Capital and risk are one of the most critical areas for top managers. It has always been an area of interest for researcher to understand the relationship between capital structure and risk. This particular paper will examine the capital structure of NTPC for a period of five years from 2017-18 to 2023-24. The research work is done to analyze the combination of debt and equity which is utilized by the company for its overall operation and growth. The objective is to analyze the earnings before interest and tax (EBIT) which shows financial position of a company. To define the process of debt and equity study of NTPC various ratios calculated from balance sheet and income statement are analyzed in the paper. NTPC and its financial position can be very well judged by its financial leverage, earning per share, operating leverage, debt-equity ratio.