NTPC is targeting an operating generation capacity of 244 GW by 2037 and plans to invest around ₹16.86 trillion across the energy value chain, including battery storage, pumped storage, renewables, nuclear and thermal power.
The state-owned power utility is significantly raising its long-term growth ambitions as India’s electricity demand continues to increase alongside economic expansion and rising living standards.
Speaking at NTPC’s 50th Annual General Meeting, Chairman and Managing Director Gurdeep Singh said the company expects to reach 149 GW of generation capacity by 2032, including around 60 GW of renewable energy. NTPC currently has an installed capacity of approximately 91 GW.
The company’s longer-term target is to reach 244 GW of capacity by 2037, excluding storage. The expansion is expected to cover multiple segments of the energy sector, reflecting NTPC’s broader strategy to strengthen its position across the evolving power ecosystem.
According to Singh, NTPC expects cumulative capital expenditure of approximately ₹16.86 trillion through FY37. Investments will span thermal and hydro power, renewable energy, pumped storage, battery energy storage, mining and nuclear power.
For the battery and energy storage sector, NTPC’s planned investments in battery storage and pumped hydro storage highlight the growing importance of flexibility and grid balancing as renewable energy capacity expands.
The company is also looking to expand beyond conventional power generation and develop capabilities across the wider energy value chain. Nuclear power is expected to be a key component of this strategy, with NTPC seeking a significant role in India’s long-term nuclear expansion.
Singh said NTPC is targeting a 30% share of the government’s proposed 100 GW nuclear capacity by 2047 under the Nuclear Energy Mission. The company is currently developing a 2.8 GW nuclear project in Rajasthan in partnership with NPCIL and is evaluating additional opportunities.
NTPC is also progressing with a 5.75 lakh tonnes-per-annum coal gasification-based synthetic natural gas project, which the company expects could help reduce India’s dependence on imported natural gas.
The expansion comes alongside strong financial performance. NTPC Group reported its highest-ever consolidated profit after tax of ₹27,546 crore in FY26, representing a 15% increase from the previous year. Group EBITDA rose to ₹60,564 crore, while consolidated net worth reached approximately ₹2.03 trillion.
With renewable energy, battery storage and pumped storage becoming increasingly important to India’s power system, NTPC’s investment roadmap signals a major expansion in the country’s energy infrastructure over the next decade.
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