- NTPC Group's total installed capacity reached 83.9GW, standalone 60.7GW
- Q2 gross power generation fell 6% year-on-year to 83BU
- NTPC added 4,403MW capacity in H1 FY26 across standalone and JVs
NTPC Group's total installed capacity now stands at 83.9GW (Standalone: 60.7GW). The company's gross power generation fell 6% YoY to 83Bus in Q2. NTPC group added a capacity of 4,403MW in H1 FY26. Of this, 1,732MW was added on a standalone basis, 1,506MW through NTPC Green Energy and its JVs and balance 1,165MW through other JVs and subsidiaries. An additional 956 MW was commissioned in Oct-25.
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Motilal Oswal Report
NTPC Ltd.'s adjusted net profit in Q2 FY26 was 4% above our estimate, mainly supported by higher-than estimated other income. Ebitda missed our estimate as weak power demand led to soft generation trends. Management highlighted its vision to take group capacity to 244GW by 2037.
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Medium-term capacity addition targets were guided at 9.8/9.6/10.5 GW in FY26/27/28.
We maintain a cautious view on execution, especially at NTPC Green Energy.
Further, we believe valuations for NTPC Green Energy (15% of our SOTP) have little room for rerating and may continue to face pressure.
We reiterate our Neutral stance on NTPC with a target price of Rs 372.
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