NTPC Ltd
NTPC Q2 FY26: Revenue ₹1,292 Cr
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
India's power demand is expected to rise steadily with GDP growth projected between 6.5% to 7%, driven by manufacturing and digital infrastructure expansion. Adjusted consolidated PAT increased by 3% in Q2 FY26 and 10% in H1 FY26 compared to previous year, indicating steady profit growth.
From NTPC Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- India's power demand is expected to rise steadily with GDP growth projected between 6.5% to 7%, driven by manufacturing and digital infrastructure expansion.
- NTPC Group capacity increased nearly 10% to 83,893 MW in H1 FY26, with record capacity addition of 5,359 MW in first seven months of FY26.
- NTPC is targeting capacity additions of 9,844 MW in FY26, 9,600 MW in FY27, and 10,564 MW in FY28, with a renewable capacity of 8,000 MW in FY28.
- NGEL's revenue from operations for H1 FY26 rose 19% YoY to ₹1,292 crore, with EBITDA margin improving to 88%.
- Capital expenditure at NGEL expected to increase from ₹30,000 crore in FY26 to ₹45,000-46,000 crore in FY27, supporting capacity ramp-up.
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Profitability & Margins
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Capital Expenditure Plans
- NTPC Green Energy Limited (NGEL) incurred ₹6,607 crore capex in H1 FY26, up from ₹4,884 crore in H1 FY25.
- NTPC Green plans ₹30,000 crore capex in FY26 and ₹45,000–₹46,000 crore in FY27.
- Total estimated capex of ₹7 lakh crore is required to achieve 149 GW capacity target by 2032.
- Significant capex expected in H2 FY26 due to capacity additions planned mainly in the second half.
- Nuclear power project Mahi Banswara estimated capex: around ₹50,000 crore.
- BESS projects: 5 GW co-located with thermal plants (regulated), 5020 MW co-located with solar (non-regulated); tendering underway with awards expected in FY26.
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Top-ranked in Power
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- NTPC has an under-construction capacity of about 33 GW: 17.3 GW coal, 2.18 GW hydro, and 13.9 GW renewable energy (RE).
- COD guidance: Approximately 6 GW expected in the current year, and 8 GW each in the next two years.
- For thermal capacity ordering:
- Around 1.6 GW expected to be awarded in FY26.
- Around 2.4 GW planned for FY27.
- An additional 800 MW to 1.6 GW may be ordered beyond FY27.
- Battery Energy Storage Systems (BESS):
- 2.3 GW tendered with award expected within FY26.
- Total 5 GW BESS co-located with thermal units (regulated) and 5.02 GW with solar projects (non-regulated).
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NTPC Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹49.7K Cr, net profit ₹10.6K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What NTPC's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
Others in Power this season
- Reliance Infrastructure Ltd (Q2 FY26)
Revenue: ₹12,345 Crore . Key investor presentation takeaways from Reliance Infrastructure Ltd's Q2 FY26 investor presentation — and how it ranks against sector
- Reliance Power (Q2 FY26)
Revenue for H1 FY26: ₹8,257 crore . Key investor presentation takeaways from Reliance Power Ltd's Q2 FY26 investor presentation — and how it ranks against secto
- GMR Urban (Q2 FY26)
Consolidated Total Income: INR 19.2bn, up 28% YoY and 9% QoQ (Page 10). Key investor presentation takeaways from GMR Power & Urban Infra Ltd's Q2 FY26 investor
- Adani Energy Solutions Ltd (Q2 FY26)
Distribution business capex around INR 1,500-1,600 crores, translating to INR 250-275 crores EBITDA. Key concall takeaways from Adani Energy Solutions Ltd's Q2…
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Frequently Asked Questions
What were NTPC Ltd Q2 FY26 results?
India's power demand is expected to rise steadily with GDP growth projected between 6.5% to 7%, driven by manufacturing and digital infrastructure expansion. Adjusted consolidated PAT increased by 3% in Q2 FY26 and 10% in H1 FY26 compared to previous year, indicating steady profit growth.
What is NTPC Ltd share price analysis?
NTPC Ltd currently shows a neutral. The stock trades at a P/E of 11.9 with a market cap of ₹329,687 Cr. Investors should review the full earnings analysis for detailed insights.
Is NTPC Ltd planning capital expenditure?
NTPC Green Energy Limited (NGEL) incurred ₹6,607 crore capex in H1 FY26, up from ₹4,884 crore in H1 FY25.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.