Earnings call transcript: NTPC Q4 FY2025 sees growth in profit and revenue

NTPC Limited, a prominent player in the Independent Power & Renewable Electricity Producers industry with a market capitalization of $39.2 billion, reported a 4% year-over-year increase in profit after tax (PAT) for the fourth quarter of fiscal year 2025, reaching INR 5,778 crore. The company’s total standalone income also rose by 4% to INR 45,813 crore, contributing to its impressive 6.14% revenue growth over the last twelve months. For the full fiscal year, NTPC achieved a PAT of INR 19,649 crore, marking a 9% growth, with total income rising 5% to INR 174,414 crore. The company announced a final dividend of INR 3.35 per share, contributing to a total annual dividend of INR 8.35 per share. According to InvestingPro, NTPC has maintained dividend payments for 21 consecutive years, with a current dividend yield of 2.39%. NTPC’s stock rose 0.94% following these announcements, closing at INR 341.4.

Key Takeaways

• NTPC’s Q4 FY2025 PAT increased by 4% year-over-year.
• Full-year PAT rose by 9% to INR 19,649 crore.
• The company added 3,972 megawatts of capacity in FY2025.
• Renewable energy capacity saw significant growth with 3,312 megawatts added.
• NTPC launched India’s first Green Hydrogen Hub in Andhra Pradesh.

Company Performance

NTPC demonstrated robust performance in Q4 FY2025 with a steady increase in both profit and revenue, maintaining a healthy gross profit margin of 42.39% and return on equity of 14%. The company continues to focus on expanding its renewable energy portfolio, adding 3,312 megawatts of renewable capacity in the fiscal year. InvestingPro analysis suggests the stock is currently trading near its Fair Value, with 6 additional ProTips available to subscribers. This aligns with its strategic initiatives to enhance operational efficiency and drive technological innovation. NTPC’s commitment to renewable energy is further underscored by its launch of the Green Hydrogen Mobility Project and the inauguration of India’s first Green Hydrogen Hub in Andhra Pradesh.

Financial Highlights

• Total standalone income for Q4 FY2025: INR 45,813 crore (4% increase YoY)
• Profit After Tax (PAT) for Q4 FY2025: INR 5,778 crore (4% increase YoY)
• Full Year Total Income: INR 174,414 crore (5% growth)
• Full Year PAT: INR 19,649 crore (9% growth)
• Consolidated Group Total Income: INR 190,862 crore (5% increase)
• Group PAT: INR 23,953 crore (12% growth)
• Final Dividend Recommended: INR 3.35 per share
• Total Annual Dividend: INR 8.35 per share

Outlook & Guidance

Looking ahead, NTPC has set an ambitious capacity addition target of 11,806 megawatts for FY2026, with significant contributions from thermal, hydro, and renewable sources. Analysts maintain a bullish outlook on the company, with consensus recommendations trending positive. For detailed analysis and comprehensive valuation metrics, investors can access NTPC’s full Pro Research Report, one of 1,400+ company reports available on InvestingPro. The company plans substantial capital expenditures over the next three fiscal years, aiming to support its expansion and innovation efforts. NTPC’s focus on nuclear power development is also evident, with a target of 30 gigawatts.

Executive Commentary

Jay Kumar Srinivasan, NTPC’s Director of Finance, remarked, "FY ’twenty five has truly been an eventful year for the NTPC Group," highlighting the company’s strategic focus on expanding its renewable portfolio. He added, "Our strategic focus on expanding our renewable portfolio, enhancing operational efficiency, and driving technological innovation positions us well to meet the evolving energy needs of our nation."

Risks and Challenges

• Supply Chain Disruptions: Potential disruptions could affect NTPC’s ability to meet its capacity addition targets.
• Regulatory Changes: Changes in energy policies could impact the company’s operations and profitability.
• Market Competition: Increasing competition in the renewable energy sector could pressure NTPC’s market share.
• Economic Conditions: Macroeconomic factors such as inflation and currency fluctuations may affect financial performance.

NTPC’s performance in Q4 FY2025 reflects a strong commitment to growth and innovation, particularly in renewable energy. The company’s strategic initiatives and robust financial results position it well for future expansion, despite potential challenges in the industry.

Full transcript - NTPC Ltd (NTPC) Q4 2025:

Conference Moderator, Nuvama Institutional Equities: Ladies and gentlemen, good day, and welcome to NTPC Limited Q4 FY ’twenty five Earnings Conference Call hosted by Nuvama Institutional Equities Limited. As a reminder, all participant lines will be in a listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to mister Shubtiv Mitra. Thank you, and over to you, sir.

Thank you. Good evening, friends. On behalf of Nawama Institutional Equities, welcoming you all to the fourth quarter FY twenty five results call of NPPC Limited. We have with us today, Mr. Jaykumar Srinivasan, Director of Finance, along with the senior management team of NPPC Limited.

I would now like to hand over the call to Mr. Srinivasan for his opening comments. Over to you, sir.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Thank you, and good evening, everyone. I am Jay Kumar Srinivasan, Director of Finance of NTPC and NTPC Green Energy Limited. It’s truly a privilege to welcome you all to our Q4 and financial year twenty twenty five earnings conference call. Today, have with me the management team that has been driving our performance and growth. I have with me my colleague directors on the board, Shivam Srivastava, Director Fuel Sri K.

Sanmugam Sundram, Director Project, NTPC and NGL She is Avantra Kumar, Director of Operations, NTPC. Sriyandel Kumar, Gandhi, Director of Human Resource, NTPC and few other key members of our senior management team. As you are aware, earlier today, we have released our audited financial results for the quarter end financial year ending 03/31/2025. Operational financial snapshot has already been uploaded under the Investor Update section of our website. I would like to take this opportunity to walk you through our journey this year, a journey marked by new milestones, strategic initiatives and significant achievements.

FY ’twenty five has truly been an eventful year for the NTPC Group. One of the significant milestone was the successful listing of NTPC Green Energy Limited on 11/27/2024. This milestone positions NJ as a front runner in India’s renewable energy landscape and underscores NTPC’s unwavering commitment to leading the nation’s energy transition. We are particularly proud of this achievement as it represents the culmination of our vision to create a sustainable energy future for the country. During FY ’twenty five, we have made major progress in expanding our renewable energy footprint.

By year end, NTPC Group commercial capacity has reached an impressive 79,930 megawatts with NTPC’s stand alone capacity standing strong at 59,413 megawatts. Of the 3,972 megawatt capacity added in FY ’twenty five, 3,312 megawatts comes from renewable energy sources, underscoring our commitment to transition on a diversified energy portfolio. Our operational and financial performance reflects our commitment to excellence and sustainable growth. I’m delighted to share that our generation performance has been impressive. The NTPC Group generated $439,000,000,000 units during the financial year ’twenty five, registering a growth of 4% compared to four twenty two billion units in FY ’twenty four.

On a stand alone basis, NTPC’s gross generation increased by three percent, raising $362,000,000,000 units to three seventy three billion units. Our thermal fleet continues to set industry benchmark in operational efficiency. NTPC’s coal plant received a plant load factor of 77.44% during FY ’5, thus outperforming the rest of India coal PLF of 67.23%. Seven of our stations features among the top 15 performers in the all India PLF rankings, a testament to our operational excellence. NTPC’s coal stations PLF of 77.44 is the highest in the last seven years.

NTPC’s coal plants recorded their highest ever single day output of 1,150,000,000 units on 02/19/2025. Turning to our fuel management front. We have made remarkable strides in ensuring fuel security. In FY ’twenty five, we procured a total of 253,260,000.00 metric ton of coal, marking a healthy increase of 5% from 241.21 MMT in the previous year. Of this, only 2.26 MMT was imported coal, which is lower than the 9.57 MMT of imported coal procured in the previous fiscal.

We have invested 12,380 crores in developing our coal mines on a stand alone basis, contributing to a regulated equity growth and resulting in additional revenue stream for the Company. I am further pleased to inform you that our achievement in captive coal production has been steep with a 29% year on year growth from 35.64 MMT in financial year ’twenty four to 45.82 MMT in FY ’twenty five. This has ensured long term fuel security for our operations. Now, I’ll share the financial highlights that underpin our healthy growth. On a stand alone basis, NTPC recorded a total income of INR45813 crore in Q4 FY ’twenty four, representing a 4% increase from INR44221 crores in the corresponding quarter last year.

I’m pleased to report that our profit after tax stood at INR 5,778 crores for Q4 FY ’twenty five, up by 4% from INR 5,556 crores in Q4 FY ’twenty four. For the full fiscal year, our total income grew by 5% to reach 174,414 crores compared to INR 165,707 crores in FY ’twenty four. For the full year, PAT grew by an impressive 9%, reaching INR 19,649 crores versus 18,079 crores in FY ’twenty four. On a consolidated basis, the NTPC Group’s total income for FY ’twenty five rose by 5%, amounting to INR 190,862 crores compared to INR 181,166 crores in FY ’twenty four. Our group PAT registered a robust growth of 12% to reach INR23953 crores.

This growth was significantly bolstered by a 35% raise in the share of joint venture profit, which reached INR2214 crores. Additionally, NTPC subsidiaries profit rose by six percent, reaching 4,139 crores. Dividend income also witnessed substantial growth with INR 2,092 crores accounted for in FY ’twenty five from our subsidiaries and JVs compared to INR $16.30 crores during FY ’twenty four, truly a testament to the value creation across our group entities. For FY ’twenty five, the Board of Directors have recommended a final dividend of 3.35 per share, subject to approval by the shareholders at the upcoming Annual General Meeting. As you may be aware, interim dividend totaling to 5 rupees per share have already been paid during FY 2025 in November 2024 and February 2025.

Accordingly, the total dividend for FY ’twenty five amounts to INR 8.35 per share, representing an increase from INR 7.75 per share in the previous financial year. Stand alone regulated equity for the conventional power and mining business as on thirty first March twenty twenty five is INR90902 crores, which was INR87713 crores in the previous year, registering a growth of 4%. On a consolidated basis, regulated equity as on thirty first March twenty twenty five is 108,791 crores, which is 4% over last year’s figure of INR 104,331 crores. International ventures and new business horizons are expanding NTPC’s footprint, creating additional revenue stream. In Sri Lanka, the 50 megawatt solar project at Sampur has advanced with agreement signed in April 2025, marking a major step in regional renewable energy cooperation.

Our consultancy assignments as project management consultant for 6,620 megawatt of solar projects under the International Solar Alliance enhances our international presence. As regards to power trading, our subsidiary NVVN performance has been quite excellent, achieving 41,450,000,000 units in power trading, up by 18% year on year. NTPC’s growth narrative is driven by strategic investment and capacity expansion. During FY ’twenty five, the Group CapEx rose to INR4436 crores, making a notable increase from INR35385 crores in FY ’twenty four. On a stand alone basis, CapEx recorded strong growth reaching 22,965 crores from 19,444 crores in the previous year.

Our average interest rate on borrowings during FY ’twenty five was 6.61%, slightly lower than 6.67% in FY ’twenty four. NTPC Board has granted investment approval for eight gigawatt of thermal capacity during FY ’twenty five, with an estimated cumulative cost of INR 1 lakh crores, which will lead to robust capacity expansion in the coming years. Currently, 3.7 gigawatt of capacity is under construction, comprising 16.9 gigawatt of coal, 2.2 gigawatt of hydro and 14.6 gigawatt of renewable energy projects. Beyond our thermal and renewable projects, we are also taking significant strides in energy storage to support India’s grid stability and renewable integration. I’m pleased to share that NTPC Group is working on pipeline of pump storage projects to the tune of 20 gigawatt in NTPC and its hydro subsidiaries.

We will see our first one thousand megawatt PSP commissioned through Teri PSP in FY ’twenty six with three to five gigawatt more by FY ’thirty two. PSP assets offer over forty years of operational life and attractive regulated returns. As critical infrastructure for India’s renewable transition, they add long term stability to our energy portfolio, ensuring sustainable growth, while advancing energy security and climate goals. We have completed preliminary feasibility reports for 18 projects and detailed project reports for four projects are in advanced stage, thus moving towards increased energy storage solution in our portfolio. In alignment with India’s net zero commitment by 02/1970 and the national target of 100 gigawatt nuclear capacity by 02/1947, NTPC has set an ambitious goal to develop 30 gigawatt of nuclear power.

Our approach is two pronged. First, through Ashwini, our joint venture with NPCI. In FY twenty four-twenty five, the Government of India approved Ashwini to build, own and operate nuclear power plants. We are in the process of executing Mahi Banswara Rajasthan atomic power project comprising of four units of 700 megawatt reactors. Secondly, we have incorporated NTPC Parmanu Ujja Migam Limited in January 2025 as a wholly owned subsidiary to explore advanced nuclear technologies, including pressurized water reactors, small modular reactors and fast breeding reactors.

We have identified 28 potential sites across states like UP, MP, Chhattisgarh, Gujarat and others, with MOUs already signed with the Mandeep relation Chhattisgarh government. This strategic expansion into nuclear power diversifies our energy portfolio to stable long term assets that will drive substantial growth for decades to come, while supporting India’s energy security and climate goals. Sustainability remains at the center of NDPC’s growth strategy. Our commitment to reducing environmental impact is evident in our ongoing efforts to install flue gas desulfurization system across all operational units. By the end of FY ’twenty five, we have commissioned 19,730 megawatts of LGD capacity, and work is progressing rapidly for an additional 48,710 megawatt.

Additionally, fourteen fifty four megawatt of LGD capacity is currently under award. I’m particularly proud of our achievement in biomass co firing. During FY ’twenty five, we procured seven lakh metric tons of biomass, a remarkable fourfold increase from the previous year’s 1.7 lakh metric tons. These efforts not only reduce emission but also create sustainable livelihood opportunities for farmers and help address the critical issues of double burning. Let me now highlight the performance of NTPC Green Energy Limited.

During FY ’twenty five, NGL added 2,977 megawatt of renewable energy capacity, bringing its total commercial capacity to 5,902 as on 03/31/2025, a steep increase of 2,925 megawatts a year earlier. NGL generation performance has been equally impressive, producing 828,006,000 units in FY ’twenty five, representing a growth of 20% from the 712,005,000 units generated in the previous year. Despite some weather related challenges, NGL station delivered a commendable capacity utilization factor of 24.07%. The financial metrics are equally robust. NGL’s total income for FY ’twenty five surged by 21% to INR2466 crores compared to INR2038 crores in the last year.

Total EBITDA also rose significantly by 19% in FY ’twenty five to 2,172 crores compared to $18.19 crores in the previous financial year. NGS operating EBITDA margin has improved to 90.04% in Q4 FY ’twenty five compared to INR 85.96 crores in Q4 FY ’twenty four, underscoring the robust profitability of our renewable business. Capital investment remains a strategic priority for NGL. During FY ’twenty five, we incurred a consolidated CapEx of INR 12,914 crores, substantially higher than the INR 8,996 crores during the period. NGL’s growth oriented approach has driven a 50% increase in total contracted and awarded capacity, which stand at 17,277 megawatts as at thirty first March twenty five compared to 11,577 megawatts as at thirty first March twenty twenty four.

I’m pleased to share that NGEL has secured several notable wins in the Paris based competitive bidding bids during FY ’twenty five. NTPC Renewable Energy Limited achieved significant milestone by securing 1,000 megawatts in a solar power auction held by Uttar Pradesh Power Corporation Limited at a competitive tariff of 2.56 per kilowatt hour. Other notable achievement includes securing 500 megawatt and six seventy megawatt solar capacities in SECI and NHPC auctions, respectively, both featuring integrated energy storage solutions. In total, we have secured 2,570 megawatt of TBCB bids during the financial year. To accelerate our renewable growth trajectory further, NGL has forged several strategic partnerships.

NTPC Rajasthan Green Energy Limited, a 7,426 JV with RVUML to develop renewable parks and green hydrogen projects with up to 25 gigawatt capacity. APNGL Harit Ambris Limited, a fifty-fifty joint venture with new and renewable energy department Development Corporation of Andhra Pradesh Limited to develop RE projects up to 25 gigawatt capacity, PSP up to 10 gigawatt capacity and green hydrogen projects. NTPC UP Green Energy Limited five thousand one hundred forty nine JV with UPREV, RBUNL to establish renewable project in Uttar Pradesh. Mahajenko NTPC Green Energy Private Limited fifty-fifty JV with Mahajenko to focus on renewable parts in Maharashtra. ONGC NTPC Green Private Limited fifty-fifty JV with ONGC Green Limited to explore offshore wind and other renewable energy initiatives.

It is pertinent to mention here that ONGPL has completed acquisition of 100% equity stake in INR Renewable Power Private Limited on 03/27/2025. Ayana, a leading renewable energy platform, has capacity of 4,112 megawatts, comprising of 2,123 megawatts of operational and nineteen eighty nine megawatt of under construction assets. Its portfolio is backed by high credit offtakers. NTPC Mahafrit Green Energy Limited, seven thousand four hundred and twenty six joint venture of NGL and Mahatma Kule Renewable Energy and Infrastructure Technology Limited will be engaged in business of developing, operating and maintaining renewable energy parks, including UMREPP, RD projects comprising of solar, wind, hybrid, with or without storage up to 10 gigawatt capacity in Maharashtra and any other state in India. JV agreement with CSPGCL assisted 07/1926 partnership for development of renewable energy projects up to two gigawatt capacity.

Additionally, MOU has been inked with Madhya Pradesh MPPGCL for setting up of project comprising of solar wind hybrid with or without storage up to 20 gigawatt or more in Madhya Pradesh. All these agreements with the state government’s utilities further strengthen NGL’s leadership position in India’s clean energy landscape. As regards green hydrogen initiatives, NTPC continues to lead the nation’s green hydrogen journey from launching the green hydrogen mobility project in May to inaugurating India’s First green hydrogen hub in Andhra Pradesh. Our initiatives are paving the way for cleaner and greener tomorrow. These projects complemented by MOUs for hydrogen mobility solutions in Odisha and Gujarat demonstrate our unwavering focus on innovation and sustainability.

The year has delivered prestigious accolades, affirming NTPC’s dedication to excellence and global leadership. NTPC earned a place on the Time Best Companies Asia Pacific 20 20 5 list. One of our group companies secured the first prize under Best Industry category in fifth National Water Award for Water Conservation. We have received multiple honors for CSR and digital transformation, showcasing our innovative driven growth. Furthermore, the Forward Faster Sustainable Award 2025 and NETRA’s National Intellectual Property Award 2024 inspire us to elevate our research and development and sustainability practice, strengthening our market reputation in industrial appeal.

As we move forward, we remain committed to our mission of providing reliable, affordable and sustainable power for the India’s growth. Our strategic focus on expanding our renewable portfolio, enhancing operational efficiency and driving technological innovation positions us well to meet the evolving energy needs of our nation. With that, I conclude my opening remarks. My colleagues and I would now be happier to address your questions and hear your perspectives. Thank you for your attention and continued interest in the NTTCs journey.

Over to Shubti. Thank you.

Conference Moderator, Nuvama Institutional Equities: Thank you. Thank you sir. We’ll now We’ll now begin the question and answer session. Anyone who wishes to ask a question, may press star and one on the touch tone telephone. If you wish to remove yourself from the question queue, you may press star hand two.

The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good evening, sir. Thanks for the operational transformation which you uploaded.

That’s very helpful. So my question is, first question is, you shared a detailed portfolio of RD capacity. We are looking to add around 14 gigawatt in on NGL. Is it possible to also share the PPA status for the for the for the NGL portfolio? Broad number where the PPA is there and PPA is in using?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: The

Unidentified Speaker: PPA?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Your details are there uploaded? They’re

Conference Moderator, Nuvama Institutional Equities: Details are on the on the contact center.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: What we can do is, we can separately give it give it

Conference Moderator, Nuvama Institutional Equities: to I’ll share it offline, sir. Sir.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Second question is we can

Conference Moderator, Nuvama Institutional Equities: Sure sure. My second question is, on the commissioning and commissioning by commissioning target for FY 2026 and FY ’20 ’7, if you can help on the on the conventional side and on the RE side separately.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Yeah. As far as the expected COD is concerned, first of all, let me take financial year ’26. On a stand alone thing, we expect the capacity of 2,019 megawatts. This is coming from our Bar 1 Unit three, six sixty megawatt and North Caranpura Unit three, six sixty megawatt. And renewables in the first quarter, we are expecting a megawatt addition of six ninety nine.

So in stand alone, it would be 2019. But considering the JVs and subsidiary, it will be a total of nine thousand seven hundred and eighteen eighty seven megawatts. This would comprise of Patrakul Unit One And Two, Sixteen Hundred megawatts. THDC Kurja Unit two, six sixty megawatts. THDC Hydro home storage projects 1,000 megawatts and renewables will be around 6,527 megawatts.

So all this put together would be nine thousand seven and eighty seven of JV subsidiary capacity. NTPC Group as a whole would tally to 11,806 megawatts. If I may just give the breakup of for this further breakup into thermal, thermal total will be 3,518 megawatts, hydro total will be 1,000 megawatts And renewable total would be 7,226 megawatts, chiefly coming from the NGL group, but there will be some capacities from NTPC also and some of the other subsidiaries also. So, the grand total would be 11,806 for financial year ’26. Coming to FY ’twenty seven, on a stand alone basis, it would be six sixty megawatts.

This would be coming from TTPS, Talche, six sixty megawatts. And as far as the JV and subsidy are concerned, it would be 9,244 megawatts, comprising of Patrasu Unit three, eight hundred megawatts. THGC Hydro, Vishnu Ghar Primal Court will be four forty four. And so to add the whole stand alone plus JV subsidiary, the tally would be 9,904 megawatt, of which thermal will be fourteen sixty, hydro will be four forty four and renewable total would be 8,000. So grand total will be $99,904 megawatts.

Understood,

Conference Moderator, Nuvama Institutional Equities: sir. The last question, so what explains the rise in JV income during the quarter? The number is slightly higher side. $6.30 odd crore compared to $4.30 odd crore in the last quarter. And in the prior year, it was 200 to 12 crore.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: You’re talking about the profitability?

Conference Moderator, Nuvama Institutional Equities: There is a joint venture income, sir. Joint venture line income in the on the consolidated account.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Full year, full year. You talking about the full year or q four?

Conference Moderator, Nuvama Institutional Equities: The q four q ’4 is is good enough. Q four number, q four q ’4, ’6 ’30 odd crore. Yeah.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: So $6.33 is the share of profit of JV, which will comprise of, NTCL will be 106 crores, BSPCL, BIS PCL will be 155 crores, HURL will be 150 crores, APCPL will be 107 crores, major UJA would say 140, NSPCL would be 58, and there are other miscellaneous. So that’s the total will be 636. And the difference is hundred and 11 crore. Yes. Yes, please.

Yes,

Conference Moderator, Nuvama Institutional Equities: sir. So so sir, what explains the difference between the this year and the and the and the last year? The this half over $2.01 $1.02 63, which are the major contributor.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Let’s let’s see. I mean, I just told you the breakup of Sure. Sure. ’33.

Conference Moderator, Nuvama Institutional Equities: I that’s good. You want to take it offline? I’ll take it offline. I’ll take it Yeah. Sir, I’ll take it offline, sir.

So Yeah. You for all the best. Thank you.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Okay. Thank you.

Conference Moderator, Nuvama Institutional Equities: You. The next question is from the line of Prateek from ICICI Prudential. Please go ahead. Yeah. So thank you for the opportunity.

Sir, my question is mainly related to the slippage in organic capacity in terms of thermal as well as n NGO projects. So just wanted to ask, since you mentioned to Mohit’s question, that this year, we are targeting about six and a half gigawatts of renewables. So how confident are we that last year, our organic capacity addition was 804 megawatts, and this year we are almost going to 6.5 gigawatts. So how confident are we in achieving this target?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: We are fairly confident. I mean, this our assessment is based what are all the projects under construction, both organic and inorganic. So we are pretty sure. And whatever is this slight slip up in the last year, that would add. So our if you remember, our initial assessment for the last year, last year what we had given that is five mega five gigawatt for the financial year 2526, but we are now improving it to 6.5.

Conference Moderator, Nuvama Institutional Equities: Right sir. And sir, second question is, what are the main reasons behind the capacity delays? Is it the right of way or I mean transmission evacuation? So what are the main reasons for this delay?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: This, I mean, level situations, but I would pass it on this question to the CEO of NGS for a better

CEO/Senior Management, NTPC Green Energy Limited: and Bajna. Kawra, we had planned for a capacity of twelve sixty five megawatts. But this was this got delayed primarily because of the foodie substation getting delayed a little bit, which got commissioned now lately in April. And we are going to start drilling the capacities of Khamra this year. We are planning in the Q1 itself around 600 megawatts and then progressively this entire capacity will come as as the director of finance suggested.

Another slippage was at Basla five hundred megawatt, which was because of the delay in the land transfer by government of Rajasthan. Now that is also being done and the work has started here in September 24 and will make up for this loss by

Conference Moderator, Nuvama Institutional Equities: Sure, sir. Thank you. These are my questions. Thank you. Thank you.

The next question is from the line of from SBI Mutual Fund. Please go ahead.

Unidentified Speaker: Yes, sir. Thank you for the opportunity. I just wanted to understand on the tendering, sir, on the thermal side. I think major is yet to be awarded and there is also Pobra and Tata also getting awarded. Could you talk about that?

Are there any delays that you’re seeing on the thermal ordering front or awarding front that we had plans to do another eight gig load of of our body?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Our director project will take on this question, Mr. Sanmugar Sundaram. Previous year, we have awarded eight gigawatts. And coming to this major, major, we have PPA in place. They have got the environment clearance also.

We are trying to work on improving the variable charges of Meija by coal reallocation. Meija is expected to award in the first quarter or it may by July. Coming to Ugra and Anpara, they are trying to see what is possible. So overall, Anpara is getting slightly delayed. Mehta will be avoiding by July.

Unidentified Speaker: Understood, sir. And just on the thermal part, there were articles also, you know, saying that we are looking to increase our thermal capacity, which is supposed to be twenty, sixty or under construction to possibly about thirty years. Are there any, you know, internally, are you thinking on those lines of of increasing your target as well?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: See, last year, we sold 15.2, you remember. After which, only eight has been done. This year, we are expecting four. The next financial will be expecting 4.8. Then the next financial year, 1.6 gigawatts.

This is the planning of NTPC at this Jaguar, eight hundred megawatt from NSPCL Bidai and another 800 megawatt from BRBC and Abhinagar too. So coming to this twenty seven-twenty eight, at this system, we have two units lined up. One is Talsa stage three. Another one is Baroni stage two.

Unidentified Speaker: Okay. So, I assume now is on hold, at least for now.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: At this instant, it is on hold due to this coal issue. And, of course, in human water is also an issue there. At this instant, it is cold. We will see how it moves.

Unidentified Speaker: Right. And just one one more question if I can squeeze in. Any updates on Maheepans product? I think the initial thought was was sometime in ’25, we kick start construction. How are things progressing over there?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Maheepans were up in Maheepans were up, we have

Conference Moderator, Nuvama Institutional Equities: Thank you. The next question is from the line of Sumeet Kishore from Axis Capital. Please go ahead. Good evening. Thanks for the opportunity.

NTPC is targeting a record capacity addition in FY twenty six. Of the 7,226 megawatt r e that you are targeting, could you give out or give us a sense of the phase out of how this capacity would come up in FY twenty six roughly between q one, q ’2, q ’3, q ’4 so that we are better appreciate your performance through the year? That’s my first question.

CEO/Senior Management, NTPC Green Energy Limited: We are targeting around 7.2 gigawatt as a group in this financial year. In Q1, we are targeting around 1,500 megawatts. Q2 would be around 1,800 megawatts. Q3 would be again 1,700 megawatts, and the balance would be around 2,100 in quarter four.

Conference Moderator, Nuvama Institutional Equities: Okay. Thank you so much. The second question is, you know, we really appreciate the number of JVs that you are signing in NGEL. And if I add the aspirations across the multiple states that you have JVs or the PSUs that you have JVs, it becomes even a bigger target possibly than the 16 award target that you had originally for 02/1932 for renewables. So just give us some sense that over the next two to three years, which JVs are likely to see meaningful CapEx on ground for the aspirations that have been outlined.

And if you could also outline the CapEx or or the capital that went into the Ana acquisition and what sort of, you know, valuation metrics that transaction was consummated at?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: See, as far as our capacity addition is concerned, we can give you an overall figure for the year as a whole, which, you know, we have been saying that this year it would be 7.2 and next year onwards it would be on an average eight gigabytes. But oneone on two capacity of each of these JVs, we are not in a position to give, right? This depends on how we progress on the land acquisition and our offtake agreement. So we’ll keep you updating on this as we progress on this.

Conference Moderator, Nuvama Institutional Equities: But at this stage, is my understanding, right, that, you know, bulk of the addition visibility that you have is on the basis of the projects where you which you have won in, you know, NGEL as such not the JV. And at least for the next two, two and a half years, meaningful addition in these JVs might not happen.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Yes. So what the the the JV arrangements are all basically is something which we can look at as a pipeline of prospective capacity addition. But whatever is the figure which we are giving for capacity addition over the next this year and the next two years is based on more definitive awards and arrangements we already have in place.

Conference Moderator, Nuvama Institutional Equities: Sure. And also on Ayana, if you could mention what the enterprise value of the transaction was and what is the sort of equity capital commitment that NTPC has made in the JV?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Enterprise value was 19,251 crores. The expected capital expenditure on an attributable basis was INR 3,934 crores. And so on a enterprise value on an attributable basis would be INR 23,185. So we we have a EBITDA steady state is $20,072,007 62, and that gives you roughly 8.4 x of EBITDA. Acquisition value of the acquisition value was 3,152 for for each of the partners that is NGL and ONG ONG CPEEN.

Conference Moderator, Nuvama Institutional Equities: This is very, very clear. Just my last clarification is that of your total pipeline for renewables, how much is tied up into PPA and how much is awaiting PPA. If you could just break up that number.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: We we we will give you a complete list of that as I was I had mentioned to the earlier separately.

Conference Moderator, Nuvama Institutional Equities: Thank you so much, and wish you all the very best.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Thank you.

Conference Moderator, Nuvama Institutional Equities: Thank you. The next question is from the line of Girish Achipalia from Morgan Stanley. Please go ahead. Yes, sir. Thanks for the opportunity.

So my first question is on the CapEx outlook for the stand alone, including coal mining, plus investment that you do in JV, and then the group CapEx, if you can help on that. The second question was around, you know, the adjusted PAT for quarter four for consolidated standalone. Thanks.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Well, first of all, let me take three years at a time. This is current year and next two years. On a stand alone basis, we expect capital expenditure of 26,000 in the current year, INR29209 crores during the next year and INR32452 crores in the year next, that is twenty seventwenty eight. So, the total for the three years would be 87,651. That gives an average of 29,223 over the next three years.

This is as far as the stand alone is concerned. And if you look at the group CapEx, this current year, it would be INR 55,920 crores. Next year, it would be INR97363 crores. And the year next, it will further raise to INR1.1272 crores. So that would be a whopping INR 265,455 crores giving an average of INR 88,485 crores on an average.

Hello?

Conference Moderator, Nuvama Institutional Equities: Yes, sir. And then if you can help us with the adjusted fact and the coal mining targets for next couple of years?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Well, coming to the adjusted PAT, first of all, for financial year figure, our reported PAT was 19,649 crores. So our adjusted PAT would be compared to the adjusted PAT would be 18,016 crores, which would be compared to the last year’s adjusted part of INR16405 crores, it would be addition by 10%. That is INR1611 crores is the differential, which is a 10% rate above the last year as far as the adjusted price is concerned. What was your next question about mining? Can you please repeat?

Coal

Conference Moderator, Nuvama Institutional Equities: captive coal target for next year and year after?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Captive coal targets for the next year is 45,000,000 metric tons, which would further raise to fifty fifty six and sixty for the next three years. We have an average of 7% increase year on year.

Conference Moderator, Nuvama Institutional Equities: Sir, last question on subsidiary profit. If you can help us with the breakup for year ending FY ’twenty five? Thanks.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: See, the our profit of subsidiary is 4,139 crores, and the share of profit of the JVs is INR 2,214 crores, but more detailing the subsidiary profits, it would be INR $7.31 crores from THCC, NTPC Green offering $4.75, NVVN is two zero six, NIPCO is contributing $5.85, RG PPL is $17.51 crores, BRBCL is INR $3.89 crores and some other small INR 2 crores are there. So total would be INR 4,139 crores. This is INR $2.42 crores higher than the last year’s figure of 3,897.

Conference Moderator, Nuvama Institutional Equities: Thank you sir. You’re sure on the move. Thank you. The next question is from the line of Puneet Gulati from HSBC. Please go ahead.

Unidentified Speaker: Yes. Thank you so much. Sir, if you can also

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: comment on what is the status of land and transmission connectivity for the projects that you intend to execute over next three years. This is as far as renewable is concerned or in general? Yes. Renewable. Yes.

CEO and GM will operate on this.

CEO/Senior Management, NTPC Green Energy Limited: Yes. Sir, we have we have tied up almost six gigawatt of land bank and another eight gigawatt is in the pipeline. And likewise, we have the connectivity also for the entire capacity that we have tied up and the details of it,

Conference Moderator, Nuvama Institutional Equities: we shall.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: So for FY twenty six, it is safe to assume that you have land and connectivity in place or the entire Yes.

CEO/Senior Management, NTPC Green Energy Limited: FY twenty Yes. FY twenty contracted and is awarded, and we are also having the the connectivity for these projects. So till FY twenty five, FY ’20 ’6 and ’27, we are fairly confident on it.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: But you said six gigawatts for FY twenty six, sir, is the total land connectivity. Right? Which is what your target is for FY twenty six. No.

CEO/Senior Management, NTPC Green Energy Limited: No, sir. What I told you that six gigawatt of land the projects that are in the pipeline that we are having for the for those projects, we have already put in advanced connectivity applications, so we have also been. And and if

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: you can also give a little more color on how difficult or easier the process become now in terms of availability of land and connectivity, some bit of qualitative color would be very helpful.

CEO/Senior Management, NTPC Green Energy Limited: I think, sir, your connectivity is definitely going to be a challenge in the near future. The bulk of these activities are being discussed with CTU and are going to be then available in FY twenty nine-thirty. And as the renewable is growing up, land is also becoming a problem, but we are growing at that facility with this state as well as with our capacity building on the land.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: So idea of tying up the different states on big capacity is precisely because then, I know, this land, state governments are in a better position to arrange for the land. So that brings us a lot of advantage in terms of so in all these projects, all these JVs, presently the land arrangement is in advanced stage. So that would give us a lot of comfort for taking up faster execution. Okay. And most of the projects that you will commission will be CTO based on it, right, for FY ’26 and ’27?

Yes. Most of them. Understood. That’s okay. Thank you so much.

And also, Thank

Conference Moderator, Nuvama Institutional Equities: you. The next question is from the line of Ariant from India Fund. Please go ahead. Yeah. Hi, sir.

Thanks for taking my question. First, I wanted to know what was the under recovery number for this quarter? And can you also help with the adjusted control pack for q four and for full year?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: See, the under recovery or in other words, the for, you know, would be 464 crores for the year as a whole. And for Q4, it was Recovery. Recovery. It was positive recovery of $4.04 crores. What was the next question?

Yeah. You want it for q four? Yeah. See, the adjusted profit for q four was 5,231 crores, which compares to 4,108 crores during last year.

Conference Moderator, Nuvama Institutional Equities: Okay. This is the adjusted tax rate, sir?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Adjusted tax, which is which is a twenty seven year on year growth from four one zero eight to four five two three one, of course.

Conference Moderator, Nuvama Institutional Equities: As for the Q1 Consolidated. Yeah.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Consolidated. Yeah.

Conference Moderator, Nuvama Institutional Equities: Okay. Sir, then another question was regarding the Chabra plant, the plant which we acquired. So just wanted to know the status of that acquisition being completed on that end.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: We haven’t acquired the. We are in the stage of, you know, just arriving at a solution for that. There are still some discussions underway as regards the modalities and also the coal arrangements. So we will update you at the appropriate time on this.

Unidentified Speaker: Okay. Sir, my last question would be how

Conference Moderator, Nuvama Institutional Equities: much we are planning Sir,

CEO/Senior Management, NTPC Green Energy Limited: So for America Bank, anything account was clear Sorry to interrupt again, mister Ariane. Your line is clear.

Conference Moderator, Nuvama Institutional Equities: Mister Ariane, your line is My my audio is now? No. I can’t see now.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: There are not Not at all audio.

CEO/Senior Management, NTPC Green Energy Limited: Hello? Then we’ll move on to the next question.

Conference Moderator, Nuvama Institutional Equities: You can join right the queue, mister Arians. We’ll take up as we’ll take up the next question. The next question is from the line of Atul Tiwari from JPMorgan. Ladies and gentlemen, before we take the next question, I would like to remind that participants are requested to limit your questions to one per participant. Mister, please go ahead.

CEO/Senior Management, NTPC Green Energy Limited: Yes, sir. Thanks a lot. First, for

Conference Moderator, Nuvama Institutional Equities: my work for a project, what is the status of PPA and what will be the approximate CapEx?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: The estimated cost of this Maheepanswara would be 18 crores per megawatt. And so that would be a total of INR 15,400 crores estimated. Execution time would be six years. And expected tariff they can take a bit between 7.5 to 8 point 5 rupees per KWH.

Conference Moderator, Nuvama Institutional Equities: And sir, PPA has been signed this year or will be signed by the time you awarded by November?

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: See, PPA has not been signed, but there are some consenting states which has given her in principle consent. That is Rajasthan, fourteen hundred megawatt Gujarat five hundred and ten megawatt, Kharkiv Ghat 3 Hundred megawatt and Andhra Pradesh five sixty megawatt.

CEO/Senior Management, NTPC Green Energy Limited: Okay. Thank you. Thank you.

Conference Moderator, Nuvama Institutional Equities: Ladies and gentlemen, due to time constraints, that was the last question for our day. I would now like to hand the conference over to the management for closing comments.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Well, on behalf of the NTPC management and NGL management, I would like to thank all of you for your active participation and raising your pertinent queries and questions. Thank you so much.

Conference Moderator, Nuvama Institutional Equities: Thank you. On behalf of Nirvana Institutional Equity Limited, this conference, thank you for joining us, and you may now disconnect your lines.

Jay Kumar Srinivasan, Director of Finance, NTPC Limited and NTPC Green Energy Limited: Some of the points which we mentioned, we can supplement this detail to our investor department. Thank you.

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