Thank you, [Rubba?] .

Good evening. On behalf of ICICI Securities, I welcome you all to the Q3 FY26 earnings call of NTPC Limited.

Today, we have with us Shri Jaikumar Srinivasan, Director Finance of NTPC, along with other functional directors. We'll start with the brief opening remarks, which will be followed by Q&A.

Thank you, and over to you, sir.

Thank you. Good evening, ladies and gentlemen.

I am Jaikumar Srinivasan, Director Finance of NTPC Limited and NTPC Green Energy Limited. It gives me immense pleasure to welcome you all to our earnings conference call for Q3 and nine months ended 31st December 2025.

Joining me today are my colleagues from the board and senior management: Shri Shivam Srivastava, Director Fuel; Shri K. S.

Shanmugasundaram, Director Projects; Shri Ravindra Kumar, Director Operations; and Shri Anil Kumar Jadli, Director Human Resources, along with other members. I also have with me Mr.

Sarit Maheshwari and Mr. Neeraj Sharma, who are the CEO and CFO of NGEL respectively.

We have announced our unaudited financial results for Q3 and nine months FY26 of NTPC today, and same thing we did yesterday for NGEL. We have also shared operational and financial snapshots with the stock exchange, which are available for investors' reference.

I'll take you through the major developments in NTPC, NGEL, as well as the power sector as a whole, followed by operational performance, financial highlights before we open the floor for questions. I'd like to highlight key developments.

NTPC Group added 1,744 MW in Q3 FY26, comprising of 800 MW from Patratu Thermal Power Station, 694 MW from renewables, and 250 MW from THDC pumped storage project. Further, during January 2026, 468 MW renewables has been added, taking total capacity addition in FY26 to 6,615 MW, the highest achieved in the 10 months period.

The shareholders' agreement for Sinnar Thermal Power Plant was signed on 9th January 2026 following approval of the resolution plan submitted by NTPC and MAHAGENCO by the National Company Law Tribunal, NCLT. The transfer process is expected to be completed shortly.

This would add 1,350 MW of capacity with approximately 1,600 acres of vacant land available for future expansion. With all this, we remain on track to achieve one of the highest annual capacity addition in the current fiscal, supported by strong project pipeline.

Power demand recorded an increase of 6.3% in December 25 and has continued to grow in January 2026 as well, with a growth of 5.89% recorded so far as compared to the previous year. NTPC's group generation grew by 8.82% in December 25 and by around 4% in January 26 as compared to the previous year.

During nine months FY26, NTPC Group generation stood at 320 billion units, compared to 327 billion units in nine months FY25. NTPC's standalone generation was 261 billion units, compared to 278 billion units in the corresponding period last year.

The PLF of NTPC coal stations during nine months FY26 stood at 70.69%, compared to 60.79% for the rest of India. NTPC commissioned 3 MWh vanadium redox flow battery pilot project, which is India's first MWh-scale long-duration energy storage system.

We have also commissioned 3.7 MW solar project at Chushul, which is in Ladakh, which is designed for providing 24x7 carbon-free electricity to the Indian Army. Coal stock at NTPC stations stood at 15 million tonnes, sufficient for about 18 days of generation at 85% PLF.

Captive mines recorded dispatch growth of 4.34% year-on-year. Additionally, coal dispatch started from Pakri-Barwadih North-West mine.

Similarly, mine opening clearance has also been received for Badam mine having peak rated capacity of 3 MMTPA. The cumulative capital expenditure in coal mining stood at ₹14,136 crores as on 31st December 2025, providing a long-term equity deployment under the cost-plus framework and supporting a stable return on equity.

Outstanding receivable days improved to 26 days as on 31st December 2025, compared to 34 days as of 31st December 2024. In the first nine months of FY26, our stations co-fired 9.68 lakh metric tonnes of biomass, more than double the 4.29 metric 4.29 lakh metric tonnes used in the same period last year, supporting sustainability objectives.

MSCI ESG ratings upgraded NTPC to a B rating from CCC, marking a significant improvement in its ESG assessment after nearly 10 years due to our sustained initiatives. Some of the sectoral updates.

CERC has issued draft regulation allowing the installation of battery energy storage system at thermal generation stations. This is a positive development as it enables coal-based plants to remain online and support peak demand by supplying additional power through BESS during peak hours.

The framework will help discom in managing peak requirement and provide NTPC with an opportunity to invest in energy storage under cost-plus framework. A key positive indicator is that distribution companies reported an overall profit of over ₹2,700 crores in FY25, compared to a loss of ₹25,553 crores in FY24, driven by lower AT&C losses and improved payment discipline.

This strengthens payment security and for generators and supports sustainable sector growth. The government has recently legislated Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India, SHANTI Act, nuclear acts, which positions nuclear power as a key pillar of India's long-term baseload energy strategy in support of Viksit Bharat 2047.

It addresses the power demand for manufacturing, digital infrastructure, urbanization, and transport, while reducing dependence on imported fossil fuels. The bill supports India's net zero 2070 commitment by enabling scalable clean baseload capacity and strengthening long-term energy security.

For NTPC, the SHANTI Act provides a clear pathway to scale nuclear capacity as part of our diversified generation portfolio. It enables us to leverage our project execution and financial strengths to add new nuclear capacities to our portfolio.

The bill also supports NTPC's participation in advanced nuclear technologies, strengthening long-term growth and shareholders' value. As highlighted earlier, power demand has begun to show an increasing trend, supported by improving economic indicators, which is reflected in the growth numbers.

Peak demand touched 245 GW on 9th January 2026. Non-solar peak demand has also shown an upward trend reaching 237.4 GW in FY26, compared to 234.35 GW in FY25 and 218.38 GW in FY24.

As the country's largest power generator, supported by a strong balance sheet, these developments will enable NTPC to leverage its strength effectively. The evolving landscape presents significant opportunities, and it is well-positioned to capture us the next phase of growth in India's power sector by balancing conventional and non-conventional sources to ensure reliability, affordability, and sustainability.

Coming to the key financial highlights, I'll give a comparison with the corresponding period. For NTPC on a standalone basis, total income for Q3 FY26 is ₹41,673 crores as against ₹42,303 crores in Q3 FY25.

For nine months FY26, the total income is ₹1 1,25,695 crores as compared to ₹1,28,601 crores in the corresponding previous period. NTPC's profit after tax for Q3 FY26 is ₹4,987 crores as against ₹4,711 crores in the corresponding quarters of previous year, registering a growth of 5.85%.

Total income of the group for nine months FY26 is ₹1,39,388 crores as against ₹1,39,777 crores in the corresponding previous period. Profit after tax of the group for nine months FY26 is ₹16,931 crores as against the corresponding previous period PAT of ₹16,056 crores, registering an increase of 5.45%.

During nine months FY26, our subsidiaries earned a profit of INR 2,441 crores as compared to ₹1,908 crores in the corresponding period of the previous year, registering an increase of 28%. NTPC's share of profit in JV was ₹1,670 crores in nine months FY26 as against ₹1,581 crores in nine months FY25.

During nine months FY26, we have accounted for dividend income of ₹1,901 crores from our subsidiaries and joint venture companies as against ₹1,309 crores during nine months FY25. Standalone regulated equity as on 31st December 2025 was ₹94,415 crores, while consolidated regulated equity was stood at ₹1,18,970 crores.

As regards fund mobilization, NTPC has executed unsecured term loan agreement aggregating to ₹5,000 crores, comprising of ₹3,500 crores with State Bank of India and ₹1,500 crores with Jammu & Kashmir Bank. These loans carry a door-to-door tenure of 15 years with interest rate linked to the 3-months treasury bill rate in the case of SBI and repo rate in case of J&K Bank.

The proceeds will be utilized to meet company's capital expenditure requirements for ongoing and new capacity addition programs, including inorganic growth opportunities, renewable energy initiatives, renovation and modernization works, coal mining operations, refinancing of existing loan, and other related purpose. Further, NTPC organized its 18th lenders' meet in December 2025, New Delhi.

The meet provided an overview of the company's operational and financial performance, green initiative, growth and diversification strategy, future capital expenditure plans, and funding requirements. The event witnessed participation from representatives of leading banks, financial institution, and credit rating agencies from India and overseas.

The weighted average interest rate on borrowings during the nine months FY26 stood at 6.05%, compared to 6.64% in nine months FY25, reflecting the benefits of proactive refinancing and strategic restructuring of the company's loan portfolio. As regards capex, in the nine months FY26, we have incurred a group capex of ₹33,466 crores, as compared to ₹30,779 crores in the corresponding previous period, while on a standalone basis, NTPC has incurred a capex of ₹19,439 crores in nine months FY26, as compared to ₹17,853 crores in the corresponding previous period.

The gross property, plant, and machinery as on 31st December 2025 on a group level has increased by ₹67,000 crores to ₹4,54,223 crores during last 1 year, an increase of 17.4%. Coming to NTPC Green Energy Limited, let me now highlight the performance.

During FY26, NGEL added 2,108 MW of renewable capacity, taking its total commercial capacity to 8,010 MW as on 31st December 2025, up from 5,902 MW as on 31st March 2025. On a year-on-year basis, commercial capacity increased by 4,535 MW, including 2,624 MW from the acquisition of Ayana Renewable Power Private Limited.

Generation during nine months FY26 stood at 9,959 million units, a growth of 206% over nine months FY25, primarily driven by Ayana acquisition. Despite weather-related challenges, NGEL achieved a healthy capacity utilization factor of 21.8%.

Financial performance remained strong. Consolidated revenue from operation increased by 23% to ₹1,946 crores in nine months FY26, while operating EBITDA grew by 25% to ₹1,701 crores.

EBITDA margin improved to 87%, underscoring the robust profitability of the renewable portfolio. Capital investment continues to be a key focus.

Consolidated capex during nine months FY26 stood at ₹11,653 crores, compared to ₹7,261 crores in the corresponding period last year. Total contracted and awarded capacity increased by 11.54% to 15,527 MW as on 31st December 2025.

During the period, NGEL secured its maiden battery energy storage project of 80 MW by 320 MWh in Kerala through NHPC, won a SECI bid for supply of 70,000 MW per annum of green ammonia, and Ayana secured a 140 MW round-the-clock renewable project at a tariff of ₹4.35 per kilowatt hour. In the quarter 3, NGEL successfully issued ₹1,500 crores of unsecured non-convertible debenture through private placement at a competitive interest rate of 7.

7.01%. The issue was oversubscribed by around 8 times, which shows the investors' confidence and favorable market perception.

Some of the other key points on financial results are as under. NTPC has declared a second interim dividend of ₹2.75 per equity shares for the financial year 25-26.

We will continue to balance growth along with dividend payouts. Based on the question raised by investor during earlier concalls, I would like to inform that the fixed cost under-recoveries till December 2025 is at the level of ₹454 crores, and every effort is being made to reduce this under-recoveries by the end of the year.

Our operational gains on various account for nine months FY26 is ₹832 crores, comprising of scheduled generation incentive, primary frequency response, etc. We are improving our operational and maintenance practices continuously to reduce under-recoveries and maximum gains.

Some of the other key developments I'd like to share. On the energy storage front, we are focusing on long-duration energy storage system in addition to the conventional systems.

Following the successful demonstration of a 3 MWh vanadium redox flow battery, we are planning a 100 MWh redox battery system at our Khavda solar project. We are focusing on replicating this technology at other locations as well.

In the conventional BESS, we have finalized the contract for development of a 320 MWh BESS in Kerala. In addition, as highlighted in the previous concall, we are in the final stage of evaluation of a tender for 5,000 MWh of BESS capacity at 16 NTPC power stations under Section 62, with commissioning expected within 18 months.

The third unit of Tehri pumped storage project has been commissioned, and the final unit of 250 MW is scheduled to be commissioned before the end of the current financial year. Work is also in progress on the 160 MWh CO2-based energy storage system at Kudgi.

Further, preliminary studies are underway for pumped storage project aggregating to around 13 GW allocated by state governments, which will be executed through group companies of NTPC. Further, work at Tato-II hydroelectric power project 700 MW has also started, which NEEPCO is executing.

NTPC Vidyut Vyapar Nigam has registered a growth of over 14% in power trading, up from 31.6 billion units to 36.1 billion units during the FY26 nine months period. We have received several recognitions, such as organization leading the Net Zero Building Movement in India at the India Green Building Council's IGBC Green Champions Award, SHRM HR Excellence Award in public sector category, and won the NASSCOM DSCI Award for best security practices in energy sector.

In addition, the company secured five awards across categories at CII's Digital Transformation Awards. We are pursuing growth through a balanced expansion across conventional and clean energy segments, while maintaining a strong focus on fuel security, on-time execution, and prudent capital allocation.

We have over 33 GW of capacity under construction, comprising 16.5 GW of coal-based capacity, about 1.9 GW of hydro, and around 15 GW of renewable energy, and this is providing a solid foundation for near-to-medium-term growth. To strengthen fuel assurances and value creation, we are also working on coal gasification, which has the potential to operationalize gas assets continuously.

On the nuclear front, we are progressing steadily and have made good progress in conducting site studies in several new locations. We are also in the process of tying up with international partners, subject to government approvals, including technology partners, engineering consultant, and EPC vendors.

For financial year 26, we have seen steady execution for NTPC with progress across capacity addition, fuel security, operational performance, and sustainability. Similarly, as we move into the final quarter of the fiscal year, our focus remains on the timely commissioning of projects under execution, sustaining plant efficiency and availability, and maintaining balance sheet discipline.

We intend to leverage the SHANTI Act to accelerate our nuclear capacity roadmap, building on our long-term clean and reliable baseload strategy. Parallelly, NTPC is selectively scaling its international presence through structured engagements and project opportunities aligned with the strategic relevance.

We will continue to advance renewable and energy storage in a calibrated manner to enhance system flexibility and portfolio balance. Despite relatively subdued power demand in the current year, we remain confident that demand will witness sustained incremental growth in the years ahead.

As an integral part of India's development journey, today, we are optimistic about our role in powering a developed India as well. We are committed to enhancing shareholders' wealth and continue to strive for improving performance in every facet of our business.

Thank you for joining us, and now I hand over to Mohit for the Q&A. Thank you.

Good evening, sir. My first question is could you speak about your revised targets for capacity addition in NTPC Green, both at the JV level as well as at the consolidated level, and why are the challenges seemingly delaying your original plans?

Yeah. Mr.

Sarit Maheshwari, the CEO of NGEL, will take your question.

See, as far as our capacity addition plans for this year was concerned, we had promised that we would be doing around 5,200 MW on a year-on-year basis. That is this year we had to add 5 GW of power.

We are well on track of it. We have already added 2,000-odd MW, and in the balance 2 months, our capacity additions are well on track.

We are going to add around 1,000 MW more at Khavda, 200 MW more at Bhadla, and 250 MW at Kalasar. Together around 300 MW of wind will come from our Gujarat plants, and also around 500 to 550 MW will be coming from our Ayana portfolio.

This would take to another 2,300 to 2,400 of structured capacity addition planned in the next 2 years. The capacity addition plan is very much on track, and we would be touching our 5 GW target.

If a 2,000 MW is done, 2,300 to 400 can be done in next 2 months, that will be 4,400 MW.

No, so far we have already done till the last quarter around 2,100, and around 500 by 2,600-odd MW we have already done. As I told you, for the balance one also around 2,500 MW is on target.

That will take us to 5 GW. That is what we have planned.

Okay. For the next financial year, what will NTPC Green target at the consolidated level?

Sir,

our plan as on now still for FY27 is 8 GW, and we have already commenced work on the various plants which have to give the capacities next year. Likewise for FY28 also, we are targeting 8 GW of capacity addition.

Sir, for NTPC Green again, the next question is what is your solar and wind generation which has happened in nine months FY26 at the consolidated level and the JV level, and also please share your calculated PLF. My humble request is that the key performance slides for NTPC Green should be uploaded along with the results because it is very difficult to interpret performance in the absence of these basic numbers.

See,

the key financial numbers, operational and finance numbers of the NGEL has already been uploaded. You may please re-verify, or you can get it directly from the company also.

It is not on BSE as of now.

It is in the NGEL website, you can just

check. Okay.

I was checking on BSE. Sir, the last question is what explains loss contribution for JVs in NTPC Green in Q3?

All the NGEL JVs are still in progress except for Ayana contribution, which has also been explicitly mentioned there.

The loss is attributable to Ayana.

If you see on a quarter-on-quarter basis, definitely Q2 to Q3, there is a dip in the profit, but on the 9-month consolidation basis, you can see that our both PBT has grown by 26% on a consolidated basis, and so is the PAT, which has grown up by 35%. If you just tend to analyze Q2 to Q3, there are various reasons because of which the profitability has gone down.

That primarily involves some loss of generation at Khavda, wherein we had brought in the largest capacity, and this is the initial stabilization period because of which the generation is not to the tune what should have come from there. That is very normal in any renewable company.

I can tell you that as on date, whatever capacity we have brought it at Khavda, which is around 1,500 MW, all the capacities are running at full load, there is absolutely no loss of capacity because of performance, because the stabilization period is now over for the capacities that we added there.

Just to explain the stabilization here, the peculiar thing is when the capacity addition happen on an odd date, the benefit of the revenue accrues from the odd date, whereas the depreciation right, for the capacity cost is booked for the entire quarter, depreciation particularly. In the next quarter, it gets normalized.

That is very clear. Thank you so much.

Yes, thank you so much for taking my question. My first question is that we recently got to know that the 400 MW of the 1 GW bid of UPPCL, the Jan bid, the PPA has been given out.

What is the status of the remaining 600, as well as there was another bid that NTPC won in March from UPPCL? Again, what is the progress on the PPA for that bid?

No, we have already 1,400 MW of UPPCL power. Out of that, 1 GW is already PPA-tied, the work is going on at Chitrakoot and Lalitpur on that.

The balance 400 MW, we do not have the PPA, and we haven't started the work on that as till now.

All right. Isn't the total 2 GW, 1 GW in Jan and 1 GW in March?

Chitrakoot and the other one that you mentioned, that is from the first tranche in Jan. The second one, 1 GW in March, what is the status of that?

No, ma'am. As regards NGEL, we have only with UP 1,400 MW.

We can get offline to understand which capacities you are talking.

All right. Lastly, what percentage of the 23.5 GW that is in our contracted and awarded total is PPA-tied, and what percentage is not PPA-tied?

I can give you the figures on a year-on-year basis, what is the PPA-tied capacities. In FY26, the capacities that we will now be adding is almost 82% PPA-tied.

FY27, it moves to 83. FY28 capacities as on date is 60% tied up.

If you took the subtotal of all 3-4 on a consolidated basis, we are 74% PPA-tied. I would also like to add here, in this we have not included some of the plants where the PPA dialogue is going up with government, like 600 MW-odd we are in advance stages of tie-up at Barethi from MP government.

That also we haven't considered. If we consider that as the PPA, which will definitely happen, this percentage would further go up.

Likewise, we have also some comfort letters with our group company NVVN. That is also because there is no firm PPA over there, we haven't included that.

All right. Thank you so much.

I'll get back in the queue. For

total capacity of around

Hi. Thank you.

Just first on NTPC, just wanted to check on the decision to participate in 63 Section 63 tenders. There have been about 11-12 GW of awards.

Is this a conscious decision for NTPC not to participate in Section 63, trying to understand?

NTPC has always hitherto maintained the position that it will first of all channelize all its resources and equity as far as the Section 62 is concerned. By merit order, we are all going through brownfield projects only.

After exhausting this, the next level of strategy would be thought of, but right at this moment, you are correct that we are restricting ourselves to Section 62 as far as thermal plants are concerned. That doesn't limit us from going in for acquisition of pre-existing assets.

As we have recently acquired the Sinnar Thermal Power Plant. This would be a case-to-case decision.

Definitely at this moment, we are not bidding for any greenfield projects which are coming under Section 62.

Just wanted to touch on this further. A lot of these tenders and maybe you can share a thought why are we seeing a lot of flurry of tenders for 63, and you have pipeline.

We're waiting for more visibility for pipeline beyond 28-29 commissioning, some tenders which are still not awarded, which were bidded in 2017. Why not build this pipeline beyond the brownfield that you already have?

Maybe so till you tender out and look at the remaining capacity that you have, you will not participate in 63 at all? Does it limit your optionality because all these states are tendering 63 basis?

Would that limit option once you exhaust brownfield? Just trying to understand your thought process on this.

No, no. We are not ruling anything for forever.

Right at this moment, as I said that on a purely merit order, we are right now restricting ourselves to Section 62. We'll evaluate the proposition as we go ahead.

Okay.

At the same time, allocation of resource from the NTPC holding company would be towards all the committed projects, which includes hydro projects of its subsidiaries. We have increasing commitments towards nuclear.

Keeping all this to balance everything, right now the strategy is to participate in going for Section 62. As we go ahead, we'll evaluate our strategy afresh.

Maybe, sir, any thoughts maybe from your front why a push towards 63 from states? Anything you can add, or maybe if not, I can move to the next question.

No, I'm not clear about your question.

Why is there a flurry of tenders for 63, why are states not looking at 62? Just trying to understand what is driving this activity on 63 front.

As far as our capacity addition is concerned under 62, we have a sufficient response, and we have takers from the state. We have been successfully able to tie up our projects.

Beyond this, if there are certain considerations at the state level, individual state level, I won't be able to explain to you.

Okay. Sir, secondly on NGEL, just wanted to understand so you're looking at 2.5 GW in the next 2 months, and 8 GW just next year.

Just how are you looking at right-of-way connectivity? You have a very high reasonable surety that these plants have connectivity, and that you will be able to commission 2.5 GW in the next 2 months?

Just the level of confidence you have for these 2.5 GW in the next 2 months. No.

See, as Mr. Sarit was explaining, around 20 GW that we are targeting for the next 3 years, the PPA up to 75% is in place.

On a more immediate basis, the land connectivity is in place. I think we are pretty sure that whatever is in the hand, we will be able to finish it.

We are fully geared up for that.

No, sir. Just specifically the 2.5 for the next 2 months you're talking about, and on land, connectivity, everything is secured.

In terms of connectivity, the energizing of the plant and the connectivity being available, this would be contingent on connectivity being there, right, the 2.5 GW? Just trying to understand the level of confidence you have that the connectivity will be ready and you will be able to energize these assets by the end of March 2026.

Mr. Sarit, please.

See, I'll answer this in two parts. One is the physical progress on the ground to give you some idea how we are going to add 2.5 GW in the coming 2 months.

Our bulk of the capacity in this, around 1,000-odd MW, is coming from Khavda alone. This Khavda, already 700 to 800 MW of module capacities have already been erected.

Now, when we will be adding the further capacity over there, all the connectivity-related challenges in terms of transformers and all are all already back-charged. These capacities are going to come in the coming 2 months, step by step.

We have already commissioned at Bhadla 300 MW. Every system is over there is also charged, and the balance 200 MW, we will bring there also.

This gives a very clear 1,200 MW which is very much ready and can be commissioned within the next 1 to 1.5 months only. In addition to that, we have from our Ayana platform also 500 to 550 MW, which is in advanced stage of commissioning.

We also have wind projects at three locations, which is Vanki, Jamjodhpur, and Dwarka. At Vanki and Jamjodhpur, we will be bringing in another 200-odd MW from these two locations, and from Dayapar, we are also targeting around 150.

In addition, there is one more plant, as I explained before also, Kalasar, which is 250 MW. If you sum up all these, we are on track for our capacity addition as we had promised.

On the connectivity front, as you can say that our firm capacities currently are at Khavda region is 865. From February onwards, we will get further connectivities over there, and any additional generation from there as now is going on T-GNA.

It will go on T-GNA till then.

Okay. Sir, just a clarification on Ayana 500 MW.

This is the Hindalco RE-RTC that you expect to commission by March 2026, is that right?

Sir, that includes a part of that also, but there are other projects also. One is in Rajasthan.

We can give you the break-up offline specially of the 500 MW of Ayana platform also.

Thank you, sir. Thank you.

Wish you all the best.

Hi. Am I audible?

Hello, am I audible?

Yeah.

Thanks. Thanks and congratulations on a good set of numbers.

You please be a bit louder.

Am I audible now? Is it better?

You could be little bit louder, please. Yeah.

Just switched to handset.

Yeah. Please continue.

I understood the capacity that will come online on the NGEL group side. Can you please give some color on what capacities will come online on the thermal side, the timelines basically, this year remaining 3 months, and next year and the year thereafter?

As far as thermal for the current year is concerned, see, as you know that in my opening statement we have said that how much is the actual that has been commissioned till 31st March. 2,780 MW is already commissioned.

I think thermal, we will end up at this thing. No further thermal capacity is expected during the current year.

However, the next year, we are expecting Patratu Unit 2 and 3 to be commissioned in Q1 and Q3 respectively. That would add around 1,600 1,600 MW, two units of 800.

I see this capacity coming online is 16,520 MW, do you have any broad timelines for that or provide that? Over the

next over the next as as see Over the 3-year period, 6,500 would be added. 2,780 during the current year.

Next year, it is two unit of 800, 1,600. The year next, it would be 2,120 MW.

This is coming from TTPS unit TPS Stage-III unit unit 1 and Talcher and Lara Lara unit 1 Stage-II. This is 800 MW.

That adds to 21 2,120 MW. All this put together, 6.5 GW over the next 3 years, including the current year.

All right. Thank you so much.

Thank you. My question got answered earlier.

Thank you.

Yeah. Hi, sir.

Sir, my first question is what is the impact of curtailment on our generation? Is it possible to quantify it in any way?

You're talking about thermal or on RE side?

Yes, sir. Renewable.

For Rajasthan, Gujarat.

Hello? On the renewable, okay.

You are right. We had significant curtailments Yes, I can give you the figures.

We had a total for the 9 months that have gone by, we lost around 420 million units on account of curtailment in NGEL alone. In NREL also, we had lost around 212 MW 212 million units of generation.

I think this answers you that curtailment has been a significant issue in the past that we had faced. I'm happy to inform you that as regards NGEL, now the curtailment will be zero because the line through which the curtailment was happening was Narela-Khetri line, that is commissioned, and hence forth there will be no curtailment loss on to NGEL on account of this.

There will be minor curtailment losses in NREL from Khavda because our complete GNA is 865, which is going to be firmed up in sequence next year onwards. By October, we will be having the complete capacities over there also.

With respect to NGEL group, the curtailment will not have that kind of an effect that's happening elsewhere in Gujarat and Rajasthan. Sir.

[foreign language]

Okay. Thank you, sir.

Sir, my second question is on the thermal awards that we are looking at for next year, FY27.

Next year, we are looking at an award of 4 GW, that will be Lara-II, 1,600 MW, Jhabua, BRBCL, Bhilai, 800 MW each. The next financial year, we are planning Talcher thermal stage extension of another 800 MW adjacent to that.

We have a various other options also, depending on the condition and requirement we may add further.

Sir. Thank you.

Hi, thank you for taking my question. My first question is on the green ammonia project that we won.

Outside in, the bids look aggressive. Wanted to check do they fall within our return thresholds, or are there any plans to reconsider that project?

Will you please repeat the question?

The question is on the green ammonia project that we won. Hello.

Can you hear me now? Yeah.

Yeah.

I'm saying the green ammonia project that we won, could you please clarify outside in, the bids look aggressive to us. Wanted to check does the project meet our return thresholds of 11-12% or higher equity IRR, or are there any plans to reconsider that green ammonia project?

I'll take this query. In fact, if you see the IRR calculations for this, number that has to come is from RE-RTC on that.

The RE-RTC prices are quite competitive these days, and we would be maintaining the healthy IRR as we do for other projects in this project also.

Got it. My second and last question is on the nuclear side.

The future projects planned on nuclear, the technology partnerships you're looking for are abroad? No plans to do it on domestic tie-ups?

As we know, currently we are working along with NPCIL in our Mahi Banswara project. That is predominantly on PHWR technology.

As far as the balance technologies are concerned, we already come out with an EoI, and we have shortlisted EDF, France for EPR, and as well as Rosatom for this VVER. With these two, we are planning to have MoU.

Then we will take it forward in working in this technology, PWR technology predominantly. That in the meantime, we have started studies in various states.

One of the site in Andhra Pradesh in advanced condition. Another one, MP is in progress.

Once you select a site, then we will go on the right forward this through global tendering for this VVER technology.

Got it. Thank you.

Those were my questions.

Yes, thanks. Just a clarification on thermal awarding.

When do we expect Meja to get awarded, and it seems you pushed out Lara also to FY27 now? Just to understand what's leading to these delays in incremental coal awarding.

See, in case of this Meja, basically as the equity is crossing a threshold limit, both Government of UP and Government of India NTPC are expected as per the approvals. The approval only process is pending, otherwise everything is tied up.

It's a matter of time. We are expected to finish in this quarter.

As regards Lara, we are postponing because the parties which are supposed to quote, they are asking for an extensions. We are trying to consider them.

Though we have put it as a first quarter next financial year, it may be quite possible to have it in this quarter itself.

Okay. What about Patratu, sir?

When do we expect to award Phase 2 of Patratu?

Phase 2 of Patratu right now it all depends on the concern of the state government. Right now it is not in the table of cards.

It may be after that 4.8 GW which I was telling earlier. Then we are having a lot of option with us.

Under those options, Patratu and other brownfields are in there.

Alright. Just one question, can be on the financials.

I think this quarter when I look at the profitability, there seems to be a very big rise on a YoY basis on the fertilizer JV that we have. Could you quantify that number for this quarter, and then what's driving this increase in profitability over there?

Just give me a small moment. See sales volume growth has been 22%, so that has increased the fixed cost recovery by ₹992 crores.

There is a reduction in gas under-recovery by ₹224 crores on account of improved efficiency. This is 5.04 Gcal per MT from 5.207 Gcal.

Both this has been a contributing factor. There is an increase in the trading margin by ₹159 crores.

All these three thing accounts for increase by around ₹357 crores of profit.

Got that. Just lastly, there's obviously been news about NIIF trying to sell in IntelliSmart.

What's the way out over there?

IntelliSmart. It's still under process, we will be able to tell you definitively later on, not at this moment.

Sure.

I thank you all of you for your active participation in this earnings call for the Q3 FY26 and for your pertinent queries on operational and financial aspects of NTPC, NGEL, and the way ahead. Wherever we could not give you the precise number or can raise a separate query, and we'll be glad to clarify that and we'll have it provided through our investor relation cell.

Thanks once again to all of you for your active participation. Thank you so much.