New Delhi, May 26 -- NTPC Ltd's shares have remained largely flat at Rs.391 apiece over the past two trading sessions. This is despite FY26 results showing standalone operating revenue, excluding regulatory deferral account balances, fell 2.7% year-on-year to Rs.1.65 trillion in FY26. Pre-tax earnings fell 4.6% to Rs.22,557 crore, even as net profit was lifted by tax credit.

Unlike other companies, NTPC's reported numbers matter little because of its regulated earnings model. Note that NTPC Green Energy, its subsidiary with 89% stake, has a different earnings model. So, both must be evaluated using separate yardsticks.

NTPC's thermal power plants or coal-based power plants fetch a base return on equity (RoE) of 15.5% under long-term pow...