Power generation: 85%
Renewable energies: 10%
Other services: 5%

India: 70%
Bangladesh: 15%
Nepal: 10%

NTPC Limited generates the majority of its revenues from power generation, with conventional energy sources such as coal and gas dominating. However, in recent years, the company has also increased its investments in renewable energies, which is reflected in a growing share of revenue in this area.

The Indian market is the main sales market for NTPC, which is not surprising given the size and energy demand of the country. Bangladesh and Nepal are also important markets served through cross-border energy projects and export contracts.

Production sites of NTPC Limited:

1. Coal power plants: Over 20 locations in India, including Singrauli, Korba, and Ramagundam.
2. Gas power plants: Several locations, including Anta, Auraiya, and Kawas.
3. Renewable energies: Solar plants and wind farms in various states such as Rajasthan and Gujarat.

NTPC Limited, as India's largest power utility, operates a variety of power plants spanning the entire country. The focus is on coal power plants, but the company is increasingly investing in renewable energies to support the energy transition. Diversifying energy sources is part of the strategy to sustainably meet India's growing energy demand.

Investments in Renewable Energies: 60 GW by 2032
Planned Capacity Expansion: 130 GW by 2032

NTPC Limited is pursuing an aggressive growth strategy that is heavily focused on expanding renewable energies. The company plans to increase its capacity in the field of renewable energies to 60 gigawatts by 2032. This strategy is part of a broader plan to expand the total capacity to 130 gigawatts by the year 2032.

Another focus is on diversifying the energy portfolio to reduce dependence on fossil fuels. NTPC is investing in solar and wind energy projects and is also developing technologies to improve energy efficiency. These measures are intended not only to promote growth but also to enhance the environmental sustainability of the company.

Coal imports: Indonesia, Australia, South Africa
Gas imports: Qatar, USA, Russia

NTPC Limited mainly imports coal and natural gas to operate its power plants. The coal is mainly sourced from Indonesia, Australia, and South Africa, as these countries export large quantities of high-quality coal and are logistically convenient for India.

In addition, NTPC imports natural gas to operate its gas-fired power plants. The main suppliers are Qatar, the USA, and Russia, all of which are significant exporters of liquefied natural gas (LNG). These imports are necessary to ensure energy supply and reduce dependence on domestic resources.

Market share: 23% in the Indian energy sector (2024)
Capacity expansion: 5 GW of new capacity in 2024
Cost leadership: Production costs per kWh below the industry average

NTPC Limited is the largest power utility in India and benefits from a significant competitive advantage due to its dominant market position. With a market share of around 23% in the Indian energy sector, the company secures a strong position against its competitors.

The company continuously invests in expanding its capacities, as highlighted by the addition of 5 GW of new capacity in 2024. This expansion enables NTPC to meet the increasing demand for energy in India while solidifying its market leadership.

Another significant advantage of NTPC is its cost leadership. Production costs per kilowatt-hour are below the industry average, allowing the company to offer competitive prices and remain profitable. This strengthens NTPC's position in the market and provides a significant advantage over smaller or less efficient competitors.

Institutional investor share: 54.2% (2025, estimated)

Insider purchases/sales: No significant changes in the last year (2025, estimated)

The institutional investor share in NTPC Limited is approximately 54.2%, indicating a strong trust of institutional investors in the company. These investors typically include pension funds, investment funds, and other large financial institutions that prefer long-term investments.

In 2025, there were no significant insider purchases or sales, suggesting that the management and other insiders currently do not expect significant changes in their assessment of the company's value. This could indicate stable corporate governance and a positive outlook on future business development.

Market share of NTPC Limited: approx. 23% (2025, estimated)

Main competitors and their market share:

1. Tata Power: approx. 10%
2. Adani Power: approx. 9%
3. Reliance Power: approx. 7%
4. JSW Energy: approx. 6%
5. NHPC Limited: approx. 5%

Moat of NTPC Limited:

NTPC Limited possesses a significant moat, primarily characterized by its size, government support, and diversification of its energy sources. As India's largest power generator, NTPC benefits from economies of scale and a robust infrastructure that enables the company to produce cost-effectively.

Compared to its competitors, NTPC has the advantage of a more stable financial base and a broader portfolio encompassing renewable energies and conventional power plants. This provides some protection against market fluctuations and regulatory changes.

However, competitors, especially Adani Power and Tata Power, have heavily invested in renewable energies in recent years, potentially giving them a strategic advantage in a changing energy market. These companies could benefit from a stronger moat in the future as the focus on sustainable energy sources continues to grow.

Overall, NTPC remains a key player due to its established market position and government support, but they must continue to invest in innovations and renewable energies to defend and expand their moat.

Revenue growth: 8.5% (2024) Profit growth: 10.2% (2024) Debt ratio: 1.5 (2024) Market share in the energy sector India: 23% (2024)

NTPC Limited shows solid revenue and profit growth, indicating an effective corporate strategy and a strong market position in the Indian energy sector. The company benefits from the increasing energy demand in India and continuously invests in renewable energy, providing future growth potential.

The debt ratio of 1.5 is moderate and shows that the company can manage its debts well, which is a positive signal for investors. The 23% market share underscores NTPC's leading role in the Indian energy market.

Overall, NTPC Limited appears to be a stable investment opportunity, especially for investors interested in long-term growth and development in the renewable energy sector.

Dividend yield: 4.5% (estimated for 2025)
Dividend history: Continuous payouts in the last 5 years

NTPC Limited is known for its reliable dividend payments. The company has consistently distributed dividends in recent years, indicating a stable financial performance and solid cash flows.

The estimated dividend yield of 4.5% in 2025 reflects the attractiveness of the stock for dividend investors. Due to stable revenues from the energy sector and government support, the likelihood is high that NTPC will continue to pay reliable dividends in the future.