NTPC (NTPC) Q3 25/26 earnings summary

Executive summary

• Group added 1,744 MW in Q3 FY26, including 800 MW from Patratu Thermal, 694 MW renewables, and 250 MW from THDC pumped storage; total FY26 capacity addition reached 6,615 MW, a ten-month record.

• Installed and commercial capacity reached 85,637 MW for the group and 60,796 MW standalone as of December 31, 2025, with a year-over-year increase of 9,039 MW and 1,628 MW, respectively.

• Sinnar Thermal Power Plant acquisition adds 1,350 MW and 1,600 acres for expansion; transfer process underway.

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

• Commissioned India's first 3 MWh vanadium redox flow battery and 3.7 MW solar project in Ladakh for 24/7 carbon-free supply.

Financial highlights

• Standalone Q3 FY26 total income: INR 41,673 crore (vs INR 42,303 crore Q3 FY25); nine-month FY26: INR 112,569 crore (vs INR 128,601 crore prior year).

• Standalone Q3 FY26 PAT: INR 4,987 crore, up 5.85% YoY; consolidated Q3 FY26 PAT: INR 5,597 crore, up from INR 5,170 crore YoY.

• Standalone nine-month PAT: INR 14,415 crore, up 3.92% YoY; consolidated nine-month PAT: INR 16,931 crore, up from INR 16,056 crore YoY.

• Dividend income from subsidiaries/JVs: INR 1,915 crore (vs INR 1,318 crore YoY).

• Weighted average borrowing rate fell to 6.05% (from 6.64% YoY); group CapEx for nine months: INR 33,466 crore (vs INR 30,779 crore YoY).

Outlook and guidance

• NGEL targets 5 GW capacity addition in FY26, 8 GW each in FY27 and FY28; 74% of contracted/awarded capacity is PPA tied.

• Focus on expanding renewable and nuclear capacity, with 32,958 MW under construction and a 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.

• Committed to balancing shareholder payouts with growth investments, with highest-ever dividend paid in FY25 and interim dividends declared for FY26.