NTPC (NTPC) Q2 2026 earnings summary

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.