New Delhi | NTPC Mining Limited (NML), a wholly owned subsidiary of India’s state-run power major NTPC, has unveiled a sweeping transformation strategy that could redefine its role in India’s energy and resource landscape.
At its first-ever Lenders’ Meet held in Ranchi on February 16, NML projected a more than 400% jump in revenue by FY2038, driven by an expansion beyond coal into rare earth elements and other critical minerals.
A Fourfold Revenue Ambition
Addressing senior representatives from leading banks and financial institutions, NML’s leadership outlined an aggressive long-term growth plan. The company expects its annual revenue to rise from an estimated ₹7,700 crore in FY2025 to over ₹30,800 crore by FY2038.
This growth will be anchored by the phased transfer of major captive coal mines from NTPC, including the Dulanga and Talaipalli blocks, which formally came under NML’s control on February 1, 2026. These assets are expected to significantly scale up coal output and cash flows over the next decade.
Strategic Shift Toward Critical Minerals
In a move signaling a decisive break from a coal-only identity, NML announced plans to diversify into rare earth elements (REEs) and other critical minerals such as lithium and cobalt. These materials are vital for semiconductors, electric vehicle batteries, renewable energy systems, and advanced defense technologies.
Company executives said the pivot aligns with India’s broader push to reduce import dependence and strengthen domestic supply chains under the National Critical Mineral Mission. High-margin mineral ventures are expected to contribute a substantial share of NML’s long-term revenue growth.
Strong Backing From Lenders
The Ranchi meet drew participation from India’s largest lenders, including State Bank of India, Punjab National Bank, HDFC Bank, ICICI Bank, and Axis Bank, alongside institutions such as IRFC, REC, and HUDCO.
The presence of credit rating agencies CRISIL and CARE Edge Ratings further reinforced confidence in NML’s financial stability. The company currently holds a AAA/Stable credit rating, a key factor enabling access to long-term capital for its expansion plans.
From Coal Miner to Resource Security Player
With its diversification strategy, NML is positioning itself as a central pillar of India’s long-term resource security agenda—bridging traditional energy needs with future-facing minerals critical to clean energy and technology sectors.
For investors and policymakers alike, NML’s roadmap marks one of the most ambitious transformations underway in India’s public-sector mining space.