Thank you, Sagar. Hello, everyone.

On behalf of JM Financial, I welcome you all to the Q4 FY26 earning call of NTPC. For today's call, we have with us the leadership team of NTPC, led by Shri Jaikumar Srinivasan ji, Director Finance, along with other functional directors and other team members.

Before we proceed, I would like to congratulate Srinivasan sir for being conferred with the Dealmaker CFO of the Year award at CE ET CFO Leadership Summit 2026 on 6th March, recognizing his outstanding contribution to strategic transactions and value creation. Hearty congratulations, sir.

Now I will hand over call to sir for his opening remarks, after which we will open the floor for Q&A session. Thank you so much, sir, for your kind presence and giving us the opportunity to host the call.

Over to you, sir.

Thank you, Sudhanshu. I think the volume needs to be increased on your side.

You were barely audible. Of course, we could understand you, but the volume needs to be increased.

Please see that. Thank you and welcome you all.

Good evening, ladies and gentlemen. Mr.

Bansal, you can confirm my audibility is good?

Good evening, ladies and gentlemen. I'm Jaikumar Srinivasan, Director Finance of NTPC Limited and NTPC Green Energy Limited.

It gives me pleasure to welcome you all to our earnings conference call for the fourth quarter and the financial year ended 31st March 2026. Joining me today are my colleagues from the board of NTPC: Shivam Srivastava, Director Fuel; Shri K.

Shanmugha Sundaram, Director Projects; Shri Ravindra Kumar, Director Operations; Shri Anil Kumar Jadli, Director Human Resource, along with other members of our senior leadership team. We have announced our financial results for Q4 FY26 and for the financial year ended March 2026, and I share the operational and financial snapshot with the stock exchange, which are available for your reference.

I take you through the key developments covering the macroeconomic environment, developments in the power sector, and NTPC and NGEL's operational and financial performance before opening the floor for questions. The evolving situation in West Asia has once again highlighted how closely energy markets and geopolitics are linked.

The developments reinforce the importance of energy security, diversification of supply chain, and building resilient domestic energy systems. Globally, countries are increasingly viewing electricity infrastructure, domestic fuel availability, and strategic energy assets not only as an economic priority, but also as a matter of self-reliance and national security.

From NTPC's perspective, the current developments are not expected to have any material operational impact. The coal position across all our power stations remain at comfortable levels, sufficient for nearly 18 days, ensuring stable generation and supply reliability.

Further, with nearly 18% of our coal requirement being met through captive mines, fuel security for our stations is more assured than ever before. Our limited dependence on gas-based generation also insulates our gas plants operations from volatility in the global gas market.

At the same time, the ongoing global uncertainties continue to reinforce the importance of energy security and self-reliance. NTPC's long-term strategy remains aligned towards strengthening India's energy resilience through expansion across coal, renewable, storage, nuclear, and domestic energy value chains while continuing to provide reliable, affordable, and sustainable power to the country.

We have been witnessing a sharp increase in power demand since the last quarter, and the trend has further accelerated during the current quarter. According to estimates by the World Meteorological Organization, the impact of El Niño in India is expected to keep heatwave conditions elevated through the summer and post-monsoon months of 2026.

If the phenomenon continues further, above-normal temperature and stressed monsoon conditions may continue into early 2027 as well, leading to higher electricity demand, particularly due to increased cooling requirements. In addition, the current global situation is expected to accelerate the shift from hydrocarbons towards electricity across sectors such as clean cooking, transportation, and industrial applications.

This transition is expected to further support long-term growth in electricity demand. Over the last one year, the Indian power sector has undergone several important developments which are reshaping the long-term outlook of for utilities.

One of the most significant trends has been the increase in electricity demand driven by economic growth, rising cooling requirements, urbanization, and increased digital infrastructure. The country has witnessed record peak demand of 271 GW and day generation of 6,268 million units recorded on 21st May 2026, highlighting the importance of reliable baseload generation alongside renewable capacity addition.

In this environment, energy security and supply reliability have become central priority for policymakers as well as utilities. At the same time, India has accelerated its clean energy transition through rapid renewable capacity addition, expansion of transmission infrastructure, and strong policy support for storage solutions.

Alongside renewables, the government has also renewed focus on thermal capacity additions to maintain grid stability and meet rising demand. As per the latest CEA estimates, the additional coal capacity requirement till 2036 is projected to be 86 GW, of which 68 GW is in pipeline.

Out of this, NTPC is currently executing 16.5 GW of capacities, and around 4.6 GW is in various stages. Further, policy initiatives aimed at improving domestic coal production and captive mining has strengthened fuel security across the sector.

Recent policy changes in nuclear energy and enactment of SHANTI Act have opened new long-term opportunities for integrated power utilities. For NTPC, these developments broadly validate the company's strategy of maintaining a balanced and diversified energy portfolio.

While our thermal fleets continue to play a critical role in supporting grid reliability and meeting rising demands, we are simultaneously expanding our presence across diversified portfolios. The company remain well positioned to benefit from India's long-term power demand supported by fuel security, a robust project pipeline.

Now I come to the key highlights during FY26. As on 31st March 2026, NTPC's group installed capacity stood at 89,108 MW.

During the year, we have added 9,618 MW of capacity. NTPC contributed 1,823 MW and JVs and subsidiaries contributed 7,795 MW, making the highest ever annual capacity addition since inception.

This also includes acquisition of the 1,350 MW Sinnar thermal power station in partnership with MAHAGENCO. As on date, NTPC Group has crossed 90 GW mark.

During FY26, NTPC Group added 4,738 MW of RE capacity. Out of this, NGEL added 4,225 MW compared to 2,977 MW added in FY25.

In addition, 490 MW have been added in FY27 till date, taking the total installed renewable energy capacity of NTPC Group to 12,068 MW. NTPC Group generation stood at 432.2 billion units in FY26 as compared to 438.7 billion units in FY25.

NTPC coal station achieved PLF of 72.04% against rest of India average of 63.20. We have also achieved growth of 13% in power trading through NVVN.

Generation from NGEL stood at 14.6 billion units as compared to 6.8 billion units in FY25, registering a growth of 114%. Outstanding receivable days improved to 15 days as on 31st March 2026 compared to 29 days for for the previous year.

Coal production from group captive coal mines under commercial operation increased to 47.88 million metric tons, registering a growth of 8.5% vis-à-vis previous year. Coal production started from Pakri Barwadih North West mine in December '25, and mine was declared commercial operation with effect from 1st of April 2026.

With the transfer of Pakri Barwadih coal mines on 1st of April 2026, the transfer of NTPC's mining business to NTPC Mining Limited, a wholly owned subsidiary, has been fully completed under the business transfer agreement. Government of India enhanced investment approval limit for renewable subsidiaries up to ₹20,000 crore, supporting NTPC's target of 60 GW renewable capacity by 2032.

Work in respect of 5 GWh BESS capacity at NTPC's existing thermal power stations is being executed under cost-plus mode. CERC has issued regulations for co-located battery energy storage system, which are crucial for renewable integration and peak management.

This amendment integrates energy storage system into the mainstream tariff framework. Additionally, 320 MWh BESS is being executed by NGEL, and further capabilities capacities are also under pipeline.

On the nuclear front, AERB has granted excavation consent consent for unit 1 and 2 of Mahi Banswara project. Site selection studies are also underway across multiple states for development of nuclear power projects under NTPC Parmanu Urja Nigam Limited.

The last unit of 250 MW of Tehri PSP was declared commercial operation in April 2026. With this, Tehri PSP has become fully operational.

NTPC achieved significant improvement in ESG performance during FY 2025-2026, with MSCI ESG rating upgraded from CCC to BB, S&P CSA score improving to 50 against global average of 41, and sustained progress across leading global ESG benchmarks. During FY26, our group thermal stations co-fired 15.19 lakh metric ton of biomass, more than double as compared to 7.03 lakh metric tons used last year.

On the fund mobilization front, during Q4 of FY26, loan agreement for US$150 million JPY-denominated was executed with Mizuho Bank Limited. The loan carries an interest rate of 0.98% per annum over 6-months compounded Tokyo Overnight Average Rate, TONA, and has the average maturity of 7 years.

The door-to-door tenor of the loan is 8 years. The weighted average interest rate on borrowings during FY26 stood at 5.98% compared to 6.61 in FY25, reflecting the benefits of proactive financing and strategic restructuring of the company's loan portfolio.

As regards the capital expenditure, in FY26, we have incurred a group capex of ₹49,068 crore as compared to ₹44,636 crore in the previous year, while on the standalone basis, NTPC has incurred capex of ₹28,462 crore in FY26 as compared to ₹22,965 crore in the previous year. The gross property, plant, and machinery as on 31st March 2026 on group level has increased from ₹4,04,210 crore to ₹4,70,618 crore during last 1 year, an increase of 16%.

I'll now take you through some of our key financial numbers, giving comparison of the corresponding period. Firstly, NTPC standalone financials: total income for Q4 FY26 is ₹44,030 crore as against ₹45,830 crore in Q4 FY25.

On annual basis, for FY26, the total income is ₹1,69,725 crore as compared to ₹1,74,414 crore in the previous year, a decline by 2.69% per annum due to the lesser demand experienced during the year. NTPC's profit after tax for Q4 FY26 is ₹8,747 crore as against ₹5,778 crore in the corresponding quarter of previous year, registering a growth of 51.4%.

NTPC's profit after tax for FY26 is ₹23,162 crore as against ₹19,649 crore in the previous year, registering a growth of 18%. Adjusted PAT for FY26 is ₹19,530 crore against ₹18,016 crore in the previous year, registering a growth of 8%.

During FY26, we have accounted for dividend income of ₹2,264 crore from our subsidiaries and joint ventures as against ₹2,092 crore during FY25. The standalone regulatory equity for conventional power and mining business as on 31st March 2026 is ₹94,631 crore, up from ₹90,902 crore as on 31st March 2025.

Coming to the NTPC's consolidated group financials: total income of the group for FY26 is ₹1,89,799 crore as against ₹1,90,862 crore in FY25. Profit after tax of the group for FY26 is ₹27,546 crore as against ₹23,953 crore in FY25, registering an increase of 15%.

During FY26, our subsidiaries earned a profit of ₹3,312 crore. NTPC's share of profit in JVs was ₹2,864 crore in FY26.

Consolidated regulated equity for the group as a whole stood at ₹1,20,319 crore as on 31st March 2026 as compared to ₹1,08,791 crore as on 31st March 2025. Coming to NTPC Green Energy's highlights: consolidated revenue from operation increased by 29% to ₹2,858 crore in FY26, while operating EBITDA grew by 29% to ₹2,475 crore.

EBITDA margin remains at 87%. For the Q4 FY26, revenue from operation for NGEL Group has increased to ₹913 crore from ₹622 crore in Q4 FY25, showing an increase by 47%.

Operating EBITDA has also increased from ₹560 crore in Q4 FY25 to ₹775 crore in Q4 FY26, increased by 38%. I am pleased to inform that NTPC board has recommended a final dividend of FY 2025-2026 of ₹3.50 per share, subject to the approval of shareholders.

This is in addition to the interim dividend of ₹5.50 per share already paid during FY26. Total dividend for the FY26 will be ₹9 per share, in line with the company's commitment to delivering value to its shareholders.

We continue to pursue growth through a balanced expansion across conventional and clean energy segments while maintaining focus on fuel security, project execution, and disciplined capital allocation. NTPC Group currently has over 34 GW of capacity under construction, comprising 16.5 GW of coal-based capacity, about 2.6 GW of hydro capacity, and 15 GW of renewable energy capacity, providing a strong foundation for near to medium-term growth.

In parallel, we are also focusing on expanding storage capabilities capacities through BESS, pumped storage projects, long-duration energy storage technologies like CO2 storage and vanadium redox flow batteries to support grid stability and renewable integration. On the thermal side, we have completed the trial operation of Patratu unit Patratu Stage 1 unit 2 during Q1 FY27 and expect the third unit to be commissioned within the current fiscal year.

In the renewable segment, we are planning to add around 8 GW capacity. Alongside capacity addition, work has commenced at Pudimadaka Green Hydrogen Hub for development of green methanol and sustainable aviation fuel, supporting our long-term diversification into emerging energy value chains.

We are progressing on coal gasification initiatives, which have the potential to support continuous utilization of gas assets using domestic resources. Over the long term, nuclear energy will remain an important pillar of our growth strategy through projects being developed under ASHVINI as well as other standalone opportunities.

We believe these initiatives, supported by NTPC's diversified portfolio and regulated business models, will continue to provide stable returns and long-term value creation. We remain committed to enhancing shareholders' value through continuous improvement, prudent growth, and operational excellence.

I would like to thank all our investors for their continued trust and support. Thank you all for joining us.

We will now be happy to take your questions. I now hand over to JM Financial for coordinating the question and answers.

Thank you so much.

Good afternoon, and thanks for the opportunity. My question is, sir, how do you think about capacity addition in FY27 and FY28 given the current pipeline?

Can you break that capacity addition between standalone, subs, and JV for the conventional and for the green, sir, both?

Yeah. Yeah.

See, as far as FY27 is concerned, on a totality basis, we are planning around 9,557 MW of capacity. If I break down it into thermal, hydro, and renewable, thermal would constitute 1,070 MW, hydro will be 250, and renewable total would be 8,237.

Of this, 176 coming from renewables would be on a standalone basis, and 9,381 MW would be coming from the JVs and the subsidiaries. This is as far as FY27 is concerned.

The year next, FY28, the total planned capacity addition is 10,039 MW, comprising of thermal 1,460, hydro total will be 444, and renewable total will be 8,135. This would broadly come from a 660 MW will come from TTPS Stage 3 unit one 1, we are expecting in the Q3.

Patratu unit 3 in the quarter 3, around this will be 800 MW. This will yield us 1,460.

Hydro, we are expecting hydro Vishnugad Pipalkoti of the THDC, 444 MW. As far as renewable is concerned, 8,135.

Broadly, 8,069 would come from JVs and subsidiaries, predominantly the NGEL, and 66 MW will come from NTPC itself. This is as far as financial year '28 is concerned.

In a similar way, for FY29, we are planning 11,478 total capacity. 8,408 would be renewable total.

We don't expect any hydro addition during that year. Thermal total will be 3,070.

The identified thermal capacity addition is TTPS Stage 3 unit 2, which will come in the Q1 of the year, 660 MW. Lara Stage 2 unit 1 and 2 will contribute two units of 800 MW, 1,600.

We are expecting the Sinner thermal unit unit 3 in Q2, and unit 4 4 and 5 in the unit 3. These are all 270 MW units, three units, which will be adding in the next fiscal year, 810 MW.

That would be the broad breakup for the 11,478.

Understood. That's very helpful, sir.

My second question, sir: what is the status of the nuclear power projects? Where is Mahi Banswara right now?

Do you expect the tender of the equipment or work to start in this fiscal? The related question is, what is the kind of nuclear capacity you think you'll be able to commence work in next one to two years?

See,

as far as the very first project, Mahi Banswara, is concerned, capacity, as is 4 unit of 700 MW, total of 2.8 GW. Broadly, this 2,770 MW of capacity consent has come from the customers from Rajasthan, Gujarat, Chhattisgarh, Andhra Pradesh.

The excavation package for this project is already been awarded for unit 1 and 2 on 13th of September 2025. Excavation consent by Atomic Energy Regulatory Board, AERB, has been received on 18th of March '26.

Forest clearance amendment accorded on 20th of June '25. Environmental clearance is in place in the May May last year last year itself.

The first pour of concrete is anticipated by August 2027, and first unit synchronization, we are planning in November 2032. Now, in this regard, the design consultancy also has been awarded on 23rd of December 2025.

Equity infusion of ₹800 crore to ASHVINI has been done by JV partners on January '26. As far as the mega packages are concerned, nuclear island mega EPC, NIT is expected by 15th of June '26.

It will be followed by TG island EPC NIT by 30th of March 2027. Now, so as that so this is by 2032, we are expecting one of this unit, and there will be a gap of What would be the staggering gap?

Six months

will be the staggering for the remaining units.

Understood, sir. Any color on any other project which you think you can take up in the next 24 months?

No, as far as anything over and above this is concerned, we are right now in the process of identifying locations. 30 location across India being explored.

We have entered into MoU with MP government, Chhattisgarh government, and joint working group has been formed. Consent given by government of Andhra Pradesh, studies have been completed.

MP, Gujarat, Odisha, UP, Bihar, Maharashtra has given consent for preliminary studies. Water availability has been confirmed in some of the places.

We are working on the ground-level ensuring availability and the broad feasibility. This is the situation, but right now we are under execution, we can say, is Mahi Banswara project alone.

Understood, sir. Thank you, and all the best, sir.

Thank you.

Thank you.

Sir. Hello.

Am I audible? Hello?

Sir. My first question is on NGEL.

I wanted to understand what was the curtailment for NGEL in terms of units and value for FY26 and Q4 FY26? Now,

as far as curtailment is concerned, NGEL experienced a curtailment of 314 MUs during the year. This is besides the TRAS loss, which we can say is 135 MUs.

These are the two things which are due to the grid situation.

In terms of impact on EBITDA, sir, if you can quantify this for the year as a whole in terms of how much Broadly speaking, we could have lost

on Yeah. I would say that, as far as the TRAS is concerned, we are compensated for that, but as regards the grid curtailment where we are experiencing because of the temporary GNA, it would have a impact close to ₹90 crore.

₹20 crore?

₹90 ₹90 crore.

Okay, ₹90 crore. Second question is, we have initially said that 5 and 8 8 GW for '26, '27, and '28 on the NGEL installed capacity addition.

There has been a shortfall in FY27. Just wanted to understand for '28, '29 for the 8 8 GW, have we secured the transmission?

What is now the availability of transmission evacuation? If you can also add that beyond this, are you seeing further growth drivers in the pipeline, which is currently capacity under patch is 3 3.4 GW?

Do you think that this number can jump substantially over the next couple of years so that this 8 8 can actually start growing from these levels?

See, first thing is it was not FY27, it was FY26 that we were planning around 5 GW, and some of the units spilled over to the next year or we expect it to spill over. As far as the current years is concerned, the 8 GW, we continue to hold to that.

Right now we are planning 8 GW on an average of 8 GW per annum. Yes, we would be exploring various other opportunities to top it up, including inorganic acquisitions.

Our idea would be to steeply increase it so that we fulfill our target of 60 GW much ahead of what we are planning by 2032.

How much of the transmission network we have secured for these FY27 and '28? What percentage would have been secured for these capacities to come on time?

That is my last question. See,

as far as FY27 is concerned, we have the firm connectivity of 57% and TGNA of 38 38%. As far as FY28 is concerned, what our CODs are expected in FY28, we have a projected firm connectivity of 88%, and 3% would be coming from the TGNA.

Remaining 9% is something which we are yet to tie up. FY29, 84% we have firm connection, and remaining 16, we'll have to work on the connectivity.

Okay. Sure.

Thank you, sir. Those were my questions.

Thank you.

Good evening, sir. Thanks for the opportunity.

Congrats on your highest ever group capacity addition in FY26. My first question is for NTPC thermal fleet.

Are there coal units which are having to face the challenge of hitting technical minimum of 55% PLF during daytime when solar availability is peak? How is NTPC managing this risk, and what is the strategy for the future?

That's my first question.

See, as Yeah. As far as this issue of, curtail curtailment would would be a wrong word, I would say the backing down of thermal to be subservient to the RE injection is concerned, we have been facing this issue, and we have had taken up this issue at a policy level that the thermal fleets will have to be supported for a technical minimum because below this it becomes increasingly infeasible.

Accordingly, there has been very favorable pronouncement wherein we have been assured a technical minimum of 55% without if it goes down, we are not obligated to then keep the unit live, and we'll be compensated for the our availability under fixed charges. Now, added to this is how are we trying to mitigate this?

We are we have also kind of, advocated and got a dispensation of locating co-locating batteries in in some of these thermal power plants, whereby this would mitigate the excess, the backed-down power can be charged during the daytime and discharged during the evening peak for peak load management. So, 5 GWh of battery work has already started, and CERC has given its tariff framework for this, supporting this thing.

This would be essentially in a cost-plus framework where we are assured us of our returns return on equity as well as our fixed charges. This would this, added with the as technical minimum support, should see us through this problem.

Going ahead, based on the experience in this initial set of co-located batteries, we can think in terms of expanding it to other because at a national level, then it becomes a very potent, solution for managing the grid.

Is the technical minimum support approved by the regulator already, or this is something that you are lobbying with them?

No, no. As far as technical minimum of 55% is concerned, this is already the rule.

If a coal unit reaches If a unit goes below technical minimum

I'll tell you. I'll tell you.

If a if a if a unit goes If I If I If I have declared declared a certain capacity higher than the technical minimum, or let us say 85% or 100%, and the scheduling is comes below 55% for some reason, and I'm not obliged to run this plant. I can take a reserve shut down, and whatever is the comfortable time required for ramping up it later on, I'll do that.

I'll be I'm not obliged to then, supply the power during the evening. This is the protection we have got.

In this respect, I would I would invite the Director Operation, Mr. Ravindra, to elaborate further on this.

Moreover,

when scheduling beneficiary giving schedule less than 50%, then as per the new regulation, as per the new amendment, that is integrated resolution, we are getting support up to 55% through the SCUC and SCED supports. We are running maximum.

We are getting the support. If we are not getting, then we are not obliged to run, and we are taking units under shutdown condition.

For that, we are getting paid also.

Thank you, sir. My second question and last question is on pump storage projects.

What is the total anticipated capex for pipeline projects in pump storage, and what is likely to get incurred in the next 5 years? Which projects are likely to get commissioned first?

Thank you.

Broadly, NTPC is working on 4,800 MW of PSPs. This is primarily to be executed through JV and subsidiary.

THDC and NEEPCO, which are the hydro subsidiaries, are working on 13,210 MW. That puts the NTPC Group broad plan at 18,010 MW.

Now, out of the above, COD has been declared in the FY26 itself for 750 MW. That is the THDC SPSP.

COD declaration of 250 MW has been done in the current financial year, FY27, first quarter. That takes it 1,000 1 GW is already done in this.

We have projects with firm allocation by state government: NTPC has 4,800, THDC 6,800, and NEEPCO 1,600. That totals to 13,200 MW.

Balance 3,810 are under planning in THDC, 3310, and NEEPCO 500. Another 3 GW to 5 GW, you can expect to be commercialized by 2032 to '33.

We have prepared 21 PFR, demonstrating that NTPC has the capability to develop PSP, and adequate know-how is available. This will have an average completion time of anything 6 to 6.5, 7 years.

This is the broad plan which we are working on. You can expect some 3 to 5 GW completion we have the target in the next 7 7 years.

Thank you so much, sir, and wish you all the best.

Hi, sir. Thank you for the opportunity.

Sir, I just wanted to check about this NGEL pipeline. When compared to previous quarter, the full pipeline I think has reduced from 32 GW to 30 GW.

Can you give some color on this? Why is this reduction, and which projects have been removed?

NGEL, you are saying?

Yes, sir, the consolidated green business pipeline.

Okay. I'll invite Mr.

Neeraj Sharma, the CFO of NGEL, to elaborate on this.

Apoorva, actually, we have you can say adjusted or actualized our total pipeline plus contracted/awarded capacity that we had. We had earlier shown 32 GW up to Q4 Q3 of last year.

However, now we have seen in which of the JVs or the subsidiaries the progress is being made and normalized the number. That is why the numbers have come down from 32 to 30 GW.

However, there are many other MoUs or activities where we are working upon, and we are expecting to increase the pipeline to beyond that in the coming days. Thank you.

Understood, sir. I think during the comments, sir also mentioned about the coal gasification plans and targets.

Sir, if you can provide some color where which are the specific projects we are working on, what type of capacity, and timelines? Yeah.

I will request Director Fuel, Mr. Shivam Srivastava, to give you some details about this.

Yes, we have started regarding coal gasification. We've taken up a pilot project at one of our mine, Talaipalli.

We are going to higher, and it has a capacity of 4 lakh per tons per annum. This is basically for synthetic natural gas production.

Okay. This is a pilot project.

It's the initial stages, we will keep you updating more on as we progress on this.

Sure. Sure, sir.

Sir, also I think on a previous question, you commented that we have around 57% firm connectivity for FY27 renewable capacity addition. Did I hear it right?

It's 57,

5-7? That's right.

Yeah.

Should we expect some T-GNA-like curtailments to increase next year and then subsequently normalize? See,

it would taper. The point is that, yes, at this present point of time it is 57%, but some of the offtake will certainly happen through the TGNA depending on the circumstances.

Then, as the connectivity gets added, the curtailment should taper.

Okay. Sir, again on a previous question about this thermal backing down, while we appreciate the fact that companies are entitled to a 55% technical minimum, but can you share with us if there is any incremental cost being incurred for backing down till 50 55% in terms of higher O&M or lower heat rate, and how are we compensated for that?

No. See, one is the floor percentage that it need not go below 55, and Mr.

Ravindra also explained to you about the CERC support that is available. Within this range of 100% to 55%, we are compensated for various parameters, degradation in the parameters in terms of heat rate, auxiliary consumptions.

This have been kind of taken up with the regulator, and we have got very favorable dispensation over the last two years. Right now, we are being adequately compensated for this.

The FY26 profit number contains all the compensation benefit as well?

Of course. The sales would include all these things.

Sure, sir. Sir, if I may squeeze just one last question in.

There has been some news items, news reports around possible listing of THDC, NEEPCO, and Hindustan Urvarak. If there are any plans, would you like to share them?

No,

there are no definitive plans at this point of time. As a group, we keep exploring all these avenues for, as a part of our financial strategies and unlocking value.

This is one of the options that is available. Because this is joint venture, this THDC comes under joint venture with UP government.

These are matters which has to be dealt at fairly senior policy level. Once we have a clear mandate on this, we'll share with you.

Sure. Thank you so much, sir.

I'll get back in the queue.

Thank you.

Hi, sir. Thanks a lot for the opportunity.

Just a couple of data points over here. If you could provide the quarterly CUF that we have for solar and wind projects for Q4.

Quarterly CUF?

Yes, for solar and wind projects for Q4.

One second. Just hold on.

We have noted down. Can you meanwhile go to the second question?

We'll give it to you.

Sure, sir. Sure.

The other one was in the capex for FY27 and '28, FY27-28, what sort of capex guidance do we have particularly for NGEL, at consolidated NGEL?

Capex guidance?

Yes. See, as far as

you have been specific about NGEL, let me give you that we have a broad capex for the group of ₹6,22,000 till the financial year '32, and we have allocated roughly half of that, around ₹3 lakh crore, for renewable energy.

This

should broadly be done by NGEL. I don't have a year-wise breakup for that much as I have a year-wise breakup of the entire thing, but let me try and see if I have.

Yes, for NGEL, for current year, it would be capex of ₹35,800

crore.

Next year, it would be ₹46,000, and the year next, it would be ₹48,000. Okay.

Understood, sir.

We'll be implementing a debt-equity of 80:20, you can have the debt and equity component.

Understood, sir. Sir, this somewhere on an annual basis, the bifurcation in the other expenses pertaining to how much of that would be the component for power charges and the O&M for the NGEL consolidated?

No, I There is a lack of clarity. Can you be louder and

Sure, sir. Can you hear me now?

I didn't get you. It's much clearer, yeah.

Sure. This is pertaining to the other expenses, if you could provide the component towards power charges and the O&M that we do at NGEL consolidated for FY26.

Aditya, we can provide you those data numbers later separately.

Sure, sir. Sure.

Just one last question over here. While you had mentioned the transmission tie-up is there, in terms of the PPA tie-up for the capacities that we plan to commission, what percentage do we have for '27 and '28 in terms of the PPA tie-up?

We have

over the next three years, we have a broadly an average 72 to 75% capacities have been PPA is already in place. For FY27, it is 79%.

FY28 CODs of 8,069 MW, we are already covered with 71% PPA, and the year next around 8,400 MW is 66%. As we go ahead, we'll be

Understood, sir.

Yeah.

Understood, sir. Just on the CUF, sir, I'll wait for that and I'll go back to the line.

Breakup of other expense, we'll provide to you. We have noted down.

We'll fulfill your requirement.

Sure, sir. On the CUF part also, if that would be helpful for the solar and wind Q4.

Sure. Thank you.

Thank you, sir. Thank you so much.

Hi, sir. Thanks for taking my questions.

Sir, I wanted to know, do we have any plans of doing battery storage in existing renewable projects, co-location of battery storage? The second question was regarding the 1.5 GW renewable project that we are planning to do in NTPC Rajasthan Green Energy Limited.

What's the update on that, and when can we expect that project to be completed?

Your first question was on battery. Let me tell you that, yes, we are embarked on battery storage as far as renewable is concerned.

Besides, of course, the co-located battery for thermal, which I was mentioning, 5 GWh, we are currently working on 1,320 MW of batteries on the renewable side. Standalone, on the standalone project of battery, it is 320 MW, which is under execution and confirm offtake arrangement is there.

Co-located with solar projects, it would be 1,000 MW, which is under tendering right now. Execution is yet to start, but there is a confirmed offtake arrangement.

Right now, 1,320 MW we are working on. There are around 4 GW more which is under planning stage right now, which would be at Khavda, it would be Bikaner, Fatehgarh, Sitapur, and one which is Chhattisgarh.

All this put together would be close to 4 GW. In addition, we are also, as you are aware, about the non-solar connectivity.

We are, in addition, application for non-solar connectivity of 14.58 GW has been applied, and with BESS of 2 to 4-hour capacity, which is under initial stages of planning right now.

Sir. Regarding the Rajasthan 1.5 GW solar project which we are doing in Rajasthan JV, what's the update on that?

I will request Mr. Sarit Maheshwari, the CEO of NGEL, to give you the exact detail about this.

See,

we have already moved ahead quite a bit on the 1.5 GW project. We have the land in possession.

We have also entered into the tie-up for the implementation support agreement and other things. We are currently working out the commercial offtake arrangements with Rajasthan.

All the tendering activities, everything has been completed. Once we reach at the commercial settlement of agreements on the offtake front, we will immediately move ahead with that project.

Okay. Sir, one more question regarding competitive bidding.

In FY26, the projects won under tariff competitive bidding were low. Just wanted to understand we were focusing more on execution of current projects, what was the reason for low bidding?

Do we expect to get back to 2, 3 GW winning levels through tariff competitive bidding, which we have done earlier in FY24, '25? See,

you've seen the way the biddings have happened in the last year, and NGEL always has its threshold levels when we do not find merit in the competitive bid, we stay away. We are always keenly looking at the various opportunities that come by, and we will continue to participate, and we will have the business at our terms.

Okay. Sir, one last question.

Can you tell out of 8 GW capacity which we are planning to add in FY27 and '28 in NGEL, how much of that will come through JVs? Any rough idea on that?

In FY27, out of the 8 GW, around 1.9 GW would come through JVs, primarily through Ayana, and a part of that would come through our JV with IOCL, that is INJEL. In FY28, out of the 8 GW, around 624 MW would come through the JV route.

Okay. Thank you so much, sir.

Thank you.

Hello. Am I audible?

Yeah.

Yeah. Thanks for the opportunity.

What was the reason for other expenses to go up significantly on Y-o-Y and Q-o-Q basis?

No, not clear. Please repeat.

Sure. Am I audible now, sir?

You are audible.

Yeah. What was the reasons for other expenses to significantly increase on a Y-o-Y and Q-o-Q basis?

This is in NGEL or NTPC?

NTPC, the consolidated results.

Okay. Just a second.

If you see the other expense, it has gone up from ₹5,806 to ₹6,972. This is on a standalone basis, which is 20% above.

Now, if you see, there is significant exchange rate variation of ₹784 crore. However, what happens is in the cost-plus framework, we are entitled to the corresponding compensation for the ERV.

That corresponding regulatory income of ₹780 crore is available on the sales side. We have also provided for some ₹478 crore provisioning.

₹193 pertains to EESL and ₹149 NBPPL and ₹100 crore for the RIDL. These are some one-time provisions which we have made.

Fair. The

ash transportation expenses ash Okay. Please continue.

Sir, please go ahead. Then

there is a nominal increase in the O&M expenses year on year, which we are entitled to, ₹198 crore. All this is contributing to this figure.

Okay. Sure, sir.

Sir, just a basic question. How do we reconcile the capacity addition growth with respect to the revenue growth?

Before an investor, what factors should we keep in mind to understand the financials? The capacity addition has been happening, but if you look at the revenue terms, it has been flat or very low single digit.

How should we reconcile those things? See,

the effect is because of some composite factors. Capacity addition happens where your megawatt increases.

However, on the thermal side, if you are aware that there the plant load factor compared to the past has been low because of the lower demand during the daytime during the solar hours because of the RE injection, isn't it? Now, because of that, although I am compensated for your fixed charges, because of the lower generation, my sales is also down to that extent, and to the extent my fuel cost also goes down.

While my bottom line is protected.

Basically, the bottom line is getting protected because we get the compensation from the government or whatever, right? Even if the demand has been low.

See,

when the demand is low, the offtake is low. If the offtake is low, to that extent I have to back down my generation.

Because of the backing down of generation, I don't fire that much fuel. My cost also goes down, my revenue also goes down because of the lower offtake, whereas my margins are protected because once my plants are available, the fixed charges has to be given to me, which includes the element of return on equity.

My investment is protected.

Okay. Fair enough.

Sure. Thank you, sir.

Dishant,

separately also we can later on have a discussion on this.

Sure, sir. I'll take this offline.

No issues.

Thank you so much. On behalf of both NTPC and NGEL, I extend my sincere thanks to the government of India, especially the Ministry of Power and Ministry of New and Renewable Energy, for their continued guidance and support.

We place on record our gratitude to our investors and analysts for their continued participation and the trust and confidence reposed in NTPC. I thank all the participants who have joined this call.

I would also like to express my sincere thanks to my fellow members on the board for their continued support and guidance. I take this also opportunity to express our appreciation to JM Financial for organizing this earning conference call and facilitating interaction with the investors and analysts community.

Any further queries or clarification may kindly be addressed to NTPC's investor relation department in addition to whatever we have already promised to supplement this thing. Thank you so much.