NTPC’s March 2025 quarter results NTPC’s Walk 2025 quarter comes about appeared a solid solidified net benefit of ₹7,897 crore (up 22% YoY) on incomes of ₹49,834 crore. Standalone benefit was ₹5,778 crore (up 4%) on income of ₹43,904 crore. The board suggested a last profit (₹3.35 per share), completing FY25’s add up to payout of ₹8.35. Key highlights incorporate 3.9% development in control era (438.6 BU in FY25) and forceful development in renewables and atomic.
Key Highlights of NTPC Q4 FY25 Earnings Review
- Solidified Execution: NTPC’s solidified Q4 net benefit was ₹7,897.14 crore, a 22% increment YoY from ₹6,490.05 crore. Consolidated income (from operations) rose 3.2% to ₹49,833.70 crore. For FY25, consolidated PAT was ₹23,953.15 crore (12% up YoY) on revenue ₹1,90,862.45 crore.
Standalone Performance: On a standalone basis, Q4 net profit increased 4% YoY to ₹5,778.85 crore (up from ₹5,556 crore last year). - Standalone income was about ₹43,904 crore, and up 3–5% YoY. For FY25, standalone PAT was ₹19,649 crore (+9%) with revenue ₹1,74,414 crore.
- Quarterly Trends: In Q4, after three quarters of near identical PATs, PAT, sequentially, grew by 53% over Q3FY25 (where Q3 PAT was ₹5,170 crore) and revenue grew 11% on Q3. Operating EBITDA stood at ₹14,754 crore (margin 29.6%). Oil-free margins were robust, though operating margins eased by a percentage point on a YoY basis (26.7% to 25.6%).
Comparison Table: The table below summarizes key metrics for Q4 FY25 vs Q4 FY24 (and Q3 FY25).
Comparison Table: The table below summarizes key metrics for Q4 FY25 vs Q4 FY24 (and Q3 FY25).
Metric Q4 FY25 (₹ Cr) Q4 FY24 (₹ Cr) YoY Alter Q3 FY25 (₹ Cr)
- Consolidated income 49,834 47,628 +3.2% 45,069
- Consolidated net benefit 7,897 6,490 +21.7% 5,170
- Standalone income 43,904 42,538 +3.2% 41,369 (Q3)
- Standalone net benefit 5,779 5,556 +4.0% 4,711 (Q3)
Segment-wise Performance
Thermal Era: NTPC’s warm armada remains unfaltering. Coal-based plants detailed a era plant stack figure (PLF) of 77.4% in FY25, higher than the normal in India at 67.2%. Warm salary (period part) for Q4, ₹49,352.99 crore, was an increment from ₹47,088.70 crore detailed a year earlier. NTPC’s warm section proceeds to be the primary profit supporter. Captive mines (NTPC Mining) dispatched 44.72 MMT (26% YoY development) for FY25, giving fuel security.
- Renewable Vitality: NTPC is quickly scaling its renewable portfolio. Its subsidiary NTPC Green Energy Ltd added 2,977 MW of new capacity in FY25 (total 5,902 MW by Mar 2025), and aims for 60 GW RE by 2032.By FY25-end, 7 GW of renewable capacity was operational (NTPC Green + others), with another 18 GW contracted/awarded and 9 GW beneath development.NTPC also launched India’s first Green Hydrogen Mobility Hub during FY25.
NTPC has deployed hybrid solar-thermal projects (above) to supplement coal plants with renewable energy.
- Subsidiaries & JVs: Group profit improved by subsidiaries and joint ventures. FY25 profit from subsidiaries of ₹ 4,139 crore (previously ₹ 3,897 cr) and from joint ventures ₹ 2,214 (previously ₹ 1,636 cr). Key subsidiaries were NTPC Green (renewables), NTPC Mining (coal), NEEPCO and THDC (hydro), and Nava Jal Vidyut Nigam (Delhi distribution JV). The contribution from the above has also increased indicating diversification.
Other Segments: NTPC Mining, has a captive coal auxiliary, surpassed the records established previously (as above). As a company, revenues and regulated equity base from mining has also increased (standalone regulated equity ₹ 90,902 cr). - Other Portions: NTPC Mining, its captive coal auxiliary, set records (as above). The company’s mining revenues and regulated equity base also expanded (standalone regulated equity ₹90,902 cr).
Power Generation & Capacity
- Era Abdicate: In FY25, the NTPC Assemble created 438.6 billion units (BU) of control, a 3.88% YoY increment. (NTPC’s standalone era was around 372.8 BU.) This incorporates warm, hydro, wind and sun powered. The development was driven by higher capacity and made strides plant operations. Normal tax for FY25 was ₹4.70/kWh.
- Capacity Augmentations: NTPC included 3,972 MW of capacity in FY25. This brought include up to operational capacity to 79,930 MW by Harm 2025 (up from 75,958 MW).NTPC Of this, standalone capacity was 59,413 MW (up 335 MW YoY). Current under-construction capacity is 33.7 GW: 16.9 GW coal, 2.2 GW hydro, 14.6 GW renewables. The company is also developing a 20 GW pumped-storage pipeline (first 1,000 MW expected by FY26).
- Capacity Mix: NTPC’s portfolio spans: coal (largest share), gas, hydro, solar, wind and soon nuclear. As of FY25-end, NTPC operated ~80 GW (with JVs) and 32 GW under construction. It targets 60 GW of renewables by 2032, while also expanding hydro and battery storage.
Dividend and Shareholder Returns
The Board proposed a last of the advantage of ₹3.35 per share (33.5%) for FY25. This includes to two intervals profits of ₹2.50 each (paid Nov 2024 and Feb 2025), taking FY25 add up to payout to ₹8.35 per share. NTPC has a track record of steady profits (over 21 a long time). The last payout is subject to AGM.
- Share Buybacks/Bonuses: No buyback announced in Q4. NTPC’s value base remained at confront esteem ₹10/share. The high payout helps maintain dividend yield (around 2.4%).
- Financial specialists Calls: NTPC held an benefit call on May 24, 2025 to conversation around comes almost. Key comments by administration highlighted solid operational productivity, capex plans and enhancement (see underneath).
Management Commentary and Strategic Outlook
- Operational Proficiency: Administration emphasized tall warm PLF (India’s best) and solid yield. NTPC’s coal stations found the middle value of 77.44% PLF in FY25, distant over the national normal. “Our warm armada proceeds to set industry benchmarks in efficiency,” said CFO Jayakumar Srinivasan.
- Capex and Growth: NTPC plans aggressive expansion. Standalone capex is projected to rise to ₹26,000–32,000 crore annually through FY28, averaging ₹29,223 cr over three years. NTPC Green’s capex jumped to ₹12,914 cr in FY25 (vs ₹8,996 cr FY24), funding large-scale solar/wind projects.
- Renewables Push: The company reiterated its renewable goals. It aims to add 6–6.5 GW of green capacity per year (vs ~0.8 GW in FY25). NTPC Green’s commercial RE capacity (now 5.9 GW) is expected to surge. “We are working on pipelines for hybrid and storage solutions to support grid stability,” management noted.
- Nuclear Expansion: NTPC is **“aggressively expanding into nuclear power”**. The company has set an internal target of developing 30 GW of nuclear capacity (supporting India’s net-zero by 2070). Key projects include the “Ashwini” JV with NPCIL and the 4×700 MW Mahi Banswara atomic project. NTPC recently incorporated a subsidiary (NTPC Parmanu Urja Nigam) to explore advanced reactors (SMRs, fast-breeder), and has identified 28 potential nuclear sites (MoUs with MP, Chhattisgarh).
- Other Initiatives: NTPC is also investing in green hydrogen, e-mobility and battery storage (e.g., Green Hydrogen Hub in AP). It is peering toward pumped-storage (21,240 MW portfolio) and crossover ventures to upgrade flexibility. Management stressed diversification to meet future demand and climate goals.
Stock Market Response
NTPC’s share price hardly changed on the day of the Q4 announcement; in fact, it increased by 0.94% to ₹341.4 on the announcement day, indicating that investors are confident in the company’s sustainable earnings and dividend yield. NTPC’s share price has traded in a range of ₹292 to ₹448 over the past year, and analysts note that the results exceeded their more muted expectations on cash generation and confirmed the strength of the fundamentals.
NTPC’s Q4 results show strong operational performance and a strong pipeline of growth projects; coupled with a combination of solid dividends and a solid dividend yield and aggressive renewable/nuclear plans, NTPC is well-positioned for sustainable long-term growth.
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