NTPC Limited ↗

Stable Reaffirmed Commercial paper 10,000.00 CARE A1+ Reaffirmed Commercial paper (Carved out)* 10,000.00 CARE A1+ Assigned Details of instruments/facilities in Annexure-1. * Carved out of sanctioned working capital limits of the company.

On a consolidated basis, NTPC had free cash and cash equivalents of ₹4,964 crore as on September 30, 2025.

The average working capital utilisation for fund- based limits stood at 55% in FY26.

Stable Capital Limits Non-fund- based - ST- - - - 9000.00 CARE A1+ BG/LC The working capital facilities, comprising of Cash Credit, Non-Fund Based limits (Bank Guarantees and Letters of Credit), Working capital facility and Commercial Papers are fully interchangeable within the overall sanctioned limit of Rs 65,000 crore.

Stable Reaffirmed 10,000.00 Commercial paper CARE A1+ Reaffirmed (Enhanced from 5,500.00) Commercial paper (Carved out)* - - Withdrawn Details of instruments/facilities in Annexure-1. * Carved out of sanctioned working capital limits of the company.

On a consolidated basis, NTPC had free cash and cash equivalents of ₹4,964 crore as on September 30, 2025.

The average working capital utilisation for fund- based limits stood at 55% in FY26.

Stable Reaffirmed 5,500.00 Commercial paper CARE A1+ Reaffirmed (Reduced from 14,000.00) Commercial paper (Carved out)* 2,100.00 CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. * Carved out of sanctioned working capital limits of the company.

On a consolidated basis, NTPC had free cash and cash equivalents of ₹4,964 crore as on September 30, 2025.

Stable Reaffirmed (Reduced from 12,000.00) 14,000.00 Commercial paper CARE A1+ Reaffirmed (Reduced from 20,000.00) Commercial paper (Carved out)* 2,100.00 CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. * Carved out of sanctioned working capital limits of the company Rationale and key rating drivers The reaffirmation in ratings of NTPC Limited (NTPC), which is India’s largest power producer having a cumulative capacity of 83.9 GW as on September 30, 2025, factors in the robust operational performance for its thermal plants as demonstrated by plant availability factor (PAF)

On a standalone basis, NTPC had cumbered and unencumbered cash and cash equivalents of ₹4,241 crore as on August 31, 2025.

NTPC, on a consolidated basis, had cumbered and unencumbered cash and cash equivalents of ₹11,457 crore as on March 31, 2025.

Stable Reaffirmed (Reduced from 8,245.46) 10,000.00 Commercial paper CARE A1+ Reaffirmed (Reduced from 18,000.00) Commercial paper (Carved out)* 2,100.00 CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. # Bond programme (includes current outstanding of ₹5,000.00 crore) * Carved out of sanctioned working capital limits of the company Rationale and key rating drivers Reaffirmation of ratings assigned to the long-term and short-term bank facilities and instruments of NTPC Limited (NTPC) continues to factor in the dominant position of the NTPC group as India’s largest power pro

NTPC, on a consolidated basis, had cash and cash equivalents o f ₹6,847 crore as on March 31, 2024.

Stable Reaffirmed Commercial Paper 18,000.00 CARE A1+ Reaffirmed Commercial Paper (Carved out)* 2,100.00 CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. # Bond P rogramme (includes current outstanding of ₹ 3,000 .00 crore ) * Carved out of sanctioned working capital limits of the company Rationale and key rating drivers The reaffirmation of the ratings assigned to the long -term and short -term bank facilities and instruments of NTPC Limited (NTPC) continues to factor in the dominant position of the NTPC group as India’s largest power producer, NTPC’s majority ownership an

NTPC, on a consolidated basis, had cash and cash equivalents of ₹4,948 crore as on March 31, 2023.

NTPC, on a consolidated basis, had cash and cash equivalents of ₹3,531 crore as on February 28, 2023.

NTPC, on a consolidated basis, had cash and cash equivalents of ₹4,111 crore as on December 31, 2022.

NTPC, on a consolidated basis, had cash and cash equivalents of ₹4,458 crore as on March 31, 2022.

Twenty Thousand One Hundred Crore Only) #includes current outstanding of Rs.3,996.00 crore *carved out of sanctioned working capital limits of the company Details of instruments/facilities in Annexure -1 Detailed Rationale & Key Rating Drivers The reaffirmation of rating assigned to the long term bank facilities/instruments and short term bank facilities/instruments of NTPC continues to factor in the dominant position of the NTPC group as India’s largest power producer, NTPC’s majority ownership by and strategic importance for the Government o f India (GoI), the geographic diversity of its ope

NTPC, on consolidated basis had cash and cash equivalent s of Rs. 4,388 cr as on March 31, 2021.

NTPC had cash and cash equivalents of around Rs. 2,700 cr as on March 31, 2021.

Given the uncertainties with respect to lockdown, NTPC had availed moratorium on payment of instalments of term loans, falling due up to June 30, 2020.

Liquidity – Strong NTPC’s liquidity position is marked by healthy accruals vis a vis its repayment obligation of ~Rs. 6,000 cr and capex commitments.

NTPC had cash and equivalent of Rs. 2,209 cr as on March 31, 2020.

Given the uncertainties wit h respect to lockdown, NTPC had availed moratorium on payment of instalments of term loans, falling due up to June 30, 2020. 2 CARE Ratings Limited Press Release Key Rating Weaknesses Counterparty credit risk The weak financial health of many of the state distribution utilities continues to remain a cause of concern for NTPC.

The acquisition is likely to diversify NTPC’s generation mix through addition of 2,625 MW hydro power generation capacity on consolidated basis. 1 Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications. 1 CARE Ratings Limited Press Release Capacity tied up with cost-plus PPAs NTPC’s electricity charges are determined by CERC for each of the thermal power stations of NTPC.

Further, the company has generated cash accruals of Rs. 14,710 crore during 9MFY20.

Liquidity- Strong NTPC’s liquidity position is marked by strong accruals of Rs. 17,195 crore in FY19 against the moderate repayment obligations coupled with partially undrawn credit facilities for the capex requirements and cash and liquid investments of Rs. 1,500 crore as on December 31, 2019 (Provisional).

Further, the company has generated cash accruals of Rs. 14,710 crore during 9MFY20.

Liquidity- Strong NTPC’s liquidity position is marked by strong accruals of Rs. 17,195 crore in FY19 against the moderate repayment obligations coupled with partially undrawn credit facilities for the capex requirements and cash and liquid investments of Rs. 656.24 crore as on March 31, 2019.

Liquidity- Strong NTPC’s liquidity position is marked by strong accruals of Rs. 17,195 crore in FY19 against the moderate repayment obligations coupled with partially undrawn credit facilities for the capex requirements and cash and liquid investments of Rs. 656.24 crore as on March 31, 2019.

The company had free cash balance of ~Rs. 2,600 crore as on March 31, 2018.

The company had free cash balance of ~Rs. 2,600 crore as on March 31, 2018 .

The company had free cash balance of ~Rs. 2,600 crore as on March 31, 2018.