Over the next three years, power major NTPC expects to see standalone capex to grow by around Rs 32,000 crore on average, the management said during an earnings call post the Q4FY25 results. On a standalone basis, the capex rose to Rs 22,965 crore from Rs 19,444 crore the previous year. For FY2025, power major NTPC reported a group capex of Rs 44,636 crore in FY25, up from Rs 35,385 crore in FY24.
Looking ahead, the company has laid out an aggressive capex roadmap. Jaikumar Srinivasan, Director (Finance), NTPC and NTPC Green Energy Limited said, “On a standalone basis, we expect capital expenditure of Rs 26,000 crores in the current year, Rs 29,209 crores in the next year and Rs 32,452 crores in the year next, that is, 2027-2028. So, the total for the three years would be Rs 87,661 crores. That gives an average of Rs 29,223 crores over the next three years.”
During FY25, NTPC Green Energy Limited incurred a consolidated capex of Rs 12,914 crores, substantially higher than the Rs 8,996 crores spent in the previous year.
Currently, the management noted that around 33.7 GW of NTPC's capacity is under construction, comprising 16.9 GW of coal, 2.2 GW of hydro, and 14.6 GW of renewable energy projects. NTPC is also advancing a 20 GW pipeline of pumped storage projects, with the first 1,000 MW to be commissioned in FY26.
“We will see our first 1,000 MW PSP commission through TERI PSP in FY26, with 3-5 GW more by FY32. PSP assets offer over 40 years of operational life and attractive regulated returns.," Srinivasan said.
The company’s standalone regulated equity also grew to Rs 90,902 crore as of March 31, 2025, up 4 percent from Rs 87,713 crore in FY24. On a consolidated basis, it reached Rs 1,08,791 crore, compared to Rs 1,04,331 crore last year.
Expanding nuclear
The management also noted that they are aggressively expanding into nuclear power as part of its long-term strategy to enhance energy security and support India’s net-zero goals.
“In alignment with India’s net zero commitment by 2070 and the national target of 100 GW nuclear capacity by 2047, NTPC has set an ambitious goal to develop 30 GW of nuclear power,” the management said. This will be done through projects like Ashwini, a joint venture with NPCIL, and setting up a dedicated subsidiary. “We are in the process of executing Mahi Banswara Rajasthan Atomic Power Project comprising of 4 units of 700 MW reactors," the management highlighted in the call. Additionally, they have incorporated NTPC Parmanu Urja Nigam Limited in January 2025 to explore advanced nuclear technologies including pressurized water reactors, small modular reactors and fast-breeding reactors.”
NTPC has also identified 28 potential sites and signed MoUs with Madhya Pradesh and Chhattisgarh governments. "This strategic expansion into nuclear power diversifies our energy portfolio to stable long-term assets that will drive substantial growth for decades to come while supporting India's energy security and climate goals," Srinivasan said.
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