New Delhi, [India] August 27 : State-run power major NTPC has outlined an ambitious growth roadmap, targeting 149 GW of installed power generation capacity by 2032 and 244 GW by 2037, backed by a planned cumulative capital expenditure of around Rs 16.86 lakh crore across thermal, renewable, hydro, storage, mining and nuclear energy projects, Chairman and Managing Director Gurdeep Singh said on Thursday.
Addressing shareholders at the company's 50th Annual General Meeting, Singh said NTPC is transforming itself from a conventional power producer into a diversified and integrated energy company with a strong presence across the entire energy value chain, including renewables, storage, nuclear power, mining, power trading and emerging energy technologies.
Highlighting the company's growth prospects, Singh said NTPC now aims to build 60 GW of renewable energy capacity by 2032 as part of its broader target of 149 GW generation capacity.
"The next phase will be even more ambitious: 149 GW by 2032 and 244 GW by 2037, with 60 GW of renewable capacity by 2032." Singh said
He added that the company aspires to reach 244 GW capacity by 2037, reflecting confidence in India's long-term electricity demand growth and NTPC's role in meeting future energy requirements.
The Chairman noted that India's electricity demand continues to expand rapidly, driven by industrial activity, infrastructure development, urbanisation, electric mobility and the growth of digital services and data centres. Peak power demand has already crossed 270 GW and is projected to reach around 459 GW by FY36, creating significant opportunities for power producers.
Singh said NTPC Group added a record 9.6 GW of capacity during FY26, the highest annual addition in the company's history, with nearly 60 per cent coming from non-fossil fuel sources. The group's installed capacity has reached around 89 GW, while it maintains a project pipeline of nearly 35.7 GW, providing visibility for sustained growth in the coming years.
The company is also positioning itself strongly in emerging growth areas. NTPC Green Energy Limited more than doubled its renewable generation to 14.6 billion units in FY26, while the company is building significant capabilities in battery energy storage systems, pumped storage projects and long-duration storage technologies.
Nuclear energy has been identified as a major future growth driver. Singh said NTPC aims to contribute around 30 GW of nuclear power capacity towards India's target of 100 GW nuclear capacity by 2047. The company is currently progressing with the 2.8 GW Mahi Banswara nuclear project in Rajasthan while evaluating additional opportunities across multiple states.
On the financial front, NTPC Group reported its highest-ever consolidated profit after tax of Rs 27,546 crore in FY26, up 15 per cent from the previous year, while standalone profit rose 18 per cent to Rs 23,162 crore. The company's balance sheet remained strong, with an improved debt-equity ratio of 1.32 despite higher capital expenditure.
Looking ahead, Singh said the next decade will be one of the most significant growth phases in NTPC's history, driven by rising electricity demand and the evolving energy mix. He said the company's priorities will include delivering projects under construction, accelerating renewable and storage capacity additions, strengthening fuel security, expanding its nuclear power footprint and developing new energy businesses.
"NTPC will continue to be a dependable partner in India's growth while transforming itself into a diversified and integrated energy company," Singh said, adding that the company remains committed to balancing energy security with clean energy transition while creating long-term value for stakeholders.