Indian earnings calls, late October 2026: NTPC lowers its capacity addition outlook

NTPC said transmission delays are holding back its renewable additions

An NTPC executive said NTPC had added about 1.3 GW of renewable capacity by end-October in fiscal year 2027. The executive said another 3.5 GW was expected. The executive said 1.5 GW could be delayed by transmission and carried into the next year. The chief executive said full-capacity transmission connectivity at Khavda moved from October 2026 to November 2027. The chief executive said NTPC expects to add around 8 GW in each of fiscal years 2027, 2028 and 2029. An executive said average monthly peak power demand grew about 14.5% in the first half of fiscal year 2027.

Reliance described one of the most volatile quarters in recent history

A Reliance Industries executive said tanker shortages, vessels stuck in Hormuz and higher insurance charges drove regional freight costs to unheard-of levels in the second quarter of fiscal year 2027. The executive said freight for naphtha shipped to Japan averaged $122 per ton in the quarter, three times the year-earlier average. The executive said naphtha costs rose 43% year on year. The executive said the ethane-to-naphtha cracking differential widened to $557, 2.3 times the year-earlier level.

Sun Pharma and Cipla kept their earlier timelines and guidance

• Sun Pharma's chief financial officer said consolidated sales in the second quarter of fiscal year 2027 were INR 161,000 million, up 11.8% versus the second quarter of fiscal year 2026.
• A Sun Pharma executive said the Organon transaction is expected to close in the fourth quarter of fiscal year 2027, in line with earlier timelines.
• A Cipla executive said Cipla maintained its fiscal year 2027 margin guidance for earnings before interest, taxes, depreciation and amortization (EBITDA) of 18.5% to 20% of revenue.
• Cipla's chief financial officer said Cipla maintains guidance to exit fiscal year 2027 with a North America annualized revenue run rate of $1 billion.