NSE: NTPCGREEN · BSE: 544289
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar power generation, Wind power generation, Battery energy storage and round-the-clock supply, Captive/group captive RE supply to C&I customers. Asset-heavy, capital-intensive renewable power generation
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 2,210 | 2,858 |
| EBITDA (ex other income) | 1,917 | 2,475 |
| margin % | 86.7 | 86.6 |
| Owners' profit | 475 | 523 |
| EPS, as reported (₹) | 0.67 | 0.62 |
| ROE % · ROCE % | 2.6 · 3.5 | 2.7 · 2.9 |
| Debt / equity (x) | 0.97 | 1.52 |
| Cash from operations | 1,999 | 2,386 |
| Capex | (11,985) | (15,264) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 505 | 622 | 680 | 612 | 653 | 913 | 1,107 |
| Profit before tax | 99 | 307 | 259 | 106 | 69 | 229 | 339 |
| Net profit | 66 | 233 | 220 | 86 | 17 | 197 | 305 |
| EPS (₹) | 0.08 | 0.28 | 0.26 | 0.10 | 0.02 | 0.23 | 0.36 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,92,646 | 10.5 | 1.39 | 9.6 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,12,298 | 87.7 | 7.11 | 27.3 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 86,061 | 41.9 | 2.56 | 14.4 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 73,530 | 19.4 | 1.52 | 19.6 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED ◆ | 70,242 | 117.4 | 3.66 | 37.5 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,990 | 9.6 | 1.27 | 9.0 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 29,643 | 42.9 | 5.86 | 20.5 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,081 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 117.4 | 19.1 | 21 of 22 | 5% |
| P/B | 3.7 | 1.4 | 22 of 26 | 16% |
| ROCE | 1.2 | 2.7 | 18 of 29 | 39% |
| ROE | 2.7 | 5.3 | 17 of 26 | 36% |
| Debt / Equity | 1.5 | 0.8 | 20 of 26 | 24% |
| EBITDA margin | 90.7 | 53.8 | 6 of 24 | 78% |
| Revenue growth | 62.7 | 10.0 | 5 of 24 | 83% |
| Profit growth | 38.3 | 4.2 | 8 of 25 | 71% |
| Market cap | 70242 | 3297 | 5 of 29 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board to approve quarterly and half-year results on October 30 | results | low | — | — |
| 14 Oct 2026 · RTA certificate under SEBI Reg 74(5) for Q2 FY27 filed | compliance | minimal | — | — |
| 9 Oct 2026 · NTPC Green Energy subsidiary commences 66.18 MW solar operations | business updates | high | — | — |
| 30 Sept 2026 · NTPC Green commissions 50 MW solar in Rajasthan; group capacity rises to 11,262.51 MW | general | low | — | — |
| 29 Sept 2026 · NTPC Green Energy adds 153.94 MW solar capacity at Bikaner project | business updates | high | — | — |
| 26 Sept 2026 · 81.34 MW Kalasar Solar Project in Rajasthan begins commercial operations | business updates | high | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 21 Sept 2026 · NTPC Green Energy subsidiary adds 56.7 MW wind capacity to commercial operations | business updates | high | — | — |
| 19 Sept 2026 · NTPC Green adds 9.45 MW Vanki wind capacity, total reaches 10,920.53 MW | business updates | high | — | — |
| 18 Sept 2026 · NTPC Green Energy commissions 68.22 MW of Gujarat solar project | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.