Analysts/Institutional Investor Meet/Con. Call Updates

Ref. No.:01/ FA/ISD/Compliance/2026-27 Dated: 06.11.2026 Listing Department Corporate Relationship Department, National Stock Exchange of India Limited BSE Limited, Rotunda Building, ‘Exchange Plaza’, C-1, Block G, P J Towers, Dalal Street, Fort, Mumbai - 400 001. Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. Scrip Code – 532555 Scrip Code - NTPC ISIN: INE733E01010 Sub: Transcript of Conference Call with Analysts & Investors held on 31st October 2026 In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that a conference call was held on 31 October 2026, wherein the Management of NTPC Ltd. discussed the Company's results for the quarter and half year ended 30 September 2026 with analysts and investors. Transcript of the above-mentioned conference call is attached herewith and can also be accessed at: https://www.ntpc.co.in/investors/confrence-call-analyst-meet-investors/conference-call-analysts-investors Yours faithfully, (Ajay Garg) AGM (Finance) Investor Relations Department “NTPC Limited Q2 FY27 Earnings Conference Call” October 31, 2026 MANAGEMENT: Mr. Jaikumar Srinivasan, Director (Finance) Mr. Shivam Srivastava, Director (Fuel) Mr. K Shanmugha Sundaram, Director (Projects) Mr. Ravindra Kumar, Director (Operations) Mr. Anil Kumar Jadli, Director (HR) Page 1 of 17 NTPC Limited October 31, 2026 Moderator: Ladies and gentlemen, good day and welcome to the NTPC Limited Q2 FY27 Conference Call hosted by Nuvama Wealth Management Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Subhadip Mitra from Nuvama Wealth Management Limited. Thank you, and over to you. Subhadip Mitra: Thank you. Good afternoon, friends. On behalf of Nuvama Wealth Management, welcoming you all to the Q2 FY27 Earnings Call of NTPC Limited. We have with us today the senior management of NTPC, led by Director Finance, Mr. Jaikumar Srinivasan. I would now like to hand over the call to Mr. Srinivasan. Over to you, sir. Management: Good evening, ladies and gentlemen. I am Jaikumar Srinivasan, Director Finance of NTPC Limited and NTPC Green Energy Limited. It gives me pleasure to welcome you all to our earnings conference call for the second quarter and half year ended 30th September, 2026. Joining me today are my colleagues on the board. Shri Shivam Srivastava, Director (Fuel), Shri K. Shanmugha Sundaram, Director (Projects), Shri Ravindra Kumar, Director (Operations), Shri Anil Kumar Jadli, Director (Human Resource), along with other members of our senior leadership team. We have announced our financial results for Q2 FY27 and half year ended 30 September 26 and I have shared the operational financial snapshot with the stock exchange, they are available for your reference. I will take you through the key developments covering the Indian power sector outlook and NTPC and NGEL's operational and financial performance before opening the floor for questions. The power demand has seen a substantial growth during FY27. The country recorded year-on- year growth of about 11% in power generation and about 15% in power demand during the first half of the current fiscal year. October month's figure reflects further increased pace with a growth of 21% compared to the corresponding month of the last year. Compared with the corresponding month of 2025-26, peak demand increased by 8.9% to 22.5%, while non-peak demand increased by 6.1% to 15.4%. Based on average monthly data for H1, peak demand grew by about 14.5% and non-peak demand by about 9.5%. The maximum demand met during the period was 271 gigawatts for peak demand and 253 gigawatts for non-peak demand. The highest increase occurred in July month when peak demand increased by about 50 gigawatt and non-peak demand by about 34 gigawatt. The major contributors for this demand are digital services, urban transport, industries, changing weather pattern and data centers. Page 2 of 17 NTPC Limited October 31, 2026 Rising demand during both peak and non-peak hours creates growth opportunities. And reinforces the need for reliable baseload power supply. NTPC's generation portfolio and NGEL's renewable business complement each other in meeting this trend of demand. Accordingly, we are combining the strength of both organizations and developing new business models to meet the country's growing power needs and create long-term value for our shareholders through disciplined investment into value-accretive projects. At the same time, the grid is becoming more complex. Rapid renewable penetration is increasing backing-down requirements during solar hours and creating steep evening ramps. To address this, we are already implementing 5 gigawatt hour of battery energy storage system at our thermal power stations alongside pursuing other long-duration storage opportunities. NTPC Group delivered a strong operational performance during the second quarter. The growth in generation, captive coal dispatch and power trading volumes indicate robust growth in every business. However, due to transmission constraint, NGEL is facing curtailment of power from RE projects, which is a phenomenon faced by other RE projects in the country too. To address this issue, NGEL has plans to implement 40 gigawatt-hours of battery for which proposals are under process. In addition to the above, NGEL has entered into contracts for 3 gigawatt-hours of storage in service mode, and additional 12 gigawatt-hours are under tendering in service mode. To address transmission constraints and renewable energy curtailment, the Government of India approved the Green Energy Corridor Phase 3 schemes on 30th September 2026. The scheme will strengthen intrastate transmission systems to evacuate up to 135 gigawatts of renewable power and provide 50 gigawatt-hour of battery energy storage. It has a total project outlay of INR1,86,405 crores with central financial support of INR54,082 crores and is targeted for completion by FY32-33. Coal generation continued to provide reliable power and help balance the grid, particularly as hydro output was lower during the quarter. According to the CEA report, the plant load factor of coal plants across the country rose to 70.37% in H1 FY27 compared to 66.02% in H1 last year. Higher PLF has increased coal consumption, which continued to exceed supply. Accordingly, several coal stations in the country have critical coal stock levels. Presently, we have 5.2 MMT of coal stock at our stations, sufficient for 7 days of coal requirement. Despite supply constraint from CIL and Singareni Collieries Company Limited. dispatches from our captive mines grew by nearly 21% in H1 FY27. This was made possible by better monsoon preparedness at our coal mines and effective planning of our coal loading infrastructure. We have also issued tenders to procure 13 MMT of coal for H2 FY27 from alternative sources including commercial mines, Orissa Power Generation Company, NLC and West Bengal. Page 3 of 17 NTPC Limited October 31, 2026 We are also in the process of awarding 4 million metric tons of additional coal to be procured through domestic sources. We are closely monitoring coal stocks and coordinating with all stakeholders including Ministry of Coal, Ministry of Power and Ministry of Railways while working to increase the production from our captive mines. With commencement of land acquisition process at one of our projects, our nuclear program has picked up speed. We have also strengthened our nuclear team, bringing the team strength to over 100 members. The Government of India has published draft rules under the SHANTI Act for setting up nuclear power plants in the country. These rules are currently under consultation [Showing first 8,000 characters — download PDF for full document]