NTPC (NTPC.BO): JuneQ26 First Take - Healthy Start to FY27E

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NTPC (NTPC.BO): JuneQ26 First Take - Healthy Start to FY27E

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26 Jul 2026 17:25:48 ET │ 12 pages

NTPC (NTPC.BO)

JuneQ26 First Take - Healthy Start to FY27E

CITI'S TAKE

Buy NTPC's 1Q consol adjusted PAT at Rs66bn (BBG consensus: Rs62bn) grew

~15% YoY versus ~9.5%YoY growth in consolidated regulated equity. PAT Price (24 Jul 26 15:30) Rs347.15

growth was aided by improvement in multiple non-regulated Target price Rs485.00

subsidiary and JV earnings. Group capacity additions stood at 1.8GW Expected share price return 39.7%

during the quarter, comprising 820MW thermal, 250MW pumped storage Expected dividend yield 2.9%

and 726MW renewables. Group installed capacity reached 90.9GW, Expected total return 42.6%

growing ~10%YoY. Standalone coal PLF improved during the quarter,

Market Cap Rs3,366,198M aided by favourable power demand growth.

US$34,858M

Improvement in Coal PLFs — Standalone coal PLF improved 155bps YoY to 76.71%,

comfortably above the rest of India at 70.32%, while solar PLF increased to 31.06%

from 26.81%. However, weaker gas and hydro PLFs resulted in aggregate standalone Mohit PandeyAC

generation at only +3%YoY. Coal PAF moderated 50bp YoY to 93.48%, though it +91-22-6175-9734

remained healthy and above the FY26 average of 90.12%. Higher growth in coal PLF mohit.pandey@citi.com

v/s PAF indicates improved scheduling and utilisation of available capacity . The

increase in disincentives (Rs1.5bn v/s 120mn in 4QFY26 and 1.4bn in 1QFY26) is a Anusha Madireddy

monitorable, although the absolute earnings impact remained manageable in the +91-22-6175-9866

quarter. anusha.madireddy@citi.com

Subsidiary profits — Subsidiary profit increased 84% YoY to Rs12.0bn, adding

Rs5.5bn YoY, led by THDC on Khurja and Tehri PSP commissioning, NGEL on