NTPC Limited (NSE: NTPC) Q3 2026 Earnings Call dated Jan. 30, 2026
Corporate Participants:
Unidentified Speaker
Jaikumar Srinivasan — Director, Finance
Analysts:
Unidentified Participant
Mohit Kumar — Analyst
Sumit Kishore — Analyst
Satyadeep Jain — Analyst
Ketan Jain — Analyst
Mahesh Patil — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the NTPC Limited Q3FY26 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities. Thank you. And over to you, sir.
Mohit Kumar — Analyst
Thank you. Huda. Good evening. On behalf of ICICI Securities, I welcome you all to the Q3FY26 earnings call of NTPC Limited. Today we have with us Shri Jayakumar Srinivasan, Director of Finance of NTPC along with other functional directors. We will start with the brief opening remarks which will be followed by Q and A. Thank you. And over to you, sir.
Jaikumar Srinivasan — Director, Finance
Thank you. Good evening, ladies and gentlemen. I am Jay Kumar Srinivasan, Director of Finance of NTPC Limited and NTPC Green Energy Limited. It gives me immense pleasure to welcome you all to our earnings conference call for Q3 and nine months ended 31 December 2025. Joining me today are my colleagues from the board under senior management. Sri Shivam Shivastok, Director FUEL Sri Keshanmuga Sundaram, Director Project. Sri Ravindra Kumar, Director Operation and Sri Anil Kumar Jali, Director, Human Resource. Along with other members, I also have with me Mr. Sarit Maheshwari and Mr. Neeraj Sharma who are the CEO and CFO of NGL respectively.
We have announced our unaudited financial results for Q3 and 9 months FY26 of NTPC today and same thing we did yesterday for ngel. We have also shared operational financial snapshot with the Stock Exchange which are available for investors. Reference. I’ll take you through the major developments in NTPC NGL as well as the power sector as a whole followed by operational performance financial highlights. Before we open the floor for questions, I’d like to highlight key developments. NTPC Group added 1744 megawatt in Q3FY26 comprising of 800 megawatt from Patratu Thermal Power Station, 694 megawatt from Renewables and 250 megawatt from THTC Pump Storage Project.
Further, during January 2026, 468 megawatt Renewables has been added taking total capacity addition in FY26 to 6615 megawatt. The highest achieved in the 10 months period. The shareholders agreement for Sinnar Thermal Power Plant was signed on 9th January 2026 following approval of the resolution plan submitted by NTPC and Mahajenko by the National Company Law Trademark Tribunal nclt. The transfer process is expected to be completed shortly. This would add 1350 megawatt of capacity with approximately 1600 acres of vacant land available for future expansion. With all these we remain on track to achieve one of the highest annual capacity addition in the current fiscal Supported by strong project pipeline, BAWA demand recorded an increase of 6.3% in December 25 and has continued to grow in January 26 as well with a growth of 5.89% recorded so far as compared to the previous year.
NTPC’s group generation grew by 8.82% in December 25 by around 4% in January 26 as compared to the previous year. During nine months FY26 NTPC group generation stood at 320 billion units compared to 327 billion units in nine month FY25. NTPC standalone generation was 261 billion units compared to 278 billion units in the corresponding period last year. The PLF of NTPC coal stations during nine months FY26 stood at 70.69% compared to 60.79 for the rest of India. NTPC commissioned 3 megawatt hours v NIDM Redox Flow battery pilot project which is India’s first megawatt hour sail long duration energy storage system.
We have also commissioned 3.7 megawatt solar project at Chusul which is in Ladakh which is designed for providing 24. 7 carbon free electricity to the Indian army. Coal stock at NTPC stations stood at 15 million tons sufficient for about 18 days of generation at 85%. PLF captive mines recorded dispatch growth of 4.34% year on year. Additionally, coal dispatch started from Patri Barwadi’s Northwest mine. Similarly, mine opening clearance has also been received for Badam mine having peak rated capacity of 3 mm tpa. The cumulative capital expenditure in coal mining stood at 14,136 crores as on 31st December 2025, providing a long term equity deployment under the cost plus framework and supporting a stable return on equity.
Outstanding receivable days improved to 26 days as on 31st December 2025 compared to 34 days as of 31st December 2024. In the first nine months of FY26 our station co filed 9.68 lakh metric tons of biomass more than double the 4.29 metric 4.29 lakh metrics used in the same period last year. Supporting sustainability objectives NMACI ESG Ratings upgraded NTPC to a B rating from triple C, marking a significant improvement in its ESG assessment after nearly 10 years due to our sustained initiatives. Some of the sectoral updates CRC has issued draft regulation allowing the installation of battery energy storage system at thermal generation station.
This is a positive development as it enables coal based plants to remain online and support peak demand by supplying additional power through bess during peak hours. The framework will help DISCOM in managing peak requirement and provide NTPC with an opportunity to invest in energy storage under costless payments. A key positive indicator is that the distribution companies reported an overall profit of over 2,700 crores in FY25 compared to a loss of 25,553 crores in FY24 driven by lower ATMC losses and improved payment discipline. This strengthens payment security for generators and support sustainable sector growth. The government has recently legislated Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India, which positions nuclear power as a key pillar of India’s long term baseload energy strategy in support of Vikasit Bharat 2047.
It addresses the power demand for manufacturing, digital infrastructure, urbanization and transport while reducing dependence on imported fossil fuels. The Bill supports India’s net zero 2070 commitment by enabling scalable clean baseload capacity and strengthening long term energy security for ntpc. The Shanti act provides a clear pathway to scale nuclear capacity as part of our diversified generation portfolio. It enables us to leverage our project execution and financial strengths to add new nuclear capacities to our portfolio. The Bill also supports NTPC’s participation in advanced nuclear technologies, strengthening long term growth and shareholders value. As highlighted earlier, power demand has begun to show an increasing trend supported by improving economic indicators which is reflected in the growth numbers.
Peak demand touched 245 gigawatt on 9 January 2026. Non solar peak demand has also shown an upward trend reaching 237.4 gigawatt in FY26 compared to 234.35 gigawatt in FY25 and 218.38 gigawatt in FY24 as the country’s largest power generator supported by strong balance sheet, these developments will enable NTPC to leverage its strength effectively. The evolving landscape presents significant opportunities and it is well positioned to capture the next phase of growth in India’s power sector by balancing conventional and non conventional sources to ensure reliability, affordability and sustainability. Coming to the key financial highlights Comparing and Give a comparison with the corresponding period for NTPC on a standalone basis.
Total income for Q3FY26 is 41,673 crores as against 42,303 crores in Q3FY25 for 9 month FY26 the total income is Rupees 1 25,695 crores as compared to 1 28,601 crores in the corresponding previous period. NTPC’s profit after tax for Q3FY26 is 4,987 crores as against 4,711 crores in the corresponding quarters of previous year registering a growth of 5.85%. Total income of the group for nine months FY26 is 1 39,388 crores as against 1 39,777 crores in the corresponding previous period. Profit after tax of the group for 9 months FY26 is 16,931 crores as against the corresponding previous period PAT of 16,056 crores registering the increase of 5.45%.
During 9 month FY26 our subsidiaries earned a profit of INR 2441 crores as compared to 1908 crores in the corresponding period of the previous year registering an increase of 28%. NTPC share of profit in JV was 1670 crores in 9 month FY26 as against 1581 crores in 9 months FY25 during 9 months FY26 we have accounted for dividend income of 1901 crores from our subsidiaries and joint venture companies as against 1309 crores during 9 month FY25. Standalone regulated equity as on 31st December 2025 was 94415 crores while consolidated regulated equity was stood at 118970 crores.
As regards fund mobilization, NTPC has executed unsecured term loan agreement aggregating to 5000 crores comprising of 3500 crores with State bank of India and 1500 crores with Jammu and Kashmir Bank. These loans carry a door to door tenure of 15 years with interest rate linked to the three months treasury bill rate in the case of SBI and repo rate in case of JNK Bank. The proceeds will be utilized to meet companies capital expenditure requirements for ongoing and new capacity addition programs including inorganic growth opportunities, renewable energy initiatives, renovation and modernization works, coal mining operations, refinancing of existing loans and other related purposes.
Further, NTPC organizes 18 lenders meet in December 2025 New Delhi. The meet provided an overview of the Company’s operational and financial performance, green initiative growth and diversification strategy, future capital expenditure plans and funding requirements. The event witnessed participation from representatives of leading banks, financial institutions and credit rating agencies from India and overseas. The weighted average interest rate on borrowings during the nine month FY26 stood at 6.05% compared to 6.64% in nine months FY25 reflecting the benefits of proactive refinancing and strategic restructuring of the Company’s loan portfolio. As regards capex in the nine month FY26 we have incurred a group capex of rupees 33,466 crores as compared to 30,779 crores in the corresponding previous period while on a standalone basis NTPC has incurred CAPEX of 19,439 crores in 9 months FY26 as compared to 17,853 crores in the corresponding previous year period.
The graphs Property, plant and Machinery as on 31st December 2025 on a group level has increased by 67,000 crores to 4.54,223 crores during last one year, an increase of 17.4% coming to NTPC Green Energy Ltd. Let me now highlight the performance during FY26 NGL added 2108 megawatt of renewable capacity, taking its total commercial capacity to 8010 megabyte as on 31st December 2025 up from 5,902 megawatt as on 31st March 2025. On a year on year basis commercial capacity increased by 4535 megawatt including 26.24megawatt from the acquisition of IANA Renewable Power Private limited generation during nine months FY26 stood at 9,959 million units, a growth of 206% over nine months FY25 primarily driven by IANA acquisition.
Despite weather related challenges, NGL achieved a healthy capacity utilization factor of 21.8%. Financial performance remains strong. Consolidated revenue from operation increased by 23% to 1946 crores in nine month FY26 while operating EBITDA grew by 25% to 1701 crores. EBITDA margin improved to 87% underscoring the robust profitability of the renewable portfolio capital investment continues to be a key focus. Consolidated capex during nine month FY26 stood at 11,653 crores compared to 7261 crores in the corresponding period last year. Total contracted and awarded capacity increased by 11.54 to 15,527 megawatt hours on 31 December 2025. During the period, NGL secured its maiden battery energy storage project of 80 megawatt by 320 megawatt hours in Kerala through NHPC won a SEKI bid for supply of 70,000 megawatt per annum of green ammonia and IANA secured a 140 megawatt round the clock renewable project at a tariff of 4.35 per kilowatt hours.
In the quarter three NGL successfully issued 1500 crores of unsecured non convertible debenture through private placement at a competitive interest rate of 7.01%. The issue was oversubscribed by around 8 times which shows the investors confidence and favorable market perception. Some of the other key points on financial results are as Under. Ntpc. Yeah. NTPC has declared a second interim dividend of 2.75 per equity shares for the financial year 2526. We will continue to balance growth along with dividend payouts. Based on the question raised by investor during earlier CON calls, I would like to inform that the fixed cost under recoveries till December 2025 is at the level of 454 crores and every effort is being made to reduce this under recoveries by the end of the year.
Our operational gains on various accounts for 9 month FY26 is 832 crores comprising of schedule generation, incentive, primary frequency response etc. We are improving our operational and maintenance practices continuously to reduce under recoveries and maximum gains. Some of the other key developments I’d like to share. On the energy storage front, we are focusing on long duration energy storage system in addition to the conventional systems. Following the successful demonstration of a 3 megawatt hour vanadium redox flow battery, we are planning a 100 megawatt hours redox battery system at our Khawda Solar project. We are focusing on replicating this technology at other locations as well.
In the conventional BESS, we have finalized the contract for development of 320 megawatt hour BSS in Kerala. In addition, as highlighted in the previous CON call, we are in the final stage of evaluation of a tender for 5000 megawatt hours of bass capacity at 16 NTPC power stations under section 62 with commissioning expected within 18 months. The third unit of Terry pumped storage project has been commissioned and the final unit of 250megawatt is scheduled to be commissioned before the end of the current financial year. Work is also in Progress on the 160 megawatt hour CO2 based energy storage system at Kudugi.
Further preliminary studies are underway for pump storage project aggregating to around 13 gigabyte allocated by state governments which will be executed through group companies of NTPC. Further work at Tattoo 2 hydroelectric power project 700 megawatt has also started which NIPCO is executing. NTPC Vidyut Vyapar NIGAM has registered a growth of over 14% in power trading up from 31.6 billion units to 36.1 billion units during the FY26.9 month period. We have received several recognitions such as Organization leading the Net Zero Building Movement in India at the India Green Building Council IGBC Green Champions Award SHRM HR Excellence Award in Public Sector category and won the NASSCOM DSCI Award for Best Security Practices in Energy Sector.
In addition, the company secured five awards across categories at CIS Digital Transformation Awards. We are pursuing growth through a balanced expansion across conventional and clean energy segments while maintaining a strong focus on fuel security on time execution and prudent capital allocation. We have over 33 gigawatt of capacity under construction comprising 16.5 gigawatt of coal based capacity, about 1.9 gigawatt of hydro and around 15 gigawatt of renewable energy and this is providing a solid foundation for near to medium term growth to strengthen fuel assurances and value creation. We are also working on coal gasification which has the potential to operationalize gases continuously.
On the nuclear front we are progressing steadily and have made good progress in conducting site studies in several new locations. We are also in the process of tying up with international partners subject to government approvals including technology partners, engineering consultant and EPC vendors. For financial year 26 we have seen steady execution for NTPC with progress across capacity addition, fuel security, operational performance and sustainability. Similarly, as we move into the final quarter of the fiscal year, our focus remains on the timely commissioning of project under execution, sustaining plant efficiency and availability and maintaining balance sheet discipline.
We intend to leverage the Shanti act to accelerate our nuclear capacity roadmap, building on our long term clean and reliable baseload strategy Parallel. NTPC is selecting selectively scaling its international presence through structured engagements and project opportunities aligned with the strategic relevance. We will continue to advance renewable and energy storage in a calibrated manner to enhance system flexibility and portfolio balance. Despite relatively subdued power demand in the current year, we remain confident that demand will witness sustained incremental growth in the years ahead. As an integral part of India’s development journey today, we are optimistic about our role in powering a developed India as well.
We are committed to enhancing shareholders well and continue to strive for improving performance in every facet of our business. Thank you for joining us. And now I hand over to Mohit for the Q and A. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment when the question queue ascends. The first question is from the line of Sumit Kishore from Access Capital. Please go ahead.
Sumit Kishore
Good evening sir. My first question is could you speak about your revised targets for capacity addition in NTPC Green both at the at the JV level as well as at the consolidated level. And what has been and why are the challenges seemingly delaying your original plans?
Jaikumar Srinivasan
Yeah. Mr. Sarit Maheshwar is the CEO of NGL. Will take your questions.
Unidentified Speaker
See as far as our capacity addition plans for this year is was concerned, we had promised that we would be doing around 5200 megawatt on a year on year basis. That is this year we had to add 5 gigawatt of power. We are well on track of it. We have already added two 2000 odd megawatt and in the balance two months our capacity additions are well on track. We are going to add around thousand megawatt more at Khabra, 200 megawatt more at Badla and 250 megawatt at Kalasar. Together around 300 megawatt of wind will come from our Gujarat plant And also around 500 to 550 megawatt will be coming from from our IANA portfolio. This would take to another 2300 to 2400 of structured capacity addition planned in the next two years. So the capacity addition plan is very much on track and we would be touching our 5 gigawatt.
Sumit Kishore
If a 2000 megawatt is done. 2300 to 400 can be done in next two months. That will be 4400 megawatts.
Unidentified Speaker
No, so far, so far we have done. We have already Done as on date as on the till the last quarter around 2100 and around 500 by 2600 odd megawatts. We have already done so as I told you the for the balance one also around 2500 megawatt is is on target. So that will take us to 5 gigawatt. That is what we have planned.
Sumit Kishore
Okay, and for the next financial year what will NT Green target at the you know, consolidated level?
Unidentified Speaker
Sir, our plan as announced for FY27 is 8 gigawatt and we have already commenced work on the vehicle various plants which have to give the capacities next year and likewise for FY28 also we are targeting 8 gigawatt of capacity addition.
Sumit Kishore
For NTPC Green. Again the next question is what is your solar and wind generation which has happened in 9 months FY26 at the consolidated level and the JV level and also please share calculated PLs. My humble request is that the key performance site or ATPC green should be uploaded along with the result because it is very difficult to interpret performance in the absence of these basic numbers.
Jaikumar Srinivasan
Key financial numbers, operational and finance numbers of the NGL has already been uploaded. You may please re verify from the company also.
Sumit Kishore
Okay, it was not in the it is not on BSE as of now.
Jaikumar Srinivasan
It is in the NGL website. You can just.
Sumit Kishore
Okay, okay. I was checking on bsc. So the last question is what explains loss contribution for JV in NTPC green in Q3?
Unidentified Speaker
The work in the on in NGL? All the NGL JVs are still in progress except for IANA contribution which is which has also been explicitly mentioned there.
Sumit Kishore
Okay, so the loss is attributable to Ayana.
Unidentified Speaker
If you see on a quarter on quarter basis definitely there is in Q2 to Q3 there is a dip in the profits. But on the nine month consolidation basis, you see, you can see that both PBT has grown by 26% on a consolidated basis and so is the path which has grown up by 35%. But if you just tend to analyze Q2 to Q3 there are various reasons because of which the profitability has gone down. That primarily involves some loss of generation at carbon wherein we had brought in the largest capacity and this is the initial stabilization period because of which the generation is not to the tune what has been what should have come from there.
But that is very normal in any renewable company. And I can tell you that as on date, whatever capacity we have brought it at Khambara, which is around 300 megawatts, all the capacities are running at full load. So there is absolutely no loss of capacity because of performance because the stabilization period is now over for the capacities that we added there.
Jaikumar Srinivasan
Just to explain the stabilization here, the peculiar thing is when the capacity addition happened on an odd date, the benefit of the revenue accrues from the odd date. Whereas the depreciation for the capacity cost is booked for the entire quarter depreciation particularly so. So in the next quarter it gets normalized.
Sumit Kishore
That is very clear. Thank you so much.
operator
Thank you. The next question is from the line of Nidisha from ICICI securities. Please go ahead.
Unidentified Participant
Yes, thank you so much for taking my question. So my first question is that we recently got to know that the 400 megawatt of the 1 gigawatt bid of UPCC as a Jan bid the PPA has been given out. So what is the status of the remaining 600 as well as there was another bid that NTPC1 in March from UPCCL. So again what is the progress on the PPA for that bit?
Unidentified Speaker
No, we have. We. We have already 1400 megawatt of UPPCL power that we had out of that one gigawatt is already tied at the work is going on at Chitrakut and Lalitpur on that the balance 400 megawatt we do not have the PPA and we haven’t started the work on that as of still now.
Unidentified Participant
And what but isn’t the total 2 gigawatt 1 gigawatt in Jan and 1 gigawatt in March. So Chittag and and the other one that you mentioned that is from the first tranche in Jan. The second one one gigawatt in March. What is the status of that.
Unidentified Speaker
As regards NGL we have only with up 1400 megawatt. You can get offline to understand this which which capacities you are talking.
Unidentified Participant
All right. And lastly. All right. Lastly what what percentage of the 23 and a half gigawatt that that is in our contracted and awarded total is PPA tied and what percentage is not PPA tied?
Unidentified Speaker
I can give you the figures on a year on year basis. What is the PPA tied capacities in FY26 the capacities that we are we will now be adding will be is almost 82% PPA type FY27 it moves to 83 FY28 capacities as on date is 60% tied up. And if you took subtotal of all 34 on a consolidated basis we are 74% PPA tied. And I would also like to add here in which we have in this we have not included some of the plants where the PPA dialogue is going up with government like 600 megawatts or we are in advanced stages of tie up at Bharati from MP government.
So that is. That also we haven’t considered. So if we consider that as the PPA which will definitely happen, this percentage would further go up. Likewise we have also comfort letters with our group company nvvl. That is also because there is no firm PPA over there. We haven’t included that.
Unidentified Participant
All right, thank you so much. I’ll get back in the queue for.
Jaikumar Srinivasan
A total capacity of around. Okay.
operator
Thank you. The next question is from the line Satya Deep Jain from Ambit Capital. Please go ahead.
Satyadeep Jain
Hi, thank you. Just first from mtpc, just wanted to check on the decision to participate in 63 section 63 tenders. There have been about 1112 gigawatt of awards. Is this a conscious decision for NTPC not to participate in section 63? To understand?
Jaikumar Srinivasan
Yeah. NTPC has always hitherto maintained a position that it will first of all channelize all its resources and equity as far as the section 62 is concerned. So we are by a merit order we are all going through brownfield projects only. And so after exhausting this, the next level of strategy would be thought of. But right at this moment you are correct that we are restricting ourselves to Section 62 as far as thermal plants are concerned. Concerned. But that doesn’t, you know limit us from going in for acquisition of pre existing assets. As you know we have recently acquired the Sinner thermal power plant so that this would be a case to case decision. But definitely at this moment we are not bidding for any greenfield projects which are coming under section 63.
Satyadeep Jain
Just wanted to touch on this further. A lot of these tenders and maybe you can share about why are we seeing a lot of flurry of tenders to 63 and you have pipeline. We’re waiting for more visibility for pipeline beyond 2829 commissioning some tenders which are still not awarded, which we are waiting in 27. So why not build this pipeline beyond the branch that you already have? Maybe so tell you tender out and look at the remaining capacity that you have. You will not participate in 63 at all. And does it limit your optionality because all these states are tendering 63 basis. Would that limit option once you exhaust brownfield? Just trying to understand the thought process of this.
Jaikumar Srinivasan
No, no, we are not ruling anything for forever. But right at this moment, as I said that on a purely merit order, we are Right now restricting ourselves to Section 62. We’ll evaluate the proposition as we go ahead.
Satyadeep Jain
Okay.
Jaikumar Srinivasan
And at the same time my allocate allocation of resource, allocation of resource from the NTPC holding company would be towards all the committed projects which includes hydro projects of its subsidiaries. We have commitments increasing commitments to nuclear so keeping all this to balance everything. Right now the strategy is to participate in going for section 62 but as we go ahead we will evaluate our strategy afresh.
Satyadeep Jain
Any thoughts maybe from your front why are why push towards 63 from states? Anything you can add or maybe if not I can move to the next question.
Jaikumar Srinivasan
No, I’m not clear about your question.
Satyadeep Jain
Why is there a flurry of tender through 63 and not why are states not looking at 62 just trying to understand what is driving this activity on 63 front.
Jaikumar Srinivasan
I mean since we are as far as our capacity addition is concerned under 62 we have a sufficient response and we have takers from the state. We have, we have been successfully able to tie up our projects. So beyond this if there are certain considerations at the state level, individual state level I won’t be able to explain to you.
Satyadeep Jain
And so secondly on NGL just want to understand. So you’re looking at 2.5 gigawatt in the next two months an 8 gigawatt just next year. Just how are you looking at right of way connectivity. So these are. You have a very high reasonable surety that these plants have connectivity commissioned and that you will be able to commission 2.5 gigawatt in the next two months. Just the level of confidence you have for these 2.5 gigawatt in the next two months.
Jaikumar Srinivasan
See as Mr. Sarit was explaining around 20 gigawatt that would, that we are targeting for the next three years. The entire PPA the PPA up to 75% is in place but on a more immediate basis the LAN connectivity is in place. So I, I think we are pretty sure that whatever is in the hand we will be able to finish it. We are fully geared up for that.
Satyadeep Jain
This specifically the 2.5 for the next two months you’re talking about. I know land connectivity. Everything is secured but in terms of connectivity the energizing of the plant and the connectivity being available are these, this would be contingent on connectivity being there, right? The 2.5 gigawatt just trying to understand the level of confidence you have that the connectivity will be ready and you will be able to energize these aspects by the end of March 26th.
Jaikumar Srinivasan
Yeah. Mr.
Unidentified Speaker
See I’ll answer this in two parts. One is the physical progress on the ground. To give you some idea how we are going to add 2.5 gigawatt in the coming two months. The capacity in this around thousand odd megawatt is coming from Kabra alone. So this Khabra already 700 to 800 megawatt of module capacities have already been erected. So now when we will be adding the further capacity over there. The all the connectivity related challenges in in terms of transformers and all are all already back charged. So these capacities are going to come in the coming two months step by step.
We are also we have already commissioned at Badla 300 megawatt. So every system is over there is also charged and the balance 200 megawatt we will bring there also. So this gives a very clear 1200 megawatt is which is very much ready and can be commissioned within the next one to one and a half months only. In addition to that we have from ayana platform also 500 to 550 megawatt which is in advanced stage of commissioning. We also have wind projects at three locations which is one key, one key Jamjotpur and and Dwarka at one key and Jamjotpur we will be bringing in another 200 odd megawatt from these two locations.
And from Dayapar we are also targeting around 150. In addition there is one more plant as I explained before also Kalasar which is 250megawatts. If you sum up all these, we are on track for the capacity addition as we had promised. On the connectivity front. As as you can say that our firm Capac are at Kabra region is 865. From February onwards we will get further connect further connectivities over there. And the balance any additional generation from there as now is going on TGNA. It will go on TGNA from there.
Satyadeep Jain
Okay, so just a clarification on Ayana 500 megawatt. This is the Hindalco RERTC that you expect to commission by March 2026, is that right?
Unidentified Speaker
That includes a part of that also. But there are other projects also. One is in Rajasthan. We can give you the breakup offline especially of the 500 megawatt of IANA platform also.
Satyadeep Jain
Thank you sir. Thank you.
operator
Thank you. The next question is from the line of Kushwan Paha from kpac. Please go ahead.
Unidentified Participant
Hi, am I audible?
operator
Yes sir.
Unidentified Participant
Hello. Am I audible? Yeah, thanks. Thanks and congratulations on.
Jaikumar Srinivasan
Yeah, please be a bit louder.
Unidentified Participant
Am I audible now? Is it better? Is it better?
Jaikumar Srinivasan
Yeah, you could be SL bit. Little bit louder please.
Unidentified Participant
Yeah, just switch to. Yeah, yeah.
Jaikumar Srinivasan
Please continue.
Unidentified Participant
Okay, I understood the capacity that will come online on the NG NGL group side. Can you please give some color on what capacities will come online on the thermal side? The timelines basically this year remaining three months and next year and we are thereafter.
Jaikumar Srinivasan
Yeah. As far as thermal for the current year is concerned. See as you know that we already in my opening statement we have said that how much is the actual. That has been commissioned till 31st March. 2780 megawatt is already commissioned. So I think thermal we will end up at this thing. No, no further thermal capacities expected during the current year. But however the next year we are expecting Patratu unit 2 and 3 to be commissioned in Q1 and Q3 respectively. So that would add around 1600. 1600 megabyte. 2 units of 800.
Unidentified Participant
So I mean I see the capacity coming online is 16, 5, 20 megawatts. So do you have any broad timelines for that or difficult at this stage.
Jaikumar Srinivasan
Next on the next CCAS over the three year period 6500 would be added 2780 during the current year. Next year it is two unit of 800. 1600 and the year next it would be 2120 megawatt. This is coming from TTPS unit. TPS stage three unit unit one and culture and Lara. Lara unit one, stage two is 800 megawatts. So that adds to 2120 megabytes. So all this put together 6.5 gigawatt over the next three years including the current year.
Unidentified Participant
All right. Thank you so much.
operator
Thank you. The next question is from the line of Ketan Jain from Avende Spark. Please go ahead.
Ketan Jain
Thank you. My question got answered earlier. Thank you.
operator
Thank you. The next question is from the line of Mahesh Patchil from ICICI Securities. Please go ahead.
Mahesh Patil
Yeah. Sir, so my first question is what is the impact of curtailment on our generation? Is it possible to quantify it in any way.
Jaikumar Srinivasan
You’re talking about? Yes, hello. On the renewable. Okay.
Unidentified Speaker
Yeah, we had. You’re right, we had significant curtailments. Yes. I can give you the figures. We had a total in this up to for the nine months that have gone by. We lost around 420 million units on account of curtailment in NGL alone. And in NREL also we had lost around 212 million units of generation. So I think this answers you that curtailment has been a significant issue in the past that we had faced. But I’m happy to Inform you that as regards NGL now the curtailment will be zero. Because the line through which the curtailment was happening was Narela K3 line that is commissioned.
And henceforth there will be no curtailment loss on to NGL on account of there will be minor curtailment losses in NREL from Khabra. Because our complete GNA is 865 which is going to be firmed up in sequence next year onwards. And by October we will be having the complete capacities over there also. So with respect to NGL group the curtailment will not have that kind of an effect that is happening elsewhere in the Gujarat. Yes.
Mahesh Patil
Okay. Thank you sir and so much. Second question is on the thermal awards. That we are looking at for next year. FY27.
Unidentified Speaker
Next year we are looking at an. Award of 4 gigawatt. That will be Lara two 1600 megawatt Jaguar BRBCL Beloy 800 megawatt each. Then next financial year we are planning culture thermal space extension of another 800 megawatt at this instance. And we have various other options of depending on the conditions of the government we may add further.
Mahesh Patil
Okay sir, thank you.
operator
Thank you. The next question is from the line of Nick Hill from Bernstein. Please go ahead.
Unidentified Participant
Hi. Thank you for taking the question. My first question is on the green ammonia project that we won. I mean outside in the bids look aggressive. So want you to check do they fall within our return thresholds or are there any plans to reconsider that project.
Unidentified Speaker
Will you please repeat the question?
Unidentified Participant
So the question is on the green ammonia. Hello, can you hear me now? Yeah, I’m saying the green ammonia project that we won. Could you please clarify? The bids look aggressive to us. So want you to check does the project meet our return thresholds of 11 12% or higher equity IRR or are there any plans to reconsider that green ammonia project?
Unidentified Speaker
I’ll take. I’ll take this query. In fact if you. If you see the IRR calculations for this this would primary number that has to come is from RERTC on that. And the RE RTC prices are quite competitive these days and we we would be maintaining the ldir as we do for other projects in this project also.
Unidentified Participant
Okay, got it. My second and last question is on the nuclear side. So the future projects planned on nuclear, the technology partnerships you are looking for are abroad. No plans to do it on domestic tie ups.
Unidentified Speaker
As we know. Currently we are working along with NPC here in our Mariban Soda project that is predominantly on PHWR technology. As far as the balance technologies are concerned we already come out with an UI and we have shortlisted EDF France for EM and as well as Rosa T for this pwr. So with these two we are planning to have mou. Then we will take it forward. We working in this technology, PWR technology predominantly. So then in the meantime we have started studies in various. One of the site in Andhra is in advanced condition. Another one MP is in progress. Once you select a site then we will go and try to avoid this global centering for this technology.
Unidentified Participant
All right. Thank you. Those were my questions.
operator
Thank you. The next question is from the line of Aniket Mitzvah from SBI mutual fund. Please go ahead.
Unidentified Participant
Just a clarification on thermal awarding. When do we expect major to get awarded? And it seems you pushed out lara also to FY27 now. So just to understand what’s leading to these delays in incremental coal awarding.
Unidentified Speaker
See in case of this major basically as the equity is causing a threshold limit. Both government of UP and government of NDBC have to get the necessary approvals. But the approval only process is pending. Otherwise everything is tied up. It’s a matter of time. We are expected to finish in this quarter. As regards Lara. Lara, we are postponing because the parties which are supposed to quote they are asking for an extensions. We are trying to conclude consider them. Though we have put it as a first quarter it may be quite possible to have it in this quarter itself.
Unidentified Participant
Okay. And what about Patratu sir? When do we expect to award phase 2 of Patratu.
Unidentified Speaker
Phase 2 of Patra 2? Right now it all depends on the concern of the state government. Right now it is not eligible table of cards. Maybe after that 4.8 giga which I was telling earlier that we are having a lot of option with us under those options Patra do another bounty. Doesn’t that.
Unidentified Participant
Just one question on the financials. I think this quarter when I look at the profitability there seems to be a very big rise on a yoy basis on the fertilizer JV that we have. Could you quantify that number for this quarter and what’s driving this increase in profitability over there?
Jaikumar Srinivasan
Just give me a moment. See sales volume growth has been 22%. So that has increased the fixed cost recovery by 992 crores. There is a reduction in gas under recovery by 224 crores on account of improved efficiency. This is 5.04 giga cal by empty from 5.207 giga cal so both this has been the contributing factor and there is an increase in the trading margin by rupees 159 crores. So all these three things accounts for investment increase of by around 357 crores of profit.
Unidentified Participant
Got that. And just lastly there’s obviously been news about you know us and NIF trying to sell in tele smart. What’s the way out over there?
Jaikumar Srinivasan
Intellispart still under process so we will be able to tell you definitively later on. Not at this moment.
operator
Thank you ladies and gentlemen. We will take that as our last question for today. I now hand the conference over to the management for closing comments. Over to you sir.
Jaikumar Srinivasan
I thank you all of you for your active participation in this call for the Q3 FY26 and for your pertinent queries on the operational and financial aspects of NTPC and GL the way ahead wherever. We could not give you the precise number number or can raise a separate query and we’ll be glad to clarify that and we’ll have it provided through our investor relations cell. Thanks once again to all of you for your active participation. Thank you so much.
operator
You are currently the only person in this conference. Thank you.