Ntpc / Q2-FY26

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Positive2025-10-30Back to NTPC

Revenue

₹44,786 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

latest reported figure

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Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
8 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY24: 44,983 · Positive source sentiment · 2023-10-31Q2 FY24Q3 FY24: 42,820 · Positive source sentiment · 2024-01-30Q3 FY24Q4 FY24: 47,628 · Positive source sentiment · 2024-05-15Q4 FY24Q2 FY25: 44,706 · Positive source sentiment · 2024-10-30Q2 FY25Q3 FY25: 45,069 · Positive source sentiment · 2025-01-21Q3 FY25Q4 FY25: 49,834 · Positive source sentiment · 2025-05-15Q4 FY25Q2 FY26: 44,786 · Positive source sentiment · 2025-10-30Q2 FY26Q3 FY26: 45,846 · Watch source sentiment · 2026-01-30Q3 FY2649,83442,820
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

NTPC reported a steady Q2 FY26 with standalone PAT of INR 4,653 crore, nearly flat YoY. Group PAT rose 4% to INR 11,334 crore in H1. The company achieved record capacity addition of 5,359 MW in 7 months, with group capacity reaching 84,849 MW. Coal station PLF of 70.52% outperformed the national average of 64.32%. Management raised the long-term capacity target to 244 GW by 2037 and guided for INR 7 lakh crore capex by 2032. Key growth drivers include thermal expansion, renewable scale-up via NTPC Green, and entry into nuclear and green chemicals. Risks include potential delays in renewable commissioning due to monsoon and land acquisition, and continued losses at Energy Efficiency Services Limited (EESL).

Colored figures show movement against the previous available record.

Guidance to track

  • Management confirmed on track to add 9,844 MW in FY26, with 5,359 MW already added in 7 months.
  • NTPC Green plans to spend INR 30,000 crore in FY26, with INR 6,607 crore incurred in H1.
  • Revised target from 130 GW to 149 GW by 2029 and 244 GW by 2037, requiring INR 7 lakh crore capex by 2032.
  • 4x700 MW nuclear project with total capex of ~INR 50,000 crore; excavation contracts awarded, main packages expected this fiscal.

Risks flagged

  • Energy Efficiency Services Limited continues to incur losses due to delayed receivables from urban local bodies; management acknowledged seriousness but no clear timeline for resolution.
  • Q2 renewable capacity addition slipped by 300-400 MW due to rains; wind projects face right-of-way challenges for heavy vehicle movement.
  • Group generation fell by 6 billion units in H1 due to milder summer and extended monsoon, leading to lower PLF and potential fixed cost under-recovery.
  • Management indicated that battery storage co-located with solar projects may initially operate on merchant basis, with no firm tie-ups yet, creating revenue uncertainty.

Key quotes

  • We have added 4,403 MW till H1 FY 2026, by far the highest capacity added in any half year since our inception.
  • The CERC Suo Moto Order ameliorates that situation for us and we will be getting a feasible schedule so that a certain amount of technical minimum operation is assured to us.
  • We are exploring partnership with various international players in the nuclear domain to prepare ourselves for setting up of capacities in our nuclear subsidiary once we get required permission from the government.

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