Any current/future new fundraising through debt or equity?

NTPC has executed a loan agreement amounting to JPY equivalent of US$100 million with CTBC Bank, Tokyo, on July 16, 2025. Average cost of borrowing during H1 FY26 was 6.11%, improved through refinancing and restructuring of loans. For FY26, NTPC plans capital expenditure of around ₹30,000 crore at NTPC Green level, financed through debt and equity. For FY27, capital expenditure is expected to increase further to around ₹45,000–₹46,000 crore at NTPC Green level. Focus on timely completion of projects with planned capital infusion. No explicit mention of fresh equity issuance; debt raising via l

Any current/future capex/capital investment/strategic investment?

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 expe

Future growth expectations in sales/revenue/volumes?

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

Future growth expectations in earnings/operating earnings/profits/EPS?

Adjusted consolidated PAT increased by 3% in Q2 FY26 and 10% in H1 FY26 compared to previous year, indicating steady profit growth. NTPC standalone adjusted PAT rose 8% in Q2 FY26 and 6% in H1 FY26 versus prior period. Capex is expected to rise, with ₹30,000 crore planned for FY26 at NTPC Green level, increasing to ₹45,000-46,000 crore in FY27, supporting capacity additions and future earnings. Capacity additions of approximately 9.8 GW in FY26, 9.6 GW in FY27, and 10.5 GW in FY28 with strong visibility on CODs enabling revenue growth. Renewable EBITDA margins improved indicating robust profit

Current/ Expected Orderbook/ Pending Orders?

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 LtdQ3 FY25Power

NTPC Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹354P/E: 15.8Market Cap: ₹3.8L CrSector: Power

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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.
→NTPC aims for 60 GW of renewable capacity by FY32 and a total capacity target of 149 GW by 2032 and 244 GW by 2037.
→Power generation may experience some moderation due to weather, but industrial and commercial demand expected to grow.

Margin guidance

Category 3

→Adjusted consolidated PAT increased by 3% in Q2 FY26 and 10% in H1 FY26 compared to previous year, indicating steady profit growth.
→NTPC standalone adjusted PAT rose 8% in Q2 FY26 and 6% in H1 FY26 versus prior period.
→Capex is expected to rise, with ₹30,000 crore planned for FY26 at NTPC Green level, increasing to ₹45,000-46,000 crore in FY27, supporting capacity additions and future earnings.
→Capacity additions of approximately 9.8 GW in FY26, 9.6 GW in FY27, and 10.5 GW in FY28 with strong visibility on CODs enabling revenue growth.
→Renewable EBITDA margins improved indicating robust profitability in green segment.
→Regulated equity grows by 10% YoY, supporting regulated earnings stability.
→No plans for tariff-based thermal bidding; focus remains on assured returns from regulated assets.
→Overall outlook positive with consistent capacity expansion, operational efficiencies, and growing contribution from renewables enhancing future earnings and EPS.

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Fundraise plans

Yes

→NTPC has executed a loan agreement amounting to JPY equivalent of US$100 million with CTBC Bank, Tokyo, on July 16, 2025.
→Average cost of borrowing during H1 FY26 was 6.11%, improved through refinancing and restructuring of loans.
→For FY26, NTPC plans capital expenditure of around ₹30,000 crore at NTPC Green level, financed through debt and equity.
→For FY27, capital expenditure is expected to increase further to around ₹45,000–₹46,000 crore at NTPC Green level.
→Focus on timely completion of projects with planned capital infusion.
→No explicit mention of fresh equity issuance; debt raising via loans and refinancing is ongoing.
→Plans for increasing regulated equity tied to capacity additions and project CODs by FY28, implying future capital raising aligned with project needs.

Order book

→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).
→ - Expected completion within three years from award.
→Nuclear project at Mahi Banswara (2,800 MW) with orders for nuclear island and turbine generator packages expected in FY26.

Capex plans

Yes

→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.
→Additional pumped storage plants of 12,670 MW allocated, with preliminary studies underway.
→Viability Gap Funding (VGF) of ₹18 lakh per MWh expected for 5000 MWh batteries at thermal plants.

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