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Q4 FY26Power

NTPC Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹326
Market cap₹3.1L Cr
P/E11.3
Updated24 Sept 2026
Read4 min read

The short version

Capacity addition is planned to increase substantially with around 9,557 MW in FY27, 10,039 MW in FY28, and 11,478 MW in FY29. Adjusted PAT for FY26 grew 8% to INR19,530 crores; Group PAT increased 15% to INR27,546 crores.

From NTPC's Q4 FY26 earnings-call transcript · updated 24 Sept 2026.

Revenue & Sales Performance

  • Capacity addition is planned to increase substantially with around 9,557 MW in FY27, 10,039 MW in FY28, and 11,478 MW in FY29.
  • Renewable capacity comprises a significant portion, with 8,237 MW in FY27, 8,135 MW in FY28, and 8,408 MW in FY29, mainly through JVs and subsidiaries.
  • Thermal and hydro capacities will also grow steadily, supporting a balanced energy mix.
  • Despite capacity growth, revenue growth has been flat or low single digits due to lower plant load factors (PLF) on thermal plants because of renewable energy injection during daytime.
  • Fixed charges compensation protects bottom-line margins even with lower demand/offtake.
  • Firm power purchase agreements (PPA) coverage is strong (~72-79% for FY27-FY28), ensuring revenue visibility.

2 more points management made on revenue & sales performance

Profitability & Margins

See what NTPC said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • NTPC group has a broad capex plan of INR 6,22,000 crores till FY32, with roughly INR 3 lakh crores allocated for renewable energy, mainly via NGEL.
  • NGEL's capex: INR 35,800 crores (current year), INR 46,000 crores (FY27), INR 48,000 crores (FY28), with an 80:20 debt-equity mix.
  • NGEL plans to add 8 GW capacity in FY27 and FY28, with part through JVs (1.9 GW in FY27, 624 MW in FY28).
  • Battery storage investments: 1,320 MW under execution (320 MW standalone, 1,000 MW co-located with solar), plus 4 GW planned in locations like Khavda, Bikaner, Fatehgarh, Sitapur, Chhattisgarh.
  • Nuclear project Mahi Banswara: excavation package awarded; first concrete pour by August 2027; first unit synchronization planned November 2032.

2 more points management made on capital expenditure plans

Top-ranked in Power

Ranked on what management guided this quarter

5x potential
1Insolation Ener
Rev 1Mar 1
2ACME Solar Hold.
Rev 1Mar 3
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 2Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what NTPC said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript does not explicitly provide details on NTPC Limited's current or expected order book or pending orders. However, relevant insights include: - NGEL's consolidated green business pipeline is around 30 GW (down from 32 GW), reflecting actualized and progressing projects across JVs/subsidiaries. - COD declarations in FY26 and early FY27 total about 1 GW. - Firm capacity allocations from state governments total 13,200 MW, with an additional 3,810 MW under planning. - For FY27 and FY28, planned capacity additions are ~9,557 MW and ~10,039 MW respectively, with significant contributions from renewables via JVs and subsidiaries.

2 more points management made on order book & pipeline

NTPC — Quarterly revenue & net profit

Revenue Net profit
Dec 2024
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026

Reported quarterly figures (₹ Cr). Latest: 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

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Frequently Asked Questions

What were NTPC Q4 FY26 results?

Capacity addition is planned to increase substantially with around 9,557 MW in FY27, 10,039 MW in FY28, and 11,478 MW in FY29. Adjusted PAT for FY26 grew 8% to INR19,530 crores; Group PAT increased 15% to INR27,546 crores.

What is NTPC share price analysis?

NTPC currently shows a neutral. The stock trades at a P/E of 11.3 with a market cap of ₹313,833 Cr. Investors should review the full earnings analysis for detailed insights.

Is NTPC planning capital expenditure?

NTPC group has a broad capex plan of INR 6,22,000 crores till FY32, with roughly INR 3 lakh crores allocated for renewable energy, mainly via NGEL.

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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.