NTPC vs Adani Green Energy
NTPC trades below its peers' median P/E (62% below), Adani Green Energy above it (386% above).
NTPC earns the higher return on equity: 13.8% against 7.0%.
Adani Green Energy grew revenue faster over three years: 17.9% a year against 2.5% a year.
NTPC fires fewer of our forensic red flags: 2 of 28 judged against 5 of 28 judged.
The latest change on file is NTPC's, on 6 Nov 2026: Interim Dividend - Rs 3 Per Share.
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 Green Energy trades at a P/E of 128.82: 10th of 10 among its peers (peer median 26.5).
Adani Green Energy: the full company page →NTPC and Adani Green Energy, figure by figure
| Figure | NTPC | Adani Green Energy | Leads |
|---|---|---|---|
| Market cap | ₹3,12,911 Cr | ₹2,33,405 Cr | NTPC, larger |
| P/E | 10.53 | 128.82 | NTPC, cheaper |
| P/B | 2.06 | 8.92 | NTPC, cheaper |
| Dividend yield | 3.0% | 0.0% | NTPC, higher |
| ROE | 13.8% | 7.0% | NTPC, higher |
| ROCE | 8.3% | 5.5% | NTPC, higher |
| Profit margin | 14.2% | 11.9% | NTPC, higher |
| Revenue growth, 3 years | 2.5% a year | 17.9% a year | Adani Green Energy, faster |
| Profit growth, 3 years | 16.9% a year | 19.3% a year | Adani Green Energy, faster |
| 1-year return | −0.8% | +36.1% | Adani Green Energy, higher |
| 5-year return | +19.0% a year | +2.4% a year | NTPC, higher |
| Quality score | 64.8 | 22.9 | NTPC, higher |
| Our valuation view | Cheap, low confidence | Dear, low confidence (held for review) | NTPC, cheaper view |
| Risk level | WATCH | DANGER | NTPC, lower |
| Forensic red flags | 2 red of 28 judged | 5 red of 28 judged | NTPC, fewer |
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, NTPC or Adani Green Energy?
NTPC is the bigger company by market value: ₹3,12,911 Cr against ₹2,33,405 Cr for Adani Green Energy, about 1.3 times as large.
NTPC market cap is ₹3,12,911 crore (large cap), making it the 28th largest listed company on the NSE.
Adani Green Energy market cap is ₹2,33,405 crore (large cap), making it the 40th largest listed company on the NSE.
Which is cheaper on valuation, NTPC or Adani Green Energy?
NTPC is the cheaper of the two on P/E: 10.53 against 128.82 for Adani Green Energy.
On price to book, NTPC is also the cheaper: 2.06 against 8.92.
Against their own peers' median P/E, NTPC trades 62% below its own (27.9) and Adani Green Energy trades 386% above its own (26.5).
Our valuation view: cheap on NTPC (low confidence) and dear on Adani Green Energy (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, NTPC or Adani Green Energy?
NTPC is the more profitable on return on equity: 13.8% against 7.0% for Adani Green Energy.
ROCE: NTPC 8.3%, Adani Green Energy 5.5%.
Profit margin: NTPC 14.2%, Adani Green Energy 11.9%.
Which grew faster, NTPC or Adani Green Energy?
Adani Green Energy grew faster over the last three years: revenue up 17.9% a year against 2.5% a year for NTPC.
Profit growth, 3 years: Adani Green Energy 19.3% a year, NTPC 16.9% a year.
Which has cleaner accounts, NTPC or Adani Green Energy?
NTPC has the cleaner accounts on our forensic checks: 2 red flags of 28 judged against 5 of 28 judged for Adani Green Energy.
NTPC: risk level WATCH, 28 of 30 flags judged.
Adani Green Energy: risk level DANGER, 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 NTPC's and Adani Green Energy'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.