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NTPC Q1 Review — Motilal Oswal Maintains Neutral Stance Amid Execution, Yield Concerns
After a 17% correction in the share price over the last 12 months, valuations at 11x FY27 P/E appear relatively reasonable, adds Motilal Oswal.
19 Aug 2025, 09:24 AM IST 
NTPC's reported PAT of Rs 47.7 billion (+6% YoY) beat estimates by 8%, mainly on account of higher-than-expected other income and a lower tax rate (Representative image. Source: NTPC website)
NTPC reported a standalone revenue of Rs 426 billion in Q1 FY26, 6% below our estimate of Rs 453 billion (-4% YoY), as there was a decline in power generation. Ebitda came in at Rs 103 billion (-17% YoY), 17% below our est., pressured by a surge of 86% YoY in other expenses.
