Analyst Concall
NTPC Green to add 5 GW in FY26, 8 GW each in FY27, FY28
This story was originally published at 20:10 IST on 30 January 2026
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--Have coal stock of 15 mln tn at power plants, sufficient for 18 days
--Incurred capex of INR 335 bln in Apr-Dec vs INR 308 bln year ago
--NTPC Green added 2.6 GW capacity in Apr-Dec, in line to add 5 GW FY26
--NTPC Green targeting 8 GW capacity addition in each of FY27, FY28
--No plan to add thermal capacity beyond 2.8 GW commissioned in FY26
--Likely to add 1,600 MW of thermal capacity in FY27
By Sunil Raghu and Astha Oriel
MUMBAI – NTPC Ltd.'s renewable energy arm NTPC Green Energy Ltd. is on track to add 5 gigawatt of power generation capacity over 2025-26 (Apr-Mar), the company management told analysts post December quarter earnings.
"We have already added 2,000-odd megawatts. And in the balance two months, our capacity additions are well on track," the company's management said. Enlisting the balance capacity additions likely to happen before Mar. 31, the company management said they would add around 1,000 MW of solar power generation capacity at Khavda in Gujarat, 200 MW more at Bhadla in Rajasthan, and 250 MW at Kalasar in Rajasthan. They are also hoping to add about 300 MW of wind power and 500-550 MW from Ayana Renewable Power Pvt. Ltd.'s portfolio that it acquired through joint venture with Oil & Natural Gas Corp. Ltd. in March.
NTPC Ltd. said that NPTC Green is targeting addition of 8 GW of new renewable power generation capacity for FY27 and FY28 each.
NTPC holds an 89% stake in NTPC Green and the rest is held by the public. The power major said that NTPC Green has incurred capital expenditure of INR 335 billion in the first nine months of FY26, compared with INR 308 billion in the year-ago period. Earlier, the company's management had said that NTPC Green will incur a capital expenditure of INR 450 billion–INR 460 billion in FY27.
NTPC said that of nearly 20 GW of renewable power generation capacity that NTPC Green is seeking to add, it already has a power purchase agreement for 35% of the capacity and has land connectivity.
For thermal power projects, the comapny said it does not plan to add any more capacity in the current financial year. The company has already commissioned 2,780 megawatts thermal power projects. The company, however, plans to commission Patratu Super Thermal Power Project Unit 2 and 3 in Apr-Jun and Oct-Dec, respectively. Both the units will have 800 megawatts capacity each. "That would add around 1,600 megawatt. Two units of 800 megawatts," the management said.
NTPC has a target of increasing its capacity to 149 GW by 2032 and 244 GW by 2037. Currently, the company has 33 GW of capacity under construction. As for coal stocks at its thermal plants, the company management said that it had 15 million tonnes of coal, which is sufficient for 18 days if its plants operate at 85% plant load factor, the company management said.
NTPC reported its earnings after the market closed. NTPC's net profit for the December quarter rose nearly 6% on year to INR 49.87 billion on revenue of INR 406.44 billion from core operations. NTPC Green posted consolidated net profit of INR 175 million on consolidated revenue of INR 6.53 billion in the December quarter. Friday, shares of NTPC Ltd. closed 1% lower at INR 356 on the National Stock Exchange and those of NTPC Green ended nearly 7% lower at INR 86.17. End
Edited by Akul Nishant Akhoury
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