---
endpoint: analytics
pattern: Power
status: done
latency_ms: 191204
conversation_id: 3057c2b1-ce0e-43d1-b62d-874a21cd89b4
citations: 3
created: 2026-05-31 18:09:17Z
---

# Who are the key shareholders of NTPC?

# NTPC Ltd. (532555-IN) — Key Shareholders

NTPC Limited is an **Indian government enterprise**. The **President of India** is the sole promoter and largest shareholder. The remaining ~49% is held primarily by domestic mutual funds, insurance companies, foreign portfolio investors (FPIs), and retail investors.

## Category-wise Shareholding Pattern (as on 31 March 2025) [1]

| Category | Total Shares | % Holding | YoY Change (vs 31-Mar-2024) |
|---|---|---|---|
| **Promoters (President of India)** | 4,95,53,46,251 | **51.10%** | — |
| Mutual Funds | 1,70,04,07,707 | 17.54% | -0.42 |
| Foreign Portfolio Investors / FIIs | 1,72,50,15,293 | 17.79% | -0.07 |
| Insurance Companies | 68,57,74,744 | 7.07% | -0.43 |
| Other Domestic Institutions | 24,56,53,544 | 2.53% | +0.45 |
| Resident Individuals / HUF | 29,58,14,879 | 3.05% | +0.48 |
| Indian Financial Institutions / Banks | 74,80,662 | 0.08% | +0.06 |

Total paid-up equity is **9,69,66,66,134 shares (~9.70 billion)** [1]. The promoter (Government of India, through the President of India) has held a steady **51.10%** stake — unchanged YoY — confirming that NTPC remains majority state-owned with no promoter dilution despite the FY25 NTPC Green IPO at the subsidiary level.

## Top Public Shareholders by Name (as on 31 March 2025) [2]

| Rank | Shareholder | No. of Shares | % | Category |
|---|---|---|---|---|
| 1 | **President of India** | 4,95,53,46,251 | **51.10%** | Indian Promoter |
| 2 | **ICICI Prudential Equity & Debt Fund** | 40,91,65,049 | 4.22% | Mutual Fund |
| 3 | **Life Insurance Corporation of India (LIC)** | 39,39,54,270 | 4.06% | QIB Insurance Co. (IRDA-registered) |
| 4 | **CPSE Exchange Traded Scheme (CPSE ETF)** | 36,93,10,073 | 3.81% | Mutual Fund – Custodian |
| 5 | **Government of Singapore** | 23,02,75,878 | 2.37% | FPI Category I – Body Corporate |
| 6 | **SBI Nifty 50 ETF** | 21,60,74,666 | 2.23% | Mutual Fund |
| 7 | **NPS Trust – A/c HDFC Pension Fund Management** | 18,45,11,311 | 1.90% | QIB Pension Fund |
| 8 | **HDFC Trustee Company Ltd. – HDFC Balanced** | 17,43,07,563 | 1.80% | Mutual Fund [3] |

## Reading the Cap Table

- **Sovereign control**: With the **President of India holding 51.10%** [1], NTPC operates under MoP (Ministry of Power) oversight — board appointments, dividend policy, and strategic capex direction all flow from the Government of India. The promoter stake has remained static at 51.10% across both FY24 and FY25, suggesting no near-term divestment intent at the parent level.
- **Domestic institutional anchor**: Mutual Funds (17.54%) + Insurance Companies (7.07%) + Other DIIs (2.53%) together hold ~27.1% [1]. **LIC alone owns 4.06%** [2], making it the single largest insurance-company holder and the third-largest shareholder overall after the GoI and ICICI Prudential.
- **FPI weight**: Foreign Portfolio Investors hold 17.79% [1] — a meaningful float. Notably, **Government of Singapore (GIC) holds 2.37%** [2], the largest single foreign holder.
- **Passive / ETF presence**: CPSE ETF (3.81%) and SBI Nifty 50 ETF (2.23%) together provide ~6% of stable passive flow [2]; CPSE ETF is itself a vehicle through which the GoI has historically monetised stakes in PSUs.

## Active-Manager Positioning (CLSA flows analysis)

Despite the high mutual-fund weight, **active managers have been structurally underweight NTPC**: FII Over-Weight/(Under-Weight) on NTPC was **-0.38 in Mar 2025** (vs -0.42 in Mar 2017), while DMF (domestic mutual fund) OW/UW was **+0.58** in Mar 2025 — meaningfully reduced from the +1.05 reading in Sep 2024 [4]. This indicates DMFs trimmed their NTPC overweight through 2H FY25 as the stock re-rated and as benchmark inclusion of peers (notably NHPC entering passive indices during 1Q FY25) re-shaped utility-sector relative positioning [4].

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**Sources**
[1] NTPC Ltd. — Annual Report FY25 (period ended 31 March 2025), Section 3.9 "Shareholding Pattern / Distribution of Shareholding — A. Shareholding Pattern on the basis of Ownership"
[2] NTPC Ltd. — Annual Report FY25, Section 3.9 "B. Major Shareholders (as on 31 March 2025)"
[3] NTPC Ltd. — Annual Report FY25, top public shareholders detail table
[4] CLSA — *India Power Pulse (US NDR feedback)*, 29 June 2025 — Figure 11 (FII / DMF Over-Weight/Under-Weight series for NTPC, Mar 2017 – Mar 2025) — 607963001LinqAlpha.PDF

## Citations

- [1] **Ntpc Ltd. (532555-IN) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external
- [2] **Ntpc Ltd. (532555-IN) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external
- [3] **Ntpc Ltd. (532555-IN) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external

