive Growth (revenue 5y +13.2 %/yr)
✓Solidly profitable · 10.0% net margin (TTM)
!Moderate debt
✓3.5% dividend yield · Well covered
!Moderate moat 54/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range ₹91.03 – ₹425.74 · fair‑value band ₹135.53 – ₹425.86 · the ₹316.70 price screens above the ₹256.95 fair value. Dashed = 300-day average. As of Sep 23, 2026.
Company profile
NTPC Limited generates and sells bulk power to state power utilities in India. It operates in two segments, Generation of Energy and Others. The company generates power from coal, gas, liquid fuel, hydro, solar, nuclear, wind, thermal, and renewable energy sources. It also offers consultancy, project management, and supervision services.
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NTPC Limited generates and sells bulk power to state power utilities in India. It operates in two segments, Generation of Energy and Others. The company generates power from coal, gas, liquid fuel, hydro, solar, nuclear, wind, thermal, and renewable energy sources. It also offers consultancy, project management, and supervision services. In addition, the company is involved in the energy trading, oil and gas exploration, and coal mining activities. As of March 31, 2020, it had an installed power generation capacity of 62,110 megawatt. NTPC Limited was founded in 1975 and is based in New Delhi, India.
Stock analysis
NTPC Limited (532555) currently trades at ₹316.70, while our model-based Fair Value estimate is ₹256.95, 18.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ₹338.82 per share, and 8 of the 23 models we run sit above the ₹316.70 price.
Bear case: the Economic Profit group reads lowest at ₹101.50, and 15 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹135.53 (bear) to ₹425.86 (bull), the price of ₹316.70 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
NTPC Limited reported revenue of ₹1.9T in FY2025 versus ₹1.1T in FY2021, a compound +14.0%/yr. Reported net income was ₹197B in FY2025, compounding +11.6%/yr from FY2021.
Key figures
Market cap ₹798B (≈ $8.3B) · P/E ratio 14.0 · P/S ratio 1.47 · EPS (TTM) ₹11.24 · Dividend yield 3.5% · Net margin 10.5% · Return on equity 9.5% · Return on assets (EBIT) 6.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −31% fair-value upside, at −19%, 532555 screens cheaper than that median.
Fair Value models
Bear ₹135.53
Fair Value ₹256.95
Bull ₹425.86
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹8.09 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
n/a
n/a
₹112.51
76
Residual Income
₹164.41
₹183.78
₹234.65
76
Growth DCF
n/a
n/a
₹92.71
74
All 25 models by family
DCF Models
FCF DCF
n/a
n/a
₹112.51
76
5Y Revenue Exit
₹49.63
₹274.46
₹582.10
65
5Y EBITDA Exit
₹87.46
₹350.77
₹680.77
69
5Y P/E Exit
n/a
₹168.21
₹362.06
67
10Y Revenue Exit
n/a
₹180.20
₹478.50
63
10Y EBITDA Exit
₹22.04
₹234.20
₹557.56
59
10Y P/E Exit
n/a
₹105.02
₹302.17
61
Earnings-Based
Graham-Dodd
₹135.53
₹582.30
₹795.70
64
Lynch FV
₹149.14
₹213.06
₹276.98
61
PEG = 1.0
₹149.14
₹213.06
₹276.98
57
EPV
₹60.05
₹101.50
₹137.26
72
Dividend Discount
Gordon GGM
₹72.84
₹145.14
₹219.79
67
DDM Multi-Stage
₹72.84
₹125.44
₹153.21
67
Multiples
P/E Multiple
₹269.06
₹358.75
₹448.44
63
P/S Multiple
₹254.12
₹338.82
₹423.53
58
P/B Multiple
₹251.14
₹334.86
₹418.57
55
EV/EBIT
₹228.68
₹372.39
₹516.11
64
EV/EBITDA
₹216.87
₹356.64
₹496.42
65
EV/Revenue
₹130.29
₹272.90
₹415.51
51
Asset-Based
NCAV (Graham)
₹93.02
₹124.64
₹186.03
54
Growth DCF
Growth DCF
n/a
n/a
₹92.71
74
Rev-Margin DCF
₹49.63
₹265.70
₹537.04
66
Economic Profit
Residual Income
₹164.41
₹183.78
₹234.65
76
ROIC Compounder
₹60.05
₹101.50
₹137.26
70
Growth Earnings
Growth-Adj P/E
₹229.31
₹327.58
₹425.86
67
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Set up alert →Quality Score breakdown
Overall quality
48/100
Of which business quality 46 · Market factors (momentum, volatility) 45
Profitability
33
Margins and returns on capital today
Quality Growth
56
Are margins and returns improving?
Cashflow
64
Earnings quality: real cash, not paper profit
Fin. Strength
18
Balance sheet, leverage, solvency risk
Investment
35
Disciplined investing over empire-building
Low Volatility
95
Calm price path (market factor)
Momentum
29
Price trend over the last 3–12 months (market factor)
52W Momentum
14
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+5.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.2%
Start year 2020 (pandemic). Over 10 years: +8.8% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+12.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.1%
Dividend (yield on the price)3.5%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.22% → 20%
532555 screens overvalued: fair value 19% below the price. Compare with NextEra Energy, Inc →
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Electric · 155 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
Context: sector, industry, market
- Is the Utilities sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Utilities
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NextEra Energy, Inc NEE | $75.74 | $29.97 | −60% |
| The Southern Company SO | $82.89 | $57.57 | −31% |
| Duke Energy Corporation DUK | $113.41 | $74.88 | −34% |
| American Electric Power Company AEP | $118.64 | $100.03 | −16% |
| Dominion Energy, Inc D | $60.76 | $37.84 | −38% |
| Entergy Corporation ETR | $98.10 | $37.37 | −62% |
| Xcel Energy Inc XEL | $69.39 | $54.92 | −21% |
| Exelon Corporation EXC | $40.32 | $36.01 | −11% |
| Consolidated Edison, Inc ED | $103.33 | $47.76 | −54% |
| PG&E Corporation PCG | $12.34 | $17.85 | +45% |
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Frequently asked questions
Is NTPC Limited (532555) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of ₹256.95 versus a price of ₹316.70, about −19% upside (overvalued).
What is the fair value of 532555?
Our model-based fair value for NTPC Limited is ₹256.95 (as of Sep 23, 2026), built from audited fundamentals. The current price: ₹316.70.
What is the quality score of 532555?
NTPC Limited has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NTPC Limited (532555)?
Our model-based price target is the fair value of ₹256.95 (as of Sep 23, 2026) from 25 valuation models. Cautious scenario ₹135.53, optimistic scenario ₹425.86. It is a calculation from audited fundamentals, not an analyst target.
What is the NTPC Limited stock forecast for 2026?
Our models put fair value at ₹256.95, about −19% upside versus a price of ₹316.70 (overvalued). Cautious scenario ₹135.53, optimistic scenario ₹425.86. The calculation is refreshed regularly with new filings.
What is the revenue of NTPC Limited (532555)?
NTPC Limited reported trailing-twelve-month revenue of about ₹1.1T (latest available figure, as of Sep 23, 2026).
Does NTPC Limited pay a dividend?
NTPC Limited currently shows a dividend yield of about 3.45% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of NTPC Limited (532555)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NTPC Limited it is ₹256.95 per share (as of Sep 23, 2026), against a price of ₹316.70. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is NTPC Limited stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 532555 trades above its calculated fair value: price ₹316.70, fair value ₹256.95, a gap of about −19% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532555?
No. The price is what the market pays today (₹316.70); the fair value is what the company's own numbers justify (₹256.95). For NTPC Limited the two are ₹59.75 per share apart. That gap is exactly why we show both numbers side by side.
How much is NTPC Limited worth?
The market values NTPC Limited at about ₹798B (market capitalisation, as of Sep 23, 2026). Per share that is ₹316.70; our models calculate a fair value of ₹256.95 per share.
What do the bullish and bearish scenarios say about 532555?
Our models span a range for NTPC Limited: cautious scenario ₹135.53, base ₹256.95, optimistic ₹425.86 per share (as of Sep 23, 2026, price ₹316.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 532555?
NTPC Limited trades at a price-to-earnings ratio of 14.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹256.95 is built from several models across several years. Other multiples: P/B 0.4, P/S 0.7, EV/EBITDA 8.0.
How solid is the balance sheet of NTPC Limited (532555)?
Balance-sheet figures for NTPC Limited (as of Sep 23, 2026): return on equity 9.5%, debt of 1.09 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 532555 from its 52-week high?
NTPC Limited trades at ₹316.70, about 23% below its 52-week high of ₹410.20 and at the low of ₹316.21 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹256.95 is for.
Which stocks are comparable to NTPC Limited?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NTPC Limited stock attractive at the current price?
The data as of Sep 23, 2026: price ₹316.70, calculated fair value ₹256.95 (−19%), Quality Score 48/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532555 calculated?
We run NTPC Limited through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹256.95, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. NTPC Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NTPC Limited (532555)?
The closing price on Oct 1, 2026 was ₹316.70. Our model-based fair value is ₹256.95, about −19% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NTPC Limited right now?
The model range is unusually wide (₹135.53 to ₹425.86). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of NTPC Limited
How large is the market capitalisation of NTPC Limited (532555)?
The market capitalisation of NTPC Limited is ₹798B (≈ $8.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NTPC Limited (532555)?
The price-to-sales ratio of NTPC Limited is 1.47 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NTPC Limited (532555)?
Earnings per share at NTPC Limited are ₹11.24 (price ÷ EPS = P/E 14.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NTPC Limited (532555)?
The dividend yield of NTPC Limited is 3.5% (payout 97.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NTPC Limited (532555)?
The net margin of NTPC Limited is 10.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NTPC Limited (532555)?
The return on equity (ROE) of NTPC Limited is 9.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NTPC Limited (532555)?
On an EBIT basis the return on assets of NTPC Limited is 6.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NTPC Limited (532555)?
The operating margin of NTPC Limited is 21.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NTPC Limited (532555)?
Revenue at NTPC Limited is growing +13.3% versus a year earlier (3y avg +12.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NTPC Limited (532555)?
Earnings per share at NTPC Limited are growing +1.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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