NLC India completes 1,980 MW Ghatampur plant, adds 660 MW capacity
Third and final unit declared commercial from June 13, lifting group installed capacity 8.5% to 8,405 MW. NLC's 51% stake in the JV will yield proportionally from long-term PPAs.
— 4 earlier stories on NLC India Ltd. →What's new
- NLC India's JV Neyveli Uttar Pradesh Power has declared commercial operation of the third 660 MW unit at Ghatampur, UP.
- The milestone completes the 3×660 MW plant, now operating at full 1,980 MW capacity.
- Group installed capacity rises from 7,745 MW to 8,405 MW.
Why this matters
For a mid-cap power PSU with a ₹43,859 cr market cap, an 8.5% capacity expansion is material. The plant operates under long-term PPAs, locking in revenue streams. NLC's 51% stake means direct upside without full balance sheet consolidation.
What we're watching
- Utilization levels in first full quarter of operation.
- Any update on NLC's next thermal or renewable capex plans.
- Absorption of the ongoing 3% government OFS.
The full read
The switch is flicked. NLC India's joint venture has declared commercial operation on the final 660 MW unit at its Ghatampur thermal power project, completing the 1,980 MW plant and boosting group capacity by 8.5% to 8,405 MW. Revenue from the new unit flows under long-term PPAs. That locks in cash flows. NLC's 51% stake means it captures a proportionate share without consolidating the entire plant onto its books, a clean structure for a mid-cap PSU. This operational finish directly expands the earnings base alongside recent wins like the critical mineral block. The ongoing 3% government OFS is a separate overhang, but the fundamentals just got a tangible lift.
Questions answered
- What is NLC India's total installed capacity now?
- Group capacity is 8,405 MW, up from 7,745 MW after adding the 660 MW third unit at Ghatampur.
- How does NLC benefit from the Ghatampur plant?
- NLC holds a 51% stake in the joint venture, so it will book its share of revenues and profits from the plant's output, sold under long-term power purchase agreements.
- Is the plant fully operational?
- Yes, the third unit was declared commercial on June 13, 2026, making the full 1,980 MW plant operational.
- Does this affect NLC's financials immediately?
- The commercial operation declaration allows revenue recognition from the third unit. The impact will be visible from the September quarter onwards.
NLC India Ltd.
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All notes on NLCINDIA →- 13 Jun 2026 · 11:59 AM IST NLC India completes 1,980 MW Ghatampur plant, adds 660 MW capacity
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