NTPC Limited (NSE:NTPC) reported its highest-ever annual capacity addition during FY26, with the group adding 9,178 MW after considering decommissioning impacts. The additions included 3,690 MW thermal capacity and 5,488 MW renewable energy capacity.

Standalone installed capacity increased to 60,796 MW in FY26 from 59,413 MW in FY25. Group installed capacity rose to 89,108 MW from 79,930 MW in the previous year. Major thermal additions included Barh, North Karanpura, THDC Khurja and PVUNL projects, while renewable additions came from solar, wind and pumped storage projects.

Source: Analysis by Kalkine 

Operational Performance Shows Mixed Trends

NTPC standalone commercial generation stood at 352.529 billion units during FY26 compared with 372.800 billion units in FY25. Energy sold stood at 327.448 billion units against 347.292 billion units in the previous year.

Coal plant availability factor improved marginally to 90.12 percent in FY26 from 89.95 percent in FY25. However, coal plant load factor declined to 72.04 percent from 77.44 percent. NTPC reported that Korba, Lara, Darlipali, Rihand and Sipat ranked among the top 25 power stations nationally.

The company also increased biomass co-firing across thermal stations. Biomass consumption more than doubled to 15.19 lakh metric tonnes during FY26 compared with 7.03 lakh metric tonnes in FY25.

PAT Rises Despite Lower Revenue

NTPC standalone revenue from operations declined to INR 165,494 crores during FY26 from INR 170,037 crores in FY25. Despite the decline in revenue, profit after tax increased to INR 23,162 crores compared with INR 19,649 crores in the previous year. Adjusted PAT rose to INR 19,530 crores from INR 18,016 crores.

For Q4 FY26, standalone revenue from operations stood at INR 43,111 crores, while PAT came at INR 8,747 crores. On a consolidated basis, NTPC reported FY26 profit of INR 27,546 crores compared with INR 23,953 crores in FY25.

Renewable And Storage Expansion Remain Key Focus Areas

NTPC Group reported 34,188 MW of total capacity under construction as of March 31, 2026. This includes 16,520 MW coal projects, 2,631 MW hydro projects and 15,037 MW renewable energy projects. The company highlighted developments in nuclear, pumped storage and battery energy storage systems (BESS).

NTPC stated that 5 GWh BESS capacity has been allocated under the Viability Gap Funding scheme, with projects already awarded. The company is also progressing work on the Mahi Banswara Atomic Power Project under the ASHVINI joint venture with NPCIL.

Dividend And Capital Expenditure Updates

NTPC declared first and second interim dividends of INR 2.75 per share each for FY26. The company also recommended a final dividend of INR 3.5 per share.

Group capital expenditure increased to INR 49,068 crores during FY26 from INR 44,636 crores in FY25. Gross fixed assets on a consolidated basis rose to INR 470,618 crores as of March 31, 2026, compared with INR 404,210 crores a year earlier.

Source: Company Filing

Key Risks

• Lower plant load factors may impact power generation profitability.
• Delays in renewable project execution could affect capacity expansion targets.
• Regulatory tariff revisions may influence future earnings visibility.
• Coal supply fluctuations may impact thermal power generation operations.

Summary

NTPC (NSE:NTPC) reported record capacity additions during FY26, driven by renewable energy and thermal project commissioning. Standalone PAT increased despite lower revenue, while consolidated profit also improved year-on-year.

The company expanded investments across renewable energy, battery storage, hydro and nuclear segments. NTPC Group’s under-construction capacity reached 34,188 MW, reflecting continued expansion across multiple power generation technologies.

FAQs

Q: How much capacity did NTPC Group add during FY26?
A: NTPC Group added net capacity of 9,178 MW during FY26 across thermal and renewable energy projects.

Q: What was NTPC’s standalone PAT for FY26?
A: NTPC reported standalone profit after tax of INR 23,162 crores during FY26.

Q: How much renewable capacity is under construction at NTPC Group?
A: NTPC Group has 15,037 MW renewable energy capacity under construction as of March 31, 2026.