NTPC vs CESC: share price, P/E, ROE and financials compared
NTPC and CESC at a glance
NTPC and CESC are both listed in Power. NTPC is the larger by market cap, at ₹3.1L Cr against ₹16,735 Cr for CESC (18.7 times as large). On valuation, CESC has the lower price-to-book (1.34× against 1.47×). On returns and margins, NTPC has the higher ROE (14.5% against 12.2%) and the higher operating margin (30.8% against 23.0%), while CESC has the higher ROCE (10.0% against 8.9%). Over three years, NTPC has faster 3-year profit growth (+16.9% against +4.7% a year), while CESC has faster 3-year sales growth (+9.2% against +1.9% a year). NTPC carries less debt for its equity, with a debt-to-equity of 1.26× against 1.71×.
Key metrics, side by side
| Metric | NTPCNTPC | CESCCESC |
|---|---|---|
| Price (₹) | 323.45 | 126.25 |
| Market cap (₹ Cr) | 3,13,639 | 16,735 |
| P/E | 10.6× | 10.8× |
| P/B | 1.47× | 1.34× (the lower figure, shaded) |
| Dividend yield, trailing | 2.78% | 4.75% (the higher figure, shaded) |
| ROE | 14.5% (the higher figure, shaded) | 12.2% |
| ROCE | 8.9% | 10.0% (the higher figure, shaded) |
| Operating margin (OPM) | 30.8% (the higher figure, shaded) | 23.0% |
| Net margin (NPM) | 14.8% (the higher figure, shaded) | 8.1% |
| Sales CAGR 3Y | +1.9% | +9.2% (the higher figure, shaded) |
| Profit CAGR 3Y | +16.9% (the higher figure, shaded) | +4.7% |
| Debt to equity | 1.26× (the lower figure, shaded) | 1.71× |
| Interest cover | 3.2× (the higher figure, shaded) | 2.4× |
| Net profit TTM (₹ Cr) | 29,726 | – |
| 1Y return | −4.2% (the higher figure, shaded) | −28.5% |
| Promoter holding | 51.10% | 52.11% |
NTPC vs CESC: common questions
Which is bigger, NTPC or CESC?
By market cap, NTPC is bigger at ₹3.1L Cr, against ₹16,735 Cr for CESC (prices as of 6 Nov 2026).
Which has a lower P/E ratio, NTPC or CESC?
NTPC trades at a P/E of 10.6× and CESC at 10.8×. The two are close. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, NTPC or CESC?
NTPC reports a return on equity of 14.5% and CESC 12.2%. NTPC has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, NTPC or CESC?
Over the last three years: Sales grew +1.9% a year at NTPC and +9.2% at CESC, so CESC grew sales faster; profit grew +16.9% a year at NTPC and +4.7% at CESC, so NTPC grew profit faster. Past growth doesn’t predict future growth.