NPCIL—the only company that runs any nuclear power plant in India—operates 24 plants with a total capacity of 8,780 MW (excluding the 100 MW RAP-1 which is under long-term maintenance)

Nuclear Power Corporation’s IPO expected this year

The Initial Public Offering of the public sector Nuclear Power Corporation of India Ltd (NPCIL), which has been in the offing for over 15 years, is expected to happen this year.

The Department of Atomic Energy told a Parliamentary committee recently that Budget 2026-27 slashed equity support to NPCIL to ₹100 crore from ₹3,042 crore last year, because the company intends to come out with an IPO.

The Budget cut capital allocation to the Department from ₹11,977 crore to ₹9,966 crore. The Department told a Parliamentary Standing Committee that went into the demands for grants for atomic energy that the “apparent decrease” was mainly because of the reduction in equity support to NPCIL.

NPCIL—the only company that runs any nuclear power plant in India—operates 24 plants with a total capacity of 8,780 MW (excluding the 100 MW RAP-1 which is under long-term maintenance).

Audit called for

NPCIL’s electricity generation increased to 56,881 million units in 2024-25 from 47,971 mu in the previous year, whose effect is reflected in terms of higher revenue. Yet, its profit before tax decreased by a third.

Notably, while revenue from operations in 2024-25 was ₹19,880 crore, the ‘cost of production’ was ₹10,904 crore—an operating surplus of ₹8,976 crore. Yet the pre-tax profit was only ₹4,343 crore—the rest of the surplus was absorbed by financing costs, depreciation and other non-operating expenses.

The Committee has found that the divergence between revenue growth and profit contraction to be “a matter of serious concern” and has asked the government to get an independent performance audit of NPCIL’s cost structure done.

Published on April 5, 2026