NTPC Mining Alert: 400% Revenue Jump Projected; Leadership Reveals Rare Earth & Critical Mineral Pivot

New Delhi, February 17, 2026: In a move that has sent ripples through India’s financial and energy sectors, NTPC Mining Limited (NML), the wholly-owned subsidiary of Maharatna giant NTPC, successfully held its inaugural Lenders’ Meet in Ranchi on February 16, 2026.

The strategic meeting, chaired by Shri Shivam Shrivastava (Chairman, NML), along with Shri Naveen Jain (CEO) and Shri Gaurav Rastogi (CFO), unveiled a bold transformation: NML is moving beyond coal to become a cornerstone of India’s resource security.

1. The Vision: 400% Revenue Growth by FY2038

The most striking revelation for stakeholders was NML’s long-term financial trajectory.

• The Target: NML aims to scale its total revenue by over four times by the financial year 2038.

• Revenue Comparison: From a base of approximately ₹7,700 crore in FY25, the company is targeting a future revenue milestone exceeding ₹30,800 crore.

• The Catalyst: This growth is fueled by the phased transfer of coal mines from the parent company, including the major Dulanga and Talaipalli mines, which became effective on February 1, 2026.

2. Strategic Pivot: Entry into "Critical Minerals"

NML is no longer "just a coal company." The leadership announced an aggressive diversification into the materials of the future:

• Rare Earth Elements (REE): NML is exploring mining and processing opportunities for rare earth elements, which are indispensable for semiconductors and high-tech defense gear.

• Critical Minerals: By targeting minerals like lithium and cobalt, NML is aligning with the National Critical Mineral Mission to secure India's EV battery supply chain.

• Non-Core Contributions: A significant portion of the 2038 revenue goal is expected to come from these new, high-margin mineral ventures.

3. Banking Giants Back NML’s Expansion

The meet saw high-level participation from India’s top financial institutions, signaling massive trust in NML’s "AAA/Stable" credit profile.

• Leading Lenders: State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, ICICI Bank, and Axis Bank.

• Institutional Support: Participation from IRFC, REC, and HUDCO underscores the project’s strategic national importance.

• Credit Validation: Top agencies CRISIL and CARE Edge Ratings were present to witness the strengthening of NML’s financial position.

Executive Summary: Key Growth Indicators