NTPC IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Business | REV SHARE | 1,68,646 | 1,68,646–1,68,646 | 90.0% | — | 2024-04 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Description of Main Activity Description of Business Activity % of Turnover of the …” AR · +2 DOC | ||||||||
| Gujarat Urja Vikas Nigam Limited | REV SHARE | 18,814 | 18,814–18,814 | 10.0% | — | FY25 | DISC | 90% |
| “C. Information about major customers Revenue from customers under ‘Generation of energy’ segment which is more than 10% of the Company’s total revenues, are as…” AR · +1 DOC | ||||||||
| SAILSteel Authority of India Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “In addition to this, process gases are also provided to NSPCL (a JV of SAIL and NTPC) and Bokaro Power Supply Co. Ltd. (BPSCL) (a JV of SAIL and Damodar Valley…” AR · +1 DOC | ||||||||
| SAILSteel Authority of India Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “(2.46) 1.03 The unrecognised share of losses of joint ventures, both for the reporting period and cumulatively, where SAIL has stopped recognising its share of…” AR · +1 DOC | ||||||||
| SAILSteel Authority of India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Item No.16: Background, Details and Benefits of the Transaction NTPC-SAIL Power Supply Company Ltd. (NSPCL) is a 50:50 Joint Venture of SAIL and NTPC Limited.” AR · +1 DOC | ||||||||
| RITESRITES Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “On the Job: During the year, the Company has undertaken the following projects (select ones): » Retrofitting of Rolling stock for DMRC » Leasing of 7 locomotiv…” AR p.146 · 31-MAR-25 DOC | ||||||||
| NLCINDIANLC India Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He previously served as Director (Finance) in NLC India Limited, Maharashtra State Electricity and Distribution Company Limited and Maharashtra State Power Gen…” AR · +1 DOC | ||||||||
| Maharashtra State Electricity Distribution Co. Limited | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Prior to his appointment as Director (Finance), NTPC Limited, he served as Director (Finance) at NLC India Limited, Maharashtra State Electricity Distribution …” AR DOC | ||||||||
| MSEDCL | CONTRACT | CT 2,477 | — | — | — | FY26 | EST | 75% |
| “Prior to his appointment as Director (Finance), NTPC Limited, he served as Director (Finance) at NLC India Limited, Maharashtra State Electricity Distribution …” AR · +2 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He previously served as Director (Finance) in NLC India Limited, Maharashtra State Electricity and Distribution Company Limited and Maharashtra State Power Gen…” AR · +1 DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “In addition to his current role, he also holds an additional charge of Director (Finance) in NTPC Green Energy Limited and serves as the Part-Time Chairman on …” AR · +2 DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “In addition to his current role, he also holds an additional charge of Director (Finance) in NTPC Green Energy Limited and serves as the Part-Time Chairman on …” AR · +2 DOC | ||||||||
| Commissioning | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “He later, served as Chief Executive Officer (CEO), Patratu, where he expedited various Engineering, Procurement, Erection and Commissioning activities of the P…” AR · +1 DOC | ||||||||
| PFCPower Finance Corporation Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Agency: NTPC is serving as the Third-Party Independent Evaluation Agency (TPIEA) for Power Finance Corporation (PFC) in the verification of Supervisory Control…” AR · +1 DOC | ||||||||
| COALINDIACoal India Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Prior to joining the Company, Shri Agarwal served as an Independent Director on the Board of “Western Coalfi eld Limited”, a subsidiary of Coal India Limited.” AR · +2 DOC | ||||||||
| Singareni Collieries Company Limited | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “The Company maintains long-term fuel supply arrangements with Coal India Limited (CIL) and Singareni Collieries Company Limited (SCCL), supplemented by captive…” AR DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “31.15 Particulars of Contracts or Arrangements with Related Parties During the period under review, your Company had not entered into any material transaction …” AR · +2 DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “BRBCL is also pursuing capacity expansion through the proposed installation of an additional 1x800 MW unit to cater to the captive power requirements of Indian…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “The net carrying value of such leased assets included above are as under: ₹ Crore As at 31 March 2026 As at 31 March 2025 Land- Free hold - 51.61 Roads, bridge…” AR · +1 DOC | ||||||||
| Authority. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “NVVN has also signed agreements with Haryana for the supply of up to 200 MW of power from Nepal Electricity Authority (NEA) for the period from June 1, 2023, t…” AR · +2 DOC | ||||||||
| Uttar Pradesh | UNSTATED | — | — | — | — | FY24 | EST | 75% |
| “During FY 2024-25, a total of 5,504 MUs of bundled solar power (including 939 MUs of standalone solar power) was supplied to distribution companies (DISCOMs) a…” AR DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | — | FY24 | EST | 75% |
| “During FY 2024-25, a total of 5,504 MUs of bundled solar power (including 939 MUs of standalone solar power) was supplied to distribution companies (DISCOMs) a…” AR · +1 DOC | ||||||||
| POWERGRIDPower Grid Corporation of India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “1 GRI 418-1 Customer Satisfaction Index (%) NTPC LIMITED | 125124 | INTEGRATED ANNUAL REPORT - 2024-25Our Group’s Overview Innovating for Sustainability Statut…” AR DOC | ||||||||
| MUNPL | CONTRACT | CT 245 | — | — | — | FY24 | EST | 75% |
| “The Consultancy Wing secured order bookings of `245.15 Crores in FY 2024-25, with significant contracts including a `168.74 Crore order from MUNPL for Meja-II …” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Products/Services sold by the entity (accounting for 90% of the entity’s Turnover): S. No. Description of Main Activity Description of Business Activity % of T…” AR DOC | ||||||||
| Renewable Energy | CONTRACT | CT 2,571 | — | — | CAPEX | FY25 | EST | 75% |
| “(e ) During the year, NTPC Renewable Energy Ltd., a subsidiary of NGEL, awarded two EPC package contracts to Gensol Engineering Limited (“GEL”) for the develop…” AR DOC | ||||||||
| PETRONETPetronet LNG Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “Your Company sells Regasified Liquefi ed Natural Gas (RLNG) and provides related services to Petronet LNG Limited.” AR DOC | ||||||||
| MRPLMangalore Refinery & Petrochemicals Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “Mr. Singh additionally serves as the Chairman of ONGC Videsh Limited (OVL), Mangalore Refinery & Petrochemicals Limited (MRPL), ONGC Petro additions Limited (O…” AR DOC | ||||||||
| BPCLBharat Petroleum Corporation Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “Previously, Mr. Singh served as the Chairman and Managing Director of Bharat Petroleum Corporation Limited (BPCL), a 'Maharatna' and Fortune Global 500 Company.” AR DOC | ||||||||
| HINDPETROHindustan Petroleum Corporation Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “Mr. Kumar serves as a Government Nominee Director on the Board of Hindustan Petroleum Corporation Limited (HPCL).” AR DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “v. ONGC and BP have signed a contract under which BP will serve as the Technical Services Provider (TSP) to ONGC for production enhancement in Mumbai High fiel…” AR DOC | ||||||||
| Appellate Authority | CONTRACT | CT 0 | — | — | — | 2026-10 | EST | 75% |
| “A senior officer also serves as the First Appellate Authority, responsible for reviewing appeals.” AR · +1 DOC | ||||||||
| Office | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “On this occasion, the Town Official Language Implementation Committee (NARAKAS) Office-2, Dehradun, under the leadership of ONGC Headquarters, received the fir…” AR DOC | ||||||||
| VEDLVedanta Ltd. | UNSTATED | — | — | — | R&D | 2026-10 | EST | 75% |
| “Further, pursuant to final award dated 31.07.2023 in PCA case 2019-30 between ONGC and Vedanta, a sum of USD 166.37 million awarded to claimants M/s. Vedanta h…” AR DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | COGS | 2026-10 | EST | 75% |
| “The Group (comprising of the Company and its subsidiaries, Joint Venture Entities and Associates) is mainly engaged in exploration, development and production …” AR DOC | ||||||||
| Australia | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “) Outside India Yolla Field (Australia) Licence T/L-1 - 11.25 Trefoil Field (Australia) Permit T/18P - 9.75 54.3.1.1 The block CB-ONN-2002/3 was awarded under …” AR DOC | ||||||||
| Joint Commissioner | CONTRACT | — | — | — | — | FY25 | EST | 75% |
| “Updates NTPC Limited has informed the Exchange regarding 'Order received From The Joint Commissioner (Corporate Circle), State Tax, Lucknow Zone-2 Of UP State …” ANN · 22-AUG-24 DOC | ||||||||
| HINDCOPPERHindustan Copper Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Release of Copper Vision Document by Hon'ble Union Minister of Coal & Mines, Shri G. Kishan Reddy, on 04.07.2025 at Hyderabad Vendor Meet organized at HCL Corp…” AR DOC | ||||||||
| ONGCOil & Natural Gas Corporation Ltd. | UNSTATED | — | — | — | — | 2024-04 | EST | 70% |
| “Complaints falling under any other category Company Secretary Oil and Natural Gas Corporation Ltd. Plot No. 5A- 5B, Nelson Mandela Road, Vasant Kunj New Delhi …” AR · +2 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Provide the following information relating to data breaches: (a) Number of instances of data breaches along-with impact: Zero* (b) Percentage of data breaches …” AR · +1 DOC | ||||||||
| Ministry of Coal. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “The Ministry of Coal has amended the allotment orders of all coal mines of NTPC in favour of NML.” AR · +1 DOC | ||||||||
| Others | CONTRACT | CT 206 | — | — | — | FY26 | EST | 70% |
| “Interest on: Deposits with Banks 27,539.07 27,906.60 Income Tax Refund - 449.92 Delayed Payment from Customers and Others 2,963.49 1,592.35 Financial assets (m…” AR · +2 DOC | ||||||||
| Others | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Major break-up of the contract assets are as under: ₹ Crore Particulars As at 31 March 2026 As at 31 March 2025 (i) Balance ash transportation expenses to be b…” AR DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “No order has been passed with respect to Section 73 to 76, by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or a…” AR · +1 DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | R&D | FY25 | EST | 70% |
| “As Director (Projects), NTPC Limited, Shri Sundaram is responsible for overseeing the company’s Thermal, Hydro, Nuclear and Renewable Energy projects, as well …” AR DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Disclosure 10.1 Material Contracts/ Related Party Transactions During the Financial Year, the Company had entered into contracts or arrangements with related p…” AR · +1 DOC | ||||||||
| SECI Limited | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “ONGC and NTPC teams formalize the acquisition of Ayana Renewable Power, advancing India’s clean energy future CEO of Petrobras and Honourable Minister Hardeep …” AR · +2 DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “A majority of Ayana’s portfolio is strategically located in resource rich states and are contracted with high credit rated off-takers such as SECI, NTPC, GUVNL…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “Less: Allowance for doubtful claims 406.63 349.54 344.62 235.75 Contract assets 14,887.11 10,682.16 Finance lease receivables - 211.01 Mine closure deposit 25.…” AR DOC | ||||||||
| IREDAIndian Renewable Energy Development Agency Ltd. | CONTRACT | CT 10 | — | — | — | FY25 | EST | 70% |
| “As part of terms and conditions of the contract, GEL submitted two bank guarantees (“BG”) from Indian Renewable Energy Development Agency Limited (“IREDA”) of …” AR DOC | ||||||||
| Ayana Renewable Power. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “ONGC and NTPC teams formalize the acquisition of Ayana Renewable Power, advancing India’s clean energy future CEO of Petrobras and Honourable Minister Hardeep …” AR DOC | ||||||||
| Solar Energy Corporation of India Limited | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “ONGC and NTPC teams formalize the acquisition of Ayana Renewable Power, advancing India’s clean energy future CEO of Petrobras and Honourable Minister Hardeep …” AR DOC | ||||||||
| Mumbai Port Authority | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “Domestic Cruise Terminal (DCT) of Mumbai Port Authority was operationalized in January 2025, bringing a new era in crew change operations by Fast Crew Boat, of…” AR DOC | ||||||||
| MGLMahanagar Gas Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “Mahanagar Gas Limited (MGL), one of the customers of GAIL, filed a complaint with PNGRB on February 12, 2015 regarding applicability of tariff on supply of gas…” AR DOC | ||||||||
| VEDLVedanta Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “In Ravva Joint Operation, the demand towards additional profit petroleum raised by Government of India (GoI), due to differences in interpretation of the provi…” AR DOC | ||||||||
| ONGCOil & Natural Gas Corporation Ltd. | UNSTATED | — | — | — | R&D | 2026-10 | EST | 70% |
| “Further as per the provisions of the Production Sharing Contract (PSC) in respect of the block KG-OSN-2001/3, Companies (Lessee) shall be required to pay royal…” AR DOC | ||||||||
| RELIANCEReliance Industries Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “d. The Company, with 40% Participating Interest (PI), was a Joint Operator in Panna-Mukta and Mid and South Tapti Fields along with Reliance Industries Limited…” AR DOC | ||||||||
| South East Asia | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “E. Dividend and Interest Income from: Petronet LNG Limited Dividend Income 1,875.00 1,875.00 Petrolera Indovenezolana SA, Venezuela (through ONGC Nile Ganga B.…” AR DOC | ||||||||
| Buyer | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “Further, during April 2024, a tripartite Sale and Purchase Agreement (SPA) was entered into amongst PPIPL (Seller), Beach Energy (Operations) Limited (Buyer), …” AR DOC | ||||||||
| UPLUPL Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 65% |
| “Some of the group companies have entered contracts also during the year with M/s UPL and related transactions have been included in disclosure above.” AR · +1 DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 65% |
| “Mahanagar Gas Limited (MGL), one of the customers of GAIL, filed a complaint with PNGRB on February 12, 2015 regarding applicability of tariff on supply of gas…” AR · +1 DOC | ||||||||
| ONGCOil & Natural Gas Corporation Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 65% |
| “Note: (i) Revenue from operations- 13,78,462.90 Mn INR, PPP adjusted for Turnover - 66,721.34 Mn USD, Total production (Standalone ONGC)- 3,92,52,368.49 MT (O+…” AR DOC | ||||||||
| MRPLMangalore Refinery & Petrochemicals Ltd. | UNSTATED | — | — | — | R&D | 2026-10 | EST | 65% |
| “24,705.29 20,917.54 Other production expenditure 50,226.08 44,678.90 Transportation and Freight of Products 123,785.35 116,254.44 Research and development 6,29…” AR DOC | ||||||||
| TRITURBINETriveni Turbine Ltd. | UNSTATED | — | — | — | — | 2025-11 | EST | 60% |
| “And we are approved vendor with all these major developers as well as like NTPC and all these sorts of things.” CONCALL DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | CONTRACT | CT 500 | — | — | CAPEX | FY26 | EST | 60% |
| “31.34 31.34 NTPC BHEL Power Projects Private Ltd. 3 years from the date of completion of first EPC contract of single order value of not less than ` 500 crore …” AR · +1 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The password to open the .pdf fi le is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in …” AR · +2 DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | CONTRACT | CT 75 | — | — | — | FY25 | EST | 60% |
| “g) The Company has commitments of bank guarantee of 0.50% of total contract price to be undertaken by NTPC- BHEL Power Projects Private Ltd. (a joint venture c…” AR DOC | ||||||||
| NHPCNHPC Ltd. | UNSTATED | — | — | — | — | 2026-02 | EST | 60% |
| “During the period, NGEL secured its maiden battery energy storage project of 80 MW/ 320 MWh in Kerala through NHPC, won a SECI bid for supply of 70,000 MT per …” CONCALL DOC | ||||||||
| MRPLMangalore Refinery & Petrochemicals Ltd. | CONTRACT | CT 427 | — | — | COGS | 2026-10 | EST | 60% |
| “29.4.3 Repayment schedule of OIDB loan is as follows: (` in Million) Year of repayment As at March 31, 2025 As at March 31, 2024 2024-25 - 815.63 2025-26 138.1…” AR DOC | ||||||||
| OILOil India Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “8 Block Farzad B, Iran, Offshore 40 IOC – 40% OIL - 20% ONGC Videsh The project’s exploration phase under Exploration Service Contract (ESC) ended on 24 June 2…” AR DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| LTLarsen & Toubro Ltd. | CONTRACT | 33,485 | 33,485–33,485 | 76.0% | CAPEX | FY27 | EST | 85% |
| “L&T Energy CarbonLite Solutions Secures LNTP for Mega* Order of 1,600 MW Thermal Power Plant Mumbai, July 30, 2026: L&T Energy CarbonLite Solutions has secured…” ORDER p.2 · 30-JUL-26 DOC | ||||||||
| ONGCOil & Natural Gas Corporation Ltd. | BUY SHARE | 32,987 | 32,987–32,987 | 25.0% | — | 2023-04 | DERIV | 80% |
| “ONGC commits to comply with the provision in Companies Act, 2013 (or SEBI (LODR) regulations in case of listed entities) and Transparency ONGC aims to embed re…” AR · +1 DOC | ||||||||
| PFCPower Finance Corporation Ltd. | UNSTATED | 20,454 | 20,454–20,454 | 15.5% | — | FY25 | EST | 70% |
| “For NTPC, DVC, HPGCL, MAHAGENCO and UPRVUNL, PFCCL is serving as the Bid Process Coordinator in order to bundle RE power with thermal electricity.” AR p.41 · 31-MAR-25 DOC | ||||||||
| SAILSteel Authority of India Ltd. | UNSTATED | 19,632 | 14,724–19,632 | 14.9% | — | FY25 | EST | 75% |
| “Item No.16: Background, Details and Benefits of the Transaction NTPC-SAIL Power Supply Company Ltd. (NSPCL) is a 50:50 Joint Venture of SAIL and NTPC Limited.” AR DOC | ||||||||
| BANKINDIABank of India | UNSTATED | 13,396 | 13,396–13,396 | 10.2% | — | FY26 | EST | 70% |
| “Vendors can process their approved NTPC invoices digitally through TReDS platforms approved by the Reserve Bank of India.” AR DOC | ||||||||
| RECLTDREC Ltd. | UNSTATED | 10,557 | 10,557–10,557 | 8.0% | — | 2025-02 | EST | 60% |
| “There are delays in terms of signing for PPA for the contracts awarded to SECI, NTPC, NHPC with the discount.” CONCALL p.16 · 28-FEB-25 DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | CONTRACT | 5,985 | 2,802–5,985 | 4.5% | — | FY26 | EST | 75% |
| “Achievements during the Year • Order received from NTPC Renewable Energy Ltd. for 300 MW Balance of System package of Solar PV plant at Khavda.” AR · +2 DOC | ||||||||
| KECKec International Ltd. | CONTRACT | 4,164 | 1,949–4,164 | 3.2% | — | FY25 | EST | 70% |
| “Achieved a record order intake of over ` 850 core, driven by the prestigious NTPC Bhadla Solar Project (625 MWp / 500 MW) • Delivered revenue growth of 92% fro…” AR p.17 · 31-MAR-25 DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | CONTRACT | 3,957 | 3,957–3,957 | 9.0% | CAPEX | FY26 | EST | 85% |
| “Subject: Receipt of Notification of Award from NTPC Limited Sir/Madam, Bharat Heavy Electricals Limited (BHEL) has received a Notification of Award (NOA) from …” ORDER p.1 · 07-NOV-25 · +2 DOC | ||||||||
| RVNLRail Vikas Nigam Ltd. | UNSTATED | 3,616 | 1,693–3,616 | 2.7% | — | FY26 | EST | 70% |
| “NTPC PEA contract for execution of Balance Civil & HM works of Barrage Complex including part HRT package of Rammam Hydro Electric Project Stage-III (3x40 MW).” AR · +1 DOC | ||||||||
| JINDALSAWJindal Saw Ltd. | UNSTATED | 3,170 | 1,484–3,170 | 2.4% | — | FY26 | EST | 70% |
| “Jindal ITF has entered contracts for providing its services to clients such as NTPC.” AR · +1 DOC | ||||||||
| LLOYDSMELloyds Metals And Energy Ltd. | CONTRACT | 3,032 | 2,274–3,032 | 2.3% | — | FY26 | EST | 75% |
| “However, the Court directed NTPC to deposit the awarded amount of ₹ 87.29 Crores along with interest of ₹ 27.65 Crores with the Court” AR · +1 DOC | ||||||||
| SUZLONSuzlon Energy Ltd. | UNSTATED | 2,964 | 1,388–2,964 | 2.3% | — | FY25 | EST | 70% |
| “As of May 2025, the Group has secured a record- high order book of 5.6 GW, including a landmark 1.5 GW award from NTPC, affirming Suzlon’s market leadership an…” AR DOC | ||||||||
| KECKec International Ltd. | UNSTATED | 2,753 | 2,753–2,753 | 6.3% | CAPEX | FY25 | EST | 70% |
| “These advancements have reinforced the company’s position as a trusted EPC partner, with successful collaborations with reputed clients such as NTPC-REL and IR…” AR p.64 · 31-MAR-25 DOC | ||||||||
| KSBKSB Ltd. | UNSTATED | 2,426 | 1,136–2,426 | 1.8% | — | FY24 | EST | 70% |
| “Successful Execution of a Major Pump Overhauling Project 3 eServ m -K e r ey p s M uS i t le l sto u ne s s e : T R ra n o s t fo n r i m l s in g a Go Complet…” AR DOC | ||||||||
| NBCCNBCC (India) Ltd. | UNSTATED | 2,284 | 2,284–2,284 | 1.7% | — | FY25 | EST | 70% |
| “# It also includes H 595.35 Lakh (P.Y. H 809.07 Lakh) as interest on Income Tax refunds, H 1,709.81 Lakh (P.Y. H NIL) received from IDPL on realization of a lo…” AR DOC | ||||||||
| KEIKEI Industries Ltd. | UNSTATED | 2,081 | 2,081–2,081 | 1.6% | — | FY26 | EST | 70% |
| “Highlights International testing Products are tested and approved by global agencies including KEMA (Netherlands), TUV (Rheinland), SGS, IRS, ABS, BRE (UK), LL…” AR DOC | ||||||||
| SUZLONSuzlon Energy Ltd. | UNSTATED | 1,960 | 1,960–1,960 | 4.5% | CAPEX | 2026-06 | EST | 60% |
| “J.P. Chalasani: So NTPC, Mohit, till now experimented with having separate contracts for redevelopment in BOP and then 3 WTG is turbine supplies.” CONCALL DOC | ||||||||
| THERMAXThermax Ltd. | UNSTATED | 1,909 | 894–1,909 | 1.4% | — | FY25 | EST | 60% |
| “So, all of FY '25, we said no to orders and FY '26, where we started to focus a lot more on international, even domestic, we said no to NTPC orders for supercr…” CONCALL DOC | ||||||||
| CMPDICentral Mine Planning & Design Institute Ltd. | UNSTATED | 1,893 | 1,893–1,893 | 1.4% | — | FY26 | EST | 75% |
| “MGR Dispatch was badly affected at Rajmahal mine of Eastern Coalfields Limited (ECL) due to less supply of MGR rake by NTPC Farakka & Kahalgaon.” AR · +1 DOC | ||||||||
| TRITURBINETriveni Turbine Ltd. | REV SHARE | 1,091 | 1,091–1,091 | 0.8% | — | 2024-04→2026-02 | DISC | 80% |
| “We'll have 50% of the revenue recognition of NTPC within this financial year, 50% in the next financial year.” CONCALL · +2 DOC | ||||||||
| IRCONIRCON International Ltd. | UNSTATED | 1,063 | 1,063–1,063 | 2.4% | CAPEX | FY25 | EST | 70% |
| “During the FY 2025-26, IrconISL has secured 02 new projects (i) Consultancy contract related DPR, DE and PMC work for railway siding at Vindhyachal Super Therm…” AR p.71 · 31-MAR-26 DOC | ||||||||
| EMMVEEEmmvee Photovoltaic Power Ltd. | UNSTATED | 895 | 419–895 | 0.7% | — | 2026-10 | EST | 65% |
| “So, the value addition is what is coming is, if you see that even initially when we said, when Emmvee started the supplying to NTPC orders in the beginning of …” CONCALL p.12 · 31-OCT-26 DOC | ||||||||
| HSCLHimadri Speciality Chemical Ltd. | UNSTATED | 826 | 619–826 | 0.6% | — | FY26 | EST | 75% |
| “Grid-scale energy-storage tenders by SECI and NTPC: SECI awarded 4 GWh of BESS contracts in 2025 at an average tariff of H4.8 per kWh (USD 0.058) for two-hour …” AR DOC | ||||||||
| INOXWINDInox Wind Ltd. | UNSTATED | 779 | 779–779 | 0.6% | — | FY25 | EST | 70% |
| “We have a well- diversified orderbook with customers including NTPC, CESC, NLC India, Hero Future Energies, Inox Clean Energy, Continuum, Integrum & Gentari, a…” AR DOC | ||||||||
| ENGINERSINEngineers India Ltd. | UNSTATED | 696 | 326–696 | 0.5% | — | 2026-02 | EST | 65% |
| “Similarly, we are talking to -- recently, we got an order from NTPC for their township.” CONCALL DOC | ||||||||
| GMDCLTDGujarat Mineral Development Corporation Ltd. | UNSTATED | 447 | 335–447 | 0.3% | — | FY25 | EST | 70% |
| “Statement showing the particulars of top ten employees of the Company in terms of the remuneration drawn for the year 2024-25 Sr. No. Name Designation Remunera…” AR DOC | ||||||||
| TARILTransformers And Rectifiers (India) Ltd. | UNSTATED | 444 | 208–444 | 0.3% | — | FY26 | EST | 75% |
| “▶ Received prestigious orders from NTPC and PGCIL.” AR p.17 · 31-MAR-26 DOC | ||||||||
| RITESRITES Ltd. | CONTRACT | 428 | 200–428 | 0.3% | — | FY26 | EST | 75% |
| “Bagging/Receiving of orders/contracts RITES Limited has informed the Exchange about Intimation of major order secured from NTPC Limited” ANN · 29-AUG-25 DOC | ||||||||
| TARILTransformers And Rectifiers (India) Ltd. | UNSTATED | 294 | 294–294 | 0.7% | CAPEX | FY25 | EST | 75% |
| “2001 - 2006 ·First 7.5 MVA Series Reactor supplied to Fluor Daniel, UK, installed in Kazakhstan with a short-circuit withstanding capacity of 105 kA ·First 100…” AR p.21 · 31-MAR-25 DOC | ||||||||
| RITESRITES Ltd. | CONTRACT | 283 | 283–283 | 0.6% | CAPEX | FY26 | EST | 85% |
| “Subject: Intimation regarding Rate Contract secured Dear Sir/Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligation…” ORDER p.1 · 19-SEP-25 · +2 DOC | ||||||||
| TRITURBINETriveni Turbine Ltd. | CONTRACT | 255 | 255–255 | 0.6% | CAPEX | FY25 | EST | 85% |
| “Subject: Disclosure in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Purs…” ORDER p.1 · 29-JAN-25 · +2 DOC | ||||||||
| IEXIndian Energy Exchange Ltd. | UNSTATED | 109 | 109–109 | 0.1% | — | 2026-07 | EST | 60% |
| “See, companies like NTPC, Power Grid, NHPC which are government companies, they also have gone to the Appellate Tribune and Supreme Court against the CERC orde…” CONCALL p.33 · 31-JUL-26 DOC | ||||||||
| JSWENERGYJSW Energy Ltd. | CONTRACT | CT 2,400 | — | — | CAPEX | FY25 | EST | 85% |
| “Sub: Letter of Award from NTPC Limited for 400 MW Solar Power Project Dear Madam / Sir, This is to inform you that JSW Neo Energy Limited, a wholly-owned subsi…” ORDER p.1 · 06-DEC-24 · +2 DOC | ||||||||
| TORNTPOWERTorrent Power Ltd. | CONTRACT | CT 440 | — | — | — | FY24 | EST | 85% |
| “Ref: Disclosure pursuant to Regulation 30 read with Schedule Ill to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 With reference to …” ORDER p.1 · 01-MAR-24 DOC | ||||||||
| ACMESOLARACME Solar Holdings Ltd. | CONTRACT | — | — | — | CAPEX | FY27 | EST | 80% |
| “Subject: Execution of Power Purchase Agreement Dear Sir/Madam, Pursuant to the provisions of Regulation 30 read with Para B of Part A of Schedule III and other…” ORDER p.1 · 29-OCT-26 · +1 DOC | ||||||||
| TATASTEELTata Steel Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 75% |
| “Considering the fact that the present PPAs do not have adequate provision for pass through of the present high cost of imported coal, the rates at which the po…” AR DOC | ||||||||
| TATAPOWERTata Power Co. Ltd. | CONTRACT | — | — | — | — | FY26 | EST | 75% |
| “Awarding of order(s)/contract(s) We wish to inform you that Tata Power Renewable Energy Limited( TPREL ), a subsidiary of the Company signs Power Purchase Agre…” ANN · 14-APR-25 DOC | ||||||||
| SAILSteel Authority of India Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “ANNUAL REPORT 2024-2529 With the objective of enhancing the share of captive power and ensuring supply of reliable power at optimum cost, both the 20 MW Units …” AR · +1 DOC | ||||||||
| HINDPETROHindustan Petroleum Corporation Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Our strategy is backed by a robust and diversified sourcing plan, which now includes long-term contracts with domestic producers, the initiation of Spot LNG so…” AR · +1 DOC | ||||||||
| NLCINDIANLC India Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “• 450 MW Wind–Solar Hybrid Project awarded by NTPC Limited.” AR · +2 DOC | ||||||||
| NLCINDIANLC India Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “• NTPC – Agreement signed in December 2024 extending the existing MoU for supply of coal from Talabira II & III OCP to NTPC power plants for a further period o…” AR · +1 DOC | ||||||||
| ACMESOLARACME Solar Holdings Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Nil c. A brief on types of customers ACME Solar primarily supplies renewable power to central and state government-owned entities under long-term Power Purchas…” AR · +2 DOC | ||||||||
| ITIITI Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “(iii) Solar Power Plant Projects: • ITI successfully completed the supply and installation of a 265KW Solar Power Plant for NTPC, valued at Rs. 0.63 Cr.” AR DOC | ||||||||
| RPOWERReliance Power Ltd. | CONTRACT | CT 22 | — | — | — | FY26 | EST | 75% |
| “(iv) In RSTEPL, revenue from sale of energy is recognised on an accrual basis and in accordance with the provisions of PPA with NTPC Vidyut Vyapar Nigam Limite…” AR p.213 · 31-MAR-26 · +2 DOC | ||||||||
| BHARATCOALBharat Coking Coal Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Name of Power Company ACQ in 2024-25 (LT) Supply of Coal and Coal Products (LT) % Materialisation DVC NTPC UPRVUNL HPGCL PSPCL DPL MPL CESC MGTPP Nigri TPP TOT…” AR p.93 · 31-MAR-26 DOC | ||||||||
| ADANIGREENAdani Green Energy Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The Company's customers are mainly central government entities (such as NTPC, , SECI, NHPC and PTC), which account for nearly 59% of the PPAs.” AR · +1 DOC | ||||||||
| BPCLBharat Petroleum Corporation Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Noteworthy achievements included securing long-term and strategic contracts with marquee customers such as Coal India Limited, Andhra Pradesh State Road Transp…” AR DOC | ||||||||
| ASHOKLEYAshok Leyland Ltd. | UNSTATED | — | — | — | COGS | FY24 | EST | 70% |
| “In FY 2024-25 your Company received an order of more than 180 electric trucks (19T ICV and 55T TT), delivered Fuel Cell buses to NTPC and showcased eV terminal…” AR DOC | ||||||||
| JSWENERGYJSW Energy Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The portfolio is predominantly tied to high-quality offtakers, such as SECI, SJVN, and NTPC, ensuring long-term stability and revenue visibility.” AR · +2 DOC | ||||||||
| WELCORPWelspun Corp Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Approvals from leading organizations including NTPC, BHEL, NPCIL, ISRO, and EIL Established brand recall in international markets through strategic exports Bec…” AR DOC | ||||||||
| SAILSteel Authority of India Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “48.6 The Joint Ventures of the group have capitalized the assets in their books for the year ended 31st March, 2025 as under: (₹ in crore) S. No. Name of Joint…” AR DOC | ||||||||
| SJVNSJVN Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “A Letter of Award (LoA) has also been received from NTPC Vidyut Vyapar Nigam Limited (NVVN) for the procurement of up to 200 MW of power through SJVN Power Tra…” AR DOC | ||||||||
| CMPDICentral Mine Planning & Design Institute Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “The major outside clients of CMPDIL in FY 2025-26 include NTPC Mining Limited (NML), WBPDCL (West Bengal Power Development Corporation Limited), THDC India Lim…” AR DOC | ||||||||
| RELIANCEReliance Industries Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(c) NTPC filed suit in 2006 for specific performance of contract for supply of natural gas of 132 trillion BTU annually for a period of 17 years.” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Non-current liabilities - Other financial liabilities ` Crore Particulars As at 31 March 2025 As at 31 March 2024 Payable for capital expenditure - micro and s…” AR · +1 DOC | ||||||||
| Commissioning | UNSTATED | — | — | — | R&D | FY25 | EST | 70% |
| “This includes: 3 Pre-feasibility & Feasibility Studies 3 Pre-Award Services & Bid Process Management 3 Post-Award Engineering Services 3 Project Management & S…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Other non-current assets (Note-12) The changes in other non-current assets during the year are as follows: ` Crore Other non-current assets As at March 31 % Ch…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “Less: Transferred to expenditure during construction period (net) - Note 49 4,553.61 3,745.49 Transferred to expenditure during development of coal mines (net)…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “As global and national regulations such as SEBI's Business Responsibility and Sustainability Reporting (BRSR) Core evolve, there is growing emphasis on the nee…” AR DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “INTEGRATED ANNUAL REPORT 2024-25649 59.1.11 In case of a vendor company,there is a claim from the Deputy Commissioner of Commercial Tax (CT) amounting to ` 4,8…” AR DOC | ||||||||
| BPCLBharat Petroleum Corporation Ltd. | UNSTATED | — | — | — | — | 2025-01 | EST | 65% |
| “BPCL has taken major strides in the renewable energy by emerging as the lowest bidder in NTPC tender for 1,200- megawatt solar PV project to develop, generate …” CONCALL DOC | ||||||||
| LLOYDSMELloyds Metals And Energy Ltd. | CONTRACT | CT 0 | — | — | COGS | 2025-11 | EST | 65% |
| “And in -- on the coal side, there is a -- we have got a contract from NTPC, it's 3 million tons.” CONCALL p.11 · 30-NOV-25 · +1 DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 65% |
| “Mahanagar Gas Limited (MGL), one of the customers of GAIL, filed a complaint with PNGRB on February 12, 2015 regarding applicability of tariff on supply of gas…” AR DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 65% |
| “Rashtriya Chemicals and Fertilisers Ltd (RCF), another customer of GAIL, was paying revised tariff since February 2016 and the tariff from November 20, 2008 ti…” AR DOC | ||||||||
| MRPLMangalore Refinery & Petrochemicals Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 65% |
| “15.8 Secured Trade Receivables above includes ` 775.92 million (as at March 31, 2024 of ` 5,791.12 million) backed by bank guarantees and letter of credit rece…” AR DOC | ||||||||
| ONGCOil & Natural Gas Corporation Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 65% |
| “A. Purchase of Products from: Falcon Oil & Gas BV, Netherlands (through ONGC Nile Ganga B.V.) Purchase of Crude Oil 37,784.68 36,027.49” AR DOC | ||||||||
| TRITURBINETriveni Turbine Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 60% |
| “While strong export performance supported overall revenue growth during the quarter, it was impacted by a segment mix of lower Aftermarket, particularly spares…” CONCALL DOC | ||||||||
| ENGINERSINEngineers India Ltd. | UNSTATED | — | — | — | COGS | 2025-11 | EST | 60% |
| “Recently, we have been awarded one assignment for coal gasification from the coal to SNG by NTPC.” CONCALL DOC | ||||||||
| TATACHEMTata Chemicals Ltd. | UNSTATED | — | — | — | COGS | 2026-05 | EST | 60% |
| “And with the increased production from power from coal-fired plants, this demand is going to continue to grow and it's the biggest buyer is of course NTPC and …” CONCALL DOC | ||||||||
| IRFCIndian Railway Finance Corporation Ltd. | UNSTATED | — | — | — | — | 2026-05 | EST | 60% |
| “Our clients are NTPC or their subsidiaries.” CONCALL p.15 · 31-MAY-26 DOC | ||||||||
| MRPLMangalore Refinery & Petrochemicals Ltd. | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 60% |
| “31.4 In respect of subsidiary MRPL, Liability for capital goods includes ` 55.96 million (As at March 31, 2024 ` 125.53 million) relating to amounts withheld f…” AR DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 2/2 | 100% | 07-NOV-26 |
| ANNUAL | 8/8 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| ORDERS | 2/2 | 100% | 07-NOV-26 |
| RATINGS | 0/1 | 0% | — |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUST MOM 1M | +5.9% | 14-NOV-26 | from 15-OCT-26 · Steel Authority of India Ltd. +3.5% w 0 · Hindustan Copper Ltd. -2.9% w 0 · Triveni Turbine Ltd. +0.2% w 0 · Oil India Ltd. -0.9% w 0 · Reliance Industries Ltd. +10.3% w 0 · Vedanta Ltd. +5.6% w 0 |
| DISTRESS SCORE | 0.497 | 13-OCT-26 | roe 0.14 · operatingMargin 0.3 · debtToEquity 1.33 · interestCoverage 2.79 · assetTurnover 0.34 · leverage 2.75 |
| SUPP MOM 1M | +5.1% | 14-NOV-26 | from 15-OCT-26 · Inox Wind Ltd. -6.0% w 0 · IRCON International Ltd. +4.6% w 0 · Tata Steel Ltd. +5.8% w 0 · Adani Green Energy Ltd. +7.3% w 0 · Bharat Heavy Electricals Ltd. +0.5% w 0 · Tata Power Co. Ltd. -0.5% w 0 |