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Prices as of 8 Oct 2026 close · Not investment advice

NTPC Limited

NSE: NTPCPower Generation

Share price

₹309.70

-2.23% close of 8 Oct 2026

Market cap ₹3.00L CrP/E 10.8

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 7 Oct 2026, the close above is 8 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

61

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹3.00L Cr

P/E ratio

10.8

P/B ratio

1.5

ROCE

8.9%

ROE

15.1%

Dividend yield

2.8%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹410.2052-week low ₹309.70

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 2.3% over the past year, and 9.6% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 29.1% to 27.4% over the last four years.

Whether it grew faster than its sector

It grew 9.6% a year against a sector median of 10.7% — 1.0 percentage points slower.

Room to re-rate, or risk of de-rating

At 10.8× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 40.8×, across 5 companies. It is against its own five-year median of 13.1×, the 35th percentile of its own range.

Whether growth justifies the valuation

Priced at 0.5 times its growth rate, on earnings growth of 20%.

Profit growthPrice per ₹1 profitPer 1% growth
NTPC Limited — this one20%/yr10.8×₹0.54
Adani Green Energy17%/yr105.0×₹6.2
JSW Energy19%/yr40.8×₹2.1
NTPC Green Energy Limited45%/yr126.0×₹2.8
NHPC Limited-1%/yr19.0×—
NLC India Limited2%/yr10.4×₹5.2

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Power Generation), it ranks 7 of 26 on returns, 14 of 25 on growth, 16 of 26 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 8.9% on capital, ahead of 73% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹230429 crore of cash from the business, spent ₹164856 crore on plant and equipment, and returned ₹64036 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 203 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall. Its cash comes back more slowly than it used to: it went from being paid 62 days before it paid its own suppliers to paid 54 days before it paid its own suppliers.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

7 of 9 checks clear · 78%

Latest result

What the last results showed. Whether management kept its word is in Pro.

Results are expected soon.

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹3.00L Cr
Prev close
₹309.70
52w High
₹414
52w Low
₹308
Enterprise value
₹5.63L Cr
Beta
0.8
Price CAGR 1y
-6.0%
Price CAGR 3y
10.0%
Price CAGR 5y
18.0%
Price CAGR 10y
10.0%

Ratios

Return on assets
4.9%
PEG ratio
0.5
P/E ratio
10.8
P/B ratio
1.5
EV / EBITDA
10.8
Industry P/E
20.4
ROCE
8.9%
ROCE 5y average
9.8%
ROE
15.1%
Debt / Equity
1.3
Interest coverage
2.8
Dividend yield
2.8%
ROE 3y average
14.0%
ROE last year
15.0%

Annual P&L

Annual revenue
₹1.87L Cr
Annual profit
₹27,546 Cr
Operating margin
30.0%
Net profit margin
14.7%
EBITDA margin
29.6%
Sales growth 3y
2.1%
Sales growth 5y
10.9%
Profit growth 3y
20.0%
Profit growth 5y
14.0%
EPS
₹27.9
Sales growth TTM
2.0%
Profit growth TTM
16.0%
Dividend payout
32.0%

Quarter P&L

Sales latest quarter
₹50,741 Cr
Profit latest quarter
₹6,896 Cr
YoY quarterly sales growth
7.8%
YoY quarterly profit growth
12.9%
OPM latest quarter
32.0%

Balance Sheet

Book Value
₹210
Face Value
₹10.0
Total debt
₹2.71L Cr
Total cash
₹8,004 Cr
Borrowings
₹2.71L Cr
Reserves / Equity
20.0

Cash Flow

Operating cash flow
₹50,902 Cr
Free cash flow
₹6,895 Cr
FCF yield
-2.3%
Net cash flow
₹1,995 Cr

Shareholding

Promoter holding
51.1%
FII holding
16.3%
DII holding
29.4%
Public holding
3.1%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
NTPC316.7511.13,07,2852.846,896.411.850,741.07.88.9
Adani Green1,341.40114.22,21,3570.00983.016.94,431.016.67.4
JSW Energy485.4544.489,1510.41532.7-36.65,207.11.28.2
NTPC Green Ene.88.51123.074,6230.00304.838.31,106.962.73.6
NHPC Ltd72.5019.272,7372.221,178.12.93,808.318.55.8
NLC India250.3510.834,7551.54436.3-39.34,716.823.38.4
ACME Solar Hold.436.1551.930,8820.05235.364.8857.567.88.9
Median111.7921.48,1640.0059.817.9815.414.36.2

Competes with: Acme Solar Holdings Limited, Adani Green Energy, Adani Power, Clean Max Enviro Energy Solutions Limited, Energy Development Company Limited, GMR Power and Urban Infra Limited, Gujarat Industries Power Company Limited, Indowind Energy Limited, Inox Green Energy Services Limited, Insolation Energy Limited, JNPR, JSW Energy, Jaiprakash Power Ventures Limited, K.P. Energy Limited, KPI Green Energy Limited, Karma Energy Limited, NAVA LIMITED, NHPC Limited, NLC India Limited, NTPC Green Energy Limited, Orient Green Power Company Limited, Power Grid Corporation, RattanIndia Power Limited, Reliance Power Limited, SJVN Limited, Surana Telecom and Power Limited, Tata Power Company, Ujaas Energy Limited, Vedanta Power Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales43,07544,98342,82047,62848,52944,70645,06949,83447,06444,78645,84649,68650,741
Expenses30,66432,30331,45833,63835,09133,04131,72935,08034,48531,97031,27641,18134,510
Material Cost24,91324,97323,06222,77621,67925,395
Change in Inventories000000
Purchases of Stock-in-Trade000000
Employee Cost2,0051,5841,5801,7572,0651,713
Other Expenses8,1617,9287,3276,74410,6247,403
Operating Profit12,41112,68011,36213,99013,43811,66513,34114,75412,57912,81614,5708,50516,231
OPM %29282729282630302729321732
Other Income9941,0242,5321,4001,1873,2189864,1803,2412,7341,7381,9181,549
Exceptional items (within Other Income)000000
Interest2,9222,9213,2502,9553,1363,6212,7643,6483,4683,4323,1643,7373,386
Depreciation3,8214,0384,0744,2714,2044,2164,3184,6634,5874,8165,0935,1345,234
Profit before tax6,6616,7466,5718,1647,2847,0467,24510,6237,7657,3018,0501,5539,160
Tax %2630212024242926212830-58425
Net Profit4,9074,7265,2096,4905,5065,3805,1707,8976,1085,2255,59710,6156,896
EPS in Rs5.034.765.326.365.655.445.227.856.205.235.66116.93
Diluted EPS in Rs7.856.205.235.66116.93

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales79,95773,39682,04288,0831,00,2871,09,4641,11,5311,32,6691,76,2071,78,5251,88,1381,87,3851,91,059
Expenses62,60554,82960,44565,59877,57677,87877,48792,3071,28,6111,27,0561,33,7831,31,9471,38,937
Material Cost1,01,51592,490
Change in Inventories00
Purchases of Stock-in-Trade00
Employee Cost6,7966,986
Other Expenses25,70032,623
Operating Profit17,35218,56821,59822,48522,71031,58634,04440,36247,59651,46954,35555,43852,121
OPM %22252626232931302729293027
Other Income2,3381,1881,5925,5762,8188,2095,0214,8092,5615,1778,5262,6627,938
Exceptional items (within Other Income)00
Interest3,6693,3663,7534,4475,6058,1899,2249,37611,44712,30113,28213,80113,719
Depreciation5,5655,7716,0107,4608,66910,35612,45013,78814,79216,20417,40119,62920,276
Profit before tax10,45610,61813,42616,15411,25521,25017,39022,00723,91728,14232,19824,66926,064
Tax %4-22035-25441423282426-12
Net Profit9,99210,78110,71410,50214,03411,90214,96916,96017,12121,33223,95327,54628,334
EPS in Rs10111111141215171721242829
Diluted EPS in Rs2428
Dividend Payout %212637404427414142363532

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
10%
5 years
11%
3 years
2%
TTM
2%

Compounded profit growth

10 years
10%
5 years
14%
3 years
20%
TTM
16%

Stock price CAGR

10 years
10%
5 years
18%
3 years
10%
1 year
-6%

Return on equity

10 years
13%
5 years
14%
3 years
14%
Last year
15%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital8,2458,2458,2458,2459,8959,8959,6979,6979,6979,6979,6979,697
Reserves73,84983,33089,59395,3181,01,4621,08,9451,16,0421,25,6771,37,3261,51,0131,74,3741,93,479
Borrowings1,02,25299,4241,13,7731,30,0491,73,0582,00,6302,10,2082,10,7072,22,9132,37,1312,50,0962,71,005
Other Liabilities35,36633,66636,99048,88062,50958,20262,07569,75177,25381,43789,56584,262
Minority Interest7,0527,977
Total Liabilities2,19,7122,24,6652,48,6012,82,4923,46,9233,77,6713,98,0224,15,8314,47,1894,79,2785,23,7325,58,442
Fixed Assets91,85392,9291,04,5321,28,2451,50,9851,87,8032,03,2452,24,9232,40,4242,58,9342,71,4373,18,697
CWIP67,55575,04686,89683,3861,18,39798,50897,50691,12689,17987,6641,00,85984,957
Investments1,9026,4737,6148,8768,1329,30710,58910,62613,93515,88519,70424,180
Other Assets58,40350,21749,56061,98569,40982,05386,68189,1561,03,6511,16,7951,31,7331,30,609
Total Assets2,19,7122,24,6652,48,6012,82,4923,46,9233,77,6713,98,0224,15,8314,47,1894,79,2785,23,7325,58,442

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity14,88924,12520,16719,67018,68624,58332,44441,78847,15240,09950,48850,902
Cash from Investing Activity-15,977-19,162-24,480-20,678-24,063-30,322-21,034-22,891-26,145-31,456-45,852-37,578
Cash from Financing Activity-1,474-3,8993,1381,0284,9276,004-11,049-19,172-21,217-8,246-4,073-11,328
Net Cash Flow-2,5631,064-1,17619-451266360-274-2103985631,995
Free Cash Flow-4,4313,110-4,161912-2,8426,5219,16217,45722,4329,3589,4316,895

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days424140374568927762686771
Cash Conversion Cycle424140374568927762686771
Working Capital Days-47-39-52-44-106-35-61-62-43-45-37-54
ROCE %8799710991010119

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters515151515151515151515151
FIIs171718181918181616161716
DIIs292928282727272929292929
Government0.100.100.110.110.110.110.110.120.120.120.120
Public3.083.043.373.553.683.833.773.773.453.343.103.14
No. of Shareholders10,66,54311,58,99213,93,48017,67,13835,74,82843,65,78641,43,17539,65,86037,29,61735,43,43433,00,17932,01,112

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -7.8% (₹335.85 → ₹309.70)Brick size ₹5.86 (fixed)Bricks 41
₹350₹400₹310Nov '25Feb '26Apr '26Jun '26Aug '26Oct '26
Price moved up one brickPrice moved down one brickLast close ₹309.70 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

2,62,951inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

11,29,34,175inr

2026-03-31

News

News and filings about NTPC Limited. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Depends on the price of

  • Natural gas
  • coal

Buys from

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Power
Industry
Power Generation
Classification
Power › Power Generation
ISIN
INE733E01010

Business segments

  • Generation · 97%
  • Others · 10%
  • Less: Inter segment elimination · -7%

Plants

  • Barauni STPS · Barauni, Bihar
  • Barh STPS · Patna, Bihar
  • Bongaigaon STPS · Bongaigaon, Assam
  • Dadri STPS · Dadri, Uttar Pradesh
  • Darlipali STPS · Sundargarh, Odisha
  • Farakka STPS · Murshidabad, West Bengal
  • Gadarwara STPS · Gadarwara, Madhya Pradesh
  • Kahalgaon STPS · Bhagalpur, Bihar
  • Khargone STPS · Khargone, Madhya Pradesh
  • Korba STPS · Korba, Chhattisgarh
  • Kudgi STPS · Kudgi, Karnataka
  • Lara STPS · Raigarh, Chhattisgarh
  • Mouda STPS · Mouda, Maharashtra
  • Nabinagar STPS · Nabinagar, Bihar
  • Ramagundam STPS · Ramagundam, Telangana
  • Rihand STPS · Sonbhadra, Uttar Pradesh
  • Simhadri STPS · Visakhapatnam, Andhra Pradesh
  • Singrauli STPS · Shaktinagar, Uttar Pradesh
  • Sipat STPS · Bilaspur, Chhattisgarh
  • Solapur STPS · Solapur, Maharashtra

News impact

Big market events that reach NTPC Limited, and how the effect spreads.

Who it hits first

  • Coal India, the state coal miner that digs most of India's coal, sold about 12% more coal in the July-September quarter than a year ago.
  • Its deliveries to power stations rose about 11%, reaching 48.90 million tonnes in September against 44.20 million tonnes last year, up 10.63%.
  • Selling more tonnes without building new mines should lift Coal India's sales and profit this quarter, since each extra truck of coal adds revenue at low extra cost.

Who may gain

  • Coal India itself, as higher volumes directly raise its sales.
  • NTPC, India's largest power generator, which burns Coal India coal and can run its plants more steadily with fewer fuel shortages.
  • Adani Power and Tata Power, large private power producers, which get more reliable domestic coal and can cut costly imports.
  • CESC, the Kolkata power utility, which can keep its coal plants stocked and avoid last-minute purchases.

Along the supply chain

Downstream

Power generators (NTPC, Adani Power, Tata Power, CESC) receive steadier coal, letting them generate more electricity; steel and cement plants using coal for heat see steadier supply but no price cut.

Upstream

Mine helpers such as explosives makers (Solar Industries) and equipment suppliers (BEML) see no instant new orders, because selling more coal from existing output does not mean blasting more rock this month.

Where demand moves

Business

Power stations pull more coal from Coal India to meet strong electricity demand, so coal moves from mines to power plants instead of piling up as stock; steel, cement and aluminium buyers see no new orders from this power-led jump.

Capital

Investors are likely to favour coal and power-generator shares on the volume beat, while bidding up fuel-security stories like NTPC and Adani Power and looking past unrelated miners.

How it spreads across sectors

Construction Materials

Cement makers see steadier kiln fuel supply but no direct cost relief from power-sector dispatches.

Metals & Mining

Aluminium and steel makers face steady coal availability with a negligible cost nudge, too small to shift earnings.

Oil, Gas & Consumable Fuels

Coal miners enjoy a demand readthrough as strong offtake signals healthy buying, though oil and gas producers see no spillover.

Power

Thermal power generators gain fuel security, supporting higher plant use and steadier earnings.

Commodity angle

Commodity

coal

Move series

coal

Note

Coal shows a demand shock at 96 USD/tonne (1M 0%, move -1.031% used for margins); only National Aluminium carried a measurable -8.454 bps impact, copied to its signal, with all other dependents at null.

Shock

demand

Unit

USD/tonne

When it plays out

Immediate

Coal India and power-generator shares react to the volume beat; traders check September dispatch data.

Medium term

If dispatches stay strong, Coal India earnings rise and power plants sustain higher output; a monsoon or demand dip could unwind the gains.

Short term

Power plants report better coal stocks; analysts nudge Coal India volume forecasts higher.

1 Oct, 14:17 IST · Market event · medium impact

India power shortfall hits three-year peak

India's power shortfall hit a three-year peak, letting generators like NTPC and Adani Power earn more from higher prices while homes and factories pay costlier bills.

Power

Who it hits first

  • India's power shortfall, where demand outstrips supply, has hit a three-year peak, even though coal plants are burning more fuel.
  • With electricity scarce, wholesale (merchant) power prices rise, so generators with spare or market-linked capacity earn more per unit.
  • NTPC, Tata Power, Adani Power and other generators are first in line for that uplift; regulated transmission earnings at Power Grid move far less.
  • Homes and factories face the other side: costlier power or less reliable supply until the deficit eases.

Who may gain

  • Thermal and flexible generators such as NTPC, Adani Power, Tata Power and JSW Energy: higher merchant prices and fuller plants.
  • Power traders such as PTC India: wider spreads and higher volumes on the exchanges.
  • Coal suppliers such as Coal India, which supplies NTPC and Tata Power: higher coal burn to meet the deficit.

Along the supply chain

Downstream

Downstream, Tata Power supplies power to Tata Steel, which faces costlier electricity, and all industrial buyers pay more per unit until supply catches up.

Upstream

Upstream, coal miners such as Coal India, which supplies NTPC and Tata Power, benefit from higher coal burn, and equipment and service providers see steadier order books as plants run harder.

Where demand moves

Business

Business demand for electricity itself is the story: factories and homes want more power than the grid can supply, so every available unit sells at firmer prices and generators sell more at better rates.

Capital

Capital rotates toward merchant-exposed generators on earnings-upgrade hopes, while regulated transmission and contracted renewables see little fresh buying since their cash flows cannot reprice.

How it spreads across sectors

Power

Generators gain pricing power and fuller plants from the deficit, while regulated transmission and distribution earn little extra and absorb political pressure over tariffs.

When it plays out

Immediate

Merchant power prices firm and generator shares attract buying; grid operators urge conservation.

Medium term

New capacity and normal monsoon hydro ease the deficit; prices normalise unless demand keeps outrunning supply.

Short term

Higher coal burn and peak-season demand keep prices elevated; generators report stronger realisations.

Who it hits first

  • The Union Cabinet (the central government's top decision body) approved the PM DHARA scheme with Rs 1.86 lakh crore of total support for renewable energy (solar and wind power).
  • KPI Green Energy, the solar power developer, and Vikram Solar, the solar panel maker, are named in the pack as directly in line for new orders and projects.
  • The money flows over months and years through tenders and subsidies, so this is a demand pipeline for the green-power chain, not cash today.

Who may gain

  • Solar developers such as KPI Green Energy, Adani Green and ACME Solar gain project visibility and warmer financing interest.
  • Solar equipment makers such as Vikram Solar gain panel-order demand as developers expand building plans.
  • Grid and equipment firms gain follow-on connection work, while coal-heavy generators gain little from this scheme.

Along the supply chain

Downstream

Downstream, big factory buyers of green power get more clean-supply options over time as developers build, though no price or tariff changes today.

Upstream

Upstream, solar panel and component makers see more module, cell and structure orders as developers turn the scheme pipeline into build plans.

Where demand moves

Business

Strong business-demand pull: Rs 1.86 lakh crore of scheme-backed tenders and support means more solar plants ordered, more panels bought from makers like Vikram Solar, and more construction for developers like KPI Green.

Capital

Capital rotates toward listed green-power names on the outlook upgrade, and lenders warm to renewable project finance, while thermal-only names see no new money reason.

How it spreads across sectors

Capital Goods

Follow-on equipment demand: module, electrical and construction suppliers to solar developers see fatter order books.

Oil & Gas

Muted near term: cheaper future green power only slowly displaces fuel demand over years, not quarters.

Power

Direct demand boost: developers, panel makers and green IPPs gain order visibility; thermal and distribution names are untouched.

A pattern seen before

Cascade chain

  • Cabinet clears Rs 1.86 lakh cr PM DHARA renewables scheme
  • Solar developers (KPI Green, Adani Green) and panel makers (Vikram Solar) gain order visibility
  • Grid, equipment and EPC demand rises across Power and Capital Goods
  • Auto (EV charging) and Oil and Gas (fuel displacement) feel only slow second-order effects

Pattern name

Energy Transition Cascade

Patterns

  • Energy Transition Cascade

Sectors queried

  • Auto
  • Oil & Gas

When it plays out

Immediate

1–7 days: green-power and solar shares jump on the headline; developers and panel makers lead the move.

Medium term

1–6 months: tenders and equipment orders start flowing; developers with land and grid access turn pipeline into revenue.

Short term

1–4 weeks: focus shifts to scheme fine print (who gets what, tender calendar); early gains consolidate.

Who it hits first

  • KPI Green Energy, a power company that builds and runs clean-energy plants, made a binding offer to buy two wind firms, Alfanar Energy and Netra Wind, for Rs 2,410 crore.
  • The deal adds 507.9 MW of already-running wind farms in Kutch, Gujarat, so extra electricity sales can start without any construction.
  • Its shares jumped 4% on the growth news and then slipped back as investors weighed the heavy price and how it will be funded.

Who may gain

  • KPI Green Energy (clean-power producer) — gains 507.9 MW of working wind farms and future electricity sales
  • Owners of Alfanar Energy and Netra Wind — receive Rs 2,410 crore for their wind farms
  • Power buyers in Gujarat over time — a bigger supplier could mean steadier clean-power supply (small, later benefit)

Along the supply chain

Downstream

Downstream (power users): factories and utilities that buy KPI Green's electricity get a larger supplier, but existing power prices and contracts do not change because of this ownership switch.

Upstream

Upstream (parts and builders): almost no pull — the wind farms are already standing, so panel, cable, and equipment suppliers see no new orders; only wind maintenance crews might get small later work as the new owner settles in.

Where demand moves

Business

Business demand lands on KPI Green Energy itself: 507.9 MW of running wind farms means more electricity to sell under power contracts. Equipment makers get nothing new because the farms are already built, and rival generators win no extra customers.

Capital

Investor money first chased KPI Green Energy shares (up 4%) and then hesitated over the Rs 2,410 crore funding bill. Peer green-power shares saw only light sympathy interest, with no real rotation of funds.

How it spreads across sectors

Capital Goods

No new turbines, panels, or cables are needed for already-built farms, so equipment makers feel no ripple.

Power

A Rs 2,410 crore deal for running wind farms sets a fresh price marker that mildly supports other green power firms, though no sales move between them.

A pattern seen before

Cascade chain

  • KPI Green buys 507.9 MW of running wind farms for Rs 2,410 crore
  • Kutch wind valuations get a fresh price marker → listed green power peers re-rate mildly
  • Bigger renewable fleet over time → softer long-run demand for fossil power fuels

Pattern name

Energy Transition Cascade

Patterns

  • Energy Transition Cascade

Sectors queried

  • Auto
  • Oil & Gas

When it plays out

Immediate

1–7 days: KPI Green Energy shares stay choppy as the market digests the Rs 2,410 crore price and likely borrowing; peers drift with sentiment.

Medium term

1–6 months: if the purchase closes smoothly, added wind power sales start lifting KPI Green's revenue; rivals remain largely unaffected.

Short term

1–4 weeks: focus shifts to funding details — loan terms, share sale, or timing of the deal close — which decide whether the early gains hold.

26 Sept, 12:56 IST · Market event · high impact

Govt orders captive coal plants to maximise power output on surging demand

The government ordered big company-owned coal power plants to run at full output during surging electricity demand, helping coal miners with extra sales while squeezing profits at coal-burning power producers facing higher fuel costs.

PowerMetals & Mining

Who it hits first

  • The Power Ministry used emergency powers to order company-owned (captive) coal power plants of 50 MW or more to run at maximum output as electricity demand surges.
  • Coal India, the country's biggest coal miner, and lignite miner-power producer NLC India gain first as these plants burn more coal.
  • Coal-burning power producers such as NTPC, Tata Power, Adani Power, JSW Energy, Torrent Power and CESC face higher fuel costs and tighter coal supply even as they sell more electricity.
  • Power Grid, the national transmission company, carries heavier electricity flows, a small steady positive.
  • RattanIndia Power, a smaller coal-fired producer, is hit hardest in margin terms because coal is 68.4% of its costs.

Who may gain

  • Coal India (coal miner): extra coal sales as captive plants run at full output.
  • NLC India (lignite miner and power producer): gains on both the fuel and the electricity sides.
  • Power Grid (transmission operator): heavier grid flows; a small steady regulated benefit.

Along the supply chain

Downstream

Downstream, energy-hungry buyers — steel, aluminium, cement and other factories, plus homes and shops through local power distributors — get more reliable electricity during the demand surge, but coal-linked costs creep up for factories that buy power or burn coal themselves.

Upstream

Upstream, Coal India and other coal miners plus mine-service and rail-logistics firms work harder: more coal orders, faster evacuation, and firmer short-term prices; power-plant maintenance and parts suppliers see busier order books as plants run flat out.

Where demand moves

Business

Captive plants burn more coal, so business demand flows to Coal India and NLC India as extra fuel orders; factories, shops and homes pull more electricity, lifting sales volumes for power producers and grid flows for Power Grid, while coal costs rise for every coal-burning producer.

Capital

Investors are likely to favour coal miners on stronger near-term volumes and stay cautious on coal-fired power producers facing a fuel-cost squeeze, with money preferring steady regulated names over leveraged merchant-exposed ones.

How it spreads across sectors

Construction Materials

Cement makers, which burn coal in kilns, face higher fuel bills with no direct benefit from the power order.

Metals & Mining

Coal miners gain volumes; metal makers that own captive coal plants burn more coal, raising costs partly offset by power sales.

Oil, Gas & Consumable Fuels

The coal segment gains from extra fuel demand as captive plants run at full output.

Power

Mixed: higher sales volumes and plant use support revenues, but dearer, tighter coal squeezes coal-fired producers' margins; regulated transmission stays steady.

Commodity angle

Commodity

coal

Move series

coal

Note

Coal faces a demand shock (price 96 USD/tonne, flat over one month) as captive plants maximise output; the cascade quantified only three margin hits (RattanIndia Power -70.52 bps on a 68.4% coal cost weight, the largest), so only the RattanIndia Power signal carries commodity bps while other coal-linked signals stay direction-only for lack of cost weights.

Shock

demand

Unit

USD/tonne

When it plays out

Immediate

Captive plants ramp to full output; coal offtake and dispatches jump; wholesale power supply improves and merchant prices soften on the extra supply.

Medium term

If the demand surge fades, the emergency order is wound down and plant use normalises; miners keep any contracted volume gains while generator margins recover.

Short term

Higher coal burn shows up in miners' volumes and in generators' fuel bills; coal-fired producers' margins narrow while regulated players pass costs through with a lag.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

2 Sep 2026unspecified₹3.5
6 Feb 2026interim₹2.75
7 Nov 2025interim₹2.75
4 Sep 2025unspecified₹3.35
31 Jan 2025interim₹2.5
31 Oct 2024interim₹2.5
7 Aug 2024unspecified₹3.25
6 Feb 2024interim₹2.25

Splits, bonuses & buybacks

  • daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

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