NTPC has set ambitious targets for the next decade, aiming to build 244 gigawatts of operating capacity by 2037, as announced by Chairman and Managing Director Gurdeep Singh at the company's 50th Annual General Meeting. The power utility currently operates around 89 GW capacity and has raised its long-term capacity ambitions to 149 GW by 2032, including 60 GW of renewable energy. According to Singh's address to shareholders, this represents one of the most significant growth periods in NTPC's history, driven by India's expanding electricity requirements and improving living standards. The company added a record 9.6 GW of capacity during FY26, the highest annual addition in its history, with nearly 60 per cent coming from non-fossil fuel sources.
The company has outlined cumulative capital expenditure of around ₹16.86 trillion up to FY37, covering thermal, hydro and pumped storage, renewables, battery storage, mining and nuclear projects. As reported by Singh, this investment program will be one of the largest undertaken by an Indian power utility. The transformation extends beyond generation capacity, with NTPC building capabilities across the entire energy value chain to meet India's evolving power needs. The company maintains a project pipeline of nearly 35.7 GW, providing visibility for sustained growth in the coming years.
NTPC is positioning nuclear power as a key growth area, targeting 30 GW capacity by 2030 through studies and discussions at 34 sites across 13 states. The company is developing a 2.8 GW nuclear project in Rajasthan in joint venture with NPCIL and is exploring additional nuclear sites. According to Singh, studies and discussions are progressing for 34 sites across 13 states for nuclear projects, with nuclear power complementing renewable and thermal generation by providing reliable, low-carbon electricity. The company is currently progressing with the 2.8 GW Mahi Banswara nuclear project in Rajasthan while evaluating additional opportunities across multiple states.
The NTPC Group achieved its highest-ever consolidated Profit After Tax of ₹27,546 crore in FY26, representing a 15 per cent increase over the previous year, while standalone profit rose 18 per cent to ₹23,162 crore. The company's balance sheet remained strong, with an improved debt-equity ratio of 1.32 despite higher capital expenditure. Group EBITDA also increased to ₹60,564 crore, while the Group's net worth rose to around ₹2.03 trillion. As reported by Singh, the Coal Gasification-based Synthetic Natural Gas Project is progressing well with a capacity of 5.75 lakh tonnes per annum, which will be the first plant of its kind in India and directly substitute imported natural gas. NTPC generated 432 billion units of electricity during FY26, contributing about 24 per cent of India's total generation.
NTPC Green Energy has emerged as an important growth platform, with renewable generation rising to 14.6 billion units in FY26, more than double the previous year's generation. The company's captive coal production increased 6.2 per cent to 48.65 million tonnes, meeting around 18 per cent of its coal requirements. Singh highlighted that the company's coal-based stations achieved a plant load factor of 72.04 per cent. To prepare for changing power system requirements, NTPC has issued EOI for installing sub-critical units up to 250 megawatt capable of two shift operation, essential to accommodate more renewables while meeting peak load requirements. The company's power trading business, NTPC Vidyut Vyapar Nigam Limited, traded 46.52 billion units during FY26.
