India’s energy sector plays a crucial role in powering its economic growth, and among the prominent players in this space are NTPC (National Thermal Power Corporation) and SJVN (Satluj Jal Vidyut Nigam). Both companies are public sector enterprises, contributing significantly to power generation in the country. While NTPC dominates with its vast thermal power capacity, SJVN has carved a niche in hydropower and renewable energy. In this article, we will provide a detailed 1000-word comparison of NTPC and SJVN based on their latest financial data from the year ending March 2025.
Overview of Companies
NTPC is India’s largest energy conglomerate with operations in coal, gas, hydro, solar, and wind power generation. With decades of experience and a massive installed capacity, NTPC is seen as a reliable and stable performer in the Indian power sector.
SJVN, on the other hand, began as a hydropower company and has gradually diversified into wind, solar, and thermal energy. It operates on a relatively smaller scale but with focused growth in renewables.
Revenue and Profitability Comparison
| Particulars (INR Cr) | NTPC (FY25) | SJVN (FY25) |
|---|---|---|
| Revenue from Operations | 1,88,138.06 | 3,072.01 |
| Total Revenue | 1,90,862.45 | 3,376.50 |
| Total Expenses | 1,64,579.75 | 2,270.51 |
| Profit Before Tax | 29,984.62 | 1,093.18 |
| Profit After Tax | 21,739.44 | 812.32 |
| Basic EPS (INR) | 24.00 | 2.00 |
Balance Sheet Analysis
| Particulars (INR Cr) | NTPC (FY25) | SJVN (FY25) |
|---|---|---|
| Shareholders' Funds | 1,84,071.16 | 14,178.65 |
| Long-Term Borrowings | 2,01,053.88 | 26,220.00 |
| Total Liabilities | 5,24,164.59 | 46,063.08 |
| Total Assets | 5,24,164.59 | 46,063.08 |
| Cash & Cash Equivalents | 11,457.10 | 3,371.47 |
Cash Flow Statement
| Particulars (INR Cr) | NTPC (FY25) | SJVN (FY25) |
|---|---|---|
| Cash from Operating Activities | 50,435.95 | 2,482.95 |
| Investing Cash Flow | -45,799.73 | -6,429.63 |
| Financing Cash Flow | -4,073.00 | 3,939.00 |
| Net Change in Cash | 563.22 | -7.68 |
Dividend Payout
In FY25, NTPC did not declare a dividend, while SJVN also held back. However, in previous years, both companies have had healthy dividend payouts. NTPC has a track record of consistent dividends owing to its stable cash flows. SJVN, despite being smaller, also offers attractive dividends, which can be appealing to income-focused investors.
Year | NTPC Dividend (INR Cr) | SJVN Dividend (INR Cr) |
FY24 | 7,272.50 | 695.58 |
FY23 | 4,121.08 | 668.07 |
Debt Profile
NTPC’s total debt stands high, reflecting its aggressive expansion strategy and investments in large-scale infrastructure. However, the company’s strong revenues and cash flow mitigate the risks associated with high leverage. SJVN, although increasing its borrowings in recent years, maintains a manageable debt level.
Investment and Growth Plans
NTPC is focused on expanding its renewable energy capacity and has set a target of achieving 60 GW from renewables by 2032. The company is also exploring hydrogen and nuclear power projects, diversifying its energy mix.
👉 For detailed analysis, read our in-depth NTPC Share Price Target 2025 forecast.
SJVN is targeting 25 GW installed capacity by 2030. It has several solar, hydro, and wind projects in the pipeline across India and Nepal, indicating a steady growth trajectory in the clean energy segment.
👉 For detailed analysis, read our in-depth SJVN Share Price Target 2025 forecast.
Market Position and Future Outlook
NTPC continues to dominate with its strong operational base, government backing, and diversified energy portfolio. It is less risky and suitable for conservative investors looking for stable returns.
SJVN offers growth potential, especially in renewables, and may provide higher returns over the long term, albeit with slightly higher risk due to its size and reliance on project financing.
Conclusion: Which One Should You Choose?
If you are looking for:
- Stable returns,
- Consistent dividends, and
- Low-risk large-cap stock,
Then NTPC is a solid choice.
However, if you prefer:
- Smaller-cap company with
- Higher growth potential in renewables, and
- Possibly better capital appreciation over the long term,
Then SJVN could be worth considering.
Both companies are government-owned, operate in the same sector, and are committed to India’s clean energy goals. Your choice should depend on your investment horizon and risk tolerance.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always consult with your financial advisor before making investment decisions.