Q2 FY27 results analysis · October 31, 2026
NTPC Ltd Q2 FY27 Results Analysis: PAT Jumps 38.70%, Standalone Margin Compresses 328 bps
+40.7%PAT year on year, Rs. 7,350.79 Cr
Source: Quarterly results filing (NSE)
Quick summary
NTPC Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 54,269.95 Cr (+21.18% YoY) and PAT growth of +40.68% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | October 31, 2026 |
|---|---|
| Revenue (Q2) | Rs. 54,269.95 Cr (+21.18% YoY) |
| PAT (Q2) | Rs. 7,350.79 Cr (+40.68% YoY) |
| EBITDA margin | 30.77% (-21 bps YoY) |
| EPS (Q2) | Rs. 7.25 (+38.62% YoY) |
Quarter Snapshot
Consolidated revenue grew 21.18% YoY and PAT-to-owners 38.70% YoY with group EBITDA margins protected by the cost-plus framework, but the growth mix leaned on trading/export swings in the 'Others' segment and a regulatory-deferral movement equal to 26.34% of consolidated PAT. Standalone PBT grew only 2.51% YoY with ~328 bps EBITDA margin compression and rising finance costs. No prior profit guidance exists to benchmark against; the open tests are the 9,557 MW FY27 capacity-addition plan (only +542 MW disclosed so far) and the Rs.35,800 Cr NGEL capex programme.
Q2 FY27 Expectations vs Results
| Driver | What happened | Verdict |
|---|---|---|
| Revenue "ahead" — record demand quarter, easy base | Consolidated revenue +21.18% YoY; standalone +16.82% YoY | Played out |
| Margins "flat-to-expanding on stable fuel" | Standalone EBITDA margin 26.19% vs 29.47% YoY (fuel +20.21% YoY outpaced revenue); consolidated flat (30.77% vs 30.98%) | Partially |
| Finance-cost tailwind "at least flattening" | Standalone finance costs +9.45% YoY after −16.88% YoY in Q1 | Played out |
| RE side "looks behind" | +542 MW net disclosed additions; no target update in filing | Played out |
| Q1 QoQ PAT decline needs explanation | Q2 standalone PAT −0.42% QoQ (broadly stabilised); filing gives no narrative explanation — remains open for the call | Not observable |
| Coal GST/cess change-in-law (~17 paise/unit, per pre-call note, web-sourced, dated) booking | No mention of coal GST or change-in-law in the filing notes — remains open for the call | Not addressed in the filing |
| Interim dividend likely | Rs.3.00/share declared, record date 6 November 2026 | Played out |
| NCD authorization deployment | Reg-52 nil deviation; consolidated borrowings Rs.2,75,633.68 Cr — nil deviation confirmed | Played out |
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Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| RE addition 7–8 GW in FY27 | Q1 FY27 earnings call / Analyst Meet (Jul 2026) | No KPI section in the Q2 filing; commissioning intimations show +542 MW net group addition across eight disclosed projects (24 Jul–10 Oct 2026); group capacity 91,572 MW (10 Oct) vs 89,108 MW (31 Mar 2026) | Too Early, but materially behind the run-rate needed |
| Group capacity addition 9,557 MW in FY27 | Q4 FY26 earnings call (May 2026) | Not updated in the Q2 filing | Too Early |
| Dividend payout ~36–40% | Analyst Meet (Jul 2026) | First interim Rs.3.00/share declared (≈Rs.2,909.00 Cr) — first instalment | On Track |
| Cost-plus framework protects margins under solar-era backing-down | Q1 FY27 call commentary | Consolidated EBITDA margin 30.77% vs 30.98% YoY (−21 bps) — protected at group level; standalone Generation segment margin fell 254 bps YoY | Partially Confirmed |
| Debtor days ~15 vs 45-day PPA benchmark | Q1 FY27 call / FY26 disclosures | Consolidated receivables rose Rs.4,636.33 Cr YTD; annualised debtor turnover 5.14 vs 5.08 in Q1 — collection cycle remains short but is lengthening in absolute receivables | Too Early |
| "Integrated energy major" transition (fossil share 56% by FY32) | Analyst Meet (Jul 2026) | Commissioning tracker additions this window were all solar/wind; no fossil/RE mix update in the filing | Too Early |
Key Investment Insights
Key Positives
- Consolidated revenue grew 21.18% YoY to Rs.54,269.95 Cr
- Consolidated PAT-to-owners grew 38.70% YoY to Rs.7,029.56 Cr; EPS Rs.7.25 vs Rs.5.23
- Consolidated EBITDA (company definition) grew 20.37% YoY to Rs.16,697.64 Cr with margins flat YoY (30.77% vs 30.98%)
- NVVN export sales to Nepal and Bangladesh rose to Rs.1,705.51 Cr from Rs.226.34 Cr (+653.52% YoY)
- 'Others' segment result grew 543.42% YoY to Rs.1,674.81 Cr with margin of 22.79% vs 5.29%
- H1 consolidated CFO of Rs.26,542.12 Cr at 1.86x PAT; FCF +Rs.5,395.77 Cr
- First interim dividend of Rs.3.00/share declared; debt-equity improved to 1.29 from 1.32 at FY26
- Standalone EPS excluding reg-deferral movement of Rs.3.69 vs Rs.3.34 a year ago
Risk Factors
- Standalone EBITDA margin compressed ~328 bps YoY to 26.19% as fuel cost (+24.14% YoY consolidated) outpaced revenue
- 26.34% of consolidated PAT (32.68% standalone) came from the regulatory-deferral movement, including a new Rs.875.06 Cr non-cash regulatory asset
- Standalone PBT grew only 2.51% YoY vs 16.82% revenue growth; standalone Generation segment result fell 2.31% YoY
- Consolidated finance costs rose 19.05% YoY; standalone finance costs +9.45% YoY and +23.50% QoQ as the funding-cost tailwind faded
- Profit mix tilted toward trading/export swings in 'Others' (15.38% of segment results vs 3.09% a year ago)
- Trade receivables rose Rs.4,636.33 Cr YTD to Rs.41,252.60 Cr; regulatory-deferral debit balances up Rs.2,765.81 Cr YTD
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