Timely execution of new capacities key to gains in NTPC stock

India's biggest power generation company, NTPC, is set to play a key role in energy transition by transforming into a diversified generator.

- DEVANGSHU DATTA

As announced at its annual investor meet, the state-owned firm has raised its capacity target to 149 GW by FY32 (versus 130 GW earlier), from the current operational 83 GW. It has a massive capex outlay of ₹7 trillion.

The power utility is aiming to add 26-27 GW of thermal coal capacity, and 60 GW renewable energy (RE) capacity by FY32 mainly through its listed subsidiary, NTPC Green Energy, which has contracted and awarded capacity of over 23 GW.

It is also expanding into green hydrogen, energy storage and nuclear energy (targeting 30 GW nuclear capacity by FY47). Execution will be crucial.

The current under-construction capacity stands at 31 GW. The April-June quarter (Q1) of FY26 has started with 2.7 GW of capacity addition, in comparison to 4 GW in full FY25 where it missed guidance of 6.8 GW.

NTPC is targeting 11.8 GW for FY26 and 9.9 GW for FY27. The management said it has 30.85 GW of under-construction capacity at the group level. The under-construction capacity includes 15.6 GW of coal, 2 GW of hydro and pump storage project (PSP), and 13.2 GW of RE power to take it to 113.5 GW.