NTPC - NTPC Limited Share Price

The management outlook for NTPC Ltd. emphasizes a favorable trajectory for the Indian power sector, driven by economic growth, industrial expansion, and urbanization. They anticipate steady electricity demand growth, with GDP projected between 6.5% to 7% in the coming years, leading to sustained power requirements.

As of H1 FY26, NTPC's capacity stands at 83,893 MW, marking a nearly 10% increase from the previous year's 76,443 MW. The company has added 4,403 MW this period, the highest in any half-year since inception, including 956 MW added in October 2025, totaling 5,359 MW capacity added to date. Future capacity targets include achieving up to 149 GW by 2032 and 244 GW by 2037, necessitating an estimated capital expenditure of Rs.7 lakh crore by 2032.

Operationally, NTPC maintained over 90% availability of coal stations with a PLF of 70.52%, compared to the national average of 64.32%. Total generation during H1 FY26 was 214 billion units, reflecting subdued demand. Financially, NTPC's standalone income for Q2 FY26 reached Rs.40,689 crore with a PAT of Rs.4,653 crore. Group PAT for H1 FY26 was Rs.11,334 crore, a 4% increase year-on-year.

Major forward-looking points include:

1. Continuation of capacity expansion with a clear plan to reach 30,000 MW of capital investment in FY26.
2. Focus on timely completion of current projects and strengthening fuel security.
3. Development of battery storage systems, with 5,000 MW planned at existing thermal locations and 2,000 MWh at solar projects.
4. Emphasis on sustainability with ambitious ESG goals and substantial projects in the nuclear and renewable sectors, including a capacity target of 60 GW in renewable energy by FY32.

Question 1: "Are you on track to meet the capacity target of 11.8 GW in FY26 or do you think there could be some miss?" Answer: Yes, we are very much on track. For FY26, our standalone target is 2019 MW and 7825 MW for JVs and subsidiaries, totaling 9844 MW. For FY27 it's 9600 MW, and for FY28 it will be 10564 MW, providing clear visibility on CODs for the next three years.

Question 2: "What is the status of Meja Phase 2 project? Is it expected to take off in near-term or is it delayed?" Answer: All clearances for Meja Phase 2 are in place; we are only awaiting UP State Government approval, expected within two months. Project work should commence from January 1.

Question 3: "How long will the EESL losses continue in your opinion, and will it stop impacting our P&L?" Answer: EESL losses will indeed continue throughout FY26. However, all promoters are taking this issue very seriously and are actively working on measures to recover receivables and explore options, including a possible stake sale in IntelliSmart.

Question 4: "Can you elaborate on the timeline of execution for battery projects, especially the 5,000 MW with thermal and 5,020 MW with solar?" Answer: We expect completion within three years from the date of award. We've already tendered 2.3 GW and plan to award an additional 2.9 GW by December, so we're on track for this financial year.

Question 5: "For the nuclear power project at Mahi Banswara, what is the configuration and how much is the total capex?" Answer: The Mahi Banswara project will have four units of 700 MW each, totaling 2800 MW with an estimated cost of about Rs.50,000 crore, around Rs.20 crore per MW. Completion is expected six years from the first concrete pour.

Question 6: "Can you share the expected capital expenditure for NTPC Green projects?" Answer: For FY26, we are targeting total capex of approximately Rs.30,000 crore, which will increase to around Rs.45,000 to Rs.46,000 crore in FY27. We are planning to spend about Rs.24,000 crore in the second half of this financial year.

Question 7: "What are the plans regarding the CERC Suo-Moto order and its impact?" Answer: The CERC Suo-Moto order ensures feasibility in scheduling for generators. This addresses prior discrepancies where we had to maintain readiness without guaranteed schedules from DISCOMs, enhancing stability in operations.

Question 8: "What are your future capacity targets for RE, particularly for FY26, 27, and 28?" Answer: For FY26, we plan to add 5365 MW of renewable capacity, with projections for 8 GW in FY27 and similar growth for FY28. Of this, 1500 MW will not be consolidated for the current financial year.

Question 9: "Will you be awarding future projects on an EPC basis or breaking packages down?" Answer: For Meja, we've already issued an LNTP on an EPC basis to BHEL, so no packaging there. The upcoming 1.6 GW will predominantly be on a packaging basis.

Question 10: "What is the adjusted consolidated PAT for Q2 FY26?" Answer: The adjusted consolidated PAT for Q2 FY26 is Rs.5,069 crore, as mentioned in my opening remarks.