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SME Scorecard · NTPC · as of Mar 2026

NTPC Ltd

Price
₹316.75
-1.46% · as of 07 Oct, 3:30 pm
Market cap
₹3,07,384 Cr
latest
P / E
11.0
trailing
52-week
313 – 414
low – high
Run the valuation reportFull data page
C
55/100
17 of 19 signals scored
Five pillars

Every signal, with the figure it came from.

Growth
weight 25
34
  1. Revenue CAGR, 3y
    ₹1,76,207 Cr (Mar 2023) → ₹1,87,385 Cr (Mar 2026).
    2.1%
    8
    Flag
  2. Profit CAGR, 3y
    Net profit ₹17,121 Cr (Mar 2023) → ₹27,546 Cr (Mar 2026).
    17.2%
    69
    Good
  3. Latest quarter revenue YoY
    Jun 2026: ₹50,741 Cr vs Jun 2025: ₹47,064 Cr.
    7.8%
    26
    Watch
Profitability
weight 25
66
  1. Return on equity
    Top-ratio ROE.
    15.1%
    60
    Good
  2. Return on capital employed
    Top-ratio ROCE.
    8.9%
    36
    Watch
  3. Operating margin
    OPM for Mar 2026.
    30%
    100
    Good
  4. Margin trend
    OPM 27% (Mar 2023) → 30% (Mar 2026).
    +3.0 pp
    69
    Good
Balance sheet
weight 20
32
  1. Debt to equity
    Borrowings ₹2,71,005 Cr ÷ net worth ₹2,03,176 Cr (Mar 2026).
    1.3×
    33
    Watch
  2. Interest cover
    (PBT ₹24,669 Cr + interest ₹13,801 Cr) ÷ interest, Mar 2026.
    2.8×
    26
    Watch
  3. Debt growth vs revenue growth, 3y
    Revenue CAGR 2.1% minus borrowings CAGR 6.7%.
    -4.7 pp
    38
    Watch
Cash conversion
weight 15
81
  1. Cash from operations ÷ profit, 3 FY
    CFO ₹1,41,489 Cr ÷ net profit ₹72,831 Cr, cumulative.
    1.9×
    100
    Good
  2. Free-cash-flow-positive years of 3
    Mar 2026: ₹6,895 Cr · Mar 2025: ₹9,431 Cr · Mar 2024: ₹9,358 Cr
    3 of 3
    100
    Good
  3. Debtor days
    As of Mar 2026.
    71 days
    73
    Watch
  4. Accounting flags
    capitalising interest.
    1 flag
    50
    Watch
Governance
weight 15
76
  1. Promoter holding
    Quarter ended Jun 2026.
    51.10%
    78
    Good
  2. Promoter holding change
    51.10% (Sep 2023) → 51.10% (Jun 2026).
    0.0 pp
    50
    Good
  3. Promoter pledge
    A pledge is only reported when one exists; none listed here, but this is not confirmation of zero.
    —
    —
    Not scored
  4. Institutional holding
    FII 16.30% + DII 29.44%, Jun 2026.
    45.74%
    100
    Good
  5. Auditor & related-party flags
    Not in the source data. Not scored; read the annual report.
    —
    —
    Not scored
Four lenses

The same card, read for each segment.

Pre-listing01
Founders benchmarking an issue

Benchmarking a listing against NTPC: the market pays 11.0× earnings for 2.1% revenue CAGR over 3 years at a 30% operating margin, with promoters holding 51.10%. Debt to equity of 1.3× is the leverage bar peers will compare a new issue against.

Retail02
Two numbers and the flags

Grade C (55/100). ROE 15.1% and debt to equity 1.3× are the two numbers to remember. Watch: Revenue CAGR 2.1%; Latest quarter revenue YoY 7.8%; Return on capital employed 8.9%. Price sits 4% of the way up its 52-week range.

HNI03
Float and position sizing

Float check: promoters 51.10%, institutions 45.74%, public 3.14% across 32,01,112 shareholders on a ₹3,07,384 Cr market cap. Leverage and cash items to size for: Debt to equity 1.3×; Interest cover 2.8×; Debt growth vs revenue growth -4.7 pp.

Institutional04
Diligence priorities

Diligence priorities: Debtor days 71 days; Accounting flags 1 flag. Auditor changes, related-party dealings and contingent liabilities are not scored here and need the filings.

How this score is built

Arithmetic, not opinion.

Five pillars, weighted Growth 25, Profitability 25, Balance sheet 20, Cash conversion 15, Governance 15. Each pillar is the plain average of its scored signals; the overall is the weighted average of scored pillars, renormalised when a pillar has nothing to score. Grades: A at 75 or above, B at 60, C at 45, D below.

Each signal maps a reported figure to 0–100 on a straight ramp between two anchors (for example ROE 0% → 0, 25% → 100) or, for trends, 50 ± a fixed amount per percentage point. There is no model, no weighting by sector, and no judgement call in the arithmetic.

Inputs are the reported tables: annual profit and loss, balance sheet, cash flow, ratios and the quarterly shareholding pattern. A promoter pledge is scored only when one is reported, so “not scored” there is not a clean bill. Auditor changes, related-party dealings and contingent liabilities are never in the input and are listed as not scored so the gap is visible. Banks and NBFCs use a different P&L layout, so several signals will show as not scored. Informational only — not investment advice.

General disclaimer

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The report is based on information obtained from public and other sources believed reliable, but BCAPL makes no representation as to its accuracy or completeness. Opinions, estimates, target prices and projections are as of the report date, rest on stated assumptions, and are subject to change without notice. They are not assurances of returns. Any investment made on the basis of this report is subject to market risk, and there is no recourse to claim losses incurred on such investments. Past performance is not indicative of future results.

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