New Delhi: NTPC Ltd has revised its long-term capacity addition target to 149 GW by FY32, up 15 percent from the earlier 130 GW, and announced plans to invest about Rs 7 lakh crore by 2032 across pumped storage, green chemicals, battery energy storage systems (BESS) and nuclear power.
“We had our business plan almost around six years back. We had kept around 130 gigawatt by FY32. We have already revised that and the upward revision is, it is 149 gigawatt by FY32 instead of 130,” NTPC Chairman and Managing Director (CMD) Gurdeep Singh told investors at the company’s annual analysts and institutional investors meet held recently.
The revised roadmap includes large investments in emerging technologies. “In that also there is going to be additional capex, which will be going in the PSP, green chemicals, BESS etc, so put together, we aim to invest about INR 7 lakh crore by FY32,” Singh added.
The company said it will expand its coal-based portfolio by around 26 GW over the next five years, taking the total to nearly 89 GW, largely through brownfield expansions at pithead plants to save on fuel and land costs. “Brownfield expansion, in my opinion, makes far better sense than starting the new greenfield,” Singh noted. Presently, NTPC has 62 GW installed coal-based power capacity.
However, NTPC's plan to scale up renewables to 60 GW by 2032 remains unchanged. The company has already commissioned 1.3 GW of renewable capacity this year and expects to add about 6 GW in FY26.
NTPC is doubling down on hydro and pumped storage. It has targeted 21,370 MW of PSP capacity, including 11 GW under NTPC and 10.37 GW under subsidiaries THDC and NEEPCO. Recently, 500 MW of Tehri PSP commenced commercial operation, with another 500 MW expected within this fiscal. NEEPCO’s three hydro projects — Tato-I, Tato-II and Heo — are expected to double its capacity in the next five to six years.
The company also announced an ambitious entry into nuclear. “We have entered the nuclear energy domain with an ambitious goal of installing 30 gigawatt of nuclear capacity by 2047,” Director (Finance) Jaikumar Srinivasan said. Singh added that the foundation stone for the Mahi Banswara project in Rajasthan (4x700 MW, in JV with NPCIL) will be laid in September.
“The Prime Minister has declared this on 15th August also again, and in addition to NPCIL, we are going to emerge as one of the biggest players (in nuclear energy),” the NTPC CMD told investors.
One of NTPC’s biggest future bets is its green hydrogen hub at Pudimadaka, Andhra Pradesh, which Singh said will involve Rs 80,000–85,000 crore in investment. “Put together, it will be around INR 80 to 85,000 crore of the total investment in that. Because at the end, this is the coastal location, and this will prove to be a good export-oriented place,” he said.
On energy storage, Singh disclosed that NTPC is building a 160 MWh CO₂ battery at Kudgi in Karnataka, calling it the second such project in the world after Italy. “We plan to commission that by July next. If this is getting commissioned, we are becoming free from the critical minerals. So, we are quite upbeat on that,” he said.
The company confirmed both units of its Bangladesh joint venture are now operational, and work has begun on the Sampoor project in Sri Lanka, whose groundbreaking was attended by the Indian and Sri Lankan leaders.
On shareholder returns, Singh said: “For FY25 NTPC has paid interim dividend of INR 5, and further Board of Directors have recommended final dividend of INR 3.35… With this, the total dividend will become INR 8.35 which is approximately 42 percent of our profit.”
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