NTPC Limited (NSE: NTPC) Q4 2025 Earnings Call dated May. 24, 2025
Corporate Participants:
Jaikumar Srinivasan — Director, Finance
Unidentified Speaker
K. Shanmugha Sundaram — Director, Projects
Analysts:
Subhadip Mitra — Analyst
Mohit Kumar — Analyst
Prateek Jain — Analyst
Aniket Mittal — Analyst
Sumit Kishore — Analyst
Girish Achhipalia — Analyst
Puneet Gulati — Analyst
Arihant Baid — Analyst
Atul Tiwari — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to NTPC Limited Q4 FY25 Earnings Conference Call hosted by Nuvama Institutional Equities Limited. [Operator Instructions] I now hand the conference over to Mr. Subhadip Mitra. Thank you, and over to you, sir.
Subhadip Mitra — Analyst
Thank you. Good evening, friends. On behalf of Nuvama Institutional Equities, welcoming you all to the fourth quarter FY25 results call of NTPC Limited. We have with us today Mr. Jaikumar Srinivasan, Director, Finance, along with the senior management team of NTPC Limited.
I would now like to hand over the call to Mr. Srinivasan for his opening comments. Over to you, sir.
Jaikumar Srinivasan — Director, Finance
Thank you, and good evening, everyone. I am Jaikumar Srinivasan, Director, Finance, of NTPC and NTPC Green Energy Limited. It’s truly a privilege to welcome you all to our Q4 and financial year 2025 earnings conference call.
Today, I have with me the management team that has been driving our performance and growth. I have with me my colleague directors on the Board, Shri Shivam Srivastava, Director, Fuel, Shri K. Shanmugha Sundaram, Director, Projects, NTPC and NGEL, Shri Ravindra Kumar, Director, Operations, Shri Anil Kumar Jadli, Director, Human Resources, NTPC and few other key members of our senior management team.
As you are aware, earlier today, we have released our audited financial results for the quarter and financial year ending March 31, 2025. Operational and Financial Snapshot has already been uploaded under the Investor Updates section of our website. I would like to take this opportunity to walk you through our journey this year, a journey marked by new milestones, strategic initiatives, and significant achievements.
FY25 has truly been an eventful year for the NTPC Group. One of the significant milestones was the successful listing of NTPC Green Energy Limited on November 27, 2024. This milestone positions NGEL as a frontrunner in India’s renewable energy landscape and underscores NTPC’s unwavering commitment to leading the nation’s energy transition. We are particularly proud of this achievement as it represents the culmination of our vision to create a sustainable energy future for the country.
During FY25, we have made major progress in expanding our renewable energy footprints. By year-end, the NTPC Group’s commercial capacity has reached an impressive 79,930 megawatt, with NTPC’s standalone capacity standing strong at 59,413 megawatts. Of the 3,972 megawatts capacity added in FY25, 3,312 megawatts comes from renewable energy sources, underscoring our commitment to transition and a diversified energy portfolio. Our operational and financial performance reflects our commitment to excellence and sustainable growth.
I am delighted to share that our generation performance has been impressive. The NTPC Group generated 439 billion units during the financial year ’25, registering a growth of 4% compared to 422 billion units in FY24. On a standalone basis, NTPC’s gross generation increased by 3%, rising from 362 billion units to 373 billion units. Our thermal fleet continues to set industry benchmarks in operational efficiency.
NTPC’s coal plants received a Plant Load Factor of 77.44% during FY25, thus outperforming the Rest of India Coal PLF of 67.23%. Seven of our stations feature among the top 15 performers in the All-India PLF rankings, a testament to our operational excellence. NTPC Coal stations’ PLF of 77.44% is the highest in the last 7 years. NTPC’s Coal plants recorded their highest-ever single-day output of 1.15 billion units on February 19, 2025.
Turning to our fuel management front, we have made remarkable strides in ensuring fuel security. In FY25, we procured a total of 253.26 million metric ton of coal, marking a healthy increase of 5% from 241.21 MMT in the previous year. Of this, only 2.26 MMT was imported coal, which is lower than the 9.57 MMT of imported coal procured in the previous fiscal.
We have invested INR12,380 crores in developing our coal mines on standalone basis, contributing to a regulated equity growth and resulting in additional revenue stream for the company. I am further pleased to inform that our achievement in captive coal production has been steep, with a 29% year-on-year growth from 35.64 MMT in FY24 to 45.82 MMT in FY25. This has ensured long-term fuel security for our operations.
Now, I will share the financial highlights that underpin our healthy growth. On a standalone basis, NTPC recorded a total income of INR45,813 crore in Q4 FY24, representing a 4% increase from INR44,221 crores in the corresponding quarter last year. I am pleased to report that our profit after tax stood at INR5,778 crores for Q4 FY25, up by 4% from INR5,556 crores in Q4 FY24. For the full fiscal year, our total income grew by 5% to reach INR1,74,414 crores compared to INR1,65,707 crores in FY24.
For the full year, PAT grew by an impressive 9%, reaching INR19,649 crore versus INR18,079 crore in FY24. On a consolidated basis, the NTPC Group’s total income for FY25 rose by 5%, amounting to INR1,90,862 crores compared to INR1,81,166 crores in FY24. Our Group PAT registered a robust growth of 12% to reach INR23,953 crores. This growth was significantly bolstered by a 35% rise in share of joint venture profits, which reached INR2,214 crores.
Additionally, NTPC’s subsidiaries’ profits rose by 6%, reaching INR4,139 crores. Dividend income also witnessed substantial growth, with INR2,092 crores accounted for in FY25 from our subsidiaries and JVs, compared to INR1,630 crores during FY24, truly a testament to the value creation across our group entities.
For FY25, the Board of Directors have recommended a final dividend of INR3.35 per share, subject to approval by the shareholders at the upcoming Annual General Meeting. As you may be aware, interim dividend totalling to INR5.00 per share have already been paid during FY25, in November 2024 and February 2025. Accordingly, the total dividend for FY25 amounts to INR8.35 per share, representing an increase from INR7.75 per share in the previous financial year.
Stand-alone regulated equity for conventional power and mining business as on 31 March 2025 is INR90,902 crores, which was INR87,713 crores in the previous year, registering a growth of 4%. On a consolidated basis, regulated equity as on 31 March 2025 is INR1,08,791 crores, which is 4% over last year’s figure of INR1,04,331 crores. International Ventures and New Business Horizons are expanding NTPC’s footprint, creating additional revenue streams. In Sri Lanka, the 50 megawatt solar project at Sampoor has advanced with agreements signed in April 2025, marking a major step in regional renewable energy cooperation.
Our consultancy assignment as Project Management Consultant for 6,620 megawatt of solar projects under the International Solar Alliance enhances our international presence. As regards power trading, our subsidiary NVVN performance has been quite excellent, achieving 41.45 billion units in power trading, up 18% year on year.
NTPC’s growth narrative is driven by strategic investments and capacity expansion. During FY25, the Group capex rose to INR44,636 crores, making a notable increase from INR35,385 crores in FY24. On a standalone basis, capex recorded strong growth, reaching INR22,965 crore from INR19,444 crore in the previous year. Our average interest rate on borrowings during FY25 was 6.61%, slightly lower than 6.67% in FY24.
NTPC Board has granted Investment approval for 8 gigawatt of thermal capacity during FY25, with an estimated cumulative cost of INR1 lakh crores, which will lead to robust capacity expansion in the coming years. Currently, 33.7 gigawatt of capacity is under construction, comprising 16.9 gigawatt of coal, 2.2 gigawatt of hydro, and 14.6 gigawatt of renewable energy projects. Beyond our thermal and renewable projects, we are also taking significant strides in energy storage to support India’s grid stability and renewable integration.
I am pleased to share that NTPC Group is working on pipeline of pumped storage projects to the tune of 20 gigawatt in NTPC and its hydro subsidiaries. We will see our first 1,000 megawatt PSP commissioned through Tehri PSP in FY26, with 3 gigawatt to 5 gigawatt more by FY32. PSP assets offer over 40 years of operational life and attractive regulated returns. As critical infrastructure for India’s renewable transition, they add long-term stability to our energy portfolio, ensuring sustainable growth while advancing energy security and climate goals.
We have completed Preliminary Feasibility Reports for 18 projects, and Detailed Project Reports for 4 projects are in an advanced stage, thus moving towards increased energy storage solutions in our portfolio.
In alignment with India’s net-zero commitment by 2070 and the national target of 100 gigawatt nuclear capacity by 2047, NTPC has set an ambitious goal to develop 30 gigawatt of nuclear power. Our approach is two-pronged. First, through ASHVINI, our joint venture with NPCIL. In FY25, the Government of India approved ASHVINI to build, own, and operate nuclear power plants. We are in the process of executing Mahi Banswara Rajasthan Atomic Power Project, comprising of four units of 700 megawatt reactors.
Secondly, we have incorporated NTPC Parmanu Urja Nigam Limited in January 2025 as our wholly owned subsidiary to explore advanced nuclear technologies, including Pressurised Water Reactors, Small Modular Reactors, and Fast Breeder Reactors. We have identified 28 potential sites across states like UP, MP, Chhattisgarh, Gujarat, and others, with MOUs already signed with the Madhya Pradesh and Chhattisgarh governments. This strategic expansion into nuclear power diversifies our energy portfolio with stable, long-term assets that will drive sustainable growth for decades to come while supporting India’s energy security and climate goals.
Sustainability remains at the centre of NTPC’s growth strategy. Our commitment to reducing environmental impact is evident in our ongoing efforts to install Flue Gas Desulfurization systems across all operational units. By the end of FY25, we have commissioned 19,730 megawatt of FGD capacity, and work is progressing rapidly for an additional 48,710 megawatt. Additionally, 1,454 megawatt of FGD capacity is currently under award.
I am particularly proud of our achievements in biomass co-firing. During FY25, we procured 7 lakh metric tons of biomass, a remarkable four-fold increase from the previous year’s 1.7 lakhs metric tons. These efforts not only reduce emissions but also create sustainable livelihood opportunities for farmers and help address the critical issue of stubble burning.
Let me now highlight the performance of NTPC Green Energy Limited. During FY25, NGEL added 2,977 megawatt of renewable energy capacity, bringing its total commercial capacity to 5,902 as of March 31, 2025, a steep increase from 2,925 megawatt a year earlier. NGEL’s generation performance has been equally impressive, producing 6,828 million units in FY25, representing a growth of 20% from the 5,712 million units generated in the previous year. Despite some weather-related challenges, NGEL’s stations delivered a commendable Capacity Utilization Factor of 24.07%.
The financial metrics are equally robust. NGEL’s total income for FY25 surged by 21% to INR2,466 crore, compared to INR2,038 crores in the last year. Total EBITDA also rose significantly by 19% in FY25 to INR2,172 crores, compared to INR1,819 crores in the previous financial year. NGEL’s operating EBITDA margin has improved to 90.04% in Q4 FY25 as compared to 85.96% in Q4 FY24, underscoring the robust profitability of our renewable business.
Capital investment remains a strategic priority for NGEL. During FY25, NGEL incurred a consolidated capex of INR12,914 crores, substantially higher than the INR8,996 crores spent in the previous year. NGEL’s growth-oriented approach has driven a 50% increase in total contracted and awarded capacity, which stands at 17,277 megawatt as at 31 March 2025, compared to 11,571 megawatt as at 31 March 2024.
I am pleased to share that NGEL has secured several notable wins in tariff-based competitive bidding bids during FY25. NTPC Renewable Energy Limited achieved a significant milestone by securing 1,000 megawatt in a solar power auction held by Uttar Pradesh Power Corporation Limited at a competitive tariff of 2.56 per kilowatt hours. Other notable achievements include securing 500 megawatt and 670 megawatt solar capacities in SECI and NHPC auctions, respectively, both featuring integrated energy storage solutions. In total, we have secured 2,570 megawatt of TBCB bids during the fiscal year.
To accelerate our renewable growth trajectory, NGEL has forged several strategic partnerships NTPC Rajasthan Green Energy Limited, 74:26 JV with RVUNL to develop renewable parks and green hydrogen projects with up to 25 gigawatt capacity. AP NGEL HARIT AMRIT LIMITED, a 50:50 joint venture with New & Renewable Energy Development Corporation of Andhra Pradesh Limited to develop RE Projects up to 25 gigawatt capacities, PSP up to 10 gigawatt capacity and green hydrogen projects. NTPC UP Green Energy Limited 51:49 JV with UPRVUNL to establish renewable project in Uttar Pradesh. MAHAGENCO NTPC Green Energy Private Limited 50:50 JV with MAHAGENCO to focus on renewable parks in Maharashtra. ONGC NTPC Green Private Limited 50:50 JV with ONGC Green Limited to explore offshore wind and other renewable energy initiatives. It is pertinent to mention here that ONGPL has completed acquisition of 100% equity stake in Ayana Renewable Power Private Limited on March 27, 2025. Ayana, a leading renewable energy platform, has capacity of 4,112 megawatt comprising of 2,123 megawatt of operational and 1,989 megawatt under construction assets. Its portfolio is backed by high-credit-rated off-takers.
NTPC-MAHAPREIT GREEN ENERGY LIMITED, 74:26 joint venture of NGEL and Mahatma Phule Renewable Energy and Infrastructure Technology Limited will be engaged in the business of developing, operating and maintaining Renewable Energy Parks including UMREPP, RE Projects comprising of Solar, Wind, Hybrid with or without Storage up to 10 gigawatt capacities in Maharashtra and any other state in India. JV agreement with CSPGCL, Chhattisgarh 74:26 partnership for development of Renewable Energy Projects up to 2 gigawatt capacity.
Additionally, MoU has been inked with Madhya Pradesh, MPPGCL for setting up of Projects comprising of Solar, Wind, Hybrid with or without storage up to 20 gigawatt or more in Madhya Pradesh. All these agreements with the state governments’ utilities further strengthen NGEL’s leadership position in India’s clean energy landscape.
As regards Green Hydrogen Initiatives, NTPC continues to lead the nation’s green hydrogen journey from launching the Green Hydrogen Mobility Project in Leh to inaugurating India’s first Green Hydrogen Hub in Andhra Pradesh. Our initiatives are paving the way for a cleaner and greener tomorrow. These projects, complemented by MOUs for hydrogen mobility solutions in Odisha and Gujarat, demonstrate our unwavering focus on innovation and sustainability.
The year has delivered prestigious accolades affirming NTPC’s dedication to excellence and global leadership. NTPC earned a place on the TIME Best Companies Asia-Pacific 2025 List. One of our group companies secured the first prize under Best Industry category in the 5th National Water Awards for water conservation.
We have received multiple honours for CSR and digital transformation, showcasing our innovation-driven growth. Furthermore, the Forward Faster Sustainability Award 2025 and NETRA’s National Intellectual Property Award 2024 inspire us to elevate our Research and Development and Sustainability practices, strengthening our market reputation and investor appeal.
As we move forward, we remain committed to our mission of providing reliable, affordable, and sustainable power for India’s growth. Our strategic focus on expanding our renewable portfolio, enhancing operational efficiency, and driving technological innovation positions us well to meet the evolving energy needs of our nation.
With that, I conclude my opening remarks. My colleagues and I would now be happy to address your questions and hear your perspectives. Thank you for your attention and continued interest in NTPC’s journey. Over to Subhadip.
Subhadip Mitra — Analyst
Thank you. Thank you, sir. [Speech Overlap] Yeah. Go ahead.
Questions and Answers:
Operator
Thank you very much. [Operator Instructions] The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Mohit Kumar
Yeah. Good evening, sir. Thanks for the operational and financial presentation uploaded. That’s very helpful. Sir, my first question was, the first question you shared a detailed portfolio of RE capacity. We are looking to add around 14 gigawatts on NGEL. Is it possible to also share the PPA status for the NGEL portfolio, broad number where the PPA is there, and PPA which you’re missing?
Jaikumar Srinivasan
We have already uploaded.
Mohit Kumar
PPA?
Jaikumar Srinivasan
PPA details are there. Upload.
Mohit Kumar
Details are on the contacted and NOA [Phonetic]. The PPA status is missing. [Indecipherable] What we can do is we can separately give it — give it. Share it. I will take it offline, sir. Understood, sir. [Speech Overlap] Sure, sure. My second question is, sir, on the commissioning target for FY26 and FY27, if you can help on the conventional side and on the RE side separately?
Jaikumar Srinivasan
Yeah. As far as the expected COD is concerned, first of all, let me take financial year ’26. On a stand-alone basis, we expect a capacity of 2,019 megawatt. This is coming from our Barh I Unit 3, 660 megawatt, and North Karanpura Unit 3, 660 megawatt and in renewables, we are expecting an addition of 699 megawatt. So, in stand-alone, it would be 2,019 megawatt.
But considering the JVs and subsidiaries, it will be a total of 9,787 megawatt. This would comprise of Patratu Unit 1 and 2, 1,600 megawatt, THDC Khurja Unit 2, 660 megawatt; THDC hydro pumped storage project, 1,000 megawatt. And renewables will be around 6,527 megawatt. So, all this put together would be 9,787 megawatt of JV subsidiary capacity. NTPC Group as a whole would tally to 11,806 megawatt.
If I may just give breakup of –for this breakup into the thermal total will be 3,580 megawatt, Hydro total will be 1,000 megawatt and renewable total would be 7,226 MW, chiefly coming from the NGEL Group, but there will be some capacities from NTPC also, and some from other subsidiaries also. So, the grand total would be 11,806 megawatt for FY26.
Coming to FY27, on a stand-alone basis, it will be 660 megawatt. This would be coming from TTPS Talcher, 660 megawatt and as far as the JVs and subsidiaries are concerned, it would be 9,244 megawatt, comprising of Patratu Unit 3, 800 megawatt; THDC Hydro, Vishnugad, Pipalkoti will be 444 megawatt and so, to add the whole stand-alone plus JV subsidiary, the tally would be 9,904 megawatt, of which thermal will be 1,460 MW, Hydro will be 444 megawatt and renewable total would be 8,000 MW. So grand total will be 9,904 megawatt.
Mohit Kumar
Understood, sir. Last question, sir, what explains the rise in JV income during the quarter? The number is slightly on the higher side, INR630-odd crores compared to INR430-odd crores in the last quarter. And in the prior year, it was INR212 crores.
Jaikumar Srinivasan
You are talking about the profitability?
Mohit Kumar
Joint venture income, sir. Joint venture line income in the –on the consolidated accounts.
Jaikumar Srinivasan
Are you talking about the full year or Q4?
Mohit Kumar
Sir, Q4 — and Q4 is good enough. Q4 number. Q4 INR630 odd crore.
Jaikumar Srinivasan
Yeah. So INR633 crores is the share of profit of JVs, which will comprise of NTECL will is INR106 crore, BIFPCL will be INR155 crore, HURL will be INR150 crore, APCPL will be INR107 crore, Meja Urja would be INR140 crore, NSPCL would be INR58 crore and there are few other miscellaneous. So that total will be INR633 crore.
Mohit Kumar
Understood, sir.
Jaikumar Srinivasan
[Speech Overlap] INR211 crores. Yes please. Sir, what explains the difference between this year and the last year? This top over 211 to 633 which are the major contributor? I mean, I just told you the breakup of 633. [Speech Overlap]
Mohit Kumar
Sure, sure. I’ll take it offline, sir. It’s okay, sir. Thank you, and all the best, sir. Thank you.
Jaikumar Srinivasan
Okay. Thank you.
Operator
Thank you. The next question is from the line of Prateek from ICICI Prudential. Please go ahead.
Prateek Jain
Yeah. Sir, thank you for the opportunity. Sir, my question is mainly related to the slippage in organic capacity in terms of thermal as well as NGEL projects. So just wanted to ask, since you mentioned to Mohit’s question, that this year, we are targeting about 6.5 gigawatt of renewables. So, how confident are we that last year, our organic capacity addition was 800-odd megawatt? And this year, we are almost going to 6.5 gigawatt. So, how confident are we in achieving this target?
Jaikumar Srinivasan
We are fairly confident. I mean this — our assessment is based on all the projects under construction, both organic and inorganic. So, we are pretty sure. And whatever is the slight slip-up in the last year, that would add. So, if you remember, our initial assessment for the last year – last year what we had given was 5 gigawatt for the financial year 2025-’26, but we are now improving it to 6.5 gigawatt.
Prateek Jain
Right, sir. Second question is, what are the main reasons behind the capacity delays? Is it the right of way or in transmission evacuation? So, what are the main reasons for these delays?
Jaikumar Srinivasan
These are the — I mean ground level situations, but I would pass it on this question to the CEO of NGEL for a better.
Unidentified Speaker
Sir, last year, the major slippages were primarily at our Khavda and Bhadla. Khavda, we had planned for a capacity of 1,255 megawatts. But this got delayed primarily because of the pooling substation getting delayed a little bit, which got commissioned now lately in the April, and we are going to start bringing the capacities of Khavda this year. We are planning in the Q1 itself around 600 megawatts and then progressively, as Director, Finance suggested. Another slippage was at Bhadla 500 megawatts, which was because of the delay in the land transfer by Government of Rajasthan. Now that is also been done and the work has started in September ’24, and we will make up for this lost time.
Prateek Jain
Okay. Sure, sir. Thank you, and these were my questions.
Jaikumar Srinivasan
Thank you.
Operator
Thank you. The next question is from the line of Aniket Mittal from SBI Mutual Fund. Please go ahead.
Aniket Mittal
Yes sir. Thank you for the opportunity. Just wanted to understand on the tendering, sir, on the thermal side. I think Meja is yet to be awarded, and there were thoughts of Obra and Anpara also getting awarded. So, could you talk about that? Are there any delays that we are seeing on the thermal ordering front or awarding front that we had plans to do another 8 gigawatt of awarding?
Jaikumar Srinivasan
Our Director, Project will take on this question, Mr. Shanmugha Sundaram.
K. Shanmugha Sundaram
Previous year, we have awarded 8 gigawatts. And coming to Meja, Meja we have PPA in place. They have got their environment clearance also. We are trying to work on improving the variable charges of Meja by coal reallocation. Meja is expected to be awarded in the first quarter or by second week of July. Coming to Obra and Anpara, therein the UP government is looking for coal from Northern Coalfields Limited, NCL.
So, whereas the coal production at NCL is having some restrictions and they cannot go further. So, they are trying to see what is possible. So Obra-Anpara is getting slightly delayed. Meja, we will be awarding by second week of July.
Aniket Mittal
Understood, sir. And just on the thermal part, there were media articles also saying that we are looking to increase our thermal capacity, which was supposed to be 26 gigawatt under construction to possibly about 30 gigawatt. Are you thinking on those lines of increasing your thermal targets as well?
K. Shanmugha Sundaram
See, last year, we told 15 gigawatt if you remember, out of which already 8 gigawatt has been done. This year, we are expecting 4 gigawatt. Then next financial year, we are expecting 4.8 gigawatt, then the next financial year, 1.6 gigawatt. This is the planning of NTPC at this instant.
Aniket Mittal
Could you, sir provide details on these capacities, these 4 gigawatt, 4.8 gigawatt and 1.6 gigawatt?
K. Shanmugha Sundaram
Of course. For this financial year, 4 gigawatt will be 2.4 gigawatt from Meja and 1.6 gigawatt from Lara Stage-III. For next financial year, we propose 1.6 gigawatt from Patratu, our JV, then 800 megawatt from Jhabua, 800 megawatt from NSPCL Bhilai, and another 800 MW from BRBCL Nabinagar Stage-II. Coming to ’27-’28, at this instant, we have 2 units lined up, one is Talcher Stage-III and other one is Barauni Stage-II.
Aniket Mittal
Okay. So, Obra and Anpara, I assume now is on hold at least for now?
K. Shanmugha Sundaram
At this instant, it is on hold due to this coal issue. And of course, even water is also an issue there. At this instant, it is on hold. We will see how it moves.
Aniket Mittal
Right. Just one more question, if I can squeeze in. Any updates on Mahi Banswara? I think the initial thought was sometime in 2025, we kick-start the construction. How are things progressing over there?
K. Shanmugha Sundaram
In Mahi Banswara, we have got the siting clearance from AERB, we have got. Environment clearance is also we have obtained. We are now trying to get the excavation clearance, say, by July end. Once excavation clearance is there, then we go for award for EPC and contracts. So right now, the first work contract is expected to be in the month of October ’26 and the project is expected to commence operations from financial year ’32.
Aniket Mittal
Understood. Thank you. I’ll join back in the queue for further questions. Yeah, thank you.
Operator
Thank you. The next question is from the line of Sumit Kishore from Axis Capital. Please go ahead.
Sumit Kishore
Good evening. Thanks for the opportunity. NTPC is targeting a record capacity addition in FY26. Of the 7,226 MW RE that you are targeting. Could you give out — or give us a sense of the phaseout of how this capacity would come up in FY26, roughly between Q1, Q2, Q3, Q4? So that we better appreciate your performance through the year. That’s my first question.
Unidentified Speaker
We are targeting around 7.2 gigawatt as a group in this financial year. In Q1, we are targeting around 1,500 megawatts, Q2 would be around 1,800 megawatts. Q3 would be 1,700 megawatts, and the balance would be around 2,100 megawatts in quarter 4.
Sumit Kishore
Okay. Thank you so much The second question is, we really appreciate the number of JVs that you are signing in NGEL. And if I add the aspirations across the multiple states in which you have JVs or the PSUs that you have JVs, it becomes even a bigger target possibly than the 60 gigawatt target that you had originally for 2032 for renewables. So, just give us some sense that over the next 2 to 3 years, which JVs are likely to see meaningful capex on ground for the aspirations that have been outlined? And if you could also outline the capex or the capital that went into the Ayana acquisition, and what sort of valuation metrics that transaction was consummated at?
Jaikumar Srinivasan
See, as far as our capacity addition is concerned, we can give you an overall figure for the year as a whole, which we have been saying that this year, it would be 7.2 gigawatt and next year onwards, it would be on an average 8 gigawatt. But a one-to-one capacity of each of these JVs, we are not in a position to give right at this stage. This depends on how we progress on the land acquisition and power offtake agreements. So, we will keep you updating on this, as we progress on this.
Sumit Kishore
But at this stage, is my understanding right that bulk of the addition visibility that you have is on the basis of the projects where you have won in NGEL, as such, not the JVs, and at least for the next 2, 2.5 years, meaningful addition in these JVs might not happen?
Jaikumar Srinivasan
Yes. So, the JV arrangements are all basically is something which we can look at as a pipeline of prospective capacity addition. But whatever is the figure which we are giving for capacity addition over the next 2 years is based on more definitive awards and arrangements we already have in place.
Sumit Kishore
Sure. And also on Ayana, if you could mention what the enterprise value of the transaction was, and what is the sort of equity capital commitment that NTPC has made in the JV?
Jaikumar Srinivasan
Enterprise value was INR19,251 crores. The expected capital expenditure on an attributable basis was INR3,934 crores, and so, enterprise value on an attributable basis would be INR23,185 crores. So, we have an EBITDA steady state is INR2,762 crores, and that gives you roughly 8.4x of EV/EBITDA.
Sumit Kishore
Okay.
Jaikumar Srinivasan
The acquisition value of this — acquisition value was INR3,152 crores for each of the partners, that is NGEL and ONGC Green.
Sumit Kishore
This is very, very clear. Just my last clarification is that of your total pipeline for renewables, how much is tied up into PPA, and how much is awaiting PPA? If you could just break up that number.
Jaikumar Srinivasan
We will give you a complete list of that, as I had mentioned earlier, separately.
Sumit Kishore
Thank you so much and wish you all the very best.
Jaikumar Srinivasan
Thank you.
Operator
Thank you. The next question is from the line of Girish Achhipalia from Morgan Stanley. Please go ahead.
Girish Achhipalia
Thanks for the opportunity. Sir, my first question is on capex outlook for the stand-alone, including coal mining, plus the investments that you do in JV, and then the group capex, if you can help on that number? And the second question was around the adjusted PAT for quarter 4 for consol and stand-alone. Thanks.
Jaikumar Srinivasan
Well, first of all, let me take 3 years at a time. This is current year and next 2 years. On a stand-alone basis, we expect a capital expenditure of INR26,000 crores in the current year. INR29,209 crores during the next year and INR32,452 crores in the year next, that is during ’27-’28. So, the total for the 3 years would be INR87,661 crores. That gives an average of INR29,220 over the next 3 years. This is as far as the stand-alone is concerned. And if you look at the group capex, this current year, it would be INR55,920 crores. Next year, it would be INR97,363 crores. And the year next, it will further rise to INR1,12,172 crores. So that would be a whopping INR2,65,455 crores, giving an average of INR88,485 crores on an average. Hello?
Girish Achhipalia
Yes sir. And then, if you can help us with the adjusted PAT and the coal mining targets for the next couple of years?
Jaikumar Srinivasan
Well, coming to the adjusted PAT, first of all, as for the financial year figure, our reported PAT was INR19,649 crores. So, our adjusted PAT would be INR18,016 crores, which would be compared to the last year’s adjusted PAT of INR16,405 crores it would be addition by 10%. That is INR1,611 crores is the differential, which is a 10% rise above the last year as far as the adjusted PAT is concerned. What was your next question about mining? Can you please repeat?
Girish Achhipalia
Sir, captive coal target for next year and year after?
Jaikumar Srinivasan
Captive coal targets for next year is 45 million metric tons, which would further rise to 50 million tons, 56 million tons, and 60 million tons over the next 3 years. So, we envisage an average of 7% increase year-on-year.
Girish Achhipalia
Sir, last question was on subsidiary profit. If you can help us with the breakup for year ending FY25? Thanks.
Jaikumar Srinivasan
See, our profit of subsidiary is INR4,139 crores and the share of profit of the JVs is INR2,214 crores, but more detailing the subsidiary profits, it would be INR731 crores from THDC, NTPC Green offering INR475 crores, NVVN is INR206 crores. NEEPCO is contributing INR585 crores. RGPPL is INR1,751 crores, BRBCL is INR389 crores, and some others small INR2 crores are there. So, total would be INR4,139 crores. This is INR242 crores higher than the last year’s figure of INR3,897 crores.
Girish Achhipalia
Thank you, sir. Wish you all the best.
Operator
Thank you. The next question is from the line of Puneet Gulati from HSBC. Please go ahead.
Puneet Gulati
Yeah. Thank you so much. Sir, if you can also comment on what is the status of land and transmission connectivity for the projects that you intend to execute over next 3 years?
Jaikumar Srinivasan
This is as far as renewable is concerned, or in general.
Puneet Gulati
Yes, renewable.
Jaikumar Srinivasan
Yeah. CEO, NGEL, elaborate on this.
Unidentified Speaker
Sir, we have tied up almost 6 gigawatt of land bank, and another 8 gigawatt is in the pipeline. And likewise, we have the connectivity also for the entire capacity that we have tied up and the details of it, we shall —
Puneet Gulati
So, for FY26, it is safe to assume that you have land and connectivity in place for the entire —
Unidentified Speaker
Yes, for FY26, the projects that we are targeting are all having the land as well as the connectivity.
Puneet Gulati
And FY27, how much would be connected?
Unidentified Speaker
FY27 also bulk of it is already contracted and is awarded and we are also having the connectivity for these projects. So, till FY25, FY26 and ’27, we are fairly confident on the connectivity.
Puneet Gulati
But you said 6 gigawatt for FY26, sir, so is the total land connectivity, right, which is what your target is for FY26?
Jaikumar Srinivasan
No, no, sir. What I told is that 6 gigawatt of land and connectivity is already — 6 gigawatt of land is already there in that, which we have already contracted. Apart from that, the projects which we have won through TBCB will feature on this. And the projects that are in the pipeline that we are having for those projects, we have already put in advance connectivity applications, which have also been granted to us.
Puneet Gulati
And if you can also give a little more colour on how difficult or easy has the process become now in terms of availability of land and connectivity? Some bit of qualitative colour would be very helpful.
Unidentified Speaker
I think connectivity is definitely going to be a challenge in the near future. The bulk of the connectivities are being discussed with CTU and are going to be then available in ’29-’30 — FY29-’30. And as the renewable is growing, land is also becoming a problem, but we are going aggressively with these states as well as with our capacity building on the land side.
Jaikumar Srinivasan
So, idea of tying up with different states on big capacity is precisely because state governments are in a better position to arrange for the land. So that brings us a lot of advantage in terms of all these projects, all these JVs, presently, the land arrangement is in advanced stage. So, that would give us a lot of comfort for taking up faster execution.
Puneet Gulati
Okay. And most of the projects that you will commission will be CTU-based projects, right, for FY26 and FY27?
Jaikumar Srinivasan
Yes, most of them.
Puneet Gulati
Understood. Thank you so much, and all the best.
Operator
Thank you. The next question is from the line of Arihant from Bowhead India Fund. Please go ahead.
Arihant Baid
Yeah. Hi sir, thanks for taking my question. First, I wanted to know what was the under-recovery number for this quarter? And can you also help with the adjusted consol PAT for Q4 and for full year?
Jaikumar Srinivasan
See, the under recovery or in other words the disincentive would be INR464 crores for the year as a whole. And for Q4, it was recovery — it was a positive recovery of INR4 crores. What was your next question?
Arihant Baid
Sir, consolidated PAT [indecipherable] the adjusted consolidated PAT number, sir.
Jaikumar Srinivasan
Yeah. You want it for Q4?
Arihant Baid
The full year adjusted consolidated PAT.
Jaikumar Srinivasan
Yeah. See, the adjusted profit for Q4 was INR5,231 crores, which compares to INR4,108 crores PAT during last year.
Aniket Mittal
Okay. This is the adjusted consol PAT, right, sir?
Jaikumar Srinivasan
Adjusted PAT, which is a 27% year-on-year growth from INR4,108 crores to INR5,231 crores. As for the —
Arihant Baid
Consolidated, sir?
Jaikumar Srinivasan
Yeah, consolidated.
Arihant Baid
Okay. Sir, and another question was regarding the Chhabra Plant, the thermal power plant which we acquired. Sir, just wanted to know status of that, and is the acquisition being completed on that end?
Jaikumar Srinivasan
We have not acquired Chhabra, we are in the stage of arriving at a solution for that. There are still some discussions underway as regards the modalities and also the coal arrangements. So, we will update you at the appropriate time on this.
Arihant Baid
Okay. Sir, and my last question would be [Technical Issues]
Operator
Mr. Arihant, sorry to interrupt.
Jaikumar Srinivasan
The voice —
Operator
There is a disturbance in your line. Could you repeat your question?
Arihant Baid
[Technical Issues]
Operator
Sorry to interrupt again, Mr. Arihant, your line is not clear. Mr. Arihant your line is not clear.
Arihant Baid
Hello? [Technical Issues]
Jaikumar Srinivasan
Not at all audible.
Operator
Until then, we’ll move on to the next question. You can join back in the queue, Mr. Arihant. We will take up the next question. The next question is from the line of Atul Tiwari from JPMorgan. [Operator Instructions] Mr. Atul, please go ahead.
Atul Tiwari
Yes, thank you, sir. Sir, for Mahi Banswara project, what is the status of PPA, and what will be the approximate capex?
Jaikumar Srinivasan
The estimated cost of this Mahi Banswara would be INR18 crores per megawatt and so that would be a total of INR50,400 crores estimated. Execution time would be 6 years, and the expected tariff is tentatively between INR7.5 per kilowatt hours to INR8.5 per kilowatt hours.
Atul Tiwari
And sir, PPA has been signed here or will be signed by the time you are awarded by November?
Jaikumar Srinivasan
See, PPA has not been signed, but there are some consenting states, which has given an in-principle consent, that is Rajasthan 1,400 megawatt; Gujarat, 510 megawatt; Chhattisgarh 300 megawatt; and Andhra Pradesh 560 megawatt.
Atul Tiwari
Okay, sir. Thank you. Thanks a lot.
Operator
Thank you. Ladies and gentlemen, that was the last question for our day. I would now like to hand the conference over to the management for closing comments.
Jaikumar Srinivasan
Well, on behalf of the NTPC management and NGEL management, I would like to thank all of you for your active participation and raising your pertinent queries and questions. Thank you so much.
Operator
[Operator Closing Remarks]
Jaikumar Srinivasan
Some of the points which we mentioned, we can supplement this detail through our investor department. Thank you.