NTPC Ltd. Q3 FY2026 results: revenue ₹45,846 crore, up 1.8% on the year
NTPC Ltd. (NTPC) reported consolidated revenue from operations of ₹45,846 crore for Q3 FY2026, the quarter ended 31 December 2025, up 1.8% on the same quarter a year earlier. Profit after tax was ₹5,597 crore, up 8.3% on the year, and earnings per share ₹5.66. The figures are the company's own, from the un-audited results it filed with NSE on 30 January 2026.
The quarter, against the one before and a year earlier
| Line | Q3 FY2026 | Q2 FY2026 | Q3 FY2025 | Change on the year |
|---|---|---|---|---|
| Revenue from operations | 45,846 | 44,786 | 45,053 | +1.8% |
| Other income | 459 | 476 | 545 | -15.8% |
| Total income | 46,305 | 45,262 | 45,598 | +1.6% |
| Cost of materials consumed | 22,776 | 23,062 | 24,531 | -7.2% |
| Purchases of stock-in-trade | 0 | 0 | 0 | n/a |
| Changes in inventories | 0 | 0 | 0 | n/a |
| Employee benefit expense | 1,757 | 1,580 | 1,623 | +8.2% |
| Finance costs | 3,164 | 3,432 | 2,764 | +14.5% |
| Depreciation, depletion and amortisation | 5,093 | 4,816 | 4,318 | +17.9% |
| Other expenses | 5,297 | 5,822 | 5,231 | +1.3% |
| Total expenses | 39,533 | 40,218 | 38,468 | +2.8% |
| Profit before exceptional items and tax | 6,772 | 5,044 | 7,130 | -5.0% |
| Exceptional items | 0 | 0 | 0 | n/a |
| Profit before tax | 6,772 | 5,044 | 7,130 | -5.0% |
| Current tax | 1,295 | 1,087 | 1,313 | -1.4% |
| Deferred tax | 1,158 | 989 | 762 | +52.0% |
| Total tax | 2,453 | 2,076 | 2,075 | +18.2% |
| Profit after tax | 5,597 | 5,225 | 5,170 | +8.3% |
| Attributable to owners of the parent | 5,489 | 5,067 | 5,063 | +8.4% |
| Other comprehensive income | -41 | 17 | -82 | n/a |
| Total comprehensive income | 5,556 | 5,242 | 5,088 | +9.2% |
| EPS, basic | ₹5.66 | ₹5.23 | ₹5.22 | +8.4% |
| EPS, diluted | ₹5.66 | ₹5.23 | ₹5.22 | +8.4% |
₹ crore except per share.
Leverage, as the company states it
| Line | Q3 FY2026 | Q2 FY2026 | Q3 FY2025 | Change on the year |
|---|---|---|---|---|
| Debt to equity | 1.32 | 1.31 | 0.01 | |
| Debt service coverage | 1.10 | 2.50 | 0.01 | |
| Interest service coverage | 4.38 | 3.93 | 0.04 |
Debt to equity, debt service coverage and interest service coverage are the figures the company prints in its result statement under the listing regulations.
Segments, Q3 FY2026
| Segment | Revenue ₹ crore | Share of segment revenue | Result ₹ crore | Result over revenue |
|---|---|---|---|---|
| Generation | 44,658 | 90.0% | 10,534 | 23.6% |
| Others | 4,895 | 9.9% | -184 | -3.8% |
| Unallocated | 54 | 0.1% | 0 | 0.0% |
| Share of Net Profit of JVs | 0 | n/a | 614 | n/a |
| - Less: Inter segment elimination | -3,302 | n/a | 0 | n/a |
Segment revenue and segment result as the company filed them, before inter-segment eliminations; share and result over revenue are arithmetic on those.
Quarterly results, the last 12 quarters
| Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 44,983 | 42,820 | 47,622 | 48,521 | 44,696 | 45,053 | 49,834 | 47,065 | 44,786 | 45,846 | 49,688 | 50,741 |
| Expenses | 39,261 | 38,782 | 40,653 | 41,844 | 40,877 | 38,468 | 43,391 | 42,540 | 40,218 | 39,533 | 43,238 | 43,130 |
| Operating profit | 12,680 | 11,362 | 14,195 | 14,016 | 11,655 | 13,667 | 14,754 | 12,580 | 12,816 | 14,570 | 15,320 | 16,231 |
| OPM % | 28% | 27% | 30% | 29% | 26% | 30% | 30% | 27% | 29% | 32% | 31% | 32% |
| Other income | 401 | 754 | 1,194 | 461 | 501 | 545 | 1,251 | 756 | 476 | 459 | 723 | 401 |
| Interest | 2,921 | 3,250 | 2,955 | 3,136 | 3,621 | 2,764 | 3,648 | 3,468 | 3,432 | 3,164 | 3,737 | 3,386 |
| Depreciation | 4,038 | 4,074 | 4,271 | 4,204 | 4,216 | 4,318 | 4,663 | 4,587 | 4,816 | 5,093 | 5,134 | 5,234 |
| Exceptional items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 6,123 | 4,792 | 8,164 | 7,138 | 4,320 | 7,130 | 7,694 | 5,281 | 5,044 | 6,772 | 7,173 | 8,011 |
| Tax % | 33% | 28% | 21% | 25% | 39% | 29% | 35% | 31% | 41% | 36% | -126% | 28% |
| Net profit | 4,726 | 5,209 | 6,490 | 5,506 | 5,380 | 5,170 | 7,897 | 6,108 | 5,225 | 5,597 | 10,615 | 6,896 |
| EPS in ₹ | ₹4.76 | ₹5.32 | ₹6.36 | ₹5.65 | ₹5.44 | ₹5.22 | ₹7.85 | ₹6.20 | ₹5.23 | ₹5.66 | ₹10.81 | ₹6.93 |
| Filing | NSE | NSE | NSE | NSE | NSE | NSE | Filing | Filing | Filing | Filing | Filing | Filing |
₹ crore except per share, consolidated, as filed with the exchange. Operating profit is sales less the expenses other than interest and depreciation, OPM is that over sales, and tax % is tax over profit before tax: arithmetic on the filed lines; everything else is as filed. Quarters before December 2024 are from the exchange's earlier results feed, which carries the filed lines without the filing itself; the column links to the exchange's page for the company.
Source
Un-audited consolidated results for the quarter ended 31 December 2025, filed with NSE on 30 January 2026: the result statement. All of NTPC Ltd.'s results: NSE company page.
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