Financial results for quarter and year ended 31 March 2026
NTPCGREEN · price
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NTPC Green Energy reported FY2026 consolidated revenue of ₹2,858 Crore, up ~29% from ₹2,210 Crore in FY2025. Q4 revenue was ₹913 Crore, up ~47% YoY. However, PAT growth lagged: FY26 PAT was ₹521 Crore (up ~10%) while Q4 PAT declined ~15% YoY to ₹197 Crore. Operating margins compressed significantly — Q4 operating margin fell to 55.3% from 77.75% a year ago, and full-year margin dropped to 54.91% from 63.92%. The debt-equity ratio rose sharply to 1.54 (from 0.97), reflecting heavy borrowings to fund renewable energy expansion. The company also got board approval to raise up to ₹5,000 Crore in borrowings during FY27 and to form a joint venture with CtrlS Datacenters for RE projects. Auditors issued an unmodified opinion but included an Emphasis of Matter regarding trade payable balances pending reconciliation.
Strong topline growth driven by renewable energy scale-up is being offset by margin compression from high finance costs and capital expenditure. The sharp rise in leverage (DE ratio at 1.54) warrants monitoring. The ₹5,000 Crore borrowing plan may add further pressure on the balance sheet.