NTPC (NTPC) Q4 24/25 earnings summary

Executive summary

• Achieved significant milestones in FY25, including the listing of NTPC Green Energy Limited, major expansion in renewable energy capacity, and approval of audited standalone and consolidated financial results with unmodified audit opinions.

• Group commercial capacity reached 79,930 MW, with 3,312 MW of new renewable capacity added in FY25, and total generation grew 4% year-over-year.

• Operational excellence highlighted by a coal plant PLF of 77.44%, the highest in seven years, and record single-day output.

• Board recommended a final dividend of ₹3.35/share, totaling ₹8.35/share for FY25 including two interim dividends.

• No deviation or variation in the use of proceeds from listed non-convertible debentures; full compliance with SEBI regulations.

Financial highlights

• Standalone Q4 FY25 total income rose 4% year-over-year to INR 45,813 crore; PAT up 4% to INR 5,778 crore.

• Full-year standalone income grew 5% to INR 1,74,414 crore; PAT up 9% to INR 19,649 crore.

• Consolidated FY25 income increased 5% to INR 1,90,862 crore; group PAT up 12% to INR 23,953 crore, driven by a 35% rise in JV profits.

• Standalone revenue from operations for FY25 was ₹170,037.37 crore, up from ₹162,008.95 crore year-over-year.

• Standalone EPS (including regulatory deferral) for FY25 was ₹20.26; consolidated EPS was ₹24.16.

Outlook and guidance

• Targeting 11,806 MW capacity addition in FY26 (3,518 MW thermal, 1,000 MW hydro, 7,226 MW renewables); 9,904 MW in FY27 (1,460 MW thermal, 444 MW hydro, 8,000 MW renewables).

• Confident in achieving 6.5 GW renewable addition in FY26, with land and connectivity secured for upcoming projects.

• Capacity charges and energy charges for FY25 provisionally recognized as per new CERC Tariff Regulations 2024-2029.

• Management expects full compensation from the government for discontinued hydro project costs.

• Group CapEx guidance: INR 55,920 crore in FY26, INR 97,363 crore in FY27, and INR 112,172 crore in FY28.