This article first appeared on GuruFocus .
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Total Income (Q4 FY26):INR 44,030 crores, down from INR 45,830 crores in Q4 FY25.
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Total Income (FY26):INR 1,69,725 crores, a decline of 2.69% from INR 1,74,414 crores in FY25.
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Profit After Tax (Q4 FY26):INR 8,747 crores, up 51.4% from INR 5,778 crores in Q4 FY25.
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Profit After Tax (FY26):INR 23,162 crores, an increase of 18% from INR 19,649 crores in FY25.
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Adjusted PAT (FY26):INR 19,530 crores, up 8% from INR 18,016 crores in FY25.
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Dividend Income (FY26):INR 2,264 crores from subsidiaries and joint ventures, compared to INR 2,092 crores in FY25.
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Consolidated Group Total Income (FY26):INR 1,89,799 crores, slightly down from INR 1,90,862 crores in FY25.
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Consolidated Group Profit After Tax (FY26):INR 27,546 crores, up 15% from INR 23,953 crores in FY25.
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NTPC Green Energy Revenue (FY26):INR 2,858 crores, a 29% increase.
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NTPC Green Energy Operating EBITDA (FY26):INR 2,475 crores, a 29% increase.
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EBITDA Margin (NTPC Green Energy):87%.
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Final Dividend (FY26):INR 3.50 per share, with a total dividend of INR 9 per share for FY26.
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Group CapEx (FY26):INR 49,068 crores, up from INR 44,636 crores in FY25.
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Stand-alone CapEx (FY26):INR 28,462 crores, up from INR 22,965 crores in FY25.
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Installed Capacity (31 March 2026):89,108 megawatts, with 9,618 megawatts added during the year.
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Renewable Energy Capacity Added (FY26):4,738 megawatts.
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Group Generation (FY26):432.2 billion units, compared to 438.7 billion units in FY25.
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Coal Station PLF:72.04%, compared to the rest of India's average of 63.20%.
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Outstanding Receivable Days (31 March 2026):Improved to 15 days from 29 days in the previous year.
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Coal Production (FY26):47.88 million metric tonnes, an 8.5% increase from the previous year.
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Weighted Average Interest Rate on Borrowings (FY26):5.98%, down from 6.61% in FY25.
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Release Date: May 23, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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NTPC Ltd ( BOM:532555 ) achieved a significant improvement in ESG performance, with MSCI ESG rating upgraded from CCC to BB.
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The company added 9,618 megawatts of capacity during FY26, marking the highest annual capacity addition since inception.
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NTPC's profit after tax for FY26 increased by 18% to INR23,162 crores compared to the previous year.
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The company has a strong pipeline with over 34 gigawatts of capacity under construction, providing a foundation for future growth.
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NTPC achieved a growth of 13% in power trading through NVVNL, indicating strong operational performance.
Negative Points
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Total income for FY26 declined by 2.69% compared to the previous year due to lesser demand.
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NTPC's generation stood at 432.2 billion units in FY26, a decrease from 438.7 billion units in FY25.
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The company experienced a curtailment of 314 MUs during the year due to grid situations.
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Outstanding receivable days, although improved, still indicate a challenge in cash flow management.
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The company's renewable energy capacity addition fell short of initial targets, with some projects spilling over to the next fiscal year.
Q & A Highlights
Q: How do you think about capacity addition in FY27 and FY28 given the current pipeline? Can you break that capacity addition between stand-alone, subs and JV for the conventional and for the green? A: For FY27, we plan around 9,557 MW of capacity, with 1,070 MW thermal, 250 MW hydro, and 8,237 MW renewable. Of this, 176 MW will be stand-alone and 9,381 MW from JVs and subsidiaries. For FY28, the total planned capacity addition is 10,039 MW, with 1,460 MW thermal, 444 MW hydro, and 8,135 MW renewable.
Q: What is the status of the nuclear power projects, specifically Mahi Banswara, and do you expect the tender of the equipment and work to start in this fiscal? A: Mahi Banswara is a 2.8 GW project with excavation consent received. The first pour of concrete is anticipated by August 2027, and first unit synchronization is planned for November 2032. The Nuclear Island's Mega EPC NIT is expected by June 2026.
Q: What was the curtailment for NGEL in terms of units and value for FY26 and Q4 FY26? A: NGEL experienced a curtailment of 314 MUs during the year, besides a trans loss of 135 MUs. The grid curtailment had an impact of approximately INR90 crores on EBITDA.
Q: Are there coal units facing challenges of hitting technical minimum of 55% PLF during daytime when solar availability peaks? How is NTPC managing this risk? A: NTPC has been assured a technical minimum of 55% PLF. If scheduling falls below this, NTPC is not obliged to keep the unit live and will be compensated for availability under fixed charges. Co-located batteries are being implemented to mitigate excess power during peak solar hours.
Q: What is the total anticipated CapEx for pipeline projects in pump storage and what is likely to get incurred in the next 5 years? A: NTPC is working on 4,800 MW of PSPs, primarily through JV and subsidiaries. THDC and NEEPCO are working on 13,210 MW. COD has been declared for 1 GW, and another 3-5 GW is expected to be commercialized by 2032-33.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
