State-run power giant NTPC Ltd delivered exceptional financial performance for FY2025-26, achieving a record group profit of ₹27,546 crore, representing a roughly 15% increase over the previous year's ₹23,953 crore. According to the company's investor presentation at the 22nd Annual Analysts and Institutional Investors' Meet held on July 27, 2026, consolidated EBITDA grew to ₹60,564 crore, maintaining a four-year CAGR of 8.54%. The company's group net worth stood at ₹2,03,024 crore as of March 31, 2026, while total dividend outflow reached ₹14,435 crore at a pay-out ratio of 38%, marking the highest-ever cash dividend in FY26. Trade receivables improved sharply to 15 days from 31 days in the previous year, reflecting stronger payment realization.
The state-owned utility demonstrated aggressive expansion with NTPC adding 9.6 GW of capacity in FY26, taking its total operational capacity to 90.9 GW across the group. A further 35.7 GW is under construction, positioning the company for significant growth. NTPC's renewable energy capacity reached 12 GW operationally, with a visible pipeline of approximately 30 GW and targets of 60 GW by FY32 and 136 GW by FY37. Under its Corporate Plan 2037, NTPC aims for a total portfolio of 250 GW. The company commissioned 64.76 MW of solar capacity in Khavda, Gujarat, expanding the NTPC Green Energy Group commercial capacity to 10,786.56 MW from a prior 10,721.80 MW. NTPC Green FY28E target of 8GW hinges on timely commissioning of transmission infra, while the company is planning 3.3GWh of BESS in FY27 to address curtailment issues. Group capex was ₹11,590 crore, up 3% year-on-year, with the company guiding for cumulative capex of ₹16.9 trillion over the next decade.
NTPC is significantly expanding its nuclear power capabilities as part of its diversified energy strategy. The company is targeting 30 GW of nuclear capacity by 2047 as it steps into nuclear power, with its eyes set on capacity of about 6 GW by 2037. NTPC is exploring sites across Indian states in studies to identify land for projects, marking a major push into this clean energy segment. The expansion is part of a long-term investment plan, with capital allocation gradually shifting towards renewable energy, storage systems and nuclear power from coal-fired generation. NTPC continues to expand thermal generation on the grounds that coal, renewable energy backed by storage and nuclear power are the "three legs" of India's energy security. The company's coal-fired capacity could increase to around 91 GW under current plans from 67 GW now, while renewable energy is expected to be the biggest contributor to future capacity growth.
NTPC delivered a healthy Q1FY27 performance with standalone adjusted PAT up 16% YoY, supported by improvement in coal plant PAF by 50bps to 93.4% in Q1FY27. Core profitability remained strong with implied Q1 core RoE (excluding other income) improving to 19.7% versus 16.7% YoY. The company commissioned 1.8GW in Q1FY27 and has a target of 10GW commissioning in FY27E. Coal production from captive mines reached 48.66 million tonnes in FY26, with coal plants achieving a Plant Load Factor of 76.71% in Q1 FY27, beating the Rest of India benchmark of 70.32%. Gross generation grew 2.5% year-on-year to 93.6 billion units, marking the first increase in five quarters, while revenue grew 3% year-on-year to ₹43,830 crore.
Prabhudas Lilladher has recommended buy rating on NTPC with a target price of ₹450 in its research report dated July 28, 2026. The brokerage maintains a BUY with FY28E target price of ₹450/share based on SoTP valuation, along with ~2.8% dividend yield support (DPS of ₹9.7 in FY27). The stock trades at 1.7x FY28E standalone BV and 1.5x FY28E consol BV, with standalone EPS CAGR expected at 7% over FY26-28E. NTPC has laid out capex plan for capacity upto FY37E with addition CAGR of 9% / 11% over 2026-32 / 2032-37 respectively. Coal share in 2026-32 capacity addition (of 59GW) is 17% and 2032-37 (of 100GW) is 13%, with 16GW of coal capacity in construction stage and plans for additional 7GW for FY37E capacity addition target.
The board of directors approved a significant fundraising proposal on Friday, July 24, 2026, to raise up to ₹12,000 crore through non-convertible debentures (NCDs) in the domestic market. As reported by CNBC TV18, the fundraising will be undertaken through the issue of secured or unsecured, redeemable, taxable or tax-free, cumulative or non-cumulative NCDs in one or more tranches. The company plans to raise the amount through private placement in the domestic market, with the issuance to be completed in up to 12 tranches or series. The fundraising programme will remain valid from the date shareholders approve the special resolution until the completion of one year or the date of the company's next Annual General Meeting in FY28, whichever is earlier. The stock closed at ₹350.80 on the NSE on July 27, 2026, up 1.04% for the day, giving the company a total market capitalisation of approximately ₹3,39,335 crore. The stock has seen a 17% correction in its share price since April.
