NTPC Board Approves ₹12,000 Crore NCD Fundraise Via Private Placement

State-owned power producer NTPC has approved a proposal to raise up to ₹12,000 crore by issuing non-convertible debentures (NCDs) through private placement in the domestic market.

According to a regulatory filing, the fundraising will take place in one or more tranches. The company said the issuance window will remain open from the date of the special resolution until one year later or the next Annual General Meeting in FY28, whichever comes first.

The final terms of each tranche, including size, tenure, listing on Bombay Stock Exchange and/or National Stock Exchange, coupon rate, and security, will be determined at the time of issuance.

Installed Capacity And Generation Increase In Q1 FY27

NTPC also shared its operational performance for the April–June 2026 quarter. The group's power generation capacity increased to 90,904 MW as of 30 June 2026. During the April–June quarter, NTPC added 1,796 MW of new capacity. Commercial power generation rose to 93.63 billion units (BU) from 91.06 BU in the corresponding quarter last year.

The proposed fundraising will further enable NTPC to invest in capacity expansion. Earlier this month, the company's board approved an investment of ₹20,456.7 crore for the 1,600 MW Lara Super Thermal Power Project Stage-III in Chhattisgarh. The NCD programme is expected to support NTPC's long-term capital requirements while funding ongoing and upcoming infrastructure projects without issuing new equity.

Coal Plant Utilisation Improves

The company's coal-based power plants recorded a plant load factor (PLF) of 76.71% during the quarter, up from 75.16% in the same period last year, outperforming the all-India coal-based PLF of 70.32%.

Meanwhile, NTPC's average tariff remained largely stable at ₹4.86 per unit, compared with ₹4.87 per unit in the year-ago period.

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