NTPC (NTPC) Q3 25/26 earnings summary

Executive summary

• Group added 1,744 MW in Q3 FY 2026, with total FY 2026 capacity addition reaching 6,615 MW, the highest in a decade.

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

• Unaudited 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.

• Second interim dividend of ₹2.75 per share declared for FY 2025-26, with payment scheduled for 25 February 2026.

• No deviation or variation in the use of proceeds from listed non-convertible debentures; no outstanding defaults on loans or debt securities.

Financial highlights

• Standalone Q3 FY 2026 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 net profit: ₹5,597.05 crore; consolidated revenue: ₹45,845.68 crore.

• Group nine-month FY 2026 total income: INR 139,388 crore (flat YoY); PAT: INR 16,931 crore (up 5.45% YoY).

• Subsidiaries' profit for nine months: INR 2,441 crore (up 28% YoY); JV profit share: INR 1,670 crore.

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

Outlook and guidance

• NGEL targets 5 GW capacity addition in FY 2026, 8 GW each in FY 2027 and FY 2028.

• Over 33 GW under construction: 16.5 GW coal, 1.9 GW hydro, 15 GW renewables.

• Capacity and energy charges continue to be billed provisionally as per CERC Tariff Regulations 2024, pending final tariff orders.

• Management expects full compensation from the Government of India for discontinued hydro project costs.

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