NTPC (NTPC) Q1 25/26 earnings summary

Executive summary

• Installed capacity increased by 6,598 MW year-over-year to 82,646 MW as of June 30, 2025, with significant additions in both thermal and renewable segments.

• Standalone net profit for Q1 FY26 rose to ₹4,775 crore, up from ₹4,511 crore year-over-year, while consolidated net profit reached ₹6,108 crore versus ₹5,506 crore.

• Gross and commercial generation declined by 6.7% and 7% year-over-year, reflecting lower output compared to Q1 FY25.

• Revenue from operations (standalone) was ₹42,572.62 crore, with consolidated revenue at ₹47,065.36 crore for the quarter.

• Board approved unaudited results on July 29, 2025; limited review reports issued with unmodified opinions.

Financial highlights

• Standalone adjusted profit was ₹4,414 crore, up from ₹4,195 crore year-over-year.

• Consolidated profit benefited from higher subsidiary and JV contributions, with total adjustments of ₹1,333 crore.

• Standalone profit before tax for Q1 FY26 was ₹4,336.74 crore, down from ₹6,777.01 crore year-over-year.

• Book value per share increased to ₹171.69 standalone and ₹196.09 consolidated as of June 30, 2025.

• Group capex for Q1 FY26 was ₹11,260 crore, up from ₹7,073 crore in Q1 FY25.

Outlook and guidance

• Ambitious nuclear expansion with a target of 30 GW by 2047, including JV and wholly owned subsidiary initiatives.

• Pumped storage portfolio stands at 21,240 MW, with 500 MW to be commissioned in the current fiscal and 3–5 GW expected by 2031–32.

• Capacity and energy charges for Q1 FY26 were provisionally billed as per CERC 2024 regulations, pending final tariff orders.

• Management expects full compensation from the government for discontinued hydro project costs.