Renewable Transmission Connectivity Shortfall
Only 57% firm connectivity secured for FY27 renewable capacity (4,237 MW), with 38% dependent on T-GNA. Remaining 9% for FY28 also not tied up, risking curtailment and delayed commissioning.
NTPC / Q4-FY26 / risks
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Material risks this quarter
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Thermal Backing Down During Solar Hours
Thermal units face technical minimum constraints at 55% PLF during daytime solar peaks. Grid curtailment of 314 MUs and 135 MUs brass loss occurred in FY26, with ~₹90 crore financial impact.
NGEL Pipeline Reduction
NGEL's total project pipeline declined from 32 GW to 30 GW as management 'normalized' numbers based on JV progress assessment. Analyst raised concern about project removals without clear explanation.
Competitive Bidding Volume Uncertainty
FY26 saw lower project wins through tariff competitive bidding as NGL stayed away due to unattractive terms. Management did not commit to returning to 2-3 GW annual win rate achieved in FY24-25.