NTPC GREEN ENERGY LIMITED

Generates electricity from renewable sources — solar and wind — through a portfolio of utility-scale projects across India, channelled through wholly-owned subsidiary NTPC Renewable Energy Limited and joint ventures such as the 50:50 ONGC NTPC Green vehicle that owns Ayana Renewable Power. In FY26, the consolidated entity posted revenue of ₹2,858.42 crore and net profit of ₹521.35 crore on total assets of ₹60,381.79 crore. In Q1 FY27, consolidated revenue rose 62.7% year-on-year to ₹1,106.86 crore with net profit up 38.3% to ₹304.84 crore as newly commissioned capacity began earning. The business sells power to utilities and discoms, including a 1,200 MW solar PPA signed with PTC India Limited, and is extending into direct supply to commercial and industrial customers through a newly incorporated SPV with planned stake dilution. The model is asset-heavy and capital-intensive: capex ran at 534% of FY26 revenue and depreciation at 38.6%, while employee cost was 2.7% and materials 0% (no fuel cost since generation is renewable). The debt-equity ratio climbed to 1.54 from 0.97 a year earlier. The company issued ₹2,500 crore of 10-year unsecured non-convertible debentures at 7.27% in July 2026 and has board approval to raise up to ₹5,000 crore more in FY27 to fund renewable expansion.