Any current/future new fundraising through debt or equity?

NTPC plans to raise funds through a mix of debt and equity in a 70:30 ratio for cost-plus projects. For renewable projects, there is flexibility to go for higher leveraging (more debt) if possible. Management projects comfortable cash flows to meet 30% equity capex requirements for capacity additions. No specific new fundraising amount or timing was detailed, but capex targets include around INR22,700 crores for next year and INR26,300 crores for FY26. The approach aligns with ongoing capacity additions and expansion plans, supporting both conventional and renewable projects.

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

NTPC's standalone capex for FY25 is expected around INR 26,300 crores; for FY24, close to INR 22,700 crores. Funding mix for investments is typically debt-equity 70:30; renewables may have higher leverage. Group CAPEX incurred in 9M FY24 is ₹21,552 crore versus ₹26,058 crore last year. A significant green hydrogen MoU with Maharashtra involves investments up to INR 80,000 crores over 5 years in green hydrogen projects backed by renewables and pumped storage. Thermal capacity addition plans include awarding 16.8 GW capacity soon, in addition to 10 GW already under construction. Renewa

Future growth expectations in sales/revenue/volumes?

NTPC's total income for Q3 FY24 was ₹40,288 crore, slightly lower than ₹42,149 crore in Q3 FY23; 9M FY24 total income is ₹1,21,486 crore versus ₹1,24,685 crore in 9M FY23. NTPC Group generated 315 Billion Units in 9M FY24, a 7% increase YoY; standalone generation rose 5% to 268 Billion Units. Coal production significantly increased by 74% to 25.36 MMT in 9M FY24. Planned capacity additions include 16.8 GW of new thermal capacity by 2032, aiming for 283 GW coal capacity end FY32. Renewable energy targets include 246 GW solar, 46 GW wind, and 52 GW other non-fossil fuel additions, totaling 343 G

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

PAT for Q3 FY24 increased by 2.14% YoY to ₹4,572 crore; 9M PAT up 8.66% to ₹12,523 crore. Group PAT for 9M FY24 rose 21.16% YoY to ₹14,842 crore, driven by subsidiary and JV profits. Adjusted profit for Q3 FY24 was ₹4,468 crore, marginally higher than previous year. Capex planned at ₹22,700 crore for next year and around ₹26,300 crore for FY26, indicating growth investment. Comfortable cash flow projections anticipated to support 30% equity requirements for planned capacity additions. Renewable capacity additions target of ~15 GW by FY26, improving earnings from non-fossil fuel sources. Therma

Current/ Expected Orderbook/ Pending Orders?

For FY24, tendering plans include Singrauli 3 (1,600 MW), Sipat 3 (800 MW), and Darlipalli (800 MW) in Q1/Q2. 16.8 GW of coal-based thermal capacity is planned for award over the next 2-3 years; some PPAs already in place (Darlipalli, Singrauli) with more in advanced planning. The company has a pipeline of 11.9 GW renewable projects where bids have been won or letters of award received, with 7.8 GW already under execution. Pumped storage opportunities total approximately 14 GW at various discussion stages; an 8 GW target for pumped storage projects is being pursued. Orders for about 2.5 GW of

NTPCQ3 FY24Power

NTPC Q3 FY24 Earnings Call Analysis

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

Price: ₹315P/E: 11.4Market Cap: ₹3.2L 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

NTPC's total income for Q3 FY24 was ₹40,288 crore, slightly lower than ₹42,149 crore in Q3 FY23; 9M FY24 total income is ₹1,21,486 crore versus ₹1,24,685 crore in 9M FY23.
NTPC Group generated 315 Billion Units in 9M FY24, a 7% increase YoY; standalone generation rose 5% to 268 Billion Units.
Coal production significantly increased by 74% to 25.36 MMT in 9M FY24.
Planned capacity additions include 16.8 GW of new thermal capacity by 2032, aiming for 283 GW coal capacity end FY32.
Renewable energy targets include 246 GW solar, 46 GW wind, and 52 GW other non-fossil fuel additions, totaling 343 GW, to reach 530 GW RE capacity by 2032.
Overall capacity target by FY32 is 838 GW with 412 GW additions (conventional + renewable).
Capex planned around INR 22,700 - 26,300 crore annually, funded by 70% debt and 30% equity.
Renewable capacity growth expected with 7.8 GW under construction, targeting 15 GW operating by FY26.

Margin guidance

Category 3

PAT for Q3 FY24 increased by 2.14% YoY to ₹4,572 crore; 9M PAT up 8.66% to ₹12,523 crore.
Group PAT for 9M FY24 rose 21.16% YoY to ₹14,842 crore, driven by subsidiary and JV profits.
Adjusted profit for Q3 FY24 was ₹4,468 crore, marginally higher than previous year.
Capex planned at ₹22,700 crore for next year and around ₹26,300 crore for FY26, indicating growth investment.
Comfortable cash flow projections anticipated to support 30% equity requirements for planned capacity additions.
Renewable capacity additions target of ~15 GW by FY26, improving earnings from non-fossil fuel sources.
Thermal capacity expansion of 16.8 GW planned to meet rising electricity demand by 2032, supporting stable earnings.
Dividend income in 9M FY24 at ₹662 crore; interim dividends totaling Rs.4.50 per share declared, reflecting steady profitability.

See what NTPC management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

NTPC plans to raise funds through a mix of debt and equity in a 70:30 ratio for cost-plus projects.
For renewable projects, there is flexibility to go for higher leveraging (more debt) if possible.
Management projects comfortable cash flows to meet 30% equity capex requirements for capacity additions.
No specific new fundraising amount or timing was detailed, but capex targets include around INR22,700 crores for next year and INR26,300 crores for FY26.
The approach aligns with ongoing capacity additions and expansion plans, supporting both conventional and renewable projects.

Order book

For FY24, tendering plans include Singrauli 3 (1,600 MW), Sipat 3 (800 MW), and Darlipalli (800 MW) in Q1/Q2.
16.8 GW of coal-based thermal capacity is planned for award over the next 2-3 years; some PPAs already in place (Darlipalli, Singrauli) with more in advanced planning.
The company has a pipeline of 11.9 GW renewable projects where bids have been won or letters of award received, with 7.8 GW already under execution.
Pumped storage opportunities total approximately 14 GW at various discussion stages; an 8 GW target for pumped storage projects is being pursued.
Orders for about 2.5 GW of renewable modules have been placed, out of 7.8 GW under construction.
The company expects to add 6-7 GW of capacity yearly, with 3 GW from renewables and 4 GW conventional.

See what NTPC management said on order book — free account, 30 seconds.

Capex plans

Yes

NTPC's standalone capex for FY25 is expected around INR 26,300 crores; for FY24, close to INR 22,700 crores.
Funding mix for investments is typically debt-equity 70:30; renewables may have higher leverage.
Group CAPEX incurred in 9M FY24 is ₹21,552 crore versus ₹26,058 crore last year.
A significant green hydrogen MoU with Maharashtra involves investments up to INR 80,000 crores over 5 years in green hydrogen projects backed by renewables and pumped storage.
Thermal capacity addition plans include awarding 16.8 GW capacity soon, in addition to 10 GW already under construction.
Renewable projects: 7.8 GW under construction with PPAs; 11.9 GW in pipeline; target to commission ~15 GW renewables by FY26.
Coal mining capacity aiming for 50 million tonnes annually in next 3 years to enhance fuel security.
Focus on environmental compliance with commissioning FGD systems on entire operational and under-construction capacity in 3 years.

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NTPC Q3 FY24 Earnings Call Analysis

Revenue guidance

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Capex plans

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