Investor Day 2025

Aug 18, 2025

Slides

Summary

The capacity ambition rose to 149 GW by 2032, backed by INR 7 lakh crore of planned CapEx and expansion across renewables, storage and nuclear. Brownfield thermal growth, operational gains and record FY25 profit remain central to execution.

Ladies and gentlemen, it is my proud privilege to welcome you all for our 21st Annual Analyst and Investor Meet. Our company, under the visionary leadership of our CMD and the board, has kept up with the expectations of our stakeholders and has recorded multifold progress in our operational and financial performance. What more can we do to position NTPC Group as a leading energy provider and realize value for our stakeholders? To discuss this, today, we have with us the board of directors led by our Chairman and Managing Director, Shri Gurdeep Singh in the center, who has an illustrious career spanning over 37 years in the power sector. His wide-ranging experience encompassing all aspects in the power sector, both in private and public, in different organizations and cross-cultural environment, has provided him with the unique ability to deal with intricate and complex issues of the sector. He has positioned NTPC at the forefront of the energy landscape and has started many initiatives to transform NTPC from merely a coal-based power generating company to a sustainable integrated energy company. On the left side of our CMD is Shri Mahabir Prasad, Joint Secretary and Financial Advisor, Ministry of Power, who is also a government-nominated Director on the board of NTPC. He is a 1998 batch officer of the Indian Railway Accounts Service and has rich experience in project management, financial evaluation of large projects, budgeting, policy formulation, et cetera. He was associated with the first PPP project, Pipavav Railway Corporation Limited of the railways. On the left side of Mr. Mahabir Prasad is Mr. Shivam Srivastava, our Director of Fuel, who has over 36 years of experience with outstanding contribution in areas of fuel handling, fuel management, safety, plant operation and maintenance, and in coal mining projects. He has been instrumental in ensuring fuel security and building self-reliance in coal supplies for power projects of NTPC. As Director of Fuel, he is responsible for ensuring fuel availability, affordability, and security for our generating stations, along with development and safe operations of captive coal mines of NTPC. On the left side of Mr. Shivam Srivastava is Mr. Ravindra Kumar, our Director of Operations, who joined NTPC in 1989 and has diverse and versatile experience in commissioning, operation and maintenance, engineering, and project management of our projects. He was actively involved in the development of first supercritical power plant of Bangladesh-India Friendship Power Company Limited. In his current role, he is responsible for overall planning for safe, reliable, sustainable, and efficient operations of our generating plants while ensuring compliance with environmental norms. On the right side of our CMD is Mr. Jaikumar Srinivasan, our Director of Finance, who has more than three decades of illustrious career spanning power and mining sectors in the field of finance, accounts, taxation, commercial, electricity regulations, renewables, IT, and project development. Under his able guidance and hands-on approach, the company has repeatedly exceeded the street expectations on the financial front. His relentless efforts and dynamism have resulted in further consolidation of our financial as well as commercial position. On the right side of our Director of Finance is Mr. K. Shanmugha Sundaram, our Director of Projects, who has more than 36 years of diverse and versatile experience in project as well as commissioning stages of greenfield and brownfield power projects. Shri Sundaram was actively involved in the development of first supercritical power project of NTPC at Sipat. He is known for his holistic understanding of the power sector, strong leadership at both corporate and site level, and his commitment to the timely execution of projects through a people-oriented approach. On the extreme right, we have Mr. Anil Kumar Jadli, our Director, HR, who joined NTPC in 1993 and has a career spanning more than three decades encompassing both line and HR functions. After working in line function for around a decade, he transitioned over to HR domain in 2004, and from then onwards, he has looked after various facets of HR in different projects of NTPC. He moved to corporate HR in 2020, where he was instrumental in formulation and implementation of various HR strategies and initiatives. With this backdrop, and without taking any more of your time, I will now request CMD to begin with his opening remarks and set the tone for the event. Thank you. Sir? Thank you, Aditya. Good evening. First of all, let me thank each and everyone, despite of some kind of challenging situation, you have made it here, and that too also on time. Thanks, especially for today, when the situation is a little bit difficult. That's it. As Aditya just introduced all the Directors, all the functional Directors are here. Special thanks to Mr. Mahabir Prasad, who is the Joint Secretary, Ministry of Power, and whose board members also joined us. Let me, I think, give you then a few things which I would not like to go too much in detail because that presentation will be made by Director of Finance very soon, and then obviously, we can get into some kind of clarifications of explanations. At the same time, let me add few things. This year has been little different than the earlier years, and that has caused that the overall generation in the country has been more or less flat. Most of the people who are very eager to crunch the numbers, they will be saying there is no growth. There is a very strong message in that, because this is a very positive growth. That positive growth is that if there are good rains, if the monsoon is setting in then well in advance, that means our agriculture demand is coming down, our water table is going up, and more than that, I think our air conditioning load is coming down, which is also then a kind of good for the health of the environment. Although then one can always argue that, I think we are only interested in those numbers. But overall, this is very good for the economy and we would have seen that our inflation is well within control. It has been seen in the past many years that whenever the rain is very good, I think the second half of the year or just after the rainy season is over, I think growth really overtakes the expectations. That is where I was saying that this is a positive on that aspect. We are very comfortable as far as the coal stocks are concerned. As a power sector, we have been able to provide the power on demand, and hopefully there should not be much concern on that side. This is what I just wanted to clarify that some of you may be seeing that and asking that why there is no growth, et cetera. I think that's what mainly. Coming, I think then as far as NTPC is concerned, we have added the capacity in the Q1, which is 2,716 MW, which probably is the highest in the history of NTPC. We are sure that we will keep then kind of breaking this record as we go forward. Till date, I think we have added around 3,050 MW, which was against the last years of total around 4,000. So it's a quantum jump into that. This capacity then includes almost all type of capacities, whether it is renewable or whether it's coal-based. Another significant thing is that our one of the tough kind of assignment of the project, which is called Barh, which all of you will be, I think those who are associated for a long time and who has been tracking our stock. So we have commissioned that in kind of full capacity. This has taken a little longer time, but I think despite of all odds, whether it is Russia-Ukraine war and despite of that, our engineers have worked day and night, and we had to place people there, and we could really get all those items, and we have commissioned that plant, and now it is fully operational on that side. Now let me, I think then give you something different input. We had our business plan almost around six years back. We had kept around 132 GW by 2030. We have already revised that, and the upward revision is, it is 149 GW by 2032 instead of 130. In that also, there will be additional CapEx which will be going in the PSP, green chemicals, et cetera, BESS. So, put together, we aim to invest about INR 7 lakh crore by FY 2032. We will be able to give the breakup. I think the presentation will show that. If not, then we can always look at that. You would have seen something in the media that the two our hydro companies, THDC and NEEPCO. So, NEEPCO, we have now got the approval, and we have more or less started that work on the three projects, Tato-I, Tato-II, and Heo. Ultimately, it's going to make its capacity double in the next five to six years. So whatever the plants were there in NEEPCO, that is going to be double by next five to six years. In case of THDC, we have already commissioned two units of the pump hydro, 250 MW each. By October end, we expect that the full 1,000 MW capacity should be fully operational, and this is also going to boost. We have very recently achieved 100% load on Patratu Unit 1, and in this year, we are expecting that the Unit 1 and Unit 2. Unit 2 will also be commissioned by the end of the financial year. RBI has allowed us to raise ECB up to $1 billion to finance the CapEx requirement. This is also quite positive. With the quality overhauling, means maintenance activities, we have been able to reduce our forced outage from 4.18% to 3.42% in Q1, and 3.75% in the entire year compared to the 4.03% in the previous year. We have refinanced, and with the refinancing and restructuring, INR 4,870 crore of loans were refinanced, reducing interest rates by 2%, and restructuring of INR 23,294 crore of loan achieved a rate cut of more than 1%. I think all of you will be knowing that we are allowed to retain half of that as a regulatory mechanism on that, in addition to reducing the cost of the power to the consumers. The another significant thing what I must mention that our Bangladesh project, which was commissioned, I think, last financial year, but I think both the units are operational and there had been concern on that. Director, Operation, will be able to throw more light. The foundation stone or the groundbreaking, rather, of our Sampur project in Sri Lanka was done by Honorable Prime Minister and President of Sri Lanka last to last month. That is also going to be another area of our development. Another on the storage side, I think we all know that PSP and BESS are the two items which we are probably knowing these things, but we are also working on something called carbon dioxide battery. I think last time we mentioned this, but as of now, you can have the further discussion with our head of R&D, ED, Mr. Shaswattam, who is here. Similarly, I think on the green chemical side. This you'll be finding little strange, but I think I did mention in the last year's briefing that the green energy will also be translating into the derivatives, green derivative chemicals and the green hydrogen derivatives. We have already won one of the green ammonia bid. In that case also, our ED for the hydrogen, Mr. Panda, is here, so I would encourage all of you to engage with him. We have also another activities on the NTPC Green and NREL, all those things. The CEO for the NGEL, is also present here, Mr. Sarit Maheshwari. I'm sure that there will be many questions on that, and please feel free. There will be status by them and what is the future plan. But let me, I think, without any hesitation, to mention that our journey for the renewable energy is well on track. There is a lot of work which is going on on the land securitization. We are, as earlier, whatever we do, we do in a way that it is not becoming a kind of problem last next year. This year, we are likely to add around 6 gigawatt, that is what we had said. About 1.4 or 1.3 gigawatt has already been added in this year. He will be able to throw more light. There is one concern which I think you would have noticed from media reports or maybe analyzing most of the renewable energy company, that there is some kind of curtailment on the renewable energy. It is not only the capacity what we have to put, but it is important that where we have to put, so that the curtailment does not happen. As you people know that we are only and only in this power sector, so we keep a track of the entire grid, and we are also conscious of that strategy that which plant we should start, where we should start early, and which investment should come first, and then prioritize on that. As of now, when we are discussing, there is another trend which is going to start. I am sure that there will be some kind of regulation which will be given by CERC soon, hopefully. But State of Bihar has already given us that we will be putting BESS in Barauni. Sangeeta? Yes, sir. That will be on the cost plus, because that will also help the grid for the distribution companies. This is a new thing that we are trying to enter. I think till now, this was a standalone and a different one. This is another avenue which has opened. On the captive coal mining side, last year we had done almost 45 million tonnes. This time we are trying to have 50 million tonnes. As I said, that we are quite comfortable as far as the coal situation is concerned. These few things are very important. Now, coming back, I think I do not want to go on saying, but I think it is important to say that for FY 2025, NTPC has paid interim dividend of INR 5, and this was in the two tranches, INR 2.5 each. Further, board of directors have recommended final dividend of INR 3.35 paise, subject to the shareholders' approval in the upcoming AGM. With this, the total dividend will become INR 8.35 paise, which is approximately 42% of our profit. CapEx, I just mentioned. We had many kind of accolades, some awards. I think that I do not want to get into, because that will be covered by Director Finance. So I would just conclude my initial remarks that on Mahi Banswara, this name should have become kind of now well-known by all those who are tracking NTPC. We expect that the foundation stone will be laid in the second part of next month. This is going to be 4 into 700 megawatt in the joint venture with NPCIL. In addition to that, we are also already working in the different states for the sites, and there is a full-fledged team which is working for the nuclear. As we move forward, as was mentioned by Aditya, that we are quite proactive in deciding that how we have to move about. This is not on the cost of the coal. The coal-based plants already, I think then we will be putting around 26 gigawatt in addition to our 62 gigawatt, so it should become 88, 89 gigawatt in the next five years. That is the target. We have already awarded or the work is going on in approximately 16.5 to 17 gigawatt. The rest of the awards will be done in the next few months. By any way, this will be in this financial year we target to award all these projects. As you will be knowing, this is a long back, we had declared that we don't have any immediate plan to start new greenfield coal-based power project, because we have advantage with respect to the others, that we have sufficient space in our existing plant and that too also in the pithead plants. We are trying to put the capacity in the pithead plants so that we will be more competitive today and in the days to come, because the coal will be cheaper, the land is I think the time will be shorter. All these things, and we were the first one in the line to put the order, so that whether it was BHEL or whether it was L&T, we are ahead of our competitors in this sector on that side. I think let me take a pause here and request Director Finance to give his presentation in detail, and then we will come back to the other things. Thank you. Thank you, sir, for highlighting the achievements and future path and prospects for NTPC. I now request Director Finance to make a presentation about NTPC. Sir. A warm good afternoon to all of you. Warm because I can see sunshine resurfacing as we started our session. Let me begin this presentation with the sectoral outlook of the company overview, followed by discussion on emerging opportunities in the sector, our strategic plans, our transitional goals, our steps in new frontiers, our present visibility in terms of our growth trajectory, highlights of our operational efficiency, and robustness of our financials. Starting with the sectoral outlook and the company overview. India's economic momentum is poised to remain strong, with energy demand projected to surge according to the CEA estimates. This growth is fueled by structural reforms, a favorable demographic dividend, infrastructure-driven investment, and universal access to electricity. The per capita electricity consumption is expected to nearly double to 3,000 units by 2050, bringing it much closer to the global average. Energy consumption is forecast to raise from 2,474 billion units in FY 2032 to 3,776 billion units by FY 2042. While peak demand is anticipated to touch 575 gigawatts by FY 2042, representing a robust CAGR of 5% over this period. These strong fundamentals underpin the power sector potential for sustained growth, positioning it as a compelling avenue for long-term value creation for the investors. As the nation's largest power producer, NTPC continues to serve as the backbone of India's energy infrastructure and serve as a catalyst for the country's economic development and prosperity. With a clear focus on emerging trends in energy space and global opportunities, our vision is to establish ourselves as a leading player in the global energy landscape. This vision is anchored in our unwavering commitment to NTPC Group's core values, which are integrity, customer-centric approach, organizational pride, mutual trust and respect, innovation and learning, and a clear focus on total quality and safety. Presently, NTPC is having 83 gigawatt installed capacity and a further 31 gigawatt capacity is under construction. Our share in the country's electricity generation is 24%, with just 17% installed capacity. Even at this huge scale, we have been continuously demonstrating exceptional all-around performance. Our wide geographical footprint, coupled with proximity to coal mines, provides strategic advantage to spread and mitigate risk, facilitating cost optimization. Further, with an ambitious growth plan, we hope to maintain our leadership position. Our corporate plan charts a well-defined growth trajectory, with renewable energy driving a significant share of this expansion. In FY 2025, we added a 4 gigawatt of new capacity, followed by an additional 3 gigawatt in FY 2026. At present, nearly 31 gigawatt capacity is under construction. We continue to set benchmarks in operational excellence, consistently outperforming the all-India average in both availability factor and plant load factor. FY 2025 was a landmark year as we achieved record highs in generation, profitability, and revenue realization. Now, we turn to our strategic plans and transitional goals. Our Vision 2032 charts a bold transformation into a leading energy major, anchored in a diversified portfolio spanning conventional power, clean green power, green hydrogen, and its derivatives, along with a strong presence across the entire energy value chain. This strategic direction will broaden our revenue stream and strengthen our resilience, ensuring sustainable growth in the sector with diversified portfolio. NTPC is steadfast in its commitment to India's national goals of achieving net zero emission by 2070 and installing 500 gigawatt of non-fossil fuel capacity by 2030. As we progress towards a carbon neutral economy, we are shaping an integrated energy spectrum covering renewable energy, nuclear power, green hydrogen and green chemicals, green mobility, energy storage, and waste to energy initiatives. Our portfolio will also feature low emission thermal power with strong focus on maximizing the use of low carbon fuels, integrating biomass, and the deploying of advanced carbon capture utilization and storage technologies. With these initiatives, we are building a comprehensive green ecosystem that will power India's sustainable future and drive our transition to net zero. Coming to our steps in the new frontiers. NTPC has entered the nuclear energy domain with an ambitious goal of installing 30 gigawatt of nuclear capacity by 2047, contributing significantly to nation's 100 gigawatt target. We are advancing two key initiatives on the nuclear front. First is ASHVINI, our joint venture with NPCIL. This is developing 4 700 megawatt reactors at Mahi Banswara, Rajasthan, with all necessary government approvals in place. Second is NPUNL, our newly formed subsidiary is dedicated to harnessing advanced nuclear technologies. In addition, we have signed MOUs with state governments to identify suitable land parcels and facilitate for identification of land and development of nuclear project sites. The NTPC group has an ambitious plan to develop 21,370 megawatt of pump storage capacity. Of this, 11,000 megawatt is under NTPC and 10,370 megawatt through THDC and NEEPCO. Recently, 500 megawatt capacity of Tehri PSP commenced commercial operation with an additional 500 megawatt capacity scheduled to come online within the current fiscal. We have been allocated 5,600 megawatt of PSP project across Tamil Nadu, Maharashtra, Chhattisgarh, and Madhya Pradesh, and we aim to commission 3-5 gigawatt of capacity by FY 2032. Feasibility studies for 19 projects are complete, and detailed project report for 4 projects are in advanced stage of preparation. With these plans, NTPC is positioned to leverage PSP as a key enabler of grid stability and seamless renewable integration. NTPC is at the forefront of building India's green hydrogen and energy storage ecosystem driven by innovation and scalable projects. In green hydrogen, we have commissioned 150 kg per day plant using treated water from an STP at NETRA and are preparing to launch a one TPD facility at Simhadri that will harness seawater. At our Pudimadaka hydrogen hub, we are advancing a series of global first, converting flue gas CO2 to ethanol, producing sustainable aviation fuel, developing India's first CO2 pipeline, and establishing world's first CO2-based green urea plant. In energy storage, we are constructing a 160 megawatt hours CO2-based storage system at Kudgi, vanadium redox flow batteries at NETRA, and 3.6 megawatt hour phase change material system at Dadri. NTPC is actively advancing all 4 pillars of CCUS. That is CO2 capture, CO2 compression and pipeline transportations, CO2 utilization, and CO2 sequestration. This initiative underscores our commitment to decarbonization, foster a circular economy, and create significant avenue for further growth in the evolving clean energy landscape. Moving to our present visibility in terms of growth trajectory. NTPC is poised for a robust growth with 31 gigawatt of capacity under construction and plans to add 7.2 gigawatt through new thermal orders to ensure a reliable base load supply. In line with its vision for a cleaner energy mix, the company aims to expand its renewable portfolio from 8 gigawatt at present to 60 gigawatt by 2032, reinforcing its leadership in green energy. The company is also pioneering advancements in energy storage, targeting 3-5 gigawatt of pump storage PSP by 2032, and is making a strategic entry into nuclear power with 2.8 gigawatt of capacity planned to be awarded within this fiscal year. To realize these ambitious growth targets, NTPC has outlined a cumulative group CapEx of INR 7 lakh crores by 2032, demonstrating a strong financial commitment and delivering long-term visibility for the stakeholders. As we mark 50 years of operation, this initiative reaffirms NTPC's position as the backbone of India's power sector, blending legacy strength with agility to deliver future-ready sustainable growth. Now, coming to our operational excellence. NTPC's operational efficiency has remained consistently strong, underpinning by adoption of best-in-class maintenance practices and a relentless focus on performance excellence. In FY 2025, the company achieved its highest-ever group generation of 439 billion units, reaffirming its leadership in the sector. NTPC also continues to maintain a significant lead over the all-India plant load factor, as can be seen in the PPT slide, reflecting its superior asset utilization and operational reliability. NTPC's robust payment security mechanism has been instrumental in ensuring timely and reliable payments for the customers, thereby maintaining effective control over the trade receivables. This collection efficiency is reflected in a sustained positive trend with the revenue realization period for the trade receivables consistently coming down and outperforming the regulatory norm of 45 days. As you can see that it has, FY 2024, 2025, it has reached 32 days merely. As regards fuel security, NTPC has secured long-term fuel supply agreements with coal companies, ensuring a reliable and consistent supply for our operations. To strengthen fuel security, we have diversified procurement channels through bridge linkages, our own captive mines, and e-auction route, while resorting to coal imports sparingly whenever essential only. In financial year 2025, these measures enabled us to maintain adequate coal availability across all stations, ensuring uninterrupted power generation. Turning to the coal mining front, NTPC's group manages a robust asset base of nine coal mines with a combined peak capacity of 91.6 million metric tons per annum. In FY 2025, the company achieved a production milestone of 46 million tons, reflecting a strong 28% year-on-year growth and underscoring its operational excellence in mining. Looking ahead, NTPC targets meeting at least 25% of its coal requirement through captive mining by FY 2030, further enhancing fuel security and supply reliability. Some of key sustainable initiatives. Climate change and sustainability have emerged as a defining global challenges, compelling energy companies to balance the growing demand for power with urgent need to protect our planet. NTPC has developed a comprehensive sustainable strategy titled "The Brighter Plan," featuring well-defined key performance indicators and measurable targets. Through sustained efforts and an unwavering commitment towards environment and sustainability, NTPC strives to be a leading example for responsible and clean energy generation. NTPC is deeply committed to corporate social responsibilities, striving to create meaningful and lasting changes in the communities it serves. In FY 2025, the company invested INR 363 crores in diverse CSR initiatives with a strong focus on health, sanitation, safe drinking water, education, and other areas that directly improve quality of life. These efforts have touched the lives of approximately 1.6 million people, many in remote and backward regions, fostering human development and empowering communities to build a better future. At NTPC, we believe in continuous development of our employees and provide comprehensive training to employees on technological advancements and latest operational management practices. Our key employee performance metric like sales per employee, value added per employee, profit per employee, and man megawatt ratio have shown consistent improvement as can be seen on the slide. NTPC continues to build all-round laurels in various fields of operations, corporate governance, internal audit, quality, HR, CSR, safety, et cetera. NTPC takes pride in its work culture of high trust and high performance. Regarding the financials, NTPC's financial performance has been consistently outstanding, marked with sustained growth and robust profit levels over the years. In FY 2025, the company achieved its highest ever standalone profit of INR 19,649 crores, showcasing our strong financial management and operational efficiency. The momentum has continued in FY 2026, company posting strong financial results for Q1 FY 2026. The profit after tax for Q1 FY 2026 stood at INR 4,775 crores. Our consolidated financial performance has also shown consistent growth, underpinning our strategic investment in value, accretive joint ventures and subsidiaries. In FY 2025, the group achieved a notable 12% increase in profit, reflecting the strength of our diversified portfolio and the effectiveness of our growth strategy. The group's EBITDA also recorded significant increase, underscoring our capability to deliver strong operational earnings while maintaining disciplined financial management. NTPC's balance sheet has continued to expand, reflecting the company's strong financial position and long-term stability. Steady growth in gross fixed assets has translated into stronger and more efficient returns, reinforcing our operational strengths. Our ability to secure low-cost financing has allowed us to maintain competitive tariffs in regulated business while enhancing cost efficiency in the renewable energy segment. For over three decades, NTPC has upheld a consistent track record of dividend payout, striking the right balance between rewarding shareholders and reinvesting in future capacity expansion. As I draw closer to the end of my presentation, I would like to leave a thought. NTPC is not merely adjusting and adapting to the future, but it is actively shaping it. As we make a decisive shift towards clean, scalable, and sustainable energy solutions, our foundation remains unshakable in terms of operational excellence, disciplined capital commitment, and a policy-aligned growth. With a clear capacity addition roadmap and strategic investment in renewables and nuclear, NTPC is uniquely positioned to deliver resilient earnings and create enduring value. We invite you to join on this transformative journey where scale meets sustainability and conviction meets performance. The future of energy is being built today, and NTPC is leading from the front. Thank you for your attention. Thank you, sir, for an extremely comprehensive yet concise presentation on NTPC. I now invite the participants to interact with the board members and request that you state your name, your organization's name, and please limit your questions to maximum two, so as to give sufficient opportunity to others. Hi, good evening, sir. I am Mohit Kumar from ICICI Securities. My question is, how much do you think NTPC can add or should add coal apart from the already announced pipeline? My second question is, many of the states are putting up capacities under DBFO model, right? What is DBFO? Design, build, finance, operate. Design, build? Finance and operate and own. Finance and operate. I think all the things have to be done then in the power plant. No. My question is, do you think there is case for us to participate in those state-based BID? Okay. Add more capacity to the pipeline. I did mention to you that we will be having 26 GW to 27 GW in addition to around 62 GW, whatever it is commissioned. It should be around 88 to 89 as of today. We have the appetite to add another double-digit number in our existing plants. We have sufficient kind of headway. Now, coming back to the second part of the question, every company has its own strategy. In the past you have seen whose strategy has been right or not right. Can I leave it here, or you want me to explain? That's good enough, sir. Thank you. We have decided we are going ahead with the existing and brownfield projects mainly for the pithead, and that will be cost plus. As of today. Tomorrow we can change our strategy, that is a separate issue. But I think in today's situation where the equipment, there is a constraint, where the transmission network is taking little longer. All the right of way, whether it's a transmission line, whether it's a water line, whether it's anything else, it's taking little longer time. I think brownfield expansion, in my opinion, I think makes far better sense than starting the new greenfield. That does not mean that one should not start. I'm not saying that. But if you are already having your appetite or the capacity available, means in the form of the land and the other infrastructure, why not to utilize that? Yes, please. Hi, sir. Thanks. Girish from Morgan Stanley. Just color on the 7 lakh crore breakup as to how much of- Yes nuclear is included there and PSP. I think nuclear is only around 2 gigawatt in that. Nuclear will be adding. Okay, let's- 82,000 or 83,000. Is there upside risk because you've spoken about a bigger number in nuclear in the past? That is something only up to this time. Okay. See, the nuclear takes little longer period. I think that's what Sure. How much is PSP of that 7 lakh crore number? You have the number? If you can help with a broad mix of that 7 lakh. I do not have PSP, but I have storage number which is over 20, 22, 25. Sir, you cannot hear. PSP How much is that? One gigawatt. CapEx. CapEx value. CapEx value is there. Sir, I don't have separate hydro and PSP. We'll get you that number. Okay. The hydro put total is around 70,000. 70,000. In that itself the PSP is taken care. Sir, 7.2 GW is what you expect to order on the other side this financial year? Yes. Will it be a combination spillover in next year as well? No, no. This financial year, we said. We should expect about 11 to 12 crore per megawatt. You will be lucky enough if you can get into that. Okay. More than that number. Thanks. And that too also with the brownfield, by the way. Yeah. Please correct me if there is anything there. Please feel free to just intervene or correct me on any of these numbers. Yes. Shubdeep from Nuvama. Sir. Subhadip Mitra from Nuvama. Am I audible? Yeah. Perfect. So on the renewable side, in the overall 60 GW plan that we have, what is the progress in terms of signing up of new PPAs or MOUs? If you can give us a split of that. Yeah. I just did mention that we have brought the CEO of the renewable with us. So he can share. But what we are doing, this REIA or the PPAs, I think this is going to be a mix of the two, in the sense that there will be PPAs, there will be some, in case of flexible utilization, there will be some merchant. But we are on track to achieve that 60 GW by 2030. That's again. I think you have this special time to inform. Okay, fine. I mean, out of this, the initial phase, 30 gigawatt, if you talk about that, over the next three years, current year plus next two years would be roughly around 20 gigawatt, and the balance would be in the next two years. As far as the current year's 4,465 megawatts is concerned, 100% land connectivity is there. PPA is 87% is tied up. Next year, 8,196 megawatts there, close to 80% is PPAs tied up and 100% again, land and 82% connectivity is available. For the year next, 8 gigawatt, more than 93% of land is tied up, 76% connectivity is there, and close to 60% of the PPA is in place. Understood. Thank you. That answers my question. See, one thing what is worth mentioning is that whenever we take the investment decision, we get to the details. It is all with a kind of practical assumptions, what we take. At the same time, that does not mean that we will go on doing the paralysis of analysis. We will be, I think if there is some kind of aggressiveness is required, we will do that. At the same time, we do not get into a kind of that this is the number and we will go ahead with that. This is driven by the well-thought-of assumptions and all practical. This is what being a government company, we record everything, and this remains open to scrutiny. If I may just add to your thing. The renewable will follow a different paradigm, as different from the thermal conventional business, where typically the PPA has to be in place and then we do all the tendering and other thing. Probably here there has to be a shift otherwise because it is a very competitive market. There has to be a continuous progress on both the sides. We keep tying up PPA on one side, participating the bid. We create inventories of land banks, strategic tie-ups with other states for joint ventures. Sourcing and application both has to be concurrent sometimes, so we will have to make some advance plan. At a given snapshot, you may not find 100% PPA, you may not find this thing. That is the part of the whole sector. By the way, I think we are one of the company where we can take a risk of going ahead with some kind of creating the inventory of the project, and if the PPA is coming on the way, we can sign that. So going for the financial closure or maybe then this tying up the finances, including the debt, for one or 2 gigawatt, it is easily possible from our side. And this is what I was just saying that we keep taking the pragmatic assumptions rather than anything else. Hi, sir. Yeah. Apurv from IIFL. Sir, you gave an interesting update on battery at Barauni, right? Yes. Very interesting. Would you like to throw some more light on that, the rationale of co-locating it at a coal power plant and the opportunity with other states as well? Yes. I think it is going to be with almost every state you can assume. At least all the forward-looking states will be definitely jumping on this side, we believe. The idea is that during the daytime, the power should be made available from those states so that instead of then bringing down to 55%, we can stick to the, let's say, go to 70% or so, and we can store that energy during the daytime. Incidentally, I think this is a technical part, but it's a very interesting commercial sense that during the evening time, when the ambient temperature is lower side, the line capacity increases. Otherwise, also there is a scope for around 10% in those lines. But during the evening hours, when the ambient temperature is relatively lower, you can feed in more power, and this power belongs to them. I think this is a win-win situation for both of us. And they are the bigger beneficiary than what we are because we will be at the end, we'll be taking only return on equity and the O&M cost. But at the same time, this power which is available to them, this is available at INR 10 almost, that is a peak time what they are able to trade or whether they have to buy it from at that point of time without creating any extra infrastructure other than the BESS. Let me again reiterate here and you can ask Mr. Saswata in detail who are interested that our CO2 battery, which is 160 megawatt hour, which is going on in Kudgi at present. So we will invite you to visit that place. We plan to commission that by July next. If that is going to be as per our kind of assumption, because this is only second in the world. So there is one which is in Italy, and this is the next one which is getting commissioned. If this is getting commissioned, we are becoming free from the critical minerals. So there is no critical mineral requirement will be there like BESS. So we are quite upbeat on that, and in that case, there is no restriction that this has to be that small or that big. And the another point is, it can store for a longer duration. And the another one is that you can modulate that. So there are many things, I think, this week we are keeping a tab on the different situations what is emerging out. We had very good discussion on the nuclear thing. I'm sure that somebody will be jumping and say that what is SMR progress at this. Looks like that, I think the SMR is going to take little longer period, but I think it will come. SMR is nothing but a modular one. Let me clarify to all of you that SMR is not a 10 megawatt or 50 megawatt. It can be as big as 200 megawatt, what BSMR, what NPCIL is doing, or it can be even the 470 megawatt what Rolls-Royce is doing, so on. I think then what I would request you people that you should be kind of interested in the nuclear rather than this, whatever it is. There is no subcritical or supercritical kind of things. I think there are different technologies in that. But as far as from the investor side, this should be a nuclear and then at what cost the power will be available, whether it's a long term, et cetera. I think we will. And there is a clear kind of pathway. The honorable Prime Minister has declared this on 15th August also again. And in addition to NPCIL, we are going to emerge as one of the biggest player. Like what we have done in coal, we will be also doing in the case of nuclear. But coal is not going to go away tomorrow, as we are just discussing, and Mohit was dot on spot to ask that how much more megawatt we can add. I think then it will go parallel. So there are many things, renewable, nuclear, then coal. Gas is still, I think there's. We are thinking of some other methods for gas, but I hope that at a next opportunity, we will discuss that. And we will make sure that the power is available as per the demand, and it is affordable and it's reliable. Follow up. Pardon? Sir, a follow-up question to your comments. I thought I am speaking for a long time, you will forget that what was this. You still kept. Go ahead. Sir, as you are progressing more and more deeper into transition, we are seeing a lot of complementary technologies, be it batteries, green chemicals, all of these emerging. How do we assess which part of business will be located in which company? For example, will green chemicals be a part of NTPC or NTPC Green? You have already said. The green chemical will be part of the NTPC Green. I did mention, and you can get further detail from Mr. Panda, that we have already won one, and there is another bidding going on at present. I can see the face of Mr. Panda that what is going on. I think he is keeping a close watch on that. This all going to be like, all of you would have seen that news that honorable Prime Minister laid the foundation stone of our green hydrogen hub at Pudimadaka. With the land we had procured way back, around 12 years back for the imported coal-based plant, 4 into 1,000 megawatt. At that time, we were very close to award it. We annulled that. Just coming back to Mohit's question. But the first question he has asked, we did take a considered decision, and till now it has proved to be right. If you would have gone with the 4,000 megawatt imported coal-based plant, I think we would have been some serious concern on that. Sir, follow up from my side. You are again? Give chance to someone else also. By the way, he is also coordinating. So you have the much more chance to ask the questions. Okay, go ahead. Yeah, sure. So like you are looking at co-locating battery with a thermal plant, is there any thought of co-locating batteries with existing plain vanilla solar plants? Because that could be- I think you have really asked a very pertinent question. Going forward, most of the bids may be with these some storage. I think this discussion is going on. There is a time we are also discussing with some of the states that whatever plant we have put up, and that power, whatever is available during the day, we can provide the same power at an incremental cost and incremental rate, whatever it is, in the evening peak hours. Those things are bound to come. But we are also not that aggressive at this point of time, realizing that there is a lot of correction which is happening in the storage, both technological side as well as the cost side. Understood. Thank you. Now with this emerging concept on non-solar hour connectivity, which is available in the existing thing, that gives an avenue for going in for a co-located storage for the existing player also. In case existing players are not able to come up, then it will be available for others also too. So that opens up a bit more optimization of the existing connectivity. There are only few persons that are asking questions. Why didn't you ask this question in the beginning? Sir, only two people are allowed. Sir, only on FGD installation, we have already gone ahead, done the investment, right? And the states are not investing. And? The states. State GENCOs and private GENCOs are not investing, right? So it puts us at a disadvantage- No. In a way down, right? No. Are they compensating for us? Yes. The answer is unequivocally, it's yes. We are governed by the environment norms, we are governed by the rules, regulations at that point of time, and we are operating in the cost-plus regime. Okay? I think both Director Finance and Director Project can reflect more on that, but you can take it clearly that whatever investment we are doing, that's not going to put us at a disadvantage position. Sir, our real cost will go up, right? Isn't it, compared to the states? Compared to the State GENCOs and private- How many state GENCOs have put up anyway? The existing ones. What I said is that we are in a regulated regime, that too also cost-plus. We have done this investment only after getting just clearance from there. Having said that, I think if you are putting the FGD, you are taking care of the environment far better than if not putting the FGD. Just to inform you people here that we had taken a pause at that moment once this notification was issued. Already CEA and the Ministry is working on that what should be the criteria for the new projects and which one we should really join. I think the Director Project can tell that further than if he wants to. For the old projects, already the cost is taken care. It is cost-plus only. For the new projects following the guideline, we have kept the FGD on hold. In the meantime, CEA has formed a committee to decide upon the financial and all. Of course, we will be in advantage because we have done a FGD, we will be compensated. If tomorrow the law of the land changes, it will be advantage for us only. Sir, all the pumped storage power plants will come in the NTPC, right? All the? All the pumped storage plants will come in the NTPC or NTPC- Sir, as I was mentioning in the presentation that some of them will come in the THDC and NEEPCO also. Not in the NGEL, right? NGEL, we don't contemplate any PSPs at this stage. Thank you. I think that was the question which was which subsidiary unit. I think I just missed that one. Carbon. Pardon? Carbon. Carbon? If you are capturing a carbon plant, then we need it for being chemicals in the green business. The carbon, what we are going to do is only limited to that where we will be doing the biomass co-firing. To that extent. That is what our plan is. Okay? We don't want to say that this is coming from the coal. This will be proportionately from the biomass co-firing. Let us see how the things really comes out, but otherwise, you are right. Sir, Sumit Kishore from Axis Capital. Sir, Sumit from Axis Capital. My first question is on green hydrogen, in terms of your plans at Pudimadaka, and over the next 4, 5 years, where do you see NTPC's investment scale for green hydrogen production and what kind of commitment is NTPC making for the next 5, 6 years on green hydrogen? Frankly, let me, I think, share with you that it is going to be sizable, but at the same time, there was some kind of wait and watch for the hydrogen related. You know very well what has happened, I think after January this year, some declarations on this kind of net zero, et cetera. I think this climate and other things like this. But if you speak to all the Europeans or the other part of the world, I think this remains intact. As I said, there was some time lag. Let us not get into the numbers there, but the Pudimadaka itself is going to be around INR 85,000 crore total investment. Whether we are going to do from total on the balance sheet of NGEL, or whether we can also try to start having the model of facilitating others and try to charge. This can be a kind of SEZ model where you can enable people to come, and you can charge on that. But definitely there will be a sizable investment will be from our side. Because at the end, I think this is the coastal location and this is the best part is that this will be proven to be a good export-oriented place. If let us say there is an off-taker, he wants to join hands with us or he wants to invest in that, we should be flexible on that. So, put together, I think it will be around INR 80,000-INR 85,000 crore of the total investment in that. My second question- Just let me just Apart from NGEL, I think there are some endeavors on the molecular business, whichever R&D wing NETRA is doing, which I was mentioning in this thing, some of the first we are in. All this itself would entail a significant investment of around INR 3,000 crores. Sir, I want to again ask you on nuclear. With the capital cost that is involved, let us say by FY 2032, the first unit gets commissioned. What kind of tariffs are you looking at for that kind of capital cost, managing the risks around fuel and everything else? What does it mean on a cost plus ROE model, and how does nuclear power basically fit into the merit order? I know- See, I think the last question first. On the merit order, it is also must-run. It's a non-fossil, it's also a kind of taking care. That's it. But the cost part is dependent on the total cost of the project, completed cost of the project. It's a long gestation period, construction period in comparison to the others. This IDC and IEDC is a major component on that. The whole exercise which is going on is that how to reduce the time of execution and how to make it completely indigenous so that cost will remain under control. There are some estimates as of now that it will be somewhere between INR 15 crores-INR 20 crores per megawatt. If that is going to be the cost, I think the tariff will be in the range of anywhere between six to eight. 7.5. Six to eight, I just said. Depending on the interest rates, depending on the kind of various. This is what rough figure is as of today. Again, we have the Head of Nuclear EDs, Mr. Paul here. You can have then further discussion and another, Mr. Shamal, who is our engineering head for the nuclear. You would appreciate that why we have invited these people specifically because that is going to be the future things, and it's every year we will be having the similar kind of discussions. Yes, intuitively, the INR 6-8 appears way higher than where. The INR 6-8 looks to be higher, but I think with passage of time and kind of stable without I do not know whether we should discuss this point, but take it granted that there will be some cost to the environment. Thank you so much. See, one significant thing is nuclear is going to be predominantly having a characteristic of a must-run, isn't it? You compare that with the cost of coal, isn't it? With the coal, PLF is going to be less and less with the more injection of RE, whereas this is going to be more insulated from the, it's not required to flex. So from that point of view, it becomes a very sustained, durable base load coming forward. By the way, I think some people were just sharing some numbers. I think that figure is also being talked about for the coal-based, some of the bids. If it is going to be back down, this cost goes up. Definitely. Thank you. Sharat Chandra, Investment Advisor. There was a slide in which there was a possibility of selling directly to C&I. How does that work? Do you have your own transmission line or, and what is the PPA? Is it regulated, unregulated? That's question number one. Question number two, currently you have about 15% of your capacity in renewable. By 2032, it will be about 40% renewable. So the question is, the problem India faces today, we have a surplus capacity, but the peak load can't be serviced. So when there is a peak load requirement, that time, because lack of battery storage and other things which are developing, there is a power outage and that may also be primarily due to poor quality of DISCOMs networks. So these two areas, if you can just highlight, why not invest more in thermal, to keep that peak demand requirement to be satisfied. Thank you. I think we discussed that we are investing in thermal also. Only 7. Pardon? Only 7. No, 27. 27. No, but, from current 15%, you are going 40% renewable energy. That is okay, percentage-wise you are talking about. So with that, I think there is going to be some kind of price coming down in case of the energy storage also. I did mention that type. And we will have to find a balance that how much we should do. Let's not try to put these new coal-based plants to run only during non-solar hours. Okay. That's something which should be clarity, at least for the power professionals. Your other question was? Directly to the- Directly there. C&I is through the power purchase agreement and the open access system. So this is a bilateral contract, you can say the type of bilateral contract, between the seller and the buyer, through the open access. Are you C&I or you just come. See, any C&I thing is not by some design. It's like, when we keep exploring the C&I thing, and wherever some bulk consumer comes, who can have an agreement, pay the cross-subsidy surcharge, and if he still find a value, he can come to us. Indian Oil Corporation, for instance, we are setting up a RE facility to be off-taken by them on a more negotiated basis. So that can even also be classified as a C&I. We have an arrangement with Damodar Valley Corporation where they'll be off-taking our floating solar. We keep talking to railways or other C&I industry, big industries. So this will be on a negotiated basis, wherever we find an opportunity. Rate of return is not regulated. Rate of return is not regulated, but there can be an arrangement where we can have a cost-plus arrangement also on a negotiated basis, though it is not regulated. Yeah, there's not a regulated. Is there any target by 2032 on this front? No, we are not chasing compulsive way. We continue talking, and we are finding, this is a way of ensuring some off-take, guarantees, besides participating, because this will lead to a better returns. So it's a kind of sweetening our own portfolio. We have acquired one asset in our joint venture, with ONGC. And our off-taker of that power is Hindalco. So that's a very selective one. And so Hindalco is a very reputed company, and we had those kind of rates were negotiated at that. In fact, there can be different type of arrangements as we open this market. We can always say that it can be open both with the returns which are similar or better than regulated returns. But to keep your reply short, this is not in the regulated regime. You had mentioned something more important that we are surplus in power. Capacity-wise. No, capacity. Let's try to spend a few seconds on this. The hydro capacity is only available when there is a water flow. The wind is only available when there is a wind is blowing, and solar is only when the sun is shining. They put together, you will have to find that how much is the capacity, what is required, and the CEA does a very comprehensive work on that. We are part and parcel of those discussions. Otherwise, why we are trying to put up then a new coal-based plants and new renewables and this thing. We try to make these studies and then accordingly we put up the capacities of that. Sir, I understand that because the power gen sets are being sold, and the cost of that power is 8 to INR 10. Obviously I understand that. That's why I'm asking that why the Government of India is not motivating more thermal power to come. They are mot- Environment is obviously required, but growth of this country is also required. No, but they are doing that now. That's what I said. We are doing everything. It's not this or that. It's a combination of all. Thank you. Our country has already taken a differentiated approach. We are not joining this bandwagon of a net zero by 2050, and we are saying that yet we will have to ramp up the coal capacity to a level, and then by that time, all this RE RTC will be more stable and the rate would have gravitated. So that's the opportune time to then cut off, because much of our capacity today has outlived the life in the country. So all those things would be then started decommissioning. So it will be required. Yes. Sir, we have our own nine coal mines. Sorry. Ramesh Bhojwani from Meta and Muddy. We have our nine coal mines, and we have mined 45 million metric ton against a peak capacity of 91.6 million metric ton. Two thoughts on that. When we are mining our own coal from our mines, is the cost of coal cheaper to us than we get the coal from Coal India Limited? See, the primary idea of NTPC getting into its own captive mines, the more preponderant thing is energy security, fuel security, isn't it? Evidently, Coal India Limited is sitting over a lot of legacy mines which were opened. Probably they were very good in the merit order with good stripping ratios. Increasingly, the latest mines are going to be those which may have a larger stripping ratio. They have been auctioned. Comparing an average of the coal prices, which may be 30 years old, 25 years old, with the latest one with the latest CapEx cost, it won't be comparable. Isn't it? Definitely, if you take on a mine-to-mine basis, it is going to be different. What we should ideally do is we should compare our latest mine with their latest mine. Yes. Isn't it? I think those are comparable. Wonderful. You also have a target of 25% from your mines. Absolutely. Of coal. Right. Yes. 25%? 25. 25. Yes. The other thing which you referred to in your highlights in the initial opening remarks is that with very, very benign inflation of 1.6%, it is imperative that RBI goes further in repo rate reduction or interest rate reduction. May happen in September. With that, there was a signal and an indication that with that, you will be enabled to lower the cost per unit of power which you are supplying. Yes. It is highly imperative that the cost per unit of power which we are supplying, if we reduce it will do a lot of good not only for retail, for commercial, but even for industry. Would like your thoughts on that. Inflation coming down is in everyone's interest. Interest rate coming down is also in everyone's interest. What will happen and what will not happen is not in our purview, nor can we guess anything about it. One thing you have raised is very important. That is, suppose someone had placed a bid. They placed the bid at a time when interest rates were very high. Is it going to come down? Prices. No. In our regulated returns, will the cost of power come down? The answer is yes. This cost plus, we can go on saying something, but it was structured in a way that it is taking care of both sides. Okay? That is the reason we are saying that it's. Let us say that you have put up a bid at the time when the interest rate was only 2%, just an example, or 5%, 6%, and it becomes double. Then some of the developers may start asking that, "This was the assumption. Now what can happen?" But if this goes to the other side, I don't think they will be happy if you start questioning them. Answering your question directly, in a cost plus, wherever this rate of interest goes, it may sometimes be raising or falling, but that will be translated into a tariff. So the benefit of that lower interest rate will be passed on to the customer. Customer. Thank you, and all the best. Thank you. Aditya, I think the questions are coming only after a well deep sense of thinking. I think there are some more questions. Let us take the last few questions. Otherwise, I think it's over to you. I think you and Director of Finance covered almost everything which they could ask in your speech. No. Any last questions? No, sir. We now conclude this 21st Annual Analyst and Investors Meet. I am grateful to our CMD, our Directors, JS and FA Ministry of Power, and senior management present here for taking time out for this interaction. The address by CMD and the presentation by Just a second, if I may interrupt. Please don't miss the opportunity to interact with the concerned head of the kind of different We have Head of Nuclear. You can raise your hand. Mr. Paul is Head of Nuclear. Samal is assisting him. Maybe he has left. Mr. Panda is initiating with you. You know, he has been working in hydrogen for the last five years. It's not that he has just jumped in. NETRA head is here. Mr. Ashwath Nath. And NGEL CEO, Mr. Sarit Maheshwari. I am Sarit Maheshwari. I think maximum questions should go to him. You can definitely ask how much more time you will take to expedite this capacity, that capacity, whatever it is. Okay? This can be done over tea, sir. Yes. Thank you. The address by CMD and the presentation by Director of Finance highlighted the achievements of NTPC and showcased the potential that NTPC has. I am thankful to all our analysts and investors who are present here today despite inclement weather, whose faith has driven us to exceed our performance, both operationally and financially, year after year. Last but not the least, my heartfelt thanks to Regional Executive Director, Western Region 1, and his team for making excellent arrangements for this meet. We hope to see you next year. I now invite you for refreshments. Thank you.