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NTPC — Q3 FY26
NTPC reported a mixed quarter with standalone PAT growing 5.85% YoY to INR 4,987 crore, but total income declined slightly to INR 41,673 crore.
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NTPC reported a mixed quarter with standalone PAT growing 5.85% YoY to INR 4,987 crore, but total income declined slightly to INR 41,673 crore. Group generation for 9M FY26 was 320 BU, marginally lower YoY. Key positives include improved receivable days (26 vs 34), strong coal PLF of 70.69% vs India's 60.79%, and robust renewable capacity addition (2,108 MW in 9M). NGEL's revenue grew 23% with EBITDA margin of 87%. Management guided for 5 GW renewable addition in FY26 and 8 GW each in FY27-28, with 74% PPA tie-up. Thermal pipeline includes 6.5 GW over 3 years. Risks include curtailment losses (420 MU in NGEL), delayed thermal awards, and aggressive green ammonia bids.
एनटीपीसी की तिमाही मिली-जुली रही। कंपनी का मुनाफा (PAT) पिछले साल से 5.85% बढ़कर 4,987 करोड़ रुपये हो गया, लेकिन कुल आमदनी थोड़ी घटकर 41,673 करोड़ रुपये रही। 9 महीने में बिजली उत्पादन 320 बिलियन यूनिट रहा, जो पिछले साल से थोड़ा कम है। अच्छी बात यह है कि बकाया वसूली का समय 34 दिन से घटकर 26 दिन रह गया। कोयला आधारित बिजली संयंत्रों की क्षमता उपयोग (PLF) 70.69% रही, जो देश के औसत 60.79% से बेहतर है। नवीकरणीय ऊर्जा क्षमता में 2,108 मेगावॉट का इजाफा हुआ। एनजीईएल की आमदनी 23% बढ़ी और मुनाफा मार्जिन 87% रहा। कंपनी का लक्ष्य इस साल 5 गीगावॉट और अगले दो सालों में 8-8 गीगावॉट नवीकरणीय ऊर्जा जोड़ना है। जोखिमों में बिजली कटौती का नुकसान और कोयला परियोजनाओं में देरी शामिल है।
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Curtailment losses in renewables
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Coal PLF (9M FY26)
70.69%
+990bps vs India average
NTPC's coal plant load factor outperformed the national average of 60.79%.
Renewable capacity addition (9M FY26)
2,108 MW
+36% YoY
NGEL added 2,108 MW, taking total commercial capacity to 8,010 MW.
Curtailment loss (NGEL, 9M FY26)
420 MU
N/A
Significant generation loss due to grid curtailment, now resolved with Narela-Khetri line.
PPA tie-up ratio (FY26-28 pipeline)
74%
N/A
74% of contracted and awarded capacity has PPAs tied, improving with state dialogues.
What Changed vs Last Quarter
NEW
Thermal capacity addition: 6.5 GW over 3 years
NTPC plans to add 6.5 GW of thermal capacity over FY26-28, including 2,780 MW in FY26, 1,600 MW in FY27, and 2,120 MW in FY28.
NEW
Thermal awards target FY27: 4 GW
NTPC plans to award 4 GW of thermal projects in FY27, including Lara-II, Jhabua, BRBCL, and Bhilai.
UPDATED
Renewable capacity addition target FY26: 5 GW
NGEL targets 5 GW renewable capacity addition in FY26, with 2.5 GW expected in the next two months.
UPDATED
Renewable capacity addition target FY27: 8 GW
NGEL targets 8 GW capacity addition in FY27, with work already commenced on various plants.
DROPPED
Capex of INR 30,000 crore at NTPC Green in FY26
NTPC Green plans to spend INR 30,000 crore in FY26, with INR 6,607 crore incurred in H1.
DROPPED
Long-term capacity target of 244 GW by 2037
Revised target from 130 GW to 149 GW by 2029 and 244 GW by 2037, requiring INR 7 lakh crore capex by 2032.
DROPPED
Nuclear project Mahi Banswara to be commissioned by 2032-33
4x700 MW nuclear project with total capex of ~INR 50,000 crore; excavation contracts awarded, main packages expected this fiscal.
NEW RISK
Curtailment losses in renewables
NGEL lost 420 MU and Ayana lost 212 MU due to grid curtailment in 9M FY26, impacting generation and profitability.
NEW RISK
Delays in thermal project awards
Meja and Lara thermal awards are delayed due to approval processes and contractor extensions, pushing timelines.
NEW RISK
Aggressive green ammonia bid
The SECI green ammonia bid won by NGEL appears aggressive on pricing, though management claims healthy IRR.
NEW RISK
Fixed cost under-recovery
Fixed cost under-recovery stood at INR 454 crore as of December 2025, though efforts are being made to reduce it.
RISK GONE
EESL losses continue
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.
RISK GONE
Renewable commissioning delays due to monsoon
Q2 renewable capacity addition slipped by 300-400 MW due to rains; wind projects face right-of-way challenges for heavy vehicle movement.
RISK GONE
Subdued power demand impacting generation
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.
RISK GONE
BESS co-located with solar lacks PPA visibility
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.
🤫 Topics management stopped discussing
Mentioned in Q2 FY26, Q4 FY25
NTPC Green plans to spend INR 30,000 crore in FY26, with INR 6,607 crore incurred in H1.
Mentioned in Q2 FY25, Q4 FY25
Rising to 56 MMT and 60 MMT in subsequent years, with ~7% CAGR.
Mentioned in Q2 FY25, Q3 FY25
BHEL-related delays in commissioning of Patratu and North Karanpura units; management expressed optimism but risks remain.
Fast read
Guidance and risk preview
NGEL targets 5 GW renewable capacity addition in FY26, with 2.5 GW expected in the next two months.
NGEL lost 420 MU and Ayana lost 212 MU due to grid curtailment in 9M FY26, impacting generation and profitability.
View Risks →