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NTPC - NTPC

📊 NSE: NTPC 🏢 Power Generation And Supply 📅 Last Updated: 12/14/2025 10:38

📢 Recent Corporate Announcements

NTPC Group Commercial Capacity Hits 87,194 MW Following 91.6 MW Solar Project COD

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Mar 2026, 05:47 PM

NTPC Limited has announced the commercial operation of a 91.6 MW solar PV capacity in Andhra Pradesh, effective February 27, 2026. This addition is part of a 250 MW project executed through its joint venture, ONGC NTPC Green Private Limited. With this commissioning, the total installed capacity of the NTPC Group has reached 88,274 MW, while its commercial capacity stands at 87,194 MW. This move further strengthens the company's renewable energy portfolio under its subsidiary, NTPC Green Energy Limited.

91.6 MW solar capacity commissioned in Andhra Pradesh effective February 27, 2026.
Total NTPC Group installed capacity increased to 88,274 MW and commercial capacity to 87,194 MW.
NTPC Green Energy Limited (NGEL) group commercial capacity now stands at 9,201.08 MW.
The project was executed by Ayana Kadapa Renewable Power, a subsidiary under the ONGC NTPC Green JV.

💡 Investors should remain positive as NTPC continues to demonstrate steady execution in its renewable energy transition. The increasing share of green energy in the total capacity mix is likely to support long-term valuation and ESG-led investment.

NTPC Group Commercial Capacity Reaches 87,194 MW with 91.6 MW Solar Project COD

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Mar 2026, 10:41 AM

NTPC Limited has announced the commercial operation of a 91.6 MW solar capacity in Andhra Pradesh through its subsidiary NTPC Green Energy Limited (NGEL). This capacity represents the second part of a 250 MW Solar PV project, following the 158.4 MW part already commissioned. With this addition, the total installed capacity of the NTPC Group has reached 88,274 MW, while the NGEL Group's installed capacity has increased to 9,292.68 MW. This development marks a steady progression in the company's renewable energy expansion strategy.

91.6 MW solar capacity in Andhra Pradesh declared operational effective February 27, 2026
Total NTPC Group installed capacity rises to 88,274 MW and commercial capacity to 87,194 MW
NTPC Green Energy Limited (NGEL) Group total installed capacity increases to 9,292.68 MW
Project executed via Ayana Kadapa Renewable Power, a subsidiary under the ONGC NTPC Green JV
Completion of the full 250 MW Solar PV project capacity following previous 158.4 MW COD

💡 Investors should maintain a positive outlook as NTPC continues to scale its renewable portfolio through its green energy subsidiary. The steady conversion of under-construction projects to commercial operations supports long-term revenue growth and ESG re-rating.

NTPC Fined ₹10.85 Lakh by NSE and BSE for Board Composition Non-Compliance

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 28 Feb 2026, 12:07 PM

NTPC Limited has been issued notices by the NSE and BSE imposing a fine of ₹5,42,800 each for the quarter ended December 31, 2025. The penalty is due to non-compliance with SEBI Regulation 17(1) concerning the required number of independent directors on the board. NTPC has responded stating that as a Government Company, director appointments are under the purview of the Ministry of Power. The company is currently following up with the Ministry to fill the vacancies and has requested the exchanges to waive the fines.

Total fine of ₹10,85,600 imposed by stock exchanges (₹5,42,800 each by NSE and BSE).
Non-compliance pertains to SEBI (LODR) Regulation 17(1) regarding board composition for Q3 FY26.
NTPC clarifies that the power to appoint directors rests with the President of India via the Ministry of Power.
Company has formally requested a waiver of the fine, citing its status as a Government Company.

💡 This is a routine regulatory issue frequently faced by PSUs due to delays in government appointments and has no material impact on financials. Investors should remain focused on the company's operational performance and capacity expansion plans.

NTPC Receives ₹19.97 Crore GST Tax Demand and Penalty Order from Bihar Authorities

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 27 Feb 2026, 06:31 PM

NTPC Limited has received a tax demand order from the Additional Commissioner CGST & Central Excise, Patna-1, Bihar, for the financial years 2019-20 and 2020-21. The order includes a tax demand of ₹9.98 crore and an equivalent penalty of ₹9.98 crore, totaling approximately ₹19.97 crore plus interest. The dispute involves the reversal of Input Tax Credit (ITC) related to credit notes. The company has clarified that it will file an appeal against this order and expects no material impact on its financial or operational performance.

Total demand of ₹19,96,97,068 comprising ₹9.98 crore tax and ₹9.98 crore penalty.
Order pertains to FY 2019-20 and FY 2020-21 regarding ITC reversal on credit notes.
NTPC plans to contest the order before the First Appellate Authority in Patna.
Management confirms no material impact on the corporation's financials or operations.

💡 No action is required as the demand amount is negligible compared to NTPC's annual revenue and profit. This is a routine tax dispute common for large-scale public sector undertakings.

NTPC Announces Retirement of Executive Director Balaji Bhagwatrao Narare

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Feb 2026, 03:52 PM

NTPC Limited has officially informed the stock exchanges regarding a change in its senior management personnel. Shri Balaji Bhagwatrao Narare, holding the position of Executive Director, will be superannuating from his role. The cessation of his service is scheduled to take effect from February 28, 2026. This transition is a routine administrative event due to retirement and is not expected to disrupt the company's operational stability.

Shri Balaji Bhagwatrao Narare to cease being Executive Director due to superannuation.
The effective date for the management change is February 28, 2026.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The announcement was formally communicated to BSE and NSE on February 27, 2026.

💡 This is a routine retirement in a large public sector undertaking and requires no immediate action from investors. Focus should remain on the company's long-term power generation capacity and quarterly earnings performance.

NTPC and GMDC Sign Strategic MoUs for Coal Utilization and Gasification Projects

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 26 Feb 2026, 07:36 PM

NTPC Limited has signed two Memorandums of Understanding (MoUs) with Gujarat Mineral Development Corporation (GMDC) on February 26, 2026. The first MoU secures coal supply from GMDC's blocks for NTPC's existing and upcoming power generation stations, enhancing fuel security. The second MoU focuses on exploring coal and lignite gasification, including pilot projects and syngas commercialization. This partnership aligns with national energy security goals and promotes the adoption of clean coal technologies.

Signed two MoUs with GMDC on February 26, 2026, for strategic resource collaboration.
Secured coal supply from GMDC blocks for NTPC's current and future power plants.
Jointly exploring coal and lignite gasification and downstream commercialization.
Focus on developing pilot projects for syngas utilization and clean coal technology.
Partnership aims to strengthen national energy self-reliance and fuel supply chains.

💡 Investors should monitor the progression of these MoUs into definitive agreements as they provide long-term fuel security and exposure to clean energy technologies. The collaboration strengthens NTPC's vertical integration and future-proofs its thermal portfolio.

NTPC Group Installed Capacity Reaches 88,182 MW with 50 MW Wind Project COD in Gujarat

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 26 Feb 2026, 10:47 AM

NTPC Limited has declared the Commercial Operation Date (COD) for a 50 MW wind power capacity in Gujarat, which is the first part of the 200 MW Dayapar Wind Energy Project Phase-II. This project is managed by NTPC Renewable Energy Limited, a step-down subsidiary under NTPC Green Energy Limited (NGEL). With this addition, the total installed capacity of the NTPC Group has reached 88,182 MW, while its commercial capacity stands at 87,102 MW. This expansion highlights the company's steady progress in scaling its renewable energy portfolio.

Commissioned 50 MW out of the 200 MW Dayapar Wind Energy Project Phase-II in Gujarat
NTPC Group total installed capacity rises to 88,182 MW and commercial capacity to 87,102 MW
NTPC Green Energy Limited (NGEL) group total installed capacity increased to 9,201.08 MW
Commercial operation effective from February 26, 2026
Project executed through step-down subsidiary NTPC Renewable Energy Limited

💡 Investors should monitor the steady execution of NTPC's renewable energy pipeline as it transitions toward a greener power mix. The growth in NGEL's capacity is a positive indicator for the group's long-term valuation and ESG goals.

NTPC & MAHAGENCO Complete Acquisition of 1350 MW Sinnar Thermal Power Plant

🟢 POSITIVE ⭐ 8/10

M&A 📅 25 Feb 2026, 10:02 AM

NTPC Limited, in consortium with MAHAGENCO, has finalized the acquisition of Sinnar Thermal Power Limited (STPL) through the NCLT-approved resolution process. STPL operates a 1,350 MW coal-based thermal power plant in Nashik, Maharashtra, which was previously undergoing insolvency proceedings. This acquisition significantly boosts NTPC's total installed capacity to 88,132 MW and its commercial capacity to 87,052 MW. The move demonstrates NTPC's strategy to expand its generation portfolio by acquiring distressed assets at potentially favorable valuations.

Acquisition of Sinnar Thermal Power Limited (STPL) completed on February 24, 2026
STPL asset includes a 1,350 MW (5x270 MW) coal-based thermal power plant in Nashik
NTPC Group's total installed capacity reaches 88,132 MW post-acquisition
NTPC Group's total commercial capacity stands at 87,052 MW
Acquisition executed via a consortium with Maharashtra State Power Generation Company (MAHAGENCO)

💡 Investors should view this as a positive capacity addition that strengthens NTPC's market leadership in thermal power. Monitor the timeline for the commercial integration and operational efficiency of the newly acquired units.

NTPC Group Commercial Capacity Reaches 87,052 MW with 158.4 MW Solar Project COD

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 20 Feb 2026, 06:25 PM

NTPC Limited has announced the successful commercial operation of 158.4 MW out of a 250 MW Solar PV Project in Andhra Pradesh. This capacity was added by a group company of NTPC Green Energy Limited (NGEL) and became effective on February 14, 2026. With this addition, the NTPC Group's total commercial capacity has increased to 87,052 MW. This development underscores the company's aggressive expansion in the renewable energy sector through its specialized green energy subsidiaries and joint ventures.

158.4 MW solar capacity declared operational out of a 250 MW project in Andhra Pradesh
NTPC Group total installed capacity reaches 88,132 MW and commercial capacity reaches 87,052 MW
NTPC Green Energy Limited (NGEL) group total installed capacity increased to 9,151.08 MW
Project executed via Ayana Kadapa Renewable Power, part of the ONGC NTPC Green Private Limited joint venture
Commercial operation date (COD) effective from February 14, 2026

💡 Investors should maintain a positive outlook as NTPC continues to scale its renewable energy portfolio, which is a key driver for long-term ESG-led valuation. Monitor the progress of the remaining 91.6 MW capacity of this specific project.

NTPC Secures ₹31.03 Lakh Fine Waiver from BSE and NSE for Board Non-Compliance

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 18 Feb 2026, 03:58 PM

NTPC Limited has received approval from BSE for the waiver of fines totaling ₹31,03,400, which were previously levied for non-compliance with SEBI (LODR) Regulations. The fines were related to the insufficient number of Independent Directors on the Board and various committees across several quarters between 2021 and 2025. Following the appointment of these directors by the Ministry of Power, the exchanges granted the waiver. Per current regulations, the waiver approved by BSE is also applicable to NSE, resolving these historical regulatory penalties.

BSE approved a total fine waiver of ₹31,03,400 on February 17, 2026.
Fines were originally levied for violations of Regulations 17, 18, 19, 20, and 21 regarding Board and Committee compositions.
Non-compliance periods spanned multiple quarters including Sep-Dec 2021 and Dec 2024 through Jun 2025.
The waiver applies to both BSE and NSE under the 'commonly listed entities' circular dated August 26, 2025.

💡 This is a minor positive regulatory development that clears past compliance hurdles. Investors should remain focused on NTPC's core operational metrics and power generation capacity updates.

NTPC Affirmed 'IND AAA' Rating; New INR 18,000 Crore NCDs Assigned Stable Outlook

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 17 Feb 2026, 05:46 PM

India Ratings and Research has affirmed NTPC's long-term issuer rating at 'IND AAA' with a stable outlook, reflecting its superior credit profile. The agency assigned a new 'IND AAA' rating to proposed non-convertible debentures (NCDs) worth INR 180,000 million and proposed bank loan facilities of INR 60,001 million. Existing NCDs of INR 450,010 million and bank facilities of INR 154,999 million also maintained their top-tier ratings. Additionally, the commercial paper limit was reduced to INR 76,000 million from INR 221,000 million while maintaining the 'IND A1+' rating.

Long-term issuer rating affirmed at 'IND AAA' with a Stable Outlook by India Ratings.
New 'IND AAA' rating assigned to proposed NCDs worth INR 180,000 million (INR 18,000 crore).
Existing NCDs of INR 450,010 million and bank loans of INR 154,999 million affirmed at 'IND AAA'.
Commercial paper limit significantly reduced from INR 221,000 million to INR 76,000 million.
Proposed bank loan facilities of INR 60,001 million assigned 'IND AAA/Stable/IND A1+' ratings.

💡 The affirmation of the highest credit rating underscores NTPC's robust financial health and its ability to raise capital at competitive rates. Investors should view this as a confirmation of the company's strong creditworthiness and stable outlook.

NTPC Group Commercial Capacity Reaches 86,729 MW with 5 MW Solar Addition in Bhilai

🟢 POSITIVE ⭐ 4/10

EXPANSION 📅 16 Feb 2026, 05:17 PM

NTPC's joint venture, NTPC-SAIL Power Company Limited (NSPCL), has declared the commercial operation of an additional 5 MW solar capacity at the Maroda Reservoir-I project in Bhilai. This addition is part of a larger 15 MW project and was officially commissioned in January 2026. Following this update, the total installed capacity of the NTPC Group has reached 87,809 MW, while the commercial capacity stands at 86,729 MW. This move reflects the company's steady progress in expanding its renewable energy footprint.

Additional 5 MW solar capacity commissioned at Maroda Reservoir-I, Bhilai
Project managed by NSPCL, a joint venture between NTPC and SAIL
Total NTPC Group installed capacity increased to 87,809 MW
Total NTPC Group commercial capacity now stands at 86,729 MW

💡 Investors should view this as a routine but positive step in NTPC's green energy transition. While the capacity addition is small relative to the total portfolio, it reinforces the company's commitment to renewable energy targets.

NTPC Group Capacity Reaches 87,804 MW with 14.43 MW Khavda Solar Project COD

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 09 Feb 2026, 05:36 PM

NTPC Limited has announced the commercial operation of a 14.43 MW portion of its 1255 MW Khavda-I Solar PV Project in Gujarat, effective February 10, 2026. This addition is part of the eleventh phase of the project executed through its subsidiary, NTPC Green Energy Limited (NGEL). Following this commissioning, the total installed capacity of the NTPC Group has reached 87,804 MW, while its commercial capacity stands at 86,724 MW. The renewable-focused subsidiary, NGEL, now manages a total installed capacity of 8,827.68 MW.

Declared COD for 14.43 MW eleventh part capacity of the 1255 MW Khavda-I Solar PV Project in Gujarat
NTPC Group total installed capacity increased to 87,804 MW and commercial capacity to 86,724 MW
NTPC Green Energy Limited (NGEL) total installed capacity reached 8,827.68 MW
The project is part of the CPSU Scheme Phase-II Tranche-III implemented by NTPC Renewable Energy Limited

💡 Investors should note the steady execution of NTPC's renewable energy transition, which is critical for long-term ESG-led valuation. Monitor the remaining capacity commissioning at the Khavda site as it is a major contributor to the company's green energy targets.

NTPC Q3 FY26 PAT Rises 5.85% YoY; 6,615 MW Capacity Added in 10 Months

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 04 Feb 2026, 07:19 PM

NTPC reported a 5.85% YoY increase in standalone PAT to ₹4,987 crore for Q3 FY26, while group PAT for the 9-month period rose 5.45% to ₹16,931 crore. The company achieved a significant capacity addition of 6,615 MW in the first 10 months of FY26, including thermal, renewable, and pumped storage projects. A second interim dividend of ₹2.75 per share was declared, and the company's consolidated regulated equity reached ₹1,18,970 crore. Management highlighted the new SHANTI Nuclear Act and the acquisition of the 1,350 MW Sinnar plant as key long-term growth drivers.

Standalone PAT for Q3 FY26 grew 5.85% YoY to ₹4,987 crore; 9M FY26 Group PAT rose 5.45% to ₹16,931 crore.
Total capacity addition of 6,615 MW achieved in FY26 up to January, the highest in a 10-month period.
Consolidated regulated equity stood at ₹1,18,970 crore as of December 31, 2025, providing a strong base for returns.
Group capex for 9M FY26 increased to ₹33,466 crore compared to ₹30,779 crore in the previous year.
Weighted average interest rate on borrowings improved to 6.05% from 6.64% in the previous year period.

💡 Investors should maintain a positive outlook given the steady growth in regulated equity and the aggressive expansion into renewables and nuclear power. The combination of a ₹2.75 interim dividend and improving ESG ratings makes it a strong candidate for long-term portfolios.

NTPC Group Operationalizes 125 MW Solar Capacity at Bhadla Project in Rajasthan

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 04 Feb 2026, 12:46 PM

NTPC Limited has announced the commercial operation of a 125 MW segment of the 500 MW Bhadla Solar PV Project in Rajasthan. This capacity was added through its step-down subsidiary, NTPC Renewable Energy Limited, effective January 31, 2026. Following this addition, the NTPC Group's total installed capacity has reached 87,790 MW. This move aligns with the company's aggressive strategy to expand its green energy portfolio through its subsidiary, NTPC Green Energy Limited (NGEL).

125 MW solar capacity operationalized at the Bhadla Solar PV Project in Phalodi, Rajasthan
NTPC Group's total installed capacity increases to 87,790 MW
NTPC Group's total commercial capacity now stands at 86,710 MW
NTPC Green Energy Limited (NGEL) group installed capacity reaches 8,813.25 MW

💡 Investors should view this as a positive step in NTPC's transition toward renewable energy, which is likely to improve ESG ratings and long-term revenue stability. Monitor the progress of the remaining capacity at the Bhadla project.

View All NTPC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated operating income grew 5.2% from INR 1,78,012.4 Cr in FY2024 to INR 1,87,293.3 Cr in FY2025. Standalone total income for H1 FY26 was INR 84,022 Cr, a 2.6% decline from INR 86,298 Cr in H1 FY25 due to subdued demand. Subsidiary profits grew 33% to INR 1,805 Cr in H1 FY26, while JV profit share dipped 5.8% to INR 1,059 Cr.

Geographic Revenue Split

Primarily domestic (India) operations with 1.32 GW of international capacity as of March 2025. Domestic revenue is diversified across states through long-term PPAs with state distribution utilities (discoms).

Profitability Margins

Consolidated PAT margin improved from 11.1% in FY2024 to 11.6% in FY2025, reaching 12.0% in Q1 FY2026. This margin expansion is driven by higher operational efficiencies and the cost-plus tariff structure which ensures a 15.5% post-tax return on equity.

EBITDA Margin

Consolidated EBITDA margin (OPBDIT/OI) was 29.5% in FY2025, up from 28.8% in FY2024, representing an 8.4% YoY increase in absolute EBITDA to INR 54,128 Cr. Q1 FY2026 margin stood at 26.7%.

Capital Expenditure

Planned annual capex of INR 40,000-45,000 Cr in FY2026, increasing to INR 70,000-80,000 Cr annually for FY2027 and FY2028. Total estimated capex requirement is INR 7,00,000 Cr by 2032 to reach capacity targets.

Credit Rating & Borrowing

Maintains [ICRA]AAA (Stable), CARE AAA (Stable), and CRISIL AAA (Stable) ratings. Borrowing costs are minimized by Maharatna status and 51.1% GoI ownership, allowing access to low-cost domestic and international debt markets with a DSCR expected to remain above 1.30-1.40x.

⚙️ Operational Drivers

Raw Materials

Thermal coal is the primary raw material, accounting for the majority of generation costs. Captive coal production contributed 16.76% (21.63 MMT) of total receipts in H1 FY26.

Import Sources

Sourced primarily from domestic mines in India, specifically from states where Coal India subsidiaries operate and NTPC's own 9 captive coal blocks.

Key Suppliers

Coal India Limited (CIL) and its subsidiaries are the primary suppliers under long-term Fuel Supply Agreements (FSAs). Logistics are managed via an MoU with Indian Railways for rake prioritization.

Capacity Expansion

Current installed capacity is 85,181 MW as of December 2025. Planned expansion to 149 GW by 2032 and 244 GW by 2037. Currently, 33 GW is under construction (17 GW coal, 2 GW hydro, 14 GW renewable).

Raw Material Costs

Captive coal production increased 35% from 34 MMT in FY24 to 46 MMT in FY25, reducing reliance on external market-priced coal. Captive mines have a peak rated capacity of 91.6 MMTPA.

Manufacturing Efficiency

Thermal plant availability factor (PAF) was 93% in Q1 FY26. Coal and gas plants reported 89.95% and 93.14% PAF respectively in FY25, both exceeding mandated normative levels for full cost recovery.

Logistics & Distribution

Distribution is handled through the national grid; NTPC's bargaining power is supported by its 24% share of India's total power generation.

📈 Strategic Growth

Expected Growth Rate

8-10%

Growth Strategy

Aggressive capacity addition targeting 149 GW by 2032 through a mix of 17 GW coal and 14 GW renewable projects currently under construction. Strategy includes foraying into nuclear energy with NPCIL, energy storage, green chemicals, and international expansion. Renewable capacity is targeted to reach 60 GW by 2032 via NTPC Green Energy Limited (NGEL).

Products & Services

Bulk electricity supply (Thermal, Hydro, Solar, Wind), consultancy services, power trading, and coal mining.

Brand Portfolio

NTPC, NTPC Green Energy Limited (NGEL), THDC India Limited, NEEPCO.

New Products/Services

Expansion into Nuclear power, Green Hydrogen, and Energy Storage Systems (ESS) to diversify the 84% thermal-heavy portfolio.

Market Expansion

Targeting 149 GW capacity by 2032 with a focus on renewable energy (NGEL) and nuclear sectors to meet India's growing peak demand.

Market Share & Ranking

Ranked #1 in India; accounts for ~17% of installed capacity and ~24% of total electricity generation.

Strategic Alliances

Joint Venture with NPCIL for nuclear power; acquisition of Ayana Renewable Power through NGEL; Tripartite Agreement with GoI, RBI, and State Governments for payment security.

🌍 External Factors

Industry Trends

The industry is shifting toward renewables and decarbonization. NTPC is positioning itself by targeting 60 GW of RE by 2032 and exploring green chemicals, while maintaining thermal dominance to provide base-load power.

Competitive Landscape

Dominant leader in thermal; faces increasing competition in renewable energy from private players like Adani Green and Tata Power in tariff-based competitive bidding.

Competitive Moat

Moat consists of 'Maharatna' status, massive scale (85 GW), and the Tripartite Payment Security Mechanism. These are highly sustainable due to NTPC's strategic importance to India's energy security.

Macro Economic Sensitivity

Highly sensitive to national industrial activity and GDP growth which drives power demand. H1 FY26 saw a 2.6% standalone income dip due to subdued demand.

Consumer Behavior

Increasing peak demand in India necessitates NTPC's shift toward pumped storage (Tehri PSP 250 MW Unit III) and energy storage solutions.

Geopolitical Risks

Minimal direct impact as operations are primarily domestic, though global coal prices can influence the cost of imported coal if domestic supply falls short.

⚖️ Regulatory & Governance

Industry Regulations

Governed by CERC Tariff Regulations 2024-2029, which are viewed as net positive due to unchanged RoE and increased incentives for off-peak power generation.

Environmental Compliance

Undertakes large-scale tree plantation and water conservation. Focus on ESG management to improve stakeholder engagement and meet tightening emission norms for thermal plants.

Taxation Policy Impact

Tariff structure allows for a 15.5% post-tax return on equity, effectively passing through tax costs to consumers under CERC norms.

Legal Contingencies

Fixed cost under-recoveries were INR 625 Cr as of September 2025, expected to reduce to INR 250 Cr by year-end. No specific major litigation values disclosed.