CRISIL

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NTPC Parmanu Urja Nigam Limited has been set up as a wholly-owned subsidiary of state-owned National Thermal Power Corporation Ltd. Meanwhile, NTPC and Nuclear Power Corporation of India Ltd have signed an agreement to enable the transfer of the Mahi Banswara Rajasthan four-unit nuclear project from NPCIL to the Ashvini joint venture. NTPC Parmanu Urja Nigam Limited (NPUNL) was incorporated on 7 January as a wholly-owned subsidiary of NTPC Limited. According to a filing by the company, the objective of NPUNL is "to carry on the business of planning and executing an integrated programme for harnessing and developing nuclear energy for generating electricity or other purposes on a commercial basis" as well as building, owning, operating and managing nuclear plants, promoting research and development, and selecting suitable sites for nuclear power stations and ancillary facilities.

India's NTPC sets up nuclear subsidiary

State-owned NTPC said it is setting up a 50 MW solar project in Sri Lanka in a joint venture (JV) with Ceylon Electricity Board. The project by the 50:50 JV named Trincomalee Power Company Limited (TPCL) is being set up at Sampoor in Trincomalee in the neighbouring island nation. The tariff for the 50 MW, extendable to 120 MW, has also been finalized after rounds of deliberations with various stakeholders in Sri Lanka, NTPC said. It has been set at 5.97 US cents per unit. This solar project will help diversify Sri Lanka's energy mix with a significant boost to the country's clean energy capacity and reduce dependence on fossil fuels. NTPC, under the Ministry of Power is India's largest power generation company.

NTPC JV Builds 50 MW Solar Project in Sri Lanka

The state-run NTPC Ltd. The Board of Directors has approved a partial modification regarding the transfer of its coal mining business to its wholly owned subsidiary, NTPC Mining Limited (NML). The total revenue for FY 2024–25 from the coal mining business proposed to be transferred is Rs 7,735.54 crore, which is 4.05% of the total consolidated revenue of NTPC Limited, which is Rs 1,90,862.45 crore for FY 2024–25. The net worth of the coal mining business as of 31st March 2025 is Rs 3150.98 crore (30% of the purchase consideration), which is 1.72% of the consolidated net worth of NTPC Limited of Rs 182,881.09 crore as of 31st March 2025.

NTPC Board partially modifies transfer of Coal Mining Business to NTPC Mining Ltd

NTPC’s discom risk is mitigated by reduced overdues in FY25, low-cost supply, diversified off-takers, and LC-backed Tripartite Agreements.


NTPC has 33.7 GW under construction and aims for 60 GW RE by FY32, including a planned nuclear foray. Execution risks are mitigated by its strong track record and pre-approval of key clearances and PPAs.


The issuer has made timely interest payments

Shri Gurdeep Singh, Chairman and MD

NTPC, with 51.1% GoI ownership (as of May 31, 2025), benefits from strategic importance, Maharatna status, and greater autonomy. GoI support enhances financial flexibility, including access to overseas debt with guarantees.



Improved efficiency and returns from new capacities boosted NTPC’s EBITDA in FY25. Gearing reduced to 1.31x (from 1.44x), with stable debt/PBILDT at 4.62x and comfortable interest coverage of 4.11x. DSCR is expected to stay above 1.4x over the next three years.

NTPC’s coal PLF stood at 77.44% in FY25 (vs. 69.95% all-India), with an average tariff of ₹4.7/unit. PAF at 89.95% ensured full capacity charge recovery, while renewables added to generation diversity.


NTPC’s cost-plus PPAs ensure stable returns, covering costs if availability targets are met. New CERC rules (2024-29) benefit NTPC with steady RoE, higher off-peak incentives, and relaxed norms for old plants.


Rating agency	Rating	Needle position
CRISIL	AAA Stable	near High Safety
ICRA	AAA Stable	near High Safety

Security Name: 7.26% NTPC Limited 20 Mar 2040

ISIN: INE733E08262

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