NTPC's Q1 Profit Slump Follows a Seasonally Strong Quarter
India's largest power utility posted a sharp sequential profit decline, though yearly comparisons show revenue and profit growth.
NTPC's Q1 profit fell 35% from the previous quarter, despite revenue rising 7.8% year-on-year. The net profit margin also retreated from a seasonally high Q4.
NTPC's first-quarter earnings for FY27 present a mixed picture: steady yearly growth overshadowed by a sharp drop from the seasonally strong previous quarter. While revenue and profit improved compared to the same period last year, the sequential decline in profitability highlights the volatility inherent in the power giant's quarterly performance.
Revenue for the quarter ended June 2026 came in at ₹50,741 crore, a 7.8% increase year-on-year. Profit after tax (PAT) grew even faster at 12.9% to ₹6,896 crore. This pushed the net profit margin up 60 basis points to 13.6% compared to Q1 FY26. However, compared to the March 2026 quarter (Q4 FY26), the story shifts. Revenue grew a modest 2.1%, but profit fell sharply by 35%, pulling the net profit margin down from 21.4% to 13.6%.
The recent quarterly trend shows this is a pattern of peaks and troughs, with Q4 typically being a high-margin period.
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin
| Metric | CurrentQ1 FY27 | PreviousQ4 FY26 | Same quarter LYQ1 FY26 |
|---|---|---|---|
| Period | Quarter ended June 2026 | Quarter ended March 2026 | Quarter ended June 2025 |
| Revenue (₹ Cr) | 50,740.96YoY +7.8% | 49,687.77 | 47,064.35 |
| Profit (₹ Cr) | 6,896.44YoY +13% | 10,614.95 | 6,108.46 |
| Net Profit Margin | 13.6% | 21.4% | — |
Note: Net profit margin for Q1 FY26 is not provided in the comparable dataset.
Over the trailing twelve months (TTM), the company maintained a healthier net profit margin of 14.8%, with total profit of ₹28,334 crore on revenue of ₹1.91 lakh crore. This suggests the Q1 margin, while lower than the exceptional Q4, is more in line with its recent average.
Looking ahead, the key question is whether NTPC can stabilize its quarterly profitability closer to its TTM average, reducing the reliance on a single strong quarter to boost annual figures.
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· NTPC
(BSE)
ISIN: INE733E01010
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