NTPC (NTPC) Q2 2026 earnings summary

Executive summary

• Group installed and commercial capacity reached 83,893 MW as of September 30, 2025, a 10% YoY increase, with 5,359 MW added by October and significant growth in both thermal and renewable segments.

• Gross generation for Q2 FY26 was 83.161 BUs, down 5.99% YoY; H1 FY26 gross generation was 174.488 BUs, down 6.36% YoY.

• NTPC Green Energy Limited (NGL) saw revenue and EBITDA growth above 20% YoY, with EBITDA margins improving to 88%.

• Major growth initiatives include nuclear, pumped storage, battery energy storage, and international projects, with revised capacity targets 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).

• Standalone Q2 FY26 net profit: INR 4,653 crore (flat YoY); H1 FY26: INR 9,428 crore (up from INR 9,160 crore YoY); consolidated Q2 FY26 net profit: INR 5,225 crore; H1 FY26: INR 11,334 crore, up 4.1% YoY.

• 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).

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

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.

• Renewable capacity addition targets: 5,365 MW in FY 2026 and 8 GW in FY 2027.

• 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.

• CapEx guidance: INR 30,000 crore for NTPC Green in FY 2026, rising to INR 45,000-46,000 crore in FY 2027.