23 January 2020 NTPCs commercialization target of ~5GW appears on track. PAF at NTPCs plants was impacted by coal production issues at Coal Indias mines (Talcher and Korba coal fields). We note that in FY19, u/r were largely pertaining to Unchahar (which has now stabilized post the boiler blast) and the lack of coal availability at its non-pit head plants (such as Kudgi and Mauda). This time around Talcher, Korba and Sipat pit head plants have largely seen issues on fuel availability. Thus, as production at corresponding Coal Indias mines recover, availability at these plants can be ramped up. Over Nov-Dec19, NTPCs plants within Korba coalfields (Sipat and Korba Stg. III) have reported PAF of 90-100%. ~5GW of capitalization for FY20 appears to be on track given the recent commissioning/commercialization. We believe fuel supply/availability at these plants can be ramped up (if operational issues at mines do not persist).