Interim report
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~ ~ Ref. No.: FA/ISD/Compliance/26-27/02 Listing Department National Stock Exchange of India Limited 'Exchange Plaza ', C-1, Block G, Sandra Kurla Comple x, Sandra (E), Mumbai - 400 051. Scrip Code - NTPC ISIN: INE733 E01010 Sub: Outcome of Board Meeting including • submission of financial results; - declaration of interim dividend & record date; and l!.,c!/ttld/ ff;,[1,es (Wffl ~ qf( ~ ) NTPC Limited (A Govt. of India Enterprise) ~ ~ / Corporate Centre Dated: 31 October 2026 Department of Corporate Services, BSE Limited, Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai - 400 001. Scrip Code - 532555 - disclosure for debt-securities for the quarter and half year ended 30 September 2026. Dear Sir/Madam, Pursuant to the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we wish to inform that the Board of Directors of NTPC Limited at its meeting held on Saturday , 31 October 2026 has, inter alia: 1. approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended 30 September 2026, as recommended by the Audit Committee at its meeting held on 31 October 2026 . The said Financial Results duly signed by Director (Finance ), a whole-time director of NTPC Limited , along with the Limited Review Reports of the Statutory Auditors thereon , are enclosed as Annexure-A . 2. declared the First Interim Dividend at the rate of 30% (t3 per equity share) on the face value of ~10/- each for the Financial Year 2026-27 . Further , the Company nas fixed 6 November 2026 as the "record date" for the purpose of payment of 1st Interim Dividend for Financial Year 2026-27. The dividend shall be paid within statutory period commencing from 25 November 2026 onwards . Further, pursuant to the provisions of the Income Tax Act, 2025 as amended by Finance Act, 2026 w.e.f. 1 April 2026, in relation to the taxation of dividend, shareholders are being requested to refer to the communicat ion uploaded for all the shareholders/prospective shareholders on NTPC website under the tab Investors at below link: ntpc.co.in/investor/investor-services /important-communication-shareho lders Further , with respect to debt-securit ies, the following are also enclosed : a) disclosures under Regulation 52, including the Statement of Utilisation of Issue Proceeds/Statement of Deviation or Variation under Regulations 52(7) and 52(7 A) of Listing Regulations , as applicab le, for the quarter ended 30 September 2026; and b) Security Cover Certificate and related certificates /disclosures duly signed by the Statutory Auditor, as applicable , pursuant to Regulation 54 read with Regulation 56(1 )(d) of Listing Regulations . The Board Meeting commenced at I ;I: I <l \')."Mand concluded at t: 55 P.""" Thanking you y~ (Ritu Arora) Company Secretary & Compliance officer Encl. : As Above ~ ~ : q.:ie'lti~'8'1 1fcf'f, ~ c/il"'l~cffl. 7, :1-fe'lc;1~1-1<1 ~ . ~ ~ ~ ~-110003 ~ ~ ~: L401010L1975GOI007966, ~ ";J.: 011-24387333, ~ ";J.: 011-24361018, ~ : ntpccc@ntpc.co.in, ~: www.ntpc.co.i n Registered Office : NTPC Bhawan, SCOPE Complex, 7 Institutional Area, Lodi Road, New Delhi-110003 Corporate Identification Number : L401 01DL 1975GOI007966, Teleph one No.: 011-24387333, Fax No.: 011-24361018, E-mail : ntpccc@ntpc.co.in Website : www.ntpc.co.in
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A. FINANCIAL RESULTS NTPC LIMITED Regd Office: NTPC Bhawan, SCOPE Complex, 7 Institutional area , Lodhi Road , New Delhi -1 10003 CIN-L40101 DL 1975GOI007966 , website: www.nt pc.co .in STATEMENT OF UNAUDITED STANDALO NE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2026 SI. No. Particulars Income (a} Revenue from operations (b) Other income Total Income (a+b) 2 Expenses (a) Fuel cost 2 (b) Electricity purchased for trading (c) Employee benefits expense (d) Finance costs (e) Depreciation, amortisation and impairment expense (f) Other expenses Total expenses (a+b+c+d+c+f) 3 Profit before tax and regulatory deferral account balances 11-2) 4 Tax expense : (a) Current tax (b) Deferred tax (Refer Note 4) Total ta,c expense (a+b) 5 Profit before regulatory deferral account balances (3-4) 6 Net movement in regulatory deferral account balances (net of tax) (Refer Note 5) 7 Profit for the period (5+6) 8 Other comprehensi ve Income (i) Items that will not be reclassified to profit or loss (a) Net actuarial gainsl(losses) on defined benefit plans (b) Net gains/{losses) on fair value of equity instruments (ii) Income ta,c on items that will not be reciassified to profit or loss (a) Net actuarial gains/(losses) on defined benefit plans Other comprehensive income for the period (net of tax) 9 Total comprehensive income for the period (7+8) 10 Earnings per equity share (of , 101- each) • (nol annualised) (including net movement in regulatory deferral account balances): Basic and Diluted (in') 11 Earnings per equity share (of , 10/- each) - (not annualised) (excluding net movement in regulatory deferral account balances): Basic and Diluted (in , , 12 Paid-up equity share capital (Face value of share, 10/- each) 13 Paid-up debt capital' 14 Other equity excluding revaluation reserve 15 Networth" 16 Debenture redemption reserve ! Quarter ended Quarter ended Quarter ended 30.09.2026 30.06.2026 30.09.2025 (Unaudited) (Unaudited) (Unaudited) 3 45752.00 1089.54 46841 .54 26469.68 993.10 1447.28 2913.59 4057.05 5951.29 418 31 .99 5009 .55 1093.48 334.65 1428.13 3581 .42 1738.52 5319 .94 (58.43) (30.51) 21.34 (67.60) 5252 .34 5.49 3.69 9696.67 189627.19 172339.88 181861.88 1127.92 43831.86 680.55 44512 .41 24081.67 1054.65 1359.06 2359.15 4071.47 4707.61 376 33,6 1 6878 .80 1350.13 447.93 1798.06 5080 .74 261.62 5342.36 (58.40) 28.12 0.71 (29.57) 5312 .79 5.51 5.24 9696.67 190406.42 170481.37 179972.86 1353.26 39164.82 1524.54 40689 .36 22013.84 868.07 1308.63 2661.76 3993.42 4956.57 35802.29 4887 .07 872.41 771 .33 1643.74 3243.33 1410.00 4653 .33 (63.35) (15.96) 11.07 (68.24) 4585 .09 4.80 3.34 9696.67 186066.52 158161.90 166335.09 1759.30 Six months ended 30.09.2026 (Unaudited) 6 89583.86 1770.09 91353.95 50551.35 2047.75 2806.34 5272.74 8128.52 10658.90 79465.60 11888 .35 2443.61 782.58 3226.19 8662.16 2000.14 10662.30 (116.83) (2.39) 22.05 (97.17) 10565 .13 11.00 8.93 9696.67 189627.19 172339.88 181861.88 1127.92 Six months ended 30.09.2025 (Unaudited) 81736.43 2285.74 8402 2.17 45939.96 1844.00 2658.58 5499.99 7862.47 10993.36 74798 .36 9223.81 1694.45 1429.85 3124.30 6099 .51 3328.50 9428 .01 (126.62) 4.68 22.12 (99.82) 9328.19 9.72 6.29 9696.67 186066.52 158161.90 166335.09 1759.30 t crore Year ended 31.03.2026 (Audited) 165487.84 4236.76 169724.60 88605.04 3800.85 5843.12 10442.18 16030.85 22445.63 147167 .67 22556.93 4057.82 (7561.43) (3503.61) 26060 .54 (2898.32) 23162 .22 (184.73) (6.54) 32.28 1158.991 23003.23 23.89 26.88 9696.67 190109.58 165168.58 174688.19 1587.81
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STATEMENT OF UNAUD ITED STANDAL ONE FINANCIAL RESU LTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2026 SI. No. Particu lars Quarter ended Quarter ended Quarte r ended Six months Six month s 30.09.2026 30.06 .2026 30.09.2025 ended ende d (Unaudited ) (Unaudited) (Unaudited) 30.09.2026 30.09.2025 (Unaudited) (Unaudited) 1 2 3 4 5 6 7 17 Capital redemption reserve 197.89 197.89 197.89 197.89 197.89 18 Debi equily ratio (Paid-u p debt capital / Sharoholde(s Equity) 1.04 1.06 1.11 1.04 1.11 19 Debt service coverage ratio [(Profit for the period+Finance 2.26 1.28 2.81 1.64 2.85 costs+ Depreciation and amortisation) I (Finance costs + lease payments+Scheduled principal repayments of non current borrowings)] 20 Interest service cove rage ratio ((Profit for the period + Finance 4.22 4.99 4.25 4.56 4.14 costs+ Depre ciation and amortisation)/ Finance costs)] 21 Current ratio (Current assets/ Current liabilities) 1.03 1.04 0.92 1.03 0.92 22 Long term debt to working capital ratio (Non current borrowings 8.14 7.40 8.77 8.14 8.77 induding current maturity of non current borrowings / (working capital+current maturities of non current borrowings]) 23 Bad debts to account receivable ratio (Bad debts / Average Trade receivables) 24 Current liabihty ratio (Current habilities / (Non current liabihties + 0.35 0.36 0.33 0.35 0.33 Current liabilities ) 25 Total debts to total assets ratio (Paid up debt capital/ Total 0.45 0.46 0.45 045 045 assets) 26 Debtors turnover ratio (Revenue from operations/ Average 5.43 5.38 5.99 5.62 599 trade ree<>ivables} - Annualised 27 Inventory turnover ratio (Revenue from operations I Average 13.05 10.81 9.18 12.03 9.67 inventory) - Annualised 28 Operating margin (%) (Earnings before interest and tax I 20.16 21.20 21 .15 20.67 20.67 Revenue from operations) 29 Net profit margin (%) (Profit for the period/ Revenue from 11.63 12.19 11.88 11 .90 11.53 ooerationsl i Comprises non current borrowings and current borrowings • ExcJuding Fly ash utilization reserve and items of Other comprehensive income See accomoanvina notes to the unaudited standalone financial results. , aore Year ended 31.03.2026 (Audited) 8 197.89 1.09 1.68 4.75 0.94 9.50 0.37 0.46 5.56 9.48 21.85 14.00
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r=J NTPC STA NDALONE STATEMENT OF ASSET S AND LIAB ILITIES SI. Parti culars no. A ASSE TS 1 Non-cu rrent assets (a) Property , plant and equipment (b) Capita l work-in-progress (c) Investment property (d) Intangible assets (e) Intangible assets under developm ent (f) Financial assets (i) Equity investments in subsidiaries and joint venture (ii) Other investments (iii) Loans (iv) Trade receivables (v) Other financial assets (g) Other non-current assets 2 Current assets (a) Inventories (b) Financia l assets (i) Investments (ii) Trade receivab les Sub-total - Non-current assets (iii) Cash and cash equiva lents (iv) Bank balances other than cash and cash equivalents (v) Loans (vi) Other financia l assets (c) Other current assets 3 Asset held for sale Sub-total - Current assets 4 Regulatory deferra l account debit balance s As at 30.09.2026 (Unaudited) 206761 .20 55806.94 856.37 451 .05 74.80 40196 .89 540.45 839.59 530.37 14289 .81 320347.47 12698.92 ~ Crore As at 31 .03.2026 {Aud ited) 215983.48 48276 .02 857.31 466.55 27.15 38110 .81 567 .84 875 .56 0.00 333.25 14144.33 31 9642 .30 17077 .61 50.00 50.00 32955.77 30780.39 465 .86 679 .72 569.54 2364.34 10654 .83 6162.07 18169.52 16425 .76 8326 . 76 8090 .15 83891.20 81630 .04 160.55 159.63 14818.48 12644 .38 TOTAL-AS SETS~~__;4~1~9 2~1~7~.7~0+--~-4~1~40~7~6~.3~5 B EQUITY AND LIABILITIES 1 Equity (a) Equity share capital (b) Other equity 2 Liabili ties (i) Non -curren t liabilities (a) Financ ial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (net) (d) Other non-cu rrent liabilities Sub-total - Total equity Sub-total - Non-current liabilities (ii) Current liabilities (a) Financial liabilities (i) Borrowing s (ii) Lease liabilities (iii) Trade payables - Total outstandin~ dues of micro and small enterprises - Total outstanding dues of creditors other than micro and small enterprises (iv) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Curren t tax liabilities (net) Sub -total - Current liabilities 3 Deferred revenue TOTAL - EQUITY AND LIABI LITIES 9696 .67 172339 .88 182036 .55 140923.34 803.83 1621.25 967.31 8792 .17 515.11 1S36 2 3.0 1 487 03.85 98.69 659 .83 6565.52 19175.45 1280 .03 4979 .67 81463.04 2095.10 419217.70 9696 .67 165168 .58 174865.25 137403.52 926 .00 1436 .37 1325 .30 8256 .08 411 .73 149759. 00 52706.06 109.13 839.37 8140 .06 19429 .95 1273.60 4757 .09 87255.26 2196 .84 414076 .35
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STANDALONE SEGME NT-WISE REVE NUE, RESULTS, ASSETS ANO LIABILITIES FOR THE QUARTER ANO SIX MONTHS ENDED 30 SEPTEMBER 2026 ~ crore SI. Particulars Quarter ended Quarter ended Quarte r ended Six months Six months Year ended No. 30.09.2026 30.06.2026 30.09.2025 ended ended 31.03.2026 (Unaudited) (Unaudited) (Unaudited ) 30.09. 2026 30.09. 2025 (Audited) (Unaudited) (Unaudited) 1 2 3 4 5 6 7 8 1 Segme nt revenue - Generation 44852 .22 42912 .01 38514 .29 87764 .23 80292 .18 162530.49 - Others 2286.80 1855.39 3127 .93 4142.19 6669 .05 12296.5 1 - Unallocated 912.23 479.84 1213.87 1392.07 1718.74 3030.77 - Less: Inter segment elimination 1209.71 734.83 2166 .73 1944.54 4657.80 8133 .17 Total 46841.54 44512.41 40689 .36 91353 .95 84022.17 169724.60 2 Segment results Profit before interest and tax (including regulatory deferral accoun t balances) - Generation 5929 .61 8152.59 6069.83 14082.20 12874.29 29226.35 -Others 1350.35 756.63 272.70 2106.98 527.43 1342.76 Total 7279.96 8909.22 6342.53 16189 .18 1340 1.72 30569.11 Less: (i) Finance costs 2.913.59 2.359.15 2661 .76 5272.7 4 5499 .99 10442.18 (ii) Other unalloca ted expenditu re net of unallocable income (643.18) (328.73) (1206.30) (971.9 1) (1 322.08) (2430.00) 5009 .55 6878.80 4887.07 Profit before tax and regulatory deferra l account balances 11888.35 9223.81 22556.93 Less: Total tax expense 1428.13 1798.06 1643.74 3226.19 3124.30 (3503.6 1) Add: Net movement in regulatory deferral account balances (net 1738.52 261.62 1410.00 2000.14 3328 .50 (2898.32) of tax) (Refer Note 5) Profit for the period / vear 5319 .94 5342.36 4653.33 10662.30 9428 .01 23162.22 3 Segment assets - Generation 373693.71 373110.96 357178.98 373693 .71 357 178.98 375975 .39 -Oth ers 1101.73 1027.89 16020.71 1101 .73 16020.71 9018.46 - Unallocated 44422.26 44054 .20 44017.62 44422.26 44017 .62 29082.50 Total 419217.70 418193.0 5 4172 17.31 419217 .70 417217.31 414076.35 4 Segment liabilities - Generation 33154.45 33714.01 36202.01 33154.45 36202.01 33630.28 -Others 1372.60 1313.25 5028.51 1372.60 5028.51 3541.65 - Unallocated 202654.10 2029 87.75 208128.22 202654 .10 208128 .22 202039.17 Total 237181 .15 238015.0 1 249358 .74 237181.15 249358.74 239211.10 The operations of the Company are main ly carrie d out within the country and therefore. there is no reportable geog raphical segment.
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STANDA LONE STATEMENT OF CASH FLOWS f crore Parti culars Six mont hs Six month s Year ended ended ended 31.03.2026 30.09.2026 30.09.2025 (Audited) II .. /l A. CASH FLOW FROM OPERATING ACT IVITIES Profit before tax and re!lulatorv deferral account balances 11888 .35 9223 .81 22556.93 Add: Net movements in regulatory deferral account balances (net of tax) 2000.14 3328.50 (289 8.32 ) Add: Tax on net movements in regulatory deferral account balances 465.39 704.96 (613.61) Profit befo re tax including movements in regulato ry defe rral account balances 14353 .88 13257.27 19045.00 Adj ustme nt for: Depreciation .amortisation and impairment expense 8128 .52 7862.47 16030 .85 Provisions 1128 .50 322.1 5 978.83 Impairme nt on investments (net) 55.41 313.86 504 .51 On account of government grants (15.02 ) (6.77) (14.98) Lease rent from investment property (3.86) (2.54) (6.40) Deferred foreign currency fluctuation asset 28.22 (177. 21) 610.90 Deferred income from foreign currency fluctuation 27.37 235.80 263.20 Regulatory deferral account debiV(credit) balances including derivative MTM(gain)/loss (2465.53) (4033.46) 3511 .93 Fly ash utilisation reserve fund - 138 .21 (745.59 ) Finance costs 5215 .15 5417 .34 10308.87 Unwindin g of discount on vendor liabilities 57.59 82.65 133 .31 Interest income/Late payment Surcharge/Gain on sale of investments (456 .23) (19 9.14) (73 4.09) Dividend income (923.43) (1285.18) (2281.44) Provisions written back (3.21) (161.69) (18 3.70) Gain on option contract I hedging (1.13) (0.95) (11.05) Other non cash miscellaneous income (7.45) (2.68) (33.18) Profit on de-recognition of property , plant and equipment (17.51) (4.57 ) (5.18) Loss on de-recognition of property , plant and equipment 104 .11 126 .07 248.27 10851 .50 86 24.36 285 75 .06 Operating profi t before working capital chang es 25205.38 21881.63 47620 .06 Adjustment for: Trade receivables (3127 .16) 2876.77 (1898 .13) Inventories 4724 .70 2602 .88 1778 .85 Trade payables, provisions, other financial liabilities and other liabilities (740.27) (634 .18) (1038.43) Loans, other financial assets and other assets (2108 .58) (5117 .62) (2539.82 ) Sub-total (125 1.31) (272.15) (3697. 53) Cash generated from operations 23954 .07 21609.48 43922 .53 Income taxes (paid) I refunded (1959.23) (1227.96) (2922 .65) Net cas h from/(used in) operating activitie s - A 219 94 .84 203 81.52 40999 .88 B. CASH FLOW FROM INVESTING ACTIVITIES Purchase of property , plant and equipment, intangible assets and investment propertJ (11839 .53) (9667.36) (22758 .56) Proceeds of property , plant and equipment , intangible assets and investmen t property 26.20 28.67 50.81 Investment in subsidiaries and joint venture companies (2141.49) (1296 .62) (4004 .24) Proceeds from sale of assets to Subsidiary 6339 .18 391 .88 6020 .62 Redemption of non-convertible debentures 25.00 25.00 50.00 Loans and advances to subsidiaries(ne t) (6058.76 ) 53.36 (4175.12) Interest income/Late payment Surcharge/Gain on sale of investments 476.92 204.47 642.58 Lease rent from investment property 3 .86 2.54 6.40 Government grant received 169 .21 1.73 9.54 Dividend received 656.10 896.35 2181 .44 Income tax paid on income from investing activities (245.10 ) (220. 14) (493 .47) Bank balances other than cash and cash equivalents 1768 .96 1037 .97 2359 .09 Net cash from/( used in) investing acti vities - B (1081 9.45) (854 2.15) (20110.91) C. CASH FLOW FROM FINANC ING ACTI VITIES Proceeds from non-current borrowings 7142.44 10054.96 18347 .19 Repayment of non-current borrowings (10306.60 ) (8200.42) (26 353 .48) Proceeds I repayments of current borrowings (Net) 1484.18 (4133.7 8) 8500 .00 Payment of lease obligations (28.59) (26.58) (89.34) Gain on option contracVhedging 1.13 0.95 11.05 Interest paid (6287 .98) (5844 .54) (12045.28 ) Dividend paid (3393.83) (3248 .38) (8581.54 ) Net cash from/(used in) financ ing acti vities - C (11389. 25) (11397.79) (2021 1.40) Net increasel(dec rease) in cash and cash equi valents (A+B+C) (213.86) 441.58 677.57 Cash and cas h equivalents at the beginning of the year 679 .72 2.15 2.15 Cash and cas h equivalents at the end of the period / year 465.86 443.73 679.72
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~ ~ Notes to Unaud ited Standalone Finan cial Results: The above standalone financial results have been reviewed by the Audij Committee of the Board of Directors in their meeting held on 31 October 2026 and approved by the Board of Directors on the same date. 2 The Joint Statutory Auditors of the Company have carried out the limited review of these standalone financial results as required under Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015, as amended. 3 a) (i) CERC notified The Central Electridy Regulatory Commission (Terms and Conditions of Tariff} Regulations, 2024 vide Notification dated 15 March 2024 (Regulations, 2024) for determination of tariff for the tariff period 2024-2029. Pending issue of provisional/final tariff orders, capacity charges wnh effect from 1 April 2024 are billed to beneficiaries in accordance with the tariff approved and applicable as on 31 March 2024, as provided in Regulations, 2024.ln case of projects declared commercial on or after 1 April 2024 and projects where tariff order as on 31 March 2024 are pending from CERC, billing is done based on capady charges as filed with CERC in the tariff petitions. Accordingly, capacny charges provisionally billed for the quarter and six months ended 30 September 2026 is t 14,711.58 crore and t 29,724.26 crore respectively (Previous quarter and six months ended 30 September 2025: t 14,470.45 crore and t 28,441.78 crore respectively). Energy and other charges are billed as per the norms specified in the Regulations 2024. Accordingly, energy charges have been billed for the quarter and six months ended 30 September 2026 is t 26,137.46 crore and t 49,813.19 crore respectively (Previous quarter and six months ended 30 September 2025: t 21 ,448.65 crore and f 45,053.95 respectively) (ii) Capacijy charges for the quarter and six months ended 30 September 2026 have been provisionally recognized considering the provisions of Tariff Regulations amounting to t 16,173.45 crore and t 32,745.81 crore respectively (Previous quarter and six months ended 30 September 2025:t 15,782.76 crore and f 31 ,568.49 crore respectively). Energy and Other charges for the quarter and six months ended 30 September 2026 have been recognized at f 26,486.84 crore and f 49,698.26 crore respectively (Previous quarter and six months ended 30 September 2025: t 21,934.51 crore and t 46,338.88 crore respectively) as per the norms specified in the Regulations 2024. b) Capacity charges for the quarter and six months ended 30 September 2026 include f (·) 348.45 crore and (·) t 156.66 crore respectively (Previous quarter and six months ended 30 September 2025 t 113.78 crore and t 1042.18 crore respectively) pertaining to earlier years on account of impact of CERC orders, and other adjustments. Energy and other charges for the quarter and six months ended 30 September 2026 t 1,365.82 crore and t 2,811.41 crore respectively (Previous quarter and six months ended 30 September 2025 t 48.95 crore and t (·) 60.14 crore respectively) pertaining to earlier years on account of revision of energy charges due to grade slippages and other adjustments. c) Sales for the quarter and six months ended 30 September 2026 also include i 37.15 crore and i 73.09 crore (Previous quarter and six months ended 30 September 2025 t 26.06 crore and t 52.08 crore respectively) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2024. d) Revenue from operations for the quarter and six months ended 30 September 2026 include t 1,029.54 Crore and t 2,1 18.35 Crore respectively (Previous quarter and six months ended 30 September 2025 t 900.37 crore and t 1,916.37 crore respectively) on account of sale of energy through trading (gross). e) Revenue from operations for the quarter and six months ended 30 September 2026 include t 216.02 crore and t 455.50 crore respectively (Previous quarter and six months ended 30 September 2025 f 135.16 crore and ? 260.47 crore respectively) on account of sale of energy of solar stations. 4 The Company had been recognising MAT credit entitlement available to the Company as the same is likely to give future economic benefits in the form of availability of set off against future income tax liability. During the quarter and year ended 31 March 2026, deferred tax balances were remeasured in view of the Company's expected transition to the new tax regime in the near future considering changes enacted through Finance Act 2026. Consequently, deferred tax liability (DTL) for the previous year was remeasured @25.168% from 34.944%, which had resulted in DTL net of MAT credit ror the year amounting to (-) , 7,561.43 crore . Further , due to the said negative DTL, regulatory deferral account debit balances for deferred tax for the previous year was (-)t 7,257 .99 crore.
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5 Net movement In regulatory deferral account balances (net of tax) consists of exchange differences arising from settlement/translatio n of monetary item denominated in foreign currency to the extent recoverable from or payable to the beneficiaries in subsequent periods , deferred tax liabili ty revers ible in future periods when they become current tax and similar items which will be materia lised in future considering the CERC Tariff Regulations and the requirements of Ind AS 114- 'Regulatory deferral accounts '. The details of the same are as under: (f crore) SI.no Particulars Quarter ended Quarter ended Quarter ended Six months ended Six months ended Year ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31 .03.2026 (Unaudited) (Unaudit ed) (Unaudited) (Unaudited) (Unaudit ed) (Audited) 1 Exchanae differences 971.56 154.49) 968.26 917.07 2 593.82 3746.06 2 Deferred tax 308.82 377.00 740.54 685.82 1 313.10 (7,257.99) 3 Others 862.64 - - 862.64 126.54 - 4 Tax on the above 1404.50l 160.89) 1298.80) 1465.39) 1704.96) 613.61 Total 1,738.52 261.62 1,410.00 2,000.14 3,328.50 (2,898.32) Note.-Durong the quarter and hall year ended 30 September 2026, a Regulatory asset ('Others') has been created towards difference of depreciation charged as per Material Accou nting Policies of the Company in accordance with CERC Tariff Regulations ,2024 and deprec iation receivable throug h tariff in future periods pursuant to an order of CERC in respect of one of the Stations af the Campany . 6 In respect of one of the hydro power projects of the Company, the constructio n of which has been discontinued on the advice of the Ministry of Power (MOP), Govern ment of India (GOI) in the year 2010, an amount off 390.10 crore (31 March 2026: f 372.81 crore) is outstanding as recoverable from GOI as on 30 Septem ber 2026 towards expenditure incurred in respect af this proje ct. The aforesaid amount recoverable includes an amount off 261 .50 crore (31 March 2026 : f 257.31 crore) in respect of arbitration awards challenged by the Company before the Hon'ble High Court of Delhi for which corresponding liability exists under 'Curre nt Liabil ities- Provisions '. In the event the Hon'ble High Court grants relief to the Company, the amount would be adjusted against the amount recoverable from GOI . Management expects that the total cost incurred , anticipated expenditure on the safety and stabilisation measures, other recurring site expenses and Interest costs as well as claims of contractors/vendors for various packages for this project will be compensa ted in full by the GOI. 7 The Company had incorpor ated a wholly owned subsidiary , in the name of 'NTPC Mining Limited ' (NML) on 29 August 2019, for taking up coal mining business . The Board of Directors of the Company had approved the hiving-off its coal mining business of the Company to NML at book value , through a business transfer agreement (BTA) dated 17 August 2023 on a going concern basis through slump sale pursuan t to the BTA, which was subsequently amended on 17 September 2025. Dunng the previous year, five out of six Coal Mine businesses have been transferred to NML in line with the amended BTA for a purcha se consideration of f 6,020.62 crore . The remaining one Coal Mine business has been transferred effective 1 April 2026 upon completion of conditions precedent stipulated in the BTA, for a purchase consideration of f6, 339 .18 crore . The total purchase conside ration has been settled by payment/ allotment of equity for an amount af f 3,707.94 crore and the total equ ity as at 30 September 2026 stands at f 3,905 .04 crore (31 March 2026 :,2,008 .60 crore). Balance amount of consideration amountin g to fB,651.86 crore shall be payable by NML by 30 September 2027 along with interest calculated until the day on which the entire outstanding liability is extinguished . 8 The Company has maintained security cover of 100% or higher as per the terms of offer documen Ulnformati on Memoran dum and/or Debenture Trust Deed, sufficient ta discharge the principa l amount and the interes1 thereon, in respect of its secured listed non-conve rtib le debt securities . Further, charge has been created on specified assets of the Company through Englis h/Equitable mortgag e as per the terms of respect ive Debenture Trust Deeds for all secured non-convert ible debt securities Issued by the Company. The Company is also in compliance with all the covenants, in respect of all listed non-convertible debt securities Issued by the Campany . 9 The share holders of the Company have approved final dividend of f 3.50 per share (face value of f 10/- each) for the financial year 2025-26 in the Annual General Meeting held on 27 August 2026, which was paid In September 2026. Further , The Board of Directors of the Company has declared first interim dividend of f 3.00 per share (face value of f 101- each) for the financial year 2026-27 in their meeting held on 31 October 2026. 10 Previou s periods figures have been reclassified wherever considered necessary . Place New Delhi Date : 31 October 2026
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Mis. Hem Sandeep &Co. C hartered Account a nts 1961, Kat ra Khu sha lrai , Kinari Bazar , C hand ni C howk, New Delhi - 11000 6 Mis.PS D &Associates C harte red Accou ntan ts M.I. Road, 324, Ganpati Plaza, Jaipur - 30200 I Mis. 0 P Bagla &Co LLP C ha rtered Accountants 50 I 5th Floor, B 225, Okhla Ind s Area Ph I Near Crown Plaza New De lhi - 110020 Mis. Laldash &Co. C hartered Accountants Plot No : 1882 ,2 nd Floor , N ilakantha Nagar, Unit-8 , Nayapa lly Bhuban eswar - 75 10 12 Mis. Laxminiwas &Co. C hart ered Acco untan ts Floor No 4, Flat No 6-3-569 , Opp RTA office, Above BMW Showroom Hydera bad - 500082 INDEPEN DENT AUDITORS' L I M ITED REVIEW REPORT ON THE UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUART ER AND SIX MONTH ENDED 301h SEPTEMBER 2026 To The Board of Direct ors, NTPC Lim ited, New Delhi. I. We have reviewed the acco mpanying statem ent of Unaudited Standalone Financ ial Results of NTPC Lim ited (''t he Compa ny") for the quarter and Six Month ended 301" September 2026 ("the Stateme nt") being submitted by the Compan y pursuan t to the requ irements of Regulation 33 and Regulation 52 of the SEBI (L isting Ob ligat ions and Disclosu re Requirements) Regulations , 2015 ("the Regu lations") as amended. 2. The State ment, which is the respo nsibility of the Compa ny's Management and approved by the Compa ny's Board of Directo rs, has been prepared in accorda nce with the recognition and measurement princip les laid down in the Indian Acco unting Standard 34 "Interim Financ ial Reporti ng" (" Ind AS 34 "), presc ri bed under Sect ion 133 of the Compan ies Act, 20 13 as amended read with relevan t rules iss ued thereu nder and other acco unting principles genera lly acce pted in India. Our responsi bility is to express a conclusion on the Stateme nt based on our review. 3. We cond ucted our review of the Statement in accordance with the Sta ndard on Review Engage men t (SRE) 24 10, "Review of Interim Financial Information Pe,formed by the Independent Auditor of the Entity ", issued by the Institute of Chartered Accountant s of India. This sta ndard require s that we pla n and perfo rm the review to obtain moderate assurance as to whet her the Statement is free of material misstatement. A rev iew of interim financ ial informati on consists of mak ing inqu iries , primari ly of persons respo nsib le for financial and accou nting matters, and app lying analyt ical and othe r review proced ures. A rev iew is substantiall y less in sco pe than an audit conducted in accordance with Standar ds on Auditin g and consequent ly does not enable us to obtain assurance that we wou ld become
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awa re of all sign ificant matters that might be identified in an audi t. Accordingly, we do not express an audit opin ion. 4. Other Matter The financial results of the quarter ended 30th June 2026, six months ended 30 September 2025 and financ ial yea r ended 31st March 2026 were reviewed/audited by predecessor auditors and they have issued unmod ified conclusion/opinion. 5. Based on our review cond ucted as above, nothing has come to our attention that causes us to believe that the acco mpahying Statement read with notes thereon, prepared in accordance with app licable Indian Acco unting Sta ndard s speci fied under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognised accou nting practice s and policies, has not disclosed the infonnat ion required to be disclosed in terms of the Regulations , includ ing the manner in which it is to be disclosed, or that it contains any mater ial misstatement. For P S D &Assoc iates Chartered Acco untants FRN-004501C ~~111:t::..... Partner M. No. 072332 UDIN: 26072332KTDPHU5346 Place: New Delhi Dated: 3 1 '1 October 2026 Vijay Totapally Partner M. No. 200089 UDIN: 26200089 IWFQZW4056 For Laldash &Co
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NTPC LIMITED Regd Office: NTPC Bhawan , SCOPE Complex , 7 Institutional area , Lodh i Road , New Delhi -11 0003 CIN-L 401 01 DL 1975GOI007966, websi te : www.ntpc .co.in STATEMENT OF UNAU DITE D CONSOLIDATED FINAN CIAL RESULTS FOR THE QUART ER AND SIX MONTHS ENDED 30 SEPTEMBER 2026 SI. Part iculars No. 2 1 Income (a) Revenue from oporations (b) Other income Total Inco me (a+b ) 2 Expenses (a) Fuel cost (b) Electncity purchase d for trading (c) Employee benefits expense (d) Finance costs (e) DepreaatJOll, amort,sat,on and impairment expense (f) Olher expenses Total expenses (a+b+c+d+e+f) 3 Profit before tax, Regulatory deferr al account balance s and Share of profit of joint ventures accounted for using equity method (1-2) 4 Share or profits/(loss) or joint venlures accounted for using equity melhod 5 Profit before tax and regulatory deferral account balances (3+4) 6 Tax expense (a) Current tax (b) Deferred tax (Refer Nole 5) Total tax expense (a+b) 7 Profit before regulatory deferral account balances (5...fi) 8 Net movement in regulalory deferral account balanc es (net or lax) (Refer Note 6) 9 Profit for the pertod (7+8) 10 Other comprohonslvo Income (1) Items that will nol be reclassified 10 profit or loss (a) Net actuanal gains/(losses ) on defined benefit plans (b) Net ga,ns/(losses) on fair value or equ,ty mstruments (c) Share of othor comprehensive income of pint ventures accounted for under the equity method (II) Income tax on 11ems that will not be reclassified to profit °' loss (a) Net actuanal ga,ns/(losses) on defined benefit plans (b) Share or olher comprehensive income of join! ventures accounled f0< us,ng the equ,ty method (u1) Items that will be reclass,fled to profit 0< loss (a) Exchange differences on translation or foreign operations (b) Net movement ,n cost and effective portJ0/1 or cash rtowhcdgos (1v) Income tax on ,toms that will be reclassified to profit 0< loss Other comprehensive Income for the pertod (net of tax) [(ll+(ll)+(lll )+(lv )J 11 Tot al comprehensl vo lncom o for the pertod (9+10) 12 Profit attributable to owners or the parent company 13 Profit attributable to rJ011.control1ng interest 14 Other comprehens,vo income attnbutable to owners or the parent company 15 Other comprehens,ve income altnbutable to non controlling interest Qu1rter ended Quarter ended Quarter ended Six months 30.09.2026 30.06.2026 30.09.2025 ended (Unaudited) (Unaudited) (Unaudited) 30.09.2026 3 54269 95 445 74 54715 .69 2862819 1066.44 1811 58 4086 43 5329 78 7136 88 48059.30 6656.39 625.04 7281 .43 1308.77 558 07 1866 84 5414.59 1936.20 7350.79 (62.01) (3051 ) 939 22 24 40 75 012 (0.01) (20.03) 7330.76 7029 56 321 23 (1936 ) (067) 4 50740.96 400.55 51141.51 25394.77 1710.22 1713.10 3386 04 5233 70 5692.28 43130.11 8011.40 628.23 8639.63 1467.74 795.51 2263 25 6376.38 520.06 6896.44 (63.62) 28.12 (13.74) 1.61 (14.96) (026) 0.03 (62.82) 6833.62 6721.05 17539 (6212) (0.70) :, 44784.05 478.05 45262.10 23062 34 1505.64 1580.41 3432.46 4815.50 5821.68 40218 .03 5044.07 580.10 5624.17 1086 79 989.23 2076.02 3548.15 1677.15 5225.30 (69.89) (15.96) (0.23) 12.21 90.68 000 0.00 16.81 5242.11 5066.78 15852 1675 006 (Unaudited ) 105010 91 84629 105857.20 54022 96 2776 66 3524 68 7472 47 1056348 1282916 91189.41 14667.79 1253.27 15921.06 2776.51 1353.58 4130 09 11790.97 2456.26 14247.23 (12563) (2 39) (4 35) 2385 25.79 (014) 0.02 (82.85) 14164.38 13750.61 49662 (81 48) (1.37) Six months ended 30.09.2025 (Unaudited) I 91848 40 1234 81 93083.21 48035 38 2878.57 3164,76 6899 98 9402 50 12376.78 82757 .97 10325.24 1056.67 11381.91 1989.47 1743 15 3732 62 7649.29 3684 47 11333.76 (139.73) 4 68 084 24 41 74 40 0.00 000 (35.40) 11298.36 11077.38 256.38 (3552) 0.12 , Cr0<e Year ended 31.03.2026 (Audited) 187378 73 2419.83 189798 .56 9248984 5752.63 6986 28 13800 89 19629 33 2687013 165529.10 24269.46 286410 27133.56 4533 79 (7410 21) (2876 42) 30009.98 (2464.22) 27545.76 (174 40) (4 80) 30 47 (007) 188.36 2 24 (0 24) 41.56 27587.32 27052 52 493 24 42 33 (077)
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SI. No. Particulars 16 Earnings per equity share (of ,101- each)· (not annualised) (oncludong net movement on regulatOI}' deferral account balances) Basoc and Diluted (on') 17 Earnings per equity share (of , 101- each) • (not annuahsed) (excluding net movement in regulatory deferral account balances) Bas,c and Diluted (on ' l 18 Paod-up equtty share cap,tal (Face value of share, 101-each) 19 Paod-up debt capital' 20 Other equrty excluding revaluation reserve 21 Net worth" 22 Debenture redemption reserve 23 Cap,tal redemption reserve 24 Oebt equrty ratoo (Paid-up debt cap,tal I Sharehokle(s Equity) 25 Debt service coverage ratio ((Profit for the period+Finance costs+ Deprecoatoon and amortisation)/ (Finance costs + lease payments+Scheduled pnnapal repayments of roon current borrow,ngs)I 26 Interest service coverage ratio ((Profit for the period + Finance costs+ Oeprec,att0n and amortisation)/ Finance costs)) 27 Current ratoo (Current assets/ Current liabohtoes) 28 Long term debt to worlong capital ratoo ( roon current borrow,ngs oncludong current matunty of non current borrowings I (worlong cap,tal+current matuntoes of non current borrowings)) 29 Bad debts to account receivable rat,o (Bad debts I Average Trade rece,vables) 30 Current loaboloty ratoo (Current habtlotoes I (Non current loabthtoes + Current loabohtoes) 31 Total debts to total assets ratio (Paid up debt cap11a1 I Total assets) 32 Debtors turnover ratoo (Revenue from operatoons I Average trade receivables) • Annualised 33 lnventOI}' tumover ratio (Revenue from operations I Average inventOI}') • Annuahsed 34 Operating margin (%) (Eamings before interest and tax I Revenue from operations) 35 Net profit margin (%) (Profit for the period I Revenue from operations) 1 Composes non current borrowmgs and current borrowmgs Quarter ended 30.09.2026 (Unau dited) 3 7 25 525 969667 275633.68 203774 77 213296.23 2294 93 197 89 129 2 27 4.10 088 27 63 031 048 514 1400 2338 13 54 • Excluding Fly ash ut1hzatoon reserve and items of Other comprehensive income See accomoanvino notes to tho unaudited consolida ted financial results Quarter ended 30.06.2026 (Unaudited) 4 693 6.39 9696.67 272081.67 200147.99 209681.57 2730 21 197 89 130 1.43 4.58 087 3195 0.33 0.48 5.08 11.39 2383 1359 Quarter ended 30.09.2025 (Unaudit ed) 5 5.23 3.50 9696 67 252196 58 182338.15 190614.11 2824.89 197.89 1.31 2.50 3.93 0.87 15.94 031 047 557 9.98 21.99 1167 Six month s ondod 30.09.2026 (Unaudited ) 6 1418 11 65 9696 67 275633 68 203774 77 213296 .23 2294 93 197 89 1 29 177 4 32 088 27 63 031 048 5.31 12.84 23.60 1357 Six months ended 30.09.2025 (Unaudited ) I 11 42 7.62 969667 252196 58 18233815 190614.11 2824 89 197 89 131 2.59 4.01 087 1594 0 31 0 47 552 1033 22 40 12.34 Year ended 31.03.2026 (Audit ed) s 27.90 3044 9696 67 267258.20 193479 00 203023.74 2705 61 197 89 132 1.23 4 42 0 82 39 48 033 048 5 20 1002 2361 14 70
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CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES ~ crore SI. Particulars As at As at No. 30.09.2026 31 .03.2026 (Unaudited\ IAud itedl A ASSETS 1 Non-current assets (a) Property, plant and equipment 32158 1.80 317671 .46 (b) Capital work-in-progress 91394.02 84832.76 (c) Intangible assets 1023.70 1025.24 (d) Intangible assets under development 164.81 124.11 (e) Investments accounted for using the equity method 2469 1.22 23555.11 (f) Financial assets (i) Investments 547.49 574.88 (ii) loans 761.61 766.26 (iii) Trade receivable 586.24 665.51 (iv) Other financial assets 801.97 471.60 (g) Deferred tax assets (net) 417.39 589.52 (h) Other non-current assets 19735 .71 19030.66 Sub-total - Non-current assets 461705 .96 449307.11 2 Current assets (a) Inventories 14046 .95 18662.62 (b) Financial assets (i) Investments 50.00 50.00 (ii) Trade receivables 41252 .60 36616.27 (iii) Cash and cash equivalents 2459.86 1399.30 (iv) Bank balances other than cash and cash equivalents 5303 .36 6604.38 (v) loans 1945.34 1845.16 (vi) Other financial assets 22019 .87 19847 .64 (c) Current tax assets (Net) 156.68 184.03 (d) Other current assets 10666 .55 9138.11 Sub-total - Current assets 97901 .21 94347.51 3 Asset held for sale 161.23 160. 27 4 Regulatory deferral account debit balances 17594.48 14828.67 TOTAL - ASSETS 577362.88 558643 .56 B EQUITY AND LIABILITIES 1 Equity (a) Equity share capital 9696 .67 9696 .67 (b) Other equity 203774.77 193479.00 ! Total equity attrib utabl e to the owners of the parent 213471.44 203175.67 Non controlling interests 8375 .56 7977.39 Sub-total - Total equity 221847.00 211153.06 2 Liabilities (i) Non-current liabilities (a) Financial liabilities (i) Borrowings 217883.97 207663.70 (ii) lease liabilities 3573.72 3490.33 (iii) Other financial liabilities 1745 .34 1530.39 (b) Provisions 2635.15 2531 . 18 (c) Deferred tax liabilities (net) 11693 .70 10567 .88 (d) Other non-current liabilities 4214.39 3953 .87 Sub-tota l - Non-current liabiliti es 241746.27 229737 .35 (ii) Current liabilities (a) Financial liabilities (i) Borrowings 57749 .71 5959 4.50 (ii) lease liabilities 318.85 256.05 (iii) Trade payables - Total outstandin;:i dues of micro and small enterprises 781 .05 949 .00 - Total outstanding dues of creditors other than micro and 8903.93 10802.92 small enterprises (iv) Other financial liabilities 32488 .89 33404.45 (b) Other current liabilities 2853 .39 2227 .09 (c) Provisions 7527.99 7243.38 (d) Current tax liabilities (net) 104.61 30.60 Sub-total - Current liabilities 110728.42 114507.99 3 Deferred revenue 2561.12 2617.12 4 Regulatory deferral account credit balances 480.07 628.04 TOTAL - EQUITY AND LIABILITIES 577362.88 558643 .56
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~ ~ CONSOLIDA TED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILIT IES FOR THE QUARTER AND SIX MONT HS ENDED 30 SEPTEMBER 2026 SI. Particulars Quarter ended Quarter ended Quarter ended Six months Six months No. 30.09.2026 30.06.2 026 30.09.2025 ended ended (Unaudited) (Una udited) (Unaudited ) 30.09 .2026 30.09 .2025 11 ·- -· ...... ,,.. __ ... "'-· ··""orl\ 1 2 3 4 5 6 7 1 Segment revenue - Generation 53257 .99 49143 .35 43501 .91 102401 .34 89404.05 -Others 7349.32 6618.64 4922.73 13967.96 9816.27 - Unallocated 124.70 100.19 48.17 224.89 432.44 - Less: Inter segment elimination 6016 .32 4720 .67 3210.71 10736.99 6569.55 Total 54715.69 511 41 .51 45262 .10 1058 57.2 0 93083 .21 2 Segme nt results Profit before inte rest and t ax (includ ing regulat o ry deferra l accou nt balances) - Generation 9212.36 10548.80 8175.63 19761 .16 16394.37 -Others 1674.81 899.56 260.30 2574 .37 795.07 Total 10887.17 11448 .36 8435 .93 223 35.53 17189 .44 Add: (i) Share of net profits/(loss) of joint ventures accounted for using equity method 625.04 628.23 580.10 1253 .27 1056.67 Less: (i) Finance costs 4086.43 3386.04 3432.46 7472.47 6899.98 (ii) Other unallocated expenditure net of unallocable income 144.35 50.92 (40.60) 195.27 (35.76) Profit before tax 7281.43 8639.63 56 24.17 15921.06 11381 .91 Less: Total tax expense 1866.84 2263.25 2076 .02 4130 .09 3732.62 Add: Net movement in regulatory deferral account balances 1936.20 520.06 1677.15 (net of tax) (Refer Note 5) 2456 .26 3684.47 Profit for the year 7350 .79 6896 .44 5225.30 14247.23 1133 3.76 3 Segme nt assets -Generation 532909.14 527275.17 490367 .45 532909 .14 490367.45 -Others 28114 .03 26448.85 21699.87 28114 .03 21699.87 - Unallocated 19129.14 19497.62 27413 .25 19129.14 27413.25 - Less: Inter segment elimination 2789.43 2170.96 816.36 2789.43 816.36 Total 577362.88 57105 0.68 538664 .21 577 362.88 538664 .21 4 Segment liabilities - Generation 63805 .45 65530.85 63534.81 63805.45 63534 .81 -Others 11208.69 10416.03 7349.15 11208.69 7349.15 - Unallocated 291666.73 287430.10 276561.79 291666.73 27656 1.79 - Less:lnter segment elimination 2789.43 2170.96 816.36 2789.43 816.36 Tota l 363891.44 3612 06 .02 346629.39 363891.44 346629 .39 The operations of the Group are mainly carried out within the country and therefore, there is no reportable geographical segment. t crore Yea r ended 31.03 .2026 (Audited) 8 182610 .35 19415.99 656.50 12884.28 189 798.56 36345.44 1162.21 37507 .65 2864.10 13800.89 (562.68) 271 33.54 (2876.42) (2464 .22) 27545 .74 524919 .71 24536.19 10009.14 821.48 55864 3.56 65371.05 9554.75 281363.57 821.48 35546 7.89
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CONSOLI DATE D STAT EMENT OF CA SH FLO WS ~ crore Particulars Six mont hs Six mo nths Yea r ended ended ended 31.03.2026 30.09.2026 30.09.2025 (Aud ited) 11 1-~ .. ·m o rl l 111- ~· ·""- "' A. CASH FLOW FROM OPERATI NG ACTIVITIES Profi t before tax and re!lulatory deferral acco unt balances 15921.06 11381 .91 27 133.56 Add: Net movemen t in regulatory deferral accou nt balances (net of tax) 2456.26 3684.47 (2464.22) Add: Tax on net movement in regulatory deferral account balances 513.10 766 .58 (540.97) Profit before tax including move ments in regulatory deferral account balan ces 18890.42 15832.96 24128.37 Adjustment for: Deprecia tion, amortisation and impairment expe nse 10563.48 9402 .50 19629 .33 Provisions 1146.47 351 .25 1106.84 Share of net profits of joint vent ures accounte d for using equity method (1253.27) (1056. 67) (2864.10) On accou nt of government grants (86.16) (65 .36) (147.83) Deferred foreign currency fluctua tion asset 28.22 (177.21 ) 610.90 Deferred income from foreign currency fluctuation 25.60 234.0 3 259.66 Regulatory defer ral accoun t debit/(cr edit) balances including derivati ve MTM(gain )/loss (2969 .36) (4451.05) 3005.19 Fly ash utilisation reserve fund - 151.56 (764.15) Finance costs 7357.72 6814.87 13652.75 Unwinding of disco unt on vendor liabilities 114.75 85. 11 148.14 Loss on fair valuation of non-cur rent trade receivable s at amortized cost 0.00 0.00 89.90 Interest income/ Late paymen t Surcharge/Gain on sale of investments (275.52) (367.46) (1071.62) Dividend income (28.19) (14.0 4) (18.14) Provisio ns written back (14.34) (163.00) (208.00) Gain on option cont ract/hedgi ng (1 .13) (0.95) (11.05) Other non cash misce llaneous income (7.45) (2.68) (33.18) Profit on de-recogn ition of property , plant and equipment (17.51) (4.57) (5.19) Loss on de-recognition of property . plant and equipment 106.06 127.33 256.18 14689.37 10863 .66 33635.63 Operating profit before work ing capital changes 3357 9.79 26696.62 57764.00 Adjustment for: Trade receivables (4530 .29) 3030.32 (2369.30) Invento ries 5408.98 2599.21 1482.1 0 Trade payables, provisio ns, other fin ancial liabilities and other liabili ties (1706 .40) (637 .55) 482.31 Loan s. other financial assets and other assets (4092.381 (5677.36) (2873 .1 81 (492 0.091 1685.38) 13278.0 71 Cash gene rated from operations 28659.70 26011.24 54485.93 Income taxes (paid) / refunded 12117.581 11532.60) 13584.22) Net cash from /(used in) operating activities - A 26542 .12 24478.64 50901.71 B. CASH FLOW FROM INVESTING ACTIVITIES Purchase of property , plant and equipment & intangib le assets (211 46.35) (18412.87) (44049.78) Proceeds of property, plan t and equi pment & intan gib le assets 24.25 27.41 42.91 Redemp tion of non-co nvertible debentures 25.00 25.00 50.00 Investmen t in joint venture compan ies 12.14 647. 17 295.38 Interest income/ Late paymen t Surcharge/Gain on sale of investments 250.36 432 .22 932.51 Government grant received 177.85 57.35 295.94 Dividend received fro m other inves tments 28.19 14.04 18.14 Income tax paid on income from inves ting activities (249.05) (230. 02) (499.82) Bank balances other than cash and cash equivale nts 1299. 4 1 4148.6 1 3314.11 Net cash fro ml(used in ) investing acti vities - B 119578.20 1 13291.09) 139600.61) C. CASH FLOW FROM FINANC ING ACTIVITIES Proceeds from non-current borrowi ngs 16133.5 7 18078.64 42132 .61 Repay ment of non-curre nt borrowings (1 1766.28) (12719.54) (35582 .51) Proceeds I repayme nt of current borrowings (Net) 2745.28 (372 4.37) 8617 .20 Payment of lease liabilities (155 .29) (1 43.01) (209 .72) Gain on option cont ract I hedgi ng 1.13 0.95 11.05 Interest paid (9311 .05) (8555.76) (17537 .73) Dividend paid 13550.72 13387.10) (8759.261 Net cash f roml( used in) fina ncing act ivities - C 15903 .36 110450.19) (1 1328.361 Net inc rease/(decrea se) in cas h and cash equivalents (A+B+C ) 1060.56 737 .36 (27.26) Cash and cash equ ival ents at the begi nning of the year 1399.30 1426.56 1426 .56 Cash and cas h equ ivalents at t he end of the period / year 2459.8 6 2163 .92 1399 .30
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Notes to Unaudi ted Conso lida ted Financial Results: The above consolidated financial results of NTPC Limited (the ' Company' or 'Holding Company') and its Subsidiaries (the Holding Company and its Subsidiaries together referred to as 'the Group' ) and its Joint Ventures, have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 31 October 2026 and approved by the Board of Directors in their meeting held on the same date. 2 The Joint Statutory Auditors of the Company have carried out the limited review of these consolidated financial results as required under Regulation 33 and 52 of the Secunties and Exchange Board of India (Listing Obligations and Disclosure Requirements ) Regulations,2015 , as amended. 3 The subsidiary and joint venture companies considered in the consolidated financial results are as follows: a) Subsidiary Companies Owners hip (%) 1 NTPC Electric Supply Company ltd. 100.00 2 NTPC Vidyut Vyapar Nigam ltd . 100.00 3 Bhartiya Rail Bijlee Company Ltd. 74.00 4 Patratu Vidyut Utpadan Nigam ltd. 74.00 5 North Eastern Electric Power Corporation ltd. 100.00 6 THDC India Limited 74.496 7 NTPC Mining ltd. 100.00 8 NTPC Energy and Waste Solutions ltd.(Formerty NTPC EDMC Waste Solutions Pvt .ltd .) 100.00 9 Ratnagiri Gas and Power Private Ltd. 86.49 10 NTPC Green Energy Limited 89.01 11 NTPC Parmanu Urja Nigam ltd. 100.00 b) Joi nt Vent ure Comp anies 1 Utility Powertech Ltd. 50.00 2 NTPC GE Power Services Private Ltd. 50.00 3 NTPC SAIL Power Company Ltd. 50.00 4 NTPC Tamilnadu Energy Company Ltd. 50.00 5 Aravali Power Company Private Ltd. 50.00 6 Meja Urja Nigam Private ltd. 50.00 7 NTPC BHEL Power Projects Private Ltd. 50.00 8 National Hioh Power Test Laboratorv Private ltd 12.50 9 Transformers and Electricals Kerala Ltd. 44.60 10 Energy Efficiency Services Ltd. 39.252 11 CIL NTPC Urja Private ltd. 50.00 12 Anushakti Vidhyut Nigam ltd . 49.00 13 Hindustan Urvarak and Rasayan ltd . 29.67 14 Jhabua Power Limited 50.00 15 Sinnar Thermal Power ltd . 50.00 16 Trincomalee Power Company ltd. (Incorporated in Srilanka) 50.00 17 Banaladesh-lndi a Friendshio Power Camoanv Private ltd. llncoroo rated in Banaladesh) 50.00 Note: (i) The Company has signed an agreement wrth Municipal Corporation of Delhi (MCD) and NTPC EDMC Waste Solutions Private Limited (NEWS ) on 7 May 2026 for termination of Joint Venture Agreement dated 11 June 2019 and acquisition of MCD's 26% shareholding in NEWS . With this acquisition , NEWS has become the wholly-owned subsidiary of the Company and the name of the Company has been changed to NTPC Energy and Waste Solutions Ltd .. (ii) The Company has incorporated NTPC (Mauritius) Energy Limited , a wholly owned subsidiary, in Mauritius on 26 June 202 6. There are no transactions in the subsidiary during the year and investment in the subsidiary is yet to be made by the Company . 4 a) (i) CERC notified The Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations , 2024 vide Notification dated 15 March 2024 (Regulations , 2024) for determination of tariff for the tariff period 2024-2029. Pending issue of provisionaUfinal tariff orders , capacity charges with effect from 1 April 2024 are billed to beneficiaries in accordance with the tariff approved and applicable as on 31 March 2024, as provided in Regulations . 2024.ln case of projects declared commercial on or after 1 April 2024 and projects where tariff order as on 31 March 2024 are pending from CERC. billing is done based on capacity charges as filed with CERC in the tariff petitions. Accordingly, capacity charges provisionally billed for the quarter and six months ended 30 September 2026 is f 15,186.74 crore and f 31,505.57 crore respect,vely (Previous quarter and six months ended 30 September 2025: f f 15,518.94 crore and f 30,408.44 crore respective ly). Energy and other charges are billed as per the norms specified in the CERC Regulations 2024. Accordingly , energy charges have been billed for the quarter and six months ended 30 September 2026 is f 26,318.38 crore and f 50,942 .76 crore respectively (Previous quarter and six months ended 30 September 2025: f 23,005 83 crore and f 47,640.71 crore respectively ) (ii) Capacity charges for the quarter and six months ended 30 September 2026 have been provisionally recognized considering the provisions of CERC Tariff Regulat,ons amounting to f 17,886 .14 crore and f 35,908.51 crore respectively (Previous quarter and six months ended 30 September 2025:f 16,944.24 crore and f 33,647 .76 crore respectively) . Energy and Other charges for the quarter and six months ended 30 September 2026 have been recognized at f 30,215.35 crore and f 55,845.33 crore respectively (Previou s quarter and six months ended 30 Septembe r 2025: f 24,039.42 crore and f 50.0 12.61 crore respectively ) as per the norms specified in the Regulations 2024 .
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b) Capacity charges for the quarter and six months ended 30 Sep 2026 include f (·) 345.94 Crore and (·) f 89.97 Crore respectively (Previous quarter and six months ended 30.09.2025 f 113.78 Crore and f 1042.18 Crore respectively) pertaining to earlier years on account of impact of CERC orders , and other adjustments. Energy and other charges for the quarter and six months ended 30 Sep 2026 f 1,368.11 Crore and f 2,824.94 Crore respectively (Previous quarter and six months ended 30.09.2025 f 49.41 Crore and f (·) 28.14 Crore respectively) pertaining to earlier years on account of revision of energy charges due to grade slippages and other adjustmen ts. c) Sales for the quarter ended 30 September 2026 include f Nil crore (30 September 2025 f Nil) on account of income tax recoverable from the beneficiaries as per Regulations, 2004.Sales for the quarter and six months ended 30 September 2026 also include f 26.58 crore and f 81 .43 crore (Previous quarter and six months ended 30 September 2025 : f 30.82 crore and f 61.60 crore respectively) on account of deferred tax materialized which is recoverable from benefteiaries as per Regulations, 2024. d) Revenue from operations for the quarter and six months ended 30 September 2026 include f 3,172.14 crore and f 6,051.72 crore respectively (Previous quarter and six months ended 30 September 2025: , 2,655.43 crore and f 4,986.87 crore respectively) on account of sale of energy through trading (gross). Sale of energy through trading includes export sales amounting to f 1,705.51 crore (30 September 2025: f 226.34 crore) to Nepal and Bangladesh by Mis NWN Ltd., a subsidiary of the Company. e) Revenue from operations for the quarter and six months ended 30 September 2026 include f 1,138.23 crore and f 2,456.03 crore respectively (Previous quarter and six months ended 30 September 2025 : f 722.52 crore and f 1,489.59 crore respectively) on account of sale of energy of solar stations. 5 Some of the Companies in the Group had been recognising MAT credit entitlement available to the respective entities as the same is likely to give future economic benefits 1n the form of availability of set orr against future income tax habiltty. During the quarter and year ended 31 March 2026, deferred tax balances were remeasured in view of such Compa nies' expected transition to the new tax regime in the near future considering changes enacted through Finance Act 2026, . Consequently, deferred tax liability (DTL) for the previous year was remeasured @25.168% from 34.944%, which resulted in DTL net of MAT credit for the year amounting to(-) f 7,410.21 crore , net of OTA. Further, due to said negative DTL, regulatory deferral account debtt balances for deferred tax for the previous year was (·)' 7,169 crore. 6 Net movement in regulatory deferral account balances (net of tax) consists of exchange differences arising from settlemenVtranslation of monetary item denomin ated in foreign currency to the extent recoverable from or payable to the beneficiaries in subsequent periods, deferred tax liability reversible in future periods when they become current tax and similar items which will be materialised in future considering the CERC Tarilf Regulations and the requirements of Ind AS 114- 'Regulatory deferral accounts'. The details of the same are as under: If crorel SI.no Particulars Quarter ended Quarter ended Quarter ended Six months Six months ended Year ended 30.09.2026 30.06.2026 30.09.2025 ended 30.09.2025 31 .03.2026 (Unaudited) (Unaudited) (Unaudited) 30.09.2026 (Unaudited) (Audited) (Unaudited) 1 Exchanoe differences 1.021.44 155.74 1103.26 965.70 2 773.58 4,144.64 2 Deferred tax 469.39 646.79 901.32 1,116.18 1,505.33 (7 169.00) 3 Others 875.06 12.43 22.43 887.49 172.14 19.17 4 Tax on the above (429.69) (83.42) (349.86) (513.11) (766.58) 540.97 Total 1,936.20 520.0 6 1,677.15 2,456 .26 3,684.47 (2,464 .22) Note:-Dunng the quarter and half year ended 30 September 2026, a Regulatory asset ('Others') amountmg to f862 .64 crore has been created towards difference of depreciation charged as per Material Accounting Policies of the Company in accordance with CERC Tariff Regulations ,2024 and depreciation receivable through tariff in future periods pursuant to an order of CERC in respect of one of the Stations of the Company . 7 In respect of one of the hydro power projects of the Company, the construction of which has been discontinued on the advice of the Ministry of Power (MOP), Government of India (GOI) in the year 2010, an amount of f 390.10 crore (31 March 2026: f 372.81 crore) is outstanding as recoverable from GOI as on 30 September 2026 towards expenditure incurred in respect of this project. The aforesaid amount recoverable includes an amount off 261.50 crore (31 March 2026: f 257.31 crore) in respect of arbitration awards challenged by the Company before the Hon'ble High Court of Delhi for which corresponding liability exists under 'Current liabiltties- Provisions'. In the event the Hon'ble High Court grants relief to the Company, the amount would be adjusted against the amount recoverable from GOI. Management expects that the total cost incurred, anticipated expenditure on the safety and stabilisation measures, other recurring site expenses and interest costs as well as claims of contractors/vendors for various packages for this project will be compensated in full by the GOI. 8 The Company had incorporated a wholly owned subsidiary, in the name of 'NTPC Mining limited' (NML) on 29 August 2019, for taking up coal mining business. The Board of Directors of the Company had approved the hiving-off its coal mining business of the Company to NML at book value, through a business transfer agreement (BTA) dated 17 August 2023 on a going concern basis through slump sale pursuant to the BTA, which was subsequently amended on 17 September 2025. During the previous year, five out of six Coal Mine businesses have been transferred to NML in line with the amended BTA and the remaining one Coal Mine business has been transferred effective 1 April 2026 upon completion of conditions precedent stipulated in the BTA, as amended. 9 The shareholders of the Company have approved final dividend off 3.50 per share (face value off 10/- each) for the financial year 2025-26 in the Annual General Meeting held on 27 August 2026, which was paid in September 2026. Further, The Board of Directors of the Company has deelared first interim dividend of , 3.oo per share (face value of f 10/- each) for the financial year 2026-27 in their meeting held on 31 October 2026. 10 Previous periods figures have been reclassified wherever considered necessary. Place New Delhi Date : 31 October 2026
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Mis. Hem Sandeep &Co. Chartered Accountants 1961, Katra Khushalrai, Kinari Bazar, Chandni Chowk, New Delhi - 110006 Mis.PS D &Associates Chartered Accountants M.I. Road, 324, Ganpati Plaza, Jaipur - 30200 I Mis. 0 P Bagla &Co LLP Chartered Accountants 50 I 5th Floor, B 225, Okhla Inds Area Ph I Near Crown Plaza New Delhi - 110020 Mis. Laldash &Co. Chartered Accountants Plot No : 1882 ,2nd Floor, Nilakantha Nagar, Unit-8, Nayapally Bhubaneswar-75 10 12 Mis. Laxminiwas &Co. Chartered Accountants Floor No 4, Flat No 6-3-569, Opp RTA office, Above BMW Showroom Hyderabad - 500082 INDEPENDENT AUDITORS' LIMIT ED REVIEW REPORT ON THE UNAUDITED CONS OLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTH ENDED 301h SEPTEMBER 2026 To The Board of Di rectors, NTPC Limited, New Delhi. I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of NTPC Limited ("the I lolding Company"), its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its share of the net profit after tax and total comprehensive income of its Joint Ventures for the quarter and six month ended 301h September 2026 attached herewith ("the Statement"), being submitted by the Holding Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Regulations") as amended. 2. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 20 13 as a m ended, read with relevant rules issued thereunder, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 24 10, 'Review of Interim Financial Informa tion Performed by the Independent Auditor of the Entity ' and also considering the requirem ent of Standard on Auditing (SA 600) on 'Using the work of Another Auditor ' as issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A
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We also performed procedures in accordance with the Circular issued by the Securities and Exchange Board of India under regulation 33(8) of the Regulations, to the extent applicable. 4. The Statement includes the results of the entities as mentioned in Annexure-1. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6(a) below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard specified under Section 133 of the Companies Act, 20 13, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. Other Matter : (a) We did not review the interim financial results / financial information of 9 subsidiaries, included in the unaudited consolidated financial results, whose interim financial results / financial information reflect total revenues oft 11 ,890.46 crore and t 22, 152.28 crore, total net profit after tax on I, 712.20 crore and t 2,872.69 crore and total comprehensive income oft 1,709.63 crore and { 2,865.57 crore for the quarter and six months ended 30th September 2026 respectively, total cash inflows of~ 1263. 14 crore for six months ended 30th September 2026 and total assets of { 1,84,673.58 crore as at 30th September 2026 as considered in the unaudited consolidated financial results. The unaudited consolidated financial results also include the Group's share of net profit after tax of { 580.25 crore and { I, 183. 75 crore and total comprehensive income on 581 .1 8 crore and { I, 184.56 crore for the quarter and six months ended 30th September 2026 respectively, in respect of 6 joint ventures, whose interim financial results / financial information have not been reviewed by us. These interim financial results / financial information have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures, is based solely on the reports of the other auditors and procedure performed by us as stated in paragraph 3 above. (b) The unaudited consolidated financial results also include interim financial results / financial information of 2 subsidiaries which have not been reviewed by its auditors, whose interim financial results I financial information reflect total revenues on 1,577.83 crore and {2,3 10.60 crore, total net profit after tax of { 3 18.3 1 crore and { 390.81 crore and total comprehensive income of { 318.3 1 crore and { 390.8 1 crore for the quarter and six months ended 30th September 2026 respectively, total cash inflows of { 11 .28 crore for six months ended 30th September 2026 and total assets of {4,801.48 crore as at 301h September 2026 as considered in the unaudited consolidated financial results which have not been reviewed by their auditors. The unaudited consolidated financial results also includes the Group's share of net profit after tax of { 3.92 crore and t (0.40) crore and total comprehensive income of { 12.38 crore and { (5.56) crore for the quarter and six months ended 30th September 2026 as considered in the unaudited consolidated financial results, in respect of 11 joint ventures, based on interim financial results I financial information which have not been reviewed by their auditors. These un-reviewed interim financial results / financial information furnished to us by the Holding Company's management and our conclusion on the Statement, in so far as it relates to the amounts ~dee · ~\~\WAs <f $, Cl ~a<? ; : ;H~ AD! 9 .a ~ f ~~ ~EDACCr:,~~
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and disclosures included in respect of aforesaid subsidiaries and joint ventures, is based solely on such un-reviewed interim financial results/ financial information. According to information and explanations given to us by the Holding Company' s management, these un-reviewed interim financial results / financial information of the aforesaid subsidiaries and joint ventures included in these unaudited consolidated fi nancial results, are not material to the Group. (c) The financial results of the quarter ended 30th June 2026, six months ended 30 September 2025 and financial year ended 31st March 2026 were reviewed/audited by predecessor auditors and they have issued unmodified conclusion/opinion. Our conclusion on the Statement is not modified in respect of the aforesaid matters. UDIN: 2642 I 308 1ZVCTR2606 For P S D &Associates Chartered Accountants FRN- 00450 IC ~~:::..... Partner M. No. 072332 UDIN: 26072332AVTHZ l3242 Place: New De lhi Dated: 3151 October 2026 UDIN: 26087537BSAXC H3895 For Laldash &Co UDIN: 26200089ARMFGM2210
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Annex ure-1 to the Report S. No. Nam e of the entities A Holdin 2 Compan y I NTPC Limited B Subsidiary Comp anies I NTPC Electric Supply Company Limited 2 NTPC Vidyut Vyapar Nigam Limited 3 Bhartiya Rail Bijlee Company Limited 4 Patratu Vidyut Utoadan Nigam Limited 5 North Eastern Electric Power Corporation Limited# 6 THDC India Limited# 7 NTPC Mining Limited NTPC Energy and Waste Solutions Ltd.(Formerly NTPC 8 EDMC Waste Solutions Pvt. Ltd.) 9 Ratnagiri Gas and Power Private Limited IO NTPC Green Energy Limited# I I NTPC Parmanu Uria Nigam Limited C Joint Venture Companies I Uti lity Powe11ech Limited 2 NTPC GE Power Services Private Limited 3 NTPC SAIL Power Company Limited 4 NTPC Tamilnadu Energy Company Limited 5 Aravali Power Company Private Limited 6 Meja Urja Nigam Private Limited 7 NTPC BHEL Power Projects Private Limited 8 National High Power Test Laboratory Private Limited 9 Transformers and Electricals Kerala Limited IO Enerev Efficiency Services Limited# I I CIL NTPC Urja Private Limited 12 Anushakti Vidhvut Nigam Limited 13 llind ustan Urvarak and Rasayan Limited 14 Jhabua Power Limited 15 Sinnar Thermal Power Limited 16 Trincomalee Power Company Limited* Bangladesh-India Friendship Power Company Private 17 Limited* # as per consolidated financial results * located outside India
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Other information- Integrated Filing (Financial) - For the quarter and six months ended 30 September 2026 SI.no. Requirement Remarks B. Statement of Deviation or Variation for Proceeds of Public Issue, Rights Not Applicable Issue, Preferential Issue, Qualified Institutions Placement,etc. C. Disclosure of outstanding default on loans and debt securities No Default hence Not Applicable D. Format for disclosure of Related Party Transactions (applicable only for Being filed separately in half-yearly filings) XBRL format E. Statement on impact of Audit Qualifications (For Audit Report with Not Applicable Modified Opinion) Submitted al~ng with annual audited financial results (Standalone and Consolidated separately) (applicable only for annual filina i .e 4th auarter\ Place: New Delhi Date : 31 October 2026
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CA IND IA 0 P BAGLA & CO LLP CHARTERED ACCOUNTANTS Regd. Office : 501, 5th Floor, B-225, Okhla lndl. Area, Phase - 1, New Delhi - 110020 Ph.: 011-47011850, 51, 52, 53 E-Mail : admin@opbco.in Website : www.opbco.in I ndepcndcnt Statutory Auditor's Certificate in respect of listed debt securities of NTPC Limited l. We, Mis OP Bagla & Co. LLP, Chart ered Accounta nts, are one of the Joint Statutory Auditors of NTPC Limited (" the Company") having its registered office at NTPC Bhawan, SCOPE Complex, 7, Institutional Area, Lodhi Road, New Delhi- I l 0003, lndia and the Com pany has requested vide ema il dated 24th October 2026 to obtain a certificate wit h respect to book values of the assets provided as security in res pect oflisted secured debt securities of the Company as at 30th September 2026 and comp liance wit h respect to financial covenants of the listed debt securiti es for the quarter ended 30th Septe mber 202 6 in tenns of Requirem ents of Regulation 54 read with Regula tion 56 (I) (d) of Securit ies and Exchange Board of India (Listi ng Obligations and Discl osure Requir ement s) Regulations, 20 I 5 as amended ("LODR Regulations") and SEBl (Debentur e Trustees ) Regulation s, 1993 as amended ("OT Regulations ") . Management's Responsibility 2. The Company's Management is respon sible for the preparation and mainten ance of all accou nting and othe r relevant supporti ng records and documents. This responsibility inc ludes the design , implementation, and maintenance of internal control relevant to the prepara tion and presen tation of the Statement and app lying an appropriate basis of preparation and makin g estimates that are reaso nable in the circumstances. 3. The Management of the Company is also responsible for ensuri ng that the Company complies with all the relevan t requ irements of the SEBI circu lars, SEBI Regulations , Companies Act, 2013 and oth er applicable laws and regulations, as appli cable . Furt her, the Company is also responsibl e to compl y with the requir ements of Debenture Trust deed execute d with the respective Debenture Trustee. 4. The Management is also responsible to ensure that Asse ts Cover Ratio as on 30th September 2026 is in co mpliance with the requirement s relating to mini mum asset cover as specifie d in SEBJ Master Circ ular No. SEBl/HO /DDHS-PoD-l/P /CIR/2025 /117 dated 13th August 2025 (whi ch consolidates and supersedes, inter alia, SEBI Circular No. SEBI /HO/MIRSD /MIRSD _ CRADT /ClR/P /2022/67 dated 19th May 2022 ), with the mini mum asset cove r requirement of hundre d percent as per SEB I Regulation. Auditor's Responsibility 5. Our respo nsibility is to provide reason ab le assurance for the book values of the assets provided as security in respect of listed secured debt securities of the Company as at 30th Se ptember 2026 based on the standalo ne unaud ited financial results and comp liance wit h respec t to financial covena nts of the listed debt sec urities for the quarter ended 30th Septem ber 2026, as specified in SEBI Master Circular No. SEBJ/HO /DDHS-PoD- l/ P/CIR/2 025/ 117 dated 13th August 2025 (wh ich consolidates and supersedes, inte r alia, SEBI Circular No. SEBI /HO/MIRSD /MIRSD _ CRADT /CIR/P /2022 /67 dated 19th May 2022). 6. A reasonable assurance engagement includes perform ing procedures to obtain sufficient appropriate evidenc e on the reporting criteria. 7. We have jointly reviewed the Standalon e Fin
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amended, and issued an unmodified conclusion dated 31 st October 2026. Our joint review of these financial results for the quarter and half-year ended 30th September 2026 was conducted in accordance with the Standard on Review Engagements (SRE) 2410, "Review oflnterim Financial lnfonnatio n Performed by the Independent Auditor of the Entity", issued by the In titute of Chartered Accountants of India ("TCAI"). 8. We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the Institute of Chaitered Accountants of India. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India. 9. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. I 0. We have no responsibility to update this certificate for events and circumstances occurring after the date of this certificate. Conclusion I I. Based on exam ination of books of accounts and other relevant records/documents and based on the procedures performed by us, as referred to in paragraph 5 above and according to the information and explanations recei ved, we hereby certify that: a) Book values of the assets provided as security in respect of listed secured debt securities of the Company as on 30th September 2026 is as under: Rs. in Crores Total Book Value (Net) Particulars of Asset provided as Security (P roperty , plant & equipment and Capital work-in -progre ss) (PPE + CWIP) National Capital Power Station (Dadri 3,216.33 Thermal and Dadri Gas Power Project) Vindhyachal Super Thermal Power Station 10,112.59 Sipat Super Them,al Power Project 8,773.70 Barh Super Thermal Power Project 24,707.10 Solapur Super Thermal Power Project 7,368.66 Total 54,178.38 Note: Book Value of Office Premises at Cuffe Parade Mumbai secured by English Mortgage is Nil. b) Compliance offinancial covenants of the listed debt securities We have examined the compliances made by NTPC Limited in respect of the financial covenants of the listed debt sec urities and certify that such covena nts/terms of the issue have been complied by NTPC Limited for the quarter ended 30th September 2026. 12. The above certificate has been given on the basis of.information provided by the Management and the records produced before us for verification.
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Restriction on Use 13. This certificate has been issued to the management of NTPC Limited to comply with requirements of LODR Regulations. Our ce1tificate should not be used for any other purpose or by any person other than the Company and its Debenture Trustee(s). Accordingly, we do not accept or assume any liability or duty of care to any other person to whom this certificate is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Date: 31 '1 October 2026 Place: New Delhi For Mis OP Bagla & Co. LLP Chartered Accountants Firm Registration No. 000018N/ 500 9 UDIN: 1tin Jain Partner Membership No. 51084 1 65/oJ.t-f/{{JOVVo S'S!/
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[~ ) To, Vistn ITCL (India) Limhtd NTPC Limited (A C.OW-•of l,w//•£.nltr1"" ) CORPORATECEM'R£ Dated : 31 October 2026 Pk.,. find below Security Cover Certiliui. as at 30 S.pi.mber 2026 as per formal sperifotd ,ode SEBI Circular No, SEBI/HO/MIRSD /MIRSD _ CRADT/CIR/P/2022/67 dated 19 May 2022 and SEBVRO/DDHS-PoDJ/P/CIR/2024/46 dated 16 May 2024: Column A Column& ColumnC(i) ColumnD Colum11 E Column F (iv) (iii mn Partitula~ Etdwlvt ChJrtt Ei:tlu.sive Pari--Pusu Pari-Pusu Charso Chari• Oari• Asseu shared by pari Description Dtbt for passu ckbt holde.r ofuset for Debt for which Other which tbi, (indudes debt for whithtbi, this ce.rtificatc whitb this certifica te is certificare beinswued Secuffd Debt certificate issued & other debt rd.ate 1>ein1issued with pari-passu tbarie) BookVolue Book Value Yes Book Value ASSETS J>ro,,orty, Plent and Equipment IPPEl 3,122.81 6315.70 39.192.62 Caoilal Worl<·in·Pro«ress (CW!Pl PP£& 93.53 2 4S8.00 2,995.73 Rioh1 ofUse Ass""' CWIPof Goodwill Natio nal !n1MOible Assds Capiral . (ntlln:Dible Assets under Develooment Powtr Investments S1a1ion Loans (Es:dusive . Inventories Cbari e); . Trade Receivables Vindbyochol . Cash and Cash Equivalents Super . Bank Bal111Ces other !lwl Cash and Cash Eouivalents Thermal Om«s Power Total Statioo& 3,116.33 8,773.70 42,188.35 Barb Super Thermal UABIUTIES Power Debt securities io which !his oerti.licatt oertains Project (Pari- 1,213.33 4.982.SO Other debt sharin• =n-oassu chnr•e with abovo deb1 pusuCbars• 8,825.66 Other Debt .. itb Axis Subordinated deb1 TSL) ond Bom,wings Solapur Bank Super Debt Se<:wities Thermal Not to be filled 795.00 Om«s Power Trade oavables Projttt (Pari· Le.,. Liabilities passu Cluirie Provisioos ,rill, IDBI OthOIS TSL) Total 1.21J.l3 795.00 13.808.16 Covtr on Book V.a1ue 2.65 3.06 Cover on Market Value (isl Seturit'Y Cover Ratio 2.49 2.92 I i This column indicates book value of assets having exclusive charge and outstanding book value of debt for which this cenifica1e is issued. ii This column indicates book value of ass""' having exclusive charge and outstanding book value of all correspcnding deb1 other than column C. iii This eolumn indicates debt for which this cenificate i.s issued having pa.ri pami charge. ColumnC (v) ColumnH (,o) Column H (vi) Column I (vii) la\ /bl Debt Secuirita Elimination Pari- P ... u Otarie nor bocked by Ass.Cs not offered (amount in any assets offered asS.Cllrity neiative) uSecurity Other assets oa Debt amount which Chere is pari- considered moff P.ssu daar&e than once (due to (n:.c:ludin,: item, ezdusive plus covered in column p•ri p.assu F) eharie ) Book Value Nil . 1,SB, 130.07 . 50,259.68 . . . 451.05 . 74.80 40,787.36 10.6S4.83 12,698.92 33,795.35 46S.86 . S69.S4 . S7 151.85 . . 3,65,039.ll . . . . 59,686.65 . . 26,171.00 . 87,953.04 . 7,225.35 . 902.52 S,946.99 33.479.11 16171 .00 J.95 193.66 iv This column indicates : a) boo!< value of..,.., having pari-passu charge b) outstanding book value of debt for which this certificate is issued and c)other deb! sharing pari,passu charge along with debt for which certificBle is i,sued. v This column indicates book value of all other ass""' having pari passu charge and outstanding book value of corresponding debt vi (a) This column indiCBleS all Unsecured Debt Securities. vi (b) Thi, colulM indica1es all !hose asselS which arc not charged and also indicates all unsecured borrowings excepl Unsecured Debi securities mentioned in Column H(viXa). vii There is oo dc:bt "11ich has been counted more than oocc i.e. included wider exclusive charge column as also under pari passu. Rs. in c.rore unless st.akd otbenri n. ColumnJ Column K Coluntn L ColumnM ColumnN Column 0 (T'otal C to H) Related to only 1host items co...-..1 by this t ertlliu t• Market Carryins /book value Ca"'Yi•1 Value for for uclmive chArz:e. Market Value v•ludbook value ror Assets assets where market for Pari passu pairi passu cb.arce Total Value assets where market cba~don value is not tharie Asxts value is 1101 (K+L+M+N) Exclusive ascertainable or (viii) axertainable or bHis (viii) applicable applicable Relatin toCol:umn F 2 06 761.19 3,1 22.81 . 39,192.62 42,315.43 55,806.94 93.S3 2 99S.73 3,089.25 . 451.05 74.80 . 40,787.36 . . 10 654.83 . 12,698.92 . 33,795.35 46S.86 . S69.S4 57,151.85 . 4.19,117.70 . 3.216.33 42 188.35 45,404.68 6,195.83 1,213.33 4,982.50 6, 19S.83 8,825.66 . 8,825.66 8,825.66 . 59,686.65 . 26,966.00 . 87,953.04 7,225.35 902.52 S,946.99 33 479.11 2.37,181.15 . 1.213.33 13 atlll,16 15,021.49 2.65 I 3.06 1 3.02 viii Justification for not providing Market Value for reported quarter. As 1otal va.Jue of PPE and CWIP of station (s)/projed (s). comprising of lhous1111ds orindividual assets intcgra]ly facilitating generation of power as a whole have been offered as security. book value ~ at quarter end has been considered as fair value. However, vah.1ation reports dated 30 May 202S and 13 June 202.5 are available with trustee. ix The market value has been calculated as per the total value of assets mentioned im Column 0 . x. Cover on book vaJue/marke:t value is cnlculated based oo outstanding value of corresponding debt while Security cover ratio is c.aJcula1ed based on oulSta.nding value of corresponding debt plus interest accrued but not due on the same. xi Amount of Interest accured on Secured deb1 againsl NBlional Capi1al Power Slalioo Dadri, Solapur STPS, Vindhyachal S'J1'S and Barn STPS i, Rs. 77.79 Crore, Rs. 10.08 Crore,Rs. 229.83 Crore and Rs. 47.12 Crorc respectively 3RfcR- ~I ARVIND BASU <f>14.cjii~ P1ch1cf> (fmi ) Exec utive D irect or (F inanc e) "T-Tfftrftrft ~ / NTPC l :inited NTPC ~hawan. SCOPE Complex, Core-7 7, inslrtu11onalArea, Lodh1 Road. New Deit,1-110003 Limited Executiv Director (Fi nan ce)
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To, IDBI Tnuttt!blp Seni<OI Limited NTPC Limited u a--.•tfltda£llilll'f"I• ) COR/'ORATE CENTRE Da1td : 31 October 2026 Pie ... rand bdowSuurity Cowr CertUl<att u at 30 Se ptember 1026 u per lonnat speri fiod vidt SEBI C-.,..ular No. SEBIIHO/MIRSO /IIURSD_CRADT /CIR/P/lOZl/67 doted 1.9 May 2022 and SUl/80/D DftS.PoDJ/P /ClR/2024 /46 dared 16 Mty 2024 : Column A Column B Column C (I) ColumnD Column £ Column F (Iv) (jj\ {Ii) Es.d1JJive Pari.Pauu P1.r1lcula n Ex.t.lusiw: Charie Cb.aree Chare:e PariePassu Charce Asset, ,hared by pari Dtscri pdon Debi ror pi.Sau de.bl holder of asset for DebrforQich Other (Includes debt for whldl this which this Ibis certificate Secured which thb certiracate cttti.11cate be.in& issued Debt certificate iJ b:sued & o1her dtbl btlnc islued relate M1b pari-puru •bare•> Book Value Book Value "" Book Value ASSETS Pronenv Plant ond Eouioment ( PPE) 6 315.70 3 122.81 7 062.56 Cnoital Work-in-Pro2rcss CCWIP) 2,458 .00 93.53 306. 10 Rioht of Use Assets . Goodwill . . lntanoible Assets . . lnt1112ible Assets under Develoome:nt . . lnvcstments PPE & Loans CWIP or lnventorie, Sip•t Supe r Trade Receivables Thermal . Cash and Cash Eauivalen!S Powel" . Bank Balances other than Cash end Cash Eauivalents Projtct Othtn (E,dusive Tol:al Ch•r&•)& 8 773.70 3,216.33 7..16ll.66 Solapur LIAJIILITIES Super Debt securities to \\-biclJ this certificate - ·aim Thtnn.'11 79S.OO 52S.66 Olhc.r debt sharinsr: ollri-oassu ch-e with above debt Powr.r 3S7.SO Other Debt Project (Pari- Subordinated debt pusuCharc• . Borrowinos willl Vlstra Bank ITCL ln.Ua Debt Securi ties Umlrod) Not to be fiUed 1,213.JJ Others Trade n:nmh)es L~ Liabilities Provisions Others Total 795 .00 1.213.33 883.16 Cowr on Book Value 11.04 3.34 Cowr on Market Value (b) Securitv Cover Ratio 10.60 7.91 i This column indicates book value of assets having exclusi\1c charge Bod outst:Mcling book value of debt for which lb.ii certificate is issued. ii This column indicates book vaJue of assets having exclusive charge nnd outstanding book va.lue of all corresponding debt other than column C. iii This colwm indicates debt for which this cen.ificate is is.sued having pari passu charge. Column G (v) C olumn H (vi) Column H (vi) Columol(vii ) la) l b\ Debt Stc:ulrit" not Aueunot Elim.in2.tio1t Pari· Passu Charr:e batke.d by any usttJ offered as (amoun t in off'ered as Stcu ritv S.curitv --ativ e\ Other .assets on Debt amount wblch there is pari- considered more Passu c:harse than once (due (CJcludin& ilmu locidwi .. plm cove.red in column pari pan ll F) ch•rc•> Book Value Nil 32,130.06 I 58 130.07 2 689.63 50.259.68 4Sl. OS . 74.80 40.787.36 . 10 654.83 . 12.698.92 . 33 795.3S 465 .86 . 569.54 51,15 1.85 34.1119.69 3 65.039.31 . . . . . . . 59,686.65 12 925.00 26 171.00 87.9S3.04 7 225.3S 902.S2 5.946.99 3347 9. 11 11.925.00 16 171.00 1.95.193.66 iv This colwm Uldicatcs: a) book valui; of u:ssets having pari-passu charge b) ouist.anding book value of debt for wtucb this certificale is issued and c)ot.her debt sharing pari-passu charge along with debl for which certificale is issued. v This column indicates book value or all other IISSets having pari passu charge and ou!Standiog book value of oorrespooding debl vi (a) This column indicaies all Unsecured Debi Securities. vi (b) This column indicates all lhose assets which are not charged ood also indicates all unsecured borrowings excepl Unsecured Debi securities mentioned i:n Colwm H(viXa). vii There is no debt which has bem counted more lhon once Le. included under exclusive charge column as also under pari passu. Rs. ia crore. unless JLHed othenrise ColumnJ ColumoK Column L Column M CotumoN Column O (Tolal C lo H) Related to only those items (O~red by 1his certi ncate Market ca,.,;., /book value Carryinc Val1N:for for ut:lw.ive charge Market Vallie valudbook value for pari paa u e:harie Anti> asseb where market for Pari pauu Total Value asseu where marktt ch111ed on value is nor clu11• A1se11 value ls not (K+L+M+N) Estlusive a.surtain• ble or (viii) IKertain1ble 01" basis (vW) applicable applicab le Reb1in1 to Column F - 206761. 19 6,315.70 . 7 062 .56 13 378 .26 5S 806.94 2.458.00 . 306. lO 2,764 .10 . 4Sl.OS . 74.80 40.787.36 10,654.83 12,698.92 33.79S.35 . 46S.86 569.54 511 5 1.85 . 4 19 217.70 . 8 773.70 7"'-" .66 16 142.36 I 320.66 795.00 525.66 l 320.66 357.50 . 357.SO 3S7.SO . . . 59 686.6S 40 309.33 87.953.04 7 22S.35 902.52 5,946.99 33 479.l l 2.37 181.15 795.00 883.16 1678 .16 11.04 I I 8.34 I 9.61 viii JustificaI.ion for not providing MMket Va.Jue for reported quarter: As tolal value of PPE and CWIP of st:.1tion (s)/prOJCCl (s), comprising of thousands of individual assets integrally facilitating generation or power as a lvhole have bea'I offered as security, book value~ at qulll1er end has been considered as fair value. Howc,•er, valuation repon dated 25 May 2022 is available with trustee . ix The market. vaJue has been calcula1ed as per lhc Iota.I \/alue of assets meruioned in Colwtm 0 . x Cover on book value/market value is calculaled based on outstandU'lg value or corresponding debt while Security co,w mlio is calculated based on outstanding ,•alue or corresponding debt plus interest accrued but not due on the same. ,i Amount of Interest accured on Secured debt agninst Sipat STPS and Solapur STPS is Rs. 32.85 Crore, and Rs. 38 51 Crorc respe<tively ~ ~I ARVINO BABU <hi zf q; I ft f.!I ~ :ti q; fflffl') Exec utive Director (Finance) fPf'cftrft#t ~ / NTPC L 'mited NTPC Bha:,vQn. SCOPE Complex. Core-? 7, l:iSMLlt':X ,c,, .;•2· .J ' .:. ,.. _ •: Hf"'.f\ -,
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To, AI.ls Trustee Senrlces Umited NTPC Limited (A°"'1it,-Mo/hdo&,of,rl• J CORPORATE CENTRE Dated: 31 October 2026 Plus< fond b<low Securily Cover Cttti finte u 1t JO Septem ber 1026 •• per format speci[led vtde SEBI Ottular No. SEBI/HO/MJRS D/MIRSD_CRADT/CIR/P/202V67 dotod 1, May 2012 and SEBI/HO/DDHS-Po D3/P/CIR/2024/46 dated !6 May 1024: Column A Column B Column C (i) ColumnD ColumoE Column F (Iv) IU\ filil Esdwive Pari-Pawu Particulan Enlusive Cba11e 0.•r&• Clure• Pari•Pusu Charce Assets shared by pari Description Debt for passu debt holder of asset for Debi for which Oilier (inclu d .. debt for .... -tdchthis this certmcate Secured wbldi this which this certificate certifiute bein& issued Debt certificate Is lss..d & other debt rdare bein& issued with pari•passu cb•r&•) Book Value Book Value v .. Book Value ASSETS Prooertv. Plant and Eouiomai 1 (PPE) 9,438.51 32. 130.06 Caoital Work-in-Prooress ICWIPl 2.SSI.S3 2 689.63 Ril!ht of Use Assets Goodwill ln1on•ible Assets lnlm12ible Assets under Develocment . Investments . Lomu PPE& . Inventories CWIPof . Trade Receivables Vindhyachal . Cash and Cash Eouivalaits Super Bank Balooces olher dton Cash and Cash EouivaleolS Thennal . Olhers Power Total Statioo & 11-9'0.04 34,819.69 Barb Super LIABILITIES Thermal Oeb1 securities to which this cenificate .-1(1iins Powe.r 8 300.00 Other debt sharimr: onri-oossu chJ'lroe with above deb1 Proj ttt (Pali- 4 62S.00 Other ll<bt passuCha rz.e Subordinated deb1 with Vlstra Borrowimzs ITCL India Bank Limited ) Debt Securities Not 10 be filled 2 008.33 Olhers Trade oavables Lease Liabilities Provisions Olhers Total 2 008.33 12,925.00 Coft.r on Book Value 2.69 Cover on Mark.et Value (0:) Stturitv Cover Ratio 2.58 i lbis colwnn indicates book value of :issets ha\ing exclusive charge mi.d outstanding book value of debt for which lhis certificolle is issued. ii lhis column indicates book vo.lue of assets having exclusive charge md outslMding book value of all corresponding debt other than column C. iii This column indicates deb1 for which this certificate is issued having pari passu charge. ColumoG(v) Column H (vi) Column H (vi) Column I (vU) l1l (bl ll<bl Stcuirita not Antu IIOI Elimination Pari- Passu Cbar&e backed by any assets offered as (amount in offend u Security Security neiative) Other assets on Debi amount which there Is p1ri- considered more Panuchara:e than once (due (ndudio1 Items to uclusive plus co~red in column pari passu F) ch•rc•l Book Value Nil 7 062.S6 I 58,130.07 306.10 S0.259.68 . 4SI.OS - 74.80 . 40 787.36 . 10 654.83 . 12.698.92 . 33,795.35 . 46S.86 S69.S4 . . S1 IS l.8S 7-""'"" 3.65.039.31 . . . . . S9 686.6S 883.16 26. 171.00 87,953.04 7,225.35 902.S2 S 946.99 33,479.11 883.16 26 171.00 1.95193.66 . iv This column indical'es: a) book value of assets having pari-passu cbnrge b) outstanding book value of debt for which this cenificate b issued and c)other debt sharing pari•passu charge aJong with debt for which certificate is issued. v This column indicates book value of all other asseLS having pari passu chnrge and outstanding book value of corresponding debt. vi (a) This column indicates Bl) Unsecured Debt Securities. vi (b) This column indicates all those 4$CIS which are not charged and also inWcates all unsecured borrowings except Unsecured Debt securities mentioned in Column H(,'l)(a). vii There is no debt which has been counted more than once i.e. included under exclusive-charge column a.s also under pari passu. Rs in crore unless sta ted otherwi se ColumnJ Column K ColumnL ColumnM Column N ColumnO (Total C to H) Related to only those items cowred by this certifica te Markt:t Carrylnc /book .. ,.,. C111rryin&; Value for for ei:dwive cb:arie Market Value value/book value for pari passu charge AJ.et, assets where market (or Pari passu asst.ts where market Total Value cbaried on value is not char&• Assets value is not (K+L+M+N) Ex.elusive a.scutain.able or (viii) aKertainable or basis (vW) applicable 1pplicablo Relatin ro Column F 206761.19 . 32,130.06 32,130.06 SS,806.94 2,689.63 2 689.63 . . 4SI.OS . . 74.80 . . 40 787.36 . 10,654.83 . 12,698.92 . 33 79S.3S 46S.86 . S69.S4 S7 IS l.8S . 4,19.217.70 . . 34,819 .69 34.81.9.69 8,300.00 . 8,300.00 8,300.00 4,625.00 4 62S.OO 4,625.00 . . 59,686.65 29 062.49 87,953 .04 . 7,225.35 902.S2 S 946.99 33.479.11 2.37 181.15 - 12.925.00 12 925.00 l .69 l.69 viii Justification for not providing Market Value ror repo11ed quarter. As total valuecoCPPE md CWJP oCstation (s)/project (s). comprising of thousands of individual assets integrally facilitating generation of power ns. a whole have been offered as security, book value as at quarter end has been considered as fair value. However, valuation reports dated 30 May 202S and 13 Juue 202S are available wilh trustee. ix The market vaJue hn.s been cnlculnted os per the total value of assets rnen1ioned in Column 0 . x Cover on book valudmarket value is calculated based on outstanding value of corresponding debt while Security corer ratio is calcula1ed based on outstanding value of corresponWng debl plus interest accrued but not due on the same. xi Amount of Interest accured on Secured debt against Vindhyachal STPS and Barh STPS is Rs. 235.58 Crore, 11nd Rs. 6S.S4 Crore respectively. ~ ~/ARVIND BASU cr>14cn raft Pt~ *11 cf> (f?ffi) Executi v e Director (Financ e) fP{cftrfteft ~ I NTPC L.'mited NTPC Bhawan. SCOPE Complex. Core-7 7, lnslrtut10nal Area. Lodh, Road. '.lew Oelh:· 110003 For~:o bebalrofNTPCUmited /Aravind Babu) Executive irector (Finance)
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~ l!!!!£J Ref. o.:01/ FNBonds/2026-27 Listing Department ational Stock Exchange of India Ltd. Excha nge Plaza, C-1, Block G, Bandra Kurla Complex, Bandra(E) Mumbai-4 00 051 l!rJc!Mdf fl;/11/ds ('+ffffl ~ cff{ im"f) NTPC Limited (A Govt. of India Enterprise) ~ ~/ Corporate Centre October 31 , 2026 Corporate Relationship Department, BSE Limited , Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai-400 00 J Sub: Compliance under regulation 52(7) & 52(7A) of the SEBI (LODR) Regulations, 2015 Pur uant to Regulation 52(7) & 52(7 A) of the Securities and Exchange Board of India (Listing Obi igations and Disclosure Requirements) Regulations , 2015, the statement on utilisation of proceeds of Non-Conve rtible Debenture and statement of Deviation/variation (Nil report) for the Quarter ended September 30, 2026, is detailed below: - A. Statement of utilization of issue proceeds: NIL Mode of If 9 is Yes, Fund Any then specify Name of Raising Type of Listed Date of Amou Funds devia the purpose the ISIN (Public instrume at raising nt utilize tion for which the Remark Issuer issues/ nt funds Raised d (Yes/ funds were s if any Private No) utilized placement) 1 2 3 4 5 6 7 8 9 10 11 NTPC NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL Limited B. Statement of deviation/ variation in use of Issue proceeds: NIL Particulars Remarks Name of listed entity NTPC Limited ISIN NIL Mode of fund raising NIL Type of instrument NIL Date of raising funds NIL Amount raised NIL Report filed for quarter ended September 30, 2026 Is there a deviation/ variation in use of funds raised? NIL ~ ~ : q.:ie'IQ'Jfl"I 'll<R, ~ ¢1"1c-lcffi, 7, $"&1~ll,~l 'i&t ~ - '&tltfi ~ ~ ~-110003 ~ ~ ~ : l40101Dl 1975GOl007966, ~ ".f.: 011-24387333, ~ ".f.: 011-24361018, ~: ntpccc@nt pc.co.in, ~: www.ntpc.co.in Registered Office: NTPC Bhawan, SCOPE Complex , ? Institutional Area , Lodi Road, New Delhi-110003 Corporate Identification Number: L40101 DL 1975GOI007966 , Telephone No.: 011-24387333, Fax No.: 011-243610 18, E-ma il : ntpccc@ntpc .co.in Website : www.ntpc.co.in
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~ ~ l!r/c!J,f/d/ ff;,flrc!s (irmr ~ cffT i1U11) NTPC Limited (A Govt. of India Enterprise) ~ ~/ Corporate Centre Whether any approval is required to vary the objects of the issue stated in the NIL prospectus/ offer document? Date of approval NIL Explanation for the deviation/ variation NIL Comments of the audit committee after review NIL Comments of the auditors if any NIL Objects for which funds have been raised and where there has been a deviation/ variation, in the following table: Amount of deviation/ Original Modified Original Modified Funds variation for the Remarks, ISIN object object if allocation allocation utilized quarter according to if any any if any applicable object (in Rs. crore and in %) - NIL NIL NIL NIL NIL NIL NIL NIL Deviation could mean: a. b. Deviation in the objects or purposes for which the funds have been raised. Deviation in the amount of funds actually utilized as against what was originally disclosed. Kindly take the same on your recor ds. Yours faithfully ~( avind Babu) Executive Dire tor (Finance) ~ ~I RVIND BASU cfillicf> i~ Pl~:ti<?; fflrn) Exe cuti ve Director (Financ e) ~cft rftCfit ~ I NTPC L.'mited NTPC Bhawan. SCOPE Complex. Core-7 7. lnstautionalArea. Lodhi Road. NewDet11-1100'.l3 ~ ~ : (i..JeJq)<l) 'lfq,'[ , ffi°Q cf>li<li:-lcftl, 7, li~C:1~1'1<i1 ~ . <'fl~ -m ~ ~-110003 ~ ~ ~ : L40101DL1975GOI007966, ~ -i.: 011-24387333, ~ .:i.: 011-24361018, ~: ntpccc@ntpc .co.in, ~: www.ntpc.co.in Registered Office: NTPC Bhawan, SCOPE Complex, ? Institutional Area, Lodi Road, New Delhi-110003 Corporate Identificati on Number : L40101DL 1975G01007966, Telephone No.: 011-24387333, Fax No.: 011-24361018, E-mail : ntpccc@ntpc.co.in Webs ite : www.ntpc .co.in