Guidance ledger · Q4 FY26

NTPC Limited NTPC

4 revisions on record · 2 lowered · 0 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered FY26 NGEL renewable capacity addition target Q1 FY26 → Q4 FY26

~~6 GW (Q1FY26 CMD remark) then 5365 MW (Q2FY26)~~ → 4,225 MW NGEL actual + 4,738 MW NTPC Group RE total

“MW of RE capacity. Out of this, NGEL added 4,225 MW compared to 2,977 MW added in”

→ narrowed FY26 NTPC Group total capacity addition Q2 FY26 → Q4 FY26

~~9,844 MW target (Q2FY26)~~ → 9,618 MW actual highest-ever

“During the year, we have added 9,618 MW of capacity. NTPC”

↓ lowered Mahi Banswara nuclear unit synchronization timeline Q2 FY26 → Q4 FY26

~~Q2FY26: 6 years from December 2026 first pour, COD 2032-33~~ → Q4FY26: First pour August 2027, first unit synchronization November 2032

“The first pour of concrete is anticipated by August 2027. And first unit synchronization we are”

→ narrowed Cumulative group capex commitment by FY32 Q1 FY26 → Q4 FY26

~~INR7 lakh crore (Q1FY26 reaffirmed)~~ → INR6,22,000 crores till FY32

“We have a broad c apex for the”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.