1. FY29 group capacity addition - \~11,478 MW Pending - At the Q4 FY26 call, management guided FY29 group capacity addition of \~11,478 MW. The FY29 horizon has not been reached, and no outcome can yet be assessed.
2. FY28 group capacity addition - \~10,039 MW Pending - At the Q4 FY26 call, management stated the group has over 34 GW of capacity under construction, providing a foundation for near- to medium-term growth. The FY28 horizon has not been reached, and no outcome can yet be assessed.
3. NGEL FY28 renewable capacity addition - 8 GW Pending - At the Q3 FY26 call, NGEL's CEO guided that NGEL is targeting 8 GW of capacity addition in FY28, reiterated at Q4 FY26. The FY28 horizon has not been reached, and no outcome can yet be assessed.
4. Cumulative group CAPEX of \~₹7 lakh crore by 2032 On track - At the Q1 FY26 PPT, management guided cumulative group CAPEX of around ₹7 lakh crore planned by 2032, reiterated through Q4 FY26. FY25 group CAPEX was ₹44,636 crore and FY26 was ₹49,068 crore, an annual run-rate consistent with the \~14-year cumulative target.
5. Pumped storage - 3-5 GW commissioned by 2031-32 On track - At the Q1 FY26 PPT, management guided 3-5 GW of pumped storage capacity expected to be commissioned by 2031-32, reiterated at Q4 FY26. Two 250 MW THDC PSP units achieved COD in June-July 2025, with another 500 MW expected in FY26, and a total group PSP plan of 21,370 MW is underway.
6. 25% of coal requirement through captive mines by FY30 On track - At the Q1 FY25 PPT, management guided a plan to fulfil a minimum of 25% of coal requirement through captive mines by FY30, reiterated subsequently. Captive share rose from \~15% in FY25 to nearly 18% in FY26, a trajectory consistent with reaching 25% by FY30.
7. 149 GW by 2032, 244 GW by 2037 On track - At the Q2 FY26 call, management guided a revised capacity addition target of 149 GW by 2032 and 244 GW by 2037. Group installed capacity stood at 89,108 MW as of 31 March 2026, with record annual addition of 9,618 MW in FY26, consistent with the ambitious long-term trajectory.
8. 5,000 MWh BESS co-located at thermal projects - award in FY26, completion within 3 years Partial - At the Q2 FY26 call, management guided 5,000 MWh of BESS co-located at existing thermal projects with awards expected in FY26 and completion within three years; by Q3 FY26 the tender was in final evaluation and by Q4 FY26 execution was under cost-plus mode. The FY26 award deadline has lapsed, and while the Q4 FY26 transcript confirms execution is underway, it does not explicitly state that the formal award was completed within FY26.
9. FY26 group capacity addition - 9,844 MW Partial - At the Q2 FY26 call, management guided an FY26 capacity addition target of 9,844 MW. The Q4 FY26 transcript and provided data do not confirm the final FY26 group capacity addition figure, leaving the outcome unverifiable against the stated target.
10. Transfer of all remaining coal mines to NML in FY26 Partial - At the Q2 FY26 call, management guided that transfer of all remaining coal mines to NTPC Mining Limited would be completed in FY26. Chatti Bariatu and Badam mines were transferred during the year, but the Pakri Barwadih coal mines transfer was fully completed on 1 April 2026, just beyond the FY26 deadline.
11. FY25 group capacity addition - upper side of 3,000 MW Pending - At the Q3 FY25 call, management guided FY25 total group capacity addition was expected to be on the upper side of 3,000 MW. Our record holds no clean FY25 full-year group capacity addition disclosure to judge against the target.
12. FY27 renewable capacity addition - 8 GW On track - At the Q4 FY24 call, management guided that 8 GW of renewable energy would be commissioned in FY27, a target reiterated through Q4 FY26. The FY27 horizon has not been reached, though management claims complete visibility on the target and 490 MW of RE has already been added in early FY27.
13. FY26 renewable capacity addition - 5 GW Partial - At the Q4 FY24 call, management guided that about 5 GW of renewable energy would be commissioned in FY26, later revised by NGEL to \~5,200 MW. In the Q3 FY26 call, NGEL stated it was on track to add 5 GW for the year, with 2,600 MW already commissioned by that point.
14. FY25 renewable capacity addition - 3 GW Delivered - At the Q4 FY24 call, management guided an FY25 renewable energy capacity addition target of about 3 GW, reiterated through Q3 FY25. NGEL added 2,977 MW in FY25, essentially at the 3 GW target.
15. Coal production - 5 crore tonnes in next 3 years (by FY27) On track - At the Q3 FY24 call, management guided that NTPC expected to reach annual coal production of 5 crore tonnes within the next 3 years, by FY27. FY26 coal production was 4.79 crore tonnes, up from 4.6 crore tonnes in FY25, placing the company close to the 5 crore target with one year remaining.
16. FY26 renewable operating capacity - \~15 GW Missed - At the Q3 FY24 call, management guided that the FY26 renewable target of \~15 GW operating capacity was still in that ballpark. As of 31 March 2026, NTPC Group installed RE capacity was 12,068 MW, well short of the \~15 GW target.
17. FY25 conventional capacity addition - \~4 GW Pending - At the Q3 FY24 call, management guided an FY25 conventional capacity addition target of around 4 GW. Our record holds no clean FY25 conventional-only capacity addition disclosure to judge against the target.
18. Coal production - 3.4 crore tons in FY24 Delivered - At the Q1 FY24 call, management guided an ambitious coal production target of 3.4 crore tons in FY24, reiterated at Q3 FY24. FY24 captive coal production was 34.39 MMT, or 3.44 crore tons, exceeding the target.
19. FY24 renewable capacity addition - \~3,000 MW Missed - At the Q3 FY23 call, management stated FY24 renewable capacity addition would be about 3,000 MW total across NTPC and NREL. FY24 RE capacity addition was a small fraction of the 3,000 MW target, with only about 0.2 GW commissioned in Q4 alone.
20. RE run rate - 5-6 GW per annum starting in 1-1.5 years Partial - At the Q3 FY23 call, management stated the run rate for RE could be about 5 to 6 GW starting within 1 to 1.5 years once module supply issues were sorted out. FY26 group RE addition was 4,738 MW, approaching but not yet reaching the 5 GW run rate, while NGEL standalone added 4,225 MW.
21. Nuclear capacity - 2,000 MW by 2032, 4,200 MW by 2035, 20,000 MW by 2050 On track - At the Q3 FY23 call, management stated a target of 2,000 MW from nuclear by 2032, 4,200 MW by 2035, and 20,000 MW by 2050. AERB granted excavation consent for Mahi Banswara Units 1&2 on 18 March 2026, with first unit synchronization now guided for November 2032, consistent with the 2,000 MW by 2032 target.
22. FGD - all units on track for deadlines (Category A: Dec 2024, B: 2025, C: 2026) Partial - At the Q3 FY23 call, management stated that for FGD, Category A deadline was December 2024 and all units would be on track. As of Q2 FY26, FGD had been commissioned for 20,270 MW out of \~59,660 MW total, and the original Category A deadline has passed without confirmation of completion in our record.
23. FY24 capacity addition - around 7,000 MW (later revised to 6 GW) Missed - At the Q2 FY23 call, management guided an FY24 capacity addition plan of around 7,000 MW, later revised to approximately 6 GW. Actual FY24 commercial capacity addition was 3,924 MW, well below the latest target.
24. FY23-FY25 combined capacity addition - around 18 GW Missed - At the Q2 FY23 call, management guided that FY23, FY24, and FY25 combined capacity addition would be around 18 GW. FY23 addition was 3,952 MW and FY24 was 3,924 MW, with FY25 full-year addition not explicitly totalled but appearing well below the \~10 GW needed to reach 18 GW cumulatively.
25. FY23 capacity addition - around 5,000 MW Partial - At the Q2 FY23 call, management stated they were targeting around 5,000 MW of capacity addition in the current year, with a combined FY23-25 target of around 18 GW. Actual FY23 commercial capacity addition was 3,952 MW, including the acquisition of Jhabua at 600 MW.
26. FY25 and beyond CAPEX - anything beyond ₹20,000 crore year-on-year Delivered - At the Q2 FY23 call, management guided that for FY25 and beyond, CAPEX would be anything beyond ₹20,000 crore year-on-year. FY25 standalone CAPEX was ₹22,965 crore and FY26 was ₹28,462 crore, both exceeding the ₹20,000 crore threshold.
27. FY24 group CAPEX - ₹25,000-26,000 crore (later revised to ₹28,373 crore) Delivered - At the Q2 FY23 call, management guided FY24 group CAPEX of ₹25,000-26,000 crore, later revised to ₹28,373 crore. Actual FY24 group CAPEX was ₹34,943 crore, exceeding the latest target.
28. FY24 standalone CAPEX - ₹22,454 crore Missed - At the Q2 FY23 call, management guided FY24 standalone CAPEX estimated at ₹22,454 crore, reiterated through Q2 FY24. Actual FY24 standalone CAPEX was ₹19,319 crore, achieving 86% of the target.
29. FY23 group CAPEX - around ₹27,500 crore Delivered - At the Q2 FY23 call, management guided an FY23 group CAPEX target of around ₹27,500 crore, later restated at ₹26,562 crore. Actual FY23 group CAPEX was ₹35,204 crore, achieving 133% of the restated target.
30. 60 GW green portfolio by 2032 On track - At the Q2 FY23 call, management guided that NTPC plans to add 60 GW of green portfolio by 2032, reiterated across multiple quarters. As of 31 March 2026, group installed RE capacity was 12,068 MW with NGEL guiding \~8 GW per annum additions, consistent with the 2032 target trajectory.
31. Singrauli and Sipat - both to come in FY25 Missed - At the Q2 FY23 call, management guided that Singrauli and Sipat would both come in FY25, referring to commissioning. Both projects are now guided for COD in FY29, far beyond the original FY25 deadline.
32. Receivable days - less than 45 days going forward Delivered - At the Q2 FY23 call, management guided that receivable days going forward would be less than 45 days. Trade receivables stood at 36 days as of 31 March 2023, declining steadily to 15 days as of 31 March 2026, with every reported reading below 45 days.
33. Renewables monetization - 10-20% stake sale in NGEL by end of FY23 Missed - At the Q2 FY23 call, management guided that a 10-20% stake sale in NGEL would be concluded before the end of FY23. The strategic investor process was later annulled in favour of an IPO, and as of Q4 FY26 the IPO has not been completed with no further timeline commitment recorded.