NTPC (NTPC) Q2 2026 earnings summary

Executive summary

• Group installed and commercial capacity reached 83,893 MW as of September 30, 2025, a 10% year-over-year increase, with significant additions in both thermal and renewable segments and the fastest expansion pace to date.

• Gross generation for H1 FY26 was 214 billion units, 6 billion units lower year-over-year due to subdued demand and seasonal factors.

• Consolidated profit for H1 FY26 was ₹11,334 crore, up 4.1% year-over-year, with subsidiaries' profit up 33% year-over-year to ₹1,805 crore.

• Major strategic focus on renewables, nuclear, pumped storage, battery energy storage, and international expansion, with a revised capacity addition target of 149 GW by 2029 and 244 GW by 2037.

• 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.

Financial highlights

• Standalone Q2 FY26 total income: INR 40,689 crore (down from INR 41,245 crore YoY); H1 FY26: INR 84,022 crore (down from INR 86,298 crore YoY); consolidated Q2 revenue: ₹44,785.82 crore.

• Standalone Q2 FY26 PAT: INR 4,653 crore (flat YoY); H1 FY26 PAT: INR 9,428 crore (up from INR 9,160 crore YoY); consolidated Q2 net profit: ₹5,225 crore; H1 FY26: ₹11,334 crore.

• Adjusted standalone PAT for Q2 FY26: INR 4,518 crore (up 8% YoY); consolidated adjusted PAT for Q2 FY26: INR 5,069 crore (up 3% YoY).

• Group CapEx in H1 FY26: INR 23,115 crore (up from INR 17,474 crore YoY); NGL CapEx: INR 6,607 crore (up from INR 4,884 crore YoY).

• Book value per share increased to ₹205.75 consolidated as of September 30, 2025.

• Average cost of borrowing reduced to 6.11% in H1 FY26 from 6.63% YoY.

Outlook and guidance

• Clear visibility on capacity additions: 9,844 MW in FY26, 9,600 MW in FY27, and 10,564 MW in FY28.

• FY28 capacity split: 2,120 MW thermal, 444 MW hydro, 8,000 MW renewables.

• NGL targets 5,365 MW RE addition in FY26 and 8 GW in FY27.

• Focus on expanding nuclear capacity to contribute 30 GW by 2047, with key projects underway.

• 21,370 MW pumped storage portfolio in progress, with 500 MW commissioned in FY26 and more expected by 2032.

• 5,000 MWh battery energy storage system rollout initiated, with tenders for 2,400 MWh already published.

• CapEx guidance: INR 30,000 crore for NTPC Green in FY26, rising to INR 45,000-46,000 crore in FY27.

• Battery energy storage and hybrid projects to be completed within three years of award.