NTPC Q2 Profit Jumps 39% to Rs 7,030 Crore as Revenue Outruns a 24% Rise in Fuel Bills

NTPC, India's largest electricity generator, reported a sharp jump in September-quarter earnings on Saturday, with growth at its subsidiaries and joint ventures doing more of the heavy lifting than the parent company's own power plants.

The headline numbers

Consolidated profit attributable to NTPC's shareholders rose 38.7% year on year to Rs 7,029.56 crore in the July-September quarter of FY27, up from Rs 5,066.78 crore a year earlier, according to the unaudited results filed with the stock exchanges. Including the share belonging to minority partners in its subsidiaries, total consolidated profit came to Rs 7,350.79 crore, a 40.7% rise. Some early reports quoted one figure and some the other; the Rs 7,030 crore number is the one that belongs to NTPC's own shareholders.

Consolidated revenue from operations grew 21.2% to Rs 54,269.95 crore from Rs 44,784.05 crore. Operating profit before depreciation, interest and tax (EBITDA) rose about 22% to roughly Rs 15,627 crore, nudging the margin up to 28.8% from 28.6%.

Fuel costs rose fast, revenue rose faster

The quarter was not cheap to run. Fuel expenses climbed to Rs 28,628 crore from Rs 23,062 crore, an increase of about 24%, and total expenses rose to Rs 48,059 crore. That NTPC still widened its margin reflects the cost-plus structure of most of its power purchase agreements, under which higher fuel bills are largely passed on to state distribution companies through tariffs. For investors, that pass-through is the main reason the stock is treated as a defensive utility rather than a commodity play, and this quarter showed the mechanism holding up even as energy prices stay elevated.

Two smaller lines also stood out. Revenue from solar power stations jumped to Rs 1,138 crore from Rs 723 crore, a rise of more than 57%, as new renewable capacity came on stream. Electricity trading contributed Rs 3,172 crore of gross revenue, up from Rs 2,655 crore.

Standalone growth was slower

On a standalone basis, which strips out subsidiaries such as NTPC Green Energy and its joint ventures, net profit rose a more modest 14.3% to Rs 5,319.94 crore, and revenue increased 16.8% to Rs 45,752 crore. The gap between the standalone and consolidated growth rates suggests that newer group businesses, including renewables and the joint-venture thermal plants, are now meaningful contributors to earnings. NTPC Green Energy separately reported a 57% jump in quarterly profit to Rs 137.5 crore on Saturday, though from a small base.

Dividend and what to watch

The board declared a first interim dividend of Rs 3 per share, or 30% of the Rs 10 face value, for FY27. The record date is November 6, 2026, and payouts are due to begin from November 25.

The shares will react to the numbers when trading resumes on Monday. Key questions for analysts will be whether the solar ramp-up can sustain its pace, how much of the profit jump came from one-off regulatory items, and how quickly the company can add the thermal and renewable capacity it has promised as India's peak power demand keeps climbing.

This is an original summary based on public reporting. See our editorial policy for how we source, write, and correct our stories.