NTPC Faces an Execution Test

Accelerating NTPC's capital expenditure is expected to significantly rise to fuel planned capacity additions.

- Ashish Agrawal

Thermal power giant NTPC Ltd is betting big on expanding its generation capacity—a key message from its management at the annual analysts and institutional investors meeting on Monday. The management has revised its capacity addition target to 149 GW by 2032 from 130 GW by 2030, implying a group-level investment of ₹7 trillion. NTPC's group capacity stands at 83 GW. The planned capital expenditure (capex) spans thermal, renewable energy (RE), nuclear, energy storage systems, green energy and green chemicals. The RE capacity addition will be led by its listed green subsidiary NTPC Green Energy. Out of the total, FY26-28 is expected to see a capex of ₹2.7 trillion.

NTPC is also investing in coal-based capacity, essential to maintaining supply reliability and grid stability. Of the 31 GW of capacity under construction, 16 GW is coal-based, keeping its share at a sizeable 70%, although down from 77% currently.