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NTPC (NTPC) investor relations material
NTPC Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary30 Oct, 2025
Executive summary
Group capacity rose to 83,893 MW in H1 FY 2026, a 10% increase year-over-year, with 5,359 MW added by October, marking the fastest expansion pace to date.
Unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2025 were reviewed and approved by the Board and Audit Committee, with a limited review by statutory auditors confirming no material misstatements.
Coal-based stations maintained over 90% availability and a PLF of 70.52%, outperforming the national average.
NTPC Green Energy Limited (NGL) saw revenue and EBITDA growth above 20% year-over-year, with EBITDA margins improving to 88%.
Major strategic focus on renewables, energy storage, and international expansion, with a revised capacity addition target of 149 GW by 2029 and 244 GW by 2037.
Financial highlights
Standalone Q2 FY 2026 total income: INR 40,689 crore (down from INR 41,245 crore YoY); H1 FY 2026: INR 84,022 crore (down from INR 86,298 crore YoY).
Standalone Q2 FY26 revenue from operations: ₹39,166.59 crore (down from ₹40,337.31 crore YoY); consolidated Q2 revenue: ₹44,785.82 crore.
Standalone Q2 FY 2026 PAT: INR 4,653 crore (flat YoY); H1 FY 2026 PAT: INR 9,428 crore (up from INR 9,160 crore YoY).
Group H1 FY 2026 PAT: INR 11,334 crore (up 4% YoY); subsidiaries' profit up 33% YoY to INR 1,805 crore.
Adjusted standalone PAT for Q2 FY 2026: INR 4,518 crore (up 8% YoY); consolidated adjusted PAT for Q2 FY 2026: INR 5,069 crore (up 3% YoY).
Standalone Q2 net profit: ₹4,653.33 crore (flat YoY); consolidated Q2 net profit: ₹5,225.30 crore.
Standalone EPS (including regulatory deferral): ₹4.80 for Q2; consolidated EPS: ₹5.23 for Q2.
Group CapEx in H1 FY 2026: INR 23,115 crore (up from INR 17,474 crore YoY); NGL CapEx: INR 6,607 crore (up from INR 4,884 crore YoY).
Average cost of borrowing reduced to 6.11% in H1 FY 2026 from 6.63% YoY.
Outlook and guidance
Clear visibility on capacity additions: 9,844 MW in FY 2026, 9,600 MW in FY 2027, and 10,564 MW in FY 2028.
FY 2028 capacity split: 2,120 MW thermal, 444 MW hydro, 8,000 MW renewables.
NGL targets 5,365 MW RE addition in FY 2026 and 8 GW in FY 2027.
CapEx guidance: INR 30,000 crore for NTPC Green in FY 2026, rising to INR 45,000-46,000 crore in FY 2027.
Capacity and energy charges continue to be billed and recognized as per CERC Tariff Regulations 2024, with provisional billing pending final tariff orders.
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Q3 25/2624 Jan, 2026
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Frequently asked questions
NTPC Limited, formerly known as National Thermal Power Corporation Limited, is an Indian Public Sector Undertaking, engaged in the business of generation of electricity and allied activities. It is a company incorporated under the Companies Act 1956 and a "Government Company" within the meaning of the act. The headquarters of the company is situated at New Delhi. NTPC's core business is generation and sale of electricity to state-owned power distribution companies and State Electricity Boards in India. The company also undertakes consultancy and turnkey project contracts that involve engineering, project management, construction management and operation and management of power plants. The company has also ventured into oil & gas exploration and coal mining activities. It is the largest power company in India with an electric power generating capacity of 45,548 MW through its 18 coal based, 7 gas based, 10 solar PV and 2 hydro power generating stations.
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