Adani Power vs NTPC
NTPC trades at the larger discount to its peers' median P/E: 62% below it, against 26% below for Adani Power.
Adani Power earns the higher return on equity: 22.1% against 13.8%.
Adani Power grew revenue faster over three years: 10.4% a year against 2.5% a year.
Both fire two forensic red flags on our checks.
The latest change on file is NTPC's, on 6 Nov 2026: Interim Dividend - Rs 3 Per Share.
Adani Power trades at a P/E of 21.63: 4th of 10 among its peers (peer median 29.2).
Adani Power: the full company page →NTPC trades at a P/E of 10.53: 2nd of 11 among its peers (peer median 27.9).
NTPC: the full company page →Adani Power and NTPC, figure by figure
| Figure | Adani Power | NTPC | Leads |
|---|---|---|---|
| Market cap | ₹3,94,179 Cr | ₹3,12,911 Cr | Adani Power, larger |
| P/E | 21.63 | 10.53 | NTPC, cheaper |
| P/B | 5.69 | 2.06 | NTPC, cheaper |
| Dividend yield | 0.0% | 3.0% | NTPC, higher |
| ROE | 22.1% | 13.8% | Adani Power, higher |
| ROCE | 18.0% | 8.3% | Adani Power, higher |
| Profit margin | 26.6% | 14.2% | Adani Power, higher |
| Revenue growth, 3 years | 10.4% a year | 2.5% a year | Adani Power, faster |
| Profit growth, 3 years | 6.2% a year | 16.9% a year | NTPC, faster |
| 1-year return | +36.2% | −0.8% | Adani Power, higher |
| 5-year return | +56.9% a year | +19.0% a year | Adani Power, higher |
| Quality score | 56.5 | 64.8 | NTPC, higher |
| Our valuation view | Fair, low confidence (held for review) | Cheap, low confidence | NTPC, cheaper view |
| Risk level | WATCH | WATCH | Level |
| Forensic red flags | 2 red of 28 judged | 2 red of 28 judged | Level |
The leading figure is in green: the lower for P/E, P/B, cost to income, NPAs, risk and red flags, the higher for the rest. P/E and P/B on the latest price; growth rates are yearly averages; returns are price only. Our valuation view and the red flags are explained on each company's page.
Which is bigger, Adani Power or NTPC?
Adani Power is the bigger company by market value: ₹3,94,179 Cr against ₹3,12,911 Cr for NTPC, about 1.3 times as large.
Adani Power market cap is ₹3,94,179 crore (large cap), making it the 20th largest listed company on the NSE.
NTPC market cap is ₹3,12,911 crore (large cap), making it the 28th largest listed company on the NSE.
Which is cheaper on valuation, Adani Power or NTPC?
NTPC is the cheaper of the two on P/E: 10.53 against 21.63 for Adani Power.
On price to book, NTPC is also the cheaper: 2.06 against 5.69.
Against their own peers' median P/E, Adani Power trades 26% below its own (29.2) and NTPC trades 62% below its own (27.9).
Our valuation view: fair on Adani Power (low confidence) and cheap on NTPC (low confidence). The view weighs the multiples against each company's peers and its own history.
Cheap for a reason, on NTPC: revenue 2.5% a year over 3 years.
Which is more profitable, Adani Power or NTPC?
Adani Power is the more profitable on return on equity: 22.1% against 13.8% for NTPC.
ROCE: Adani Power 18.0%, NTPC 8.3%.
Profit margin: Adani Power 26.6%, NTPC 14.2%.
Which grew faster, Adani Power or NTPC?
Adani Power grew faster over the last three years: revenue up 10.4% a year against 2.5% a year for NTPC.
Profit growth, 3 years: NTPC 16.9% a year, Adani Power 6.2% a year.
Which has cleaner accounts, Adani Power or NTPC?
Adani Power and NTPC fire the same number of our forensic red flags: 2.
Adani Power: risk level WATCH, 28 of 30 flags judged.
NTPC: risk level WATCH, 28 of 30 flags judged.
A red flag is a figure out of line with what clean accounts show, not a finding of wrongdoing.
What these figures tell you
More comparisons
What this page rests on
Every figure is the one Adani Power's and NTPC's own pages print, from their filings with the exchanges and our arithmetic on them; each company is set against its own peer set. A side-by-side reading of the figures on both company pages, not a recommendation to buy, sell or hold either share. Which figure matters more depends on what you are looking for.