1. Ghatampur fully commissioned - 1,980 MW added - Unit-III of the Ghatampur Thermal Power Station achieved COD on 13 June 2026, completing all three 660 MW units and raising NLCIL group installed capacity from 7,745 MW to 8,405 MW. The entire 1,980 MW now moves from CWIP to regulated earnings, with 75% of output tied to a PPA with UPPCL and the balance to Assam discoms.
2. Talabira coal scales to full 20 MTPA - Talabira II & III OCP hit an all-time high production of 19.14 MT and dispatch of 17.69 MT in FY26, operating at its rated 20 MTPA capacity. A five-year supply agreement with NTPC runs to December 2029, locking in offtake for the mine's output at a time when coal realisations are rising.
3. NIRL IPO in FY27 - renewables monetisation - NLC India Renewables Limited, holding 1,734 MW operational and 5,810 MW under implementation, is slated for an IPO in FY27 via fresh equity and a 25% stake sale by NLCIL, with CCEA having approved up to ₹7,000 crore of investment. Listing surfaces the value of a ₹37,898 Cr renewables pipeline that is currently buried inside the parent's consolidated book.
4. Pachwara South coal starts production - Initial mining operations at the Pachwara South block commenced on 19 December 2025, with coal production commencing in March 2026, providing captive fuel for the now fully operational Ghatampur plant. Replacing market coal purchases with captive G10-grade coal at 9 MTPA lowers generation cost and protects margins across the 1,980 MW station.
5. Barsingsar 300 MW solar fully online - The final 141.17 MW phase of the Barsingsar solar project was commissioned on 24 January 2026, taking the full 300 MW to commercial operation at a CERC-adopted tariff of ₹2.45/kWh. The project adds a steady, fixed-tariff revenue stream and lifts total operational renewable capacity to 1,766 MW.
6. Khavda 600 MW solar nearing COD - The 600 MW Khavda Solar Park project in Gujarat, secured under a PPA with GUVNL at an estimated cost of ₹3,336 crore, is expected to achieve COD by September 2026. Commissioning within the next four quarters adds another large block of visible, contracted renewable revenue.
7. Commercial coal pipeline - 45 MTPA by FY32 - Three commercial coal blocks - North Dhadu (3 MTPA, FY29), New Patrapara South (12 MTPA, FY31-32), and Machhakata (30 MTPA, FY31-32) - are advancing through approvals, with mining plans submitted and railway siding studies underway. Together they triple NLCIL's coal mining capacity from 20 MTPA to over 65 MTPA, creating a merchant coal business alongside captive supply.
8. Energy storage build-out - 3,300 MWh contracted - A 250 MW/500 MWh BESS in Tamil Nadu has a signed purchase agreement and land in place, with COD expected by March 2027 at a cost of ₹700 crore, while PPAs for an additional 2,800 MWh with PSPCL and SECI are in process. Storage adds a third leg to the generation business - thermal, renewables, and now dispatchable balancing power - with tariffs supported by Viability Gap Funding.
9. Critical minerals entry - Semhardih and Raipura blocks - NLCIL received a composite licence for two phosphorite and limestone blocks in Chhattisgarh and has floated a tender for detailed geological exploration, targeting 1.0 MTPA of critical mineral mining by FY30 at an estimated capex of ₹3,054 crore. This opens an entirely new revenue vertical beyond power and coal, with an MoU with KABIL adding an overseas acquisition pathway.