NTPC (NTPC) Q3 25/26 earnings summary

Executive summary

• Group added 1,744 MW in Q3 FY26, with total FY26 capacity addition reaching 6,615 MW, the highest in a decade; installed and commercial capacity reached 85,637 MW for the group and 60,796 MW standalone as of December 31, 2025.

• Sinnar Thermal Power Plant acquisition to add 1,350 MW, with future expansion potential.

• Standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were reviewed and approved by the Board and Audit Committee on 30 January 2026.

• Power demand rose 6.3% in Dec 2025 and 5.89% in Jan 2026 year-over-year; NTPC group generation grew 8.82% in Dec 2025 and 4% in Jan 2026 year-over-year.

• NGEL added 2,108 MW renewables in FY26, with total commercial capacity at 8,010 MW as of Dec 2025.

Financial highlights

• Standalone Q3 FY26 total income: INR 41,673 crore (down from INR 42,303 crore YoY); PAT: INR 4,987 crore (up 5.85% YoY); consolidated Q3 FY26 profit: INR 5,597 crore (up from INR 5,170 crore YoY).

• Group nine-month FY26 total income: INR 139,388 crore (flat YoY); PAT: INR 16,931 crore (up 5.45% YoY).

• Dividend income for 9MFY26 increased to INR 1,915 crore from INR 1,318 crore YoY.

• NGEL nine-month revenue: INR 1,946 crore (up 23% YoY); operating EBITDA: INR 1,701 crore (up 25% YoY); EBITDA margin: 87%.

• Group CapEx for nine months: INR 33,466 crore (up from INR 30,779 crore YoY).

Outlook and guidance

• NGEL targets 5 GW capacity addition in FY26, 8 GW each in FY27 and FY28.

• Over 33 GW under construction: 16.5 GW coal, 1.9 GW hydro, 15 GW renewables; total portfolio of 118,595 MW (operation + under construction).

• Strategic initiatives in nuclear and pumped storage projects, including the Mahi Banswara Atomic Power Project and 18 GW pumped storage portfolio.

• Battery Energy Storage System (BESS) projects of 5,000 MWh allocated to optimize thermal generation.

• Focus on timely commissioning, plant efficiency, and leveraging SHANTI Act for nuclear growth.