The Government of India’s National Monetisation Pipeline 2.0 (NMP 2.0) has set a target of INR 16.72 lakh crore for the 2026–2030 period. In this strategy, the power sector is expected to contribute nearly INR 2.76 lakh crore. NTPC is expected to lead this monetisation drive with planning of subsidiary IPOs.

Following the landmark listing of NTPC Green Energy (NGEL) in 2024, the focus has now shifted to THDC India, HURL, NEEPCO and NTPC Mingin. Drawing from the latest market developments, here is an in-depth analysis of the upcoming NTPC subsidiary IPOs.

List of Upcoming NTPC Subsidiary IPOs

Below is the detailed breakdown of upcoming NTPC shareholder quota IPOs

HURL IPO: Fertiliser Arm

Hindustan Urvarak & Rasayan (HURL) is a Joint Venture between NTPC, IOCL, and Coal India. HURL is the most immediate candidate in the upcoming IPO pipeline.

• Financials: In FY25, HURL reported a revenue from operations of INR 15,745 crore, with a profit before tax (PBT) of INR 1,837 crore.
• Operational Excellence: The company achieved a production milestone of 3.3 million metric tonnes (MMT) of urea across its three units in Gorakhpur, Barauni, and Sindri.
• HURL IPO Plan: The government plans to offload a 10-11% stake in the current fiscal (FY 2026-27), eyeing a listing value between INR 5,000 – 6,000 crore.
• With global energy supply chains under pressure, HURL’s domestic fertiliser security role makes it a unique “defensive” play. Analysts are benchmarking its valuation against peers like RCF and FACT, which command P/E multiples of 18x to 25x.

THDC India IPO: Diversified Energy Arm

THDCIL has evolved from a pure hydro-player into a multi-modal energy entity. Profit-making since its inception, it stands as a “Mini Ratna Category-I” heavyweight.

• Growth Trajectory: THDCIL reported a 41% surge in standalone profit to INR 1,030 crore in FY25.
• Capacity Mix: It manages a diverse 3,907 MW portfolio (2,424 MW Hydro, 1,320 MW Thermal, 113 MW Wind, and 50 MW Solar).
• Strategic Asset: The commissioning of the Tehri Pumped Storage Plant (PSP) and the Khurja Super Thermal Power Plant has significantly de-risked its revenue streams.
• THDC India IPO Roadmap: There is a strong likelihood that THDC India IPO will launch by the end of FY 2026-27. The government aims to raise fresh capital to accelerate the company’s upcoming expansion and clean energy projects. NTPC is soon set to initiate the process of appointing merchant bankers.
• Capital Base: With a paid-up capital of INR 4,358.53 crore, THDCIL is poised to be one of the largest PSU listings in the power sector by March 2027.

3. NEEPCO IPO: The Sentinel of the Northeast

The North Eastern Electric Power Corporation (NEEPCO) is a critical asset in the NTPC portfolio, serving as the primary power generator for India’s Northeast region.

• Financial Depth: As a Schedule ‘A’ Mini Ratna Category-I PSU, NEEPCO has maintained consistent profitability. The recent commissioning of the 600 MW Kameng Hydro Power Plant (developed at a cost of INR 8,450 crore) has significantly boosted its internal accruals and top-line growth.
• Capacity Breakdown: NEEPCO’s total installed capacity stands at 2,057 MW as of early 2026. This includes:
  • Hydro: 1,525 MW across 8 hydropower stations (including the massive 600 MW Kameng and 405 MW Ranganadi).
  • Thermal & Solar: The remaining capacity comes from 3 gas-based thermal plants and 1 solar station.
• Growth Pipeline: The corporation has signed MoAs for 2,620 MW of new hydro projects in Arunachal Pradesh, including the 700 MW Tato II and 240 MW Heo projects.
• NEEPCO IPO Plan: Some reports are confirming that NTPC is planning to list NEEPCO by the end of FY27. The process of engaging merchant bankers is expected to begin shortly.

4. NTPC Mining IPO

Beyond the immediate IPOs, the internal restructuring of NTPC’s coal business into NTPC Mining Limited (NML) is a masterstroke in value unlocking.

• The Restructuring: In 2025, NTPC transferred its coal mining assets to NML for a purchase consideration of INR 10,503.27 crore.
• Production Prowess: NML achieved a record production of 42.02 MMT in FY25, a 22% YoY growth. With a potential capacity of 74 MTPA, NML is now one of India’s largest captive coal producers.
• ESG Play: Carving out NML allows the parent company (NTPC) to improve its ESG scores while creating a specialised entity that is eventually “IPO-ready.”

The “Sum-of-the-Parts” Story

The government’s mandate is clear: PSUs must monetise profitable subsidiaries to fund India’s transition to net-zero. For investors, this is a classic Sum-of-the-Parts (SOTP) re-rating opportunity.

When THDCIL, NEEPCO, and HURL list on the exchanges, the cumulative market cap of these entities is expected to highlight the significant “hidden value” currently sitting on NTPC’s consolidated balance sheet.

Investor Takeaway: The HURL IPO is expected to lead the wave in late 2026, followed closely by the hydro-power giants. For market participants, these listings offer a chance to participate in specialized sectors—Fertilizers, Hydro-Storage, and Mining—that were previously accessible only through the parent conglomerate.

Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.