**Market Brief: NTPC Q3 FY26 Results** **NTPC Limited** reported a steady performance for the quarter ended December 31, 2025, driven by improved operational efficiency and regulatory gains. The state-run power giant posted an **8.3% year-on-year growth** in consolidated net profit, reaching **₹5,597 crore**, up from ₹5,170 crore in the same period last year. **Financial Highlights** The company witnessed modest top-line growth, with consolidated revenue from operations rising **1.7%** to **₹45,846 crore**. While standalone revenue saw a slight decline of **1.7%**, consolidated earnings were supported by a **sequential drop** in expenses, which fell by **1.7%** quarter-on-quarter to **₹39,533 crore**. Operating performance remained stable, with the EBITDA margin expanding to **31.78%**. However, the results were partially aided by a **₹467 crore** positive adjustment in regulatory deferral accounts, masking some pressure on core standalone earnings. **Dividend Declaration** The Board of Directors declared a second interim dividend of **₹2.75 per share** (27.5% of face value) for FY26. Shareholders can expect the payout on **February 25, 2026**. This follows the first interim dividend paid earlier in the fiscal year, maintaining NTPC’s consistent track record of shareholder returns. **Market Reaction & Subsidiary Update** NTPC shares closed the week at **₹354.10** on the NSE, slipping **1%** post-announcement as investors digested the mixed standalone figures and the lack of forward guidance. Separately, its renewable arm, **NTPC Green Energy**, reported a sharp **74% decline** in net profit to **₹17.32 crore** for the quarter, primarily due to higher finance costs and the absence of prior one-off income, despite a **26% jump** in revenue.