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NTPC Green Energy Ltd.

NSE: NTPCGREENUtilitiesUtilities - Renewable

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₹81.21
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−₹3.14 (−3.72%)vs
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₹79,292 crIndian rupees
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About NTPC Green Energy

NTPC Green Energy Ltd. is a key player in India's renewable energy sector, specializing in the generation and development of sustainable energy solutions. As a subsidiary of NTPC Limited, it focuses primarily on implementing projects that harness wind, solar, and other renewable sources to generate electricity. The company's strategic initiatives are aimed at reducing carbon emissions and promoting cleaner, sustainable energy in line with global environmental goals. NTPC Green Energy Ltd. plays a crucial role in supporting India's transition to renewable energy, contributing significantly to the country's efforts to expand its green energy portfolio. The company's projects impact various industrial sectors by providing an alternative energy supply that is both environmentally friendly and economically viable. In the financial market, NTPC Green Energy Ltd. is recognized for its commitment to innovation and sustainability, making it a pivotal entity in the advancement of renewable energy infrastructure and technology in India.

Sector
Utilities
Industry
Utilities - Renewable
Listing
NSE: NTPCGREEN
Next results
Employees
261
Headquarters
New Delhi, India
ISIN
INE0ONG01011
Website
ngel.in

Public research · Report of

Business model & financial foundation

NTPC Green Energy (NSE: NTPCGREEN), Renewable electricity generation: revenue of ₹2,858 crore in FY26 (+29.4% on FY25), an EBITDA margin of 92.8%, net profit of ₹522.6 crore and net debt of ₹28,695 crore.

Key figures
Revenue, FY26 (₹ crore)
2,858
consolidated
Revenue growth, FY26
+29.4%
on FY25
EBITDA margin, FY26
92.8%
EBITDA (Company EBITDA including other income excluding JV share) / revenue
Net profit, FY26 (₹ crore)
522.6
to owners
Return on equity, FY26
2.8%
on average equity
Net debt, FY26 (₹ crore)
28,695
Debt incl accrued less cash and bank deposits excl leases
Market capitalisation (₹ crore)
78,626
at the close of 13 Oct 2026

Company profile

NTPC's listed renewable-energy platform generates and sells bulk solar and wind power to utilities and other customers under power-purchase agreements. It also earns consultancy and government-grant amortisation revenue, with generation the single reported segment. Its build-out is funded by equity, borrowings, grants and JV capital; ONGPL/Ayana earnings enter through equity accounting, not consolidated revenue.

Item, Value
ItemValue
Legal nameNTPC Green Energy Limited
Exchange and tickerNSE: NTPCGREEN; BSE: 544289
ISININE0ONG01011
CINL40100DL2022GOI396282
SectorUtilities
IndustryRenewable electricity generation
HeadquartersNew Delhi, India
Fiscal year endMarch
Reporting basis and unitconsolidated, in ₹ crore
AuditorDinesh Jain & Associates (since FY27)
Market capitalisation₹78,626 crore (13 Oct 2026)
Shares outstanding842.63 crore shares (FY26)
Price₹94.10 (close, 13 Oct 2026)
52-week range₹84.00 - ₹120.0 (to 13 Oct 2026)
Websitehttps://www.ngel.in

Corporate structure and shareholding

Parent: NTPC Limited.

Entity, Holding, Business
EntityHoldingBusiness
NTPC Renewable Energy Limited100%Renewable power generation; only material subsidiary under LODR threshold
Green Valley Renewable Energy Limited51%Renewable generation with Damodar Valley Corporation
NTPC Rajasthan Green Energy Limited74%Renewable generation with RVUNL
NTPC UP Green Energy Limited51%Renewable generation with UPRVUNL
NTPC-MAHAPREIT Green Energy Limited74%Renewable parks/projects solar wind hybrid storage
Chhattisgarh NTPC Green Energy Limited74%Renewable parks/projects with CSPGCL

As at31Mar2026 six subsidiaries and four50% equity-method JVs: Indian Oil NTPC Green, ONGC NTPC Green, MAHAGENCO NTPC Green, AP NGEL Harit Amrit. ONGPL owns100% Ayana acquired27Mar2025. Parent NTPC holds89.01%; FY26 IPO proceeds fully used. JV stakes strategic, not net-debt liquidity.

Shareholding (% of shares)
Shareholding (% of shares)Q3FY26Q4FY26Q1FY27Q2FY27
Promoter89.01%89.01%89.01%
Promoter holding pledged0.00%0.00%0.00%
Foreign institutions1.61%1.61%1.67%
Domestic institutions4.81%5.08%5.21%
of which mutual funds3.43%3.81%3.96%
Retail3.89%3.68%3.45%
Other0.68%0.62%0.66%

The promoter holding pledged is a share of the promoter's own holding.

Business model

NTPC Green Energy (NGEL), NSE NTPCGREEN, is NTPC's listed renewable developer/operator. Consolidated statements cover the parent and controlled subsidiaries, primarily NREL. Electricity delivered under project PPAs produces revenue; consultancy and grant amortisation add smaller amounts. Four strategic JVs are equity accounted. ONGPL holds Ayana: its full operational MW/MU appears in group presentations, but its turnover, PPE and debt are not consolidated line by line. This scope difference is the central modelling constraint. Fixed long PPAs, rather than a portfolio-wide guaranteed regulated-equity return, determine economics. Ayodhya has project-specific CERC tariff determination, not a universal benchmark. FY26 operations revenue2858.42 includes energy2748.90, services21.99 and grants87.53. Company headlineEBITDA2651.76 includes otherincome176.70; operatingEBITDA2475.06 is used alongside a separateotherincome line. Minorities and associates remain explicit. A single generation segment is reported; no fictional solar/wind statutory segment profits are created.

Financial databook

Profit and loss (₹ crore)
Profit and loss (₹ crore)FY23FY24FY25FY26
Revenue from operations164.71,9632,2102,858
Cost of revenue (vendor classification) *9.18118.1144.6183.9
Other operating costs (vendor classification) *61.988.5180.1219.7
EBITDA (vendor classification) *152.31,8052,1712,671
Operations EBIT excluding other income and JV share102.41,1011,1581,373
Finance costs expensed49.9690.6760.7887.0
Profit before tax after JV share52.5485.7652.6682.7
Total tax expense-118.7142.9178.5161.3
Profit after tax including NCI171.2342.9474.1521.4
Diluted EPS as reported (weighted-average denominator) (₹)0.200.720.670.62
Employee benefits expense after capitalisation37.064.377.7
Other expenses after capitalisation181.6228.7305.7
Materials cost (no separate generation cost line)n.a.n.a.n.a.
Company EBITDA including other income excluding JV share1,8192,1732,652
Operations-only EBITDA excluding other income and JV share1,7441,9172,475
Other income net of construction-period transfer75.1256.1176.7
Depreciation and amortisation after capitalisation642.8758.31,102
Separately presented exceptional items (none)0.000.000.00
Profit before JV share and tax485.7653.9662.8
Share of JV profit/(loss), signed0.00-1.2319.9
Current tax expense0.010.000.00
Deferred tax expense142.8178.5161.3
Profit/(loss) attributable to NCI, signed0.01-1.36-1.25
PAT attributable to parent owners342.9475.5522.6
Basic EPS as reported (₹)0.720.670.62
Power charges before construction transfer8.359.219.79
Rent before construction transfer1.582.547.40
Repairs maintenance buildings plant and others gross120.6144.6183.9
Load dispatch centre charges1.471.669.68
Insurance gross12.911.122.6
Interest to beneficiaries in other expenses0.000.000.53
Rates taxes gross before construction transfer38.492.7104.8
Training recruitment net receipts0.010.120.04
Communication expenses gross1.270.981.53
Domestic travelling expenses gross4.165.956.52
Foreign travelling expenses gross0.290.610.77
Tender expenses net receipts12.015.316.0
Auditor remuneration in other expenses0.190.380.57
Advertising and publicity0.003.790.45
Security expenses gross0.000.080.21
Entertainment expenses gross0.450.881.61
Guest house and transit hostel gross0.731.282.29
Director sitting fees in other expenses0.000.210.23
Professional charges and consultancy gross4.439.8920.9
Legal expenses gross0.453.531.32
Net foreign currency loss/(gain) in other expenses8.92-9.290.00
Printing stationery gross0.040.070.17
Hiring vehicles gross2.123.325.15
EDP hire other charges gross0.030.160.49
Bank charges gross3.115.659.98
Brokerage commission gross0.150.570.53
Business development0.0013.60.00
Office administrative expenses0.710.547.17
Loss PPE derecognition in other expenses0.000.060.00
Miscellaneous expenses gross0.621.422.75
Other expenses transferred to construction42.797.9120.0
CSR expense1.135.708.25
Inventory/PPE shortage provisions0.270.010.01
Energy sales operations revenue1,8872,1132,749
Consultancy project management supervision revenue10.121.222.0
Balance sheet (₹ crore)
Balance sheet (₹ crore)FY23FY24FY25FY26
Total equity including NCI4,8876,23218,53219,189
Borrowings excluding leases and accrued interestn.r.12,79717,97229,258
Cash and cash equivalents72.8115.636.0101.6
Trade receivables current and noncurrent325.5704.8516.5713.5
Inventory net of shortages provision9.3024.531.736.2
Trade payables latest comparative classification102.362.576.1152.5
PPE including ROU assets18.217,57321,81639,200
Capital work in progress2,8007,13813,98314,193
Total assets18,43127,20645,42160,382
Intangible assets0.000.001.34
Equity-method JV investments (not liquidity)0.053,1993,536
Separately classified liquid investments0.000.000.00
Bank deposits and earmarked balances356.53,481515.9
Current trade receivables704.8516.5614.4
Non-current trade receivables0.000.0099.1
Other noncurrent financial assets82.587.541.0
Other current financial assets44.0161.4139.9
Other noncurrent assets including capital advances1,1592,0821,843
Other current assets8.4025.835.5
Current tax assets net0.000.0023.7
Equity attributable to parent owners6,23218,44018,965
Noncontrolling interests equity0.0791.8224.0
Issued equity capital5,7208,4268,426
Reserves and retained earnings512.510,01410,539
Noncurrent borrowings excl accrued and current maturities12,16517,30128,637
Current borrowings incl maturities632.2670.7620.7
Company debt subtotal including accrued interest12,79717,98929,312
Noncurrent leases978.31,2232,333
Current leases80.9246.1124.6
Debt incl accrued less cash and bank deposits excl leases12,32514,47228,695
Company net debt excludes other bank deposits and leases12,68217,95329,211
Liquidity-adjusted net debt including leases13,38415,94131,153
Other current financial liabilities incl capex payable3,7903,5125,081
Other noncurrent financial liabilities0.000.000.44
Deferred tax liabilities net1,2301,4081,570
Other noncurrent liabilities grants/deferred revenue1,9342,2842,444
Other current liabilities101.2168.2228.1
Noncurrent provisions0.000.180.55
Current provisions0.080.090.49
Cash flow (₹ crore)
Cash flow (₹ crore)FY23FY24FY25FY26
Operating cash flow latest restated comparatives-46.81,6162,0512,386
Free cash flow (vendor definition) *-734.2-7,856-9,986-12,880
Cash capex PPE CWIP intangibles positive outflow-751.49,55312,03715,266
CFO less cash capex excludes JV investments-7,937-9,986-12,880
JV equity investments positive cash use0.053,201319.5
Noncurrent borrowing proceeds net processing fees7,6899,89615,732
Noncurrent borrowing repayments positive cash use310.34,7714,396
Current borrowing proceeds/(repayments) signed0.0050.0-50.0
Lease payments positive cash use49.262.584.0
Interest payments positive cash use per cashflow684.61,2401,539
Government grants investing inflow640.4307.5284.0
Dividends paidn.r.0.000.00
Buybacks paidn.r.0.000.00
Partner NCI equity inflow caption acquisition of NCI0.0093.1133.5
Separate acquisition spend excl JV investmentn.d.n.d.n.d.
PPE disposal/adjustment proceeds0.000.0047.8
Investing cash flow signed-9,218-17,845-12,117
Financing cash flow signed7,64515,7159,796
Other reported lines (₹ crore)
Other reported lines (₹ crore)FY23FY24FY25FY26
Year-end issued shares (not weighted-average EPS denominator)842.68571.96842.63842.63
Weighted-average basic and diluted shares473.05704.65842.63
Borrowing costs capitalised152.9562.0826.0
D&A capitalised during construction36.486.0124.0
Gross employee cost before deductions77.2107.4153.3
Employee cost capitalised during construction39.840.362.9
Reimbursement employee secondment deducted0.392.8412.7
Bank-deposit interest before construction transfer30.1196.9123.0
IPO proceeds deposit interest included in bank interest0.00165.389.3
Contractor and supplier advance interest gross14.213.932.6
Tax refund interest0.050.341.43
Other interest unwinding deposits0.000.003.33
Late payment surcharge15.616.28.18
Liquidated damages recovered16.928.831.0
Other income transferred to construction1.831.4124.5
Government grant amortisation in operations revenue65.172.987.5
PPE capital contracts unexecuted12,93820,21424,391
Commitments further JV investment0.00178.4975.0
Salaries and wages gross59.582.5117.4
Provident and other funds gross12.817.823.5
Staff welfare gross4.947.1412.4
Term loan interest before capitalisation776.71,2561,535
Lease interest before capitalisation50.560.3133.9
Cash credit interest0.000.040.35
Bonds interest before capitalisation0.000.0040.6
Other interest before capitalisation16.35.982.64
Other borrowing costs before capitalisation0.020.170.57
CFO divided by owners PAT (x)4.71x4.31x4.57x
Current and noncurrent trade DSO (days)1318591
Lease-inclusive net debt/operating EBITDA (x)7.67x8.32x12.6x
Quarterly profit and loss (₹ crore)
Quarterly profit and loss (₹ crore)Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26Q1FY27
Revenue from operations503.9505.1622.3680.2612.3653.3912.61,107
Other operating costs (vendor classification) *49.762.647.364.370.2109.0
EBITDA (vendor classification) *439.8499.9689.7693.0566.4822.3
Operating EBIT excluding other income237.5229.0354.4380.2268.3267.8456.9646.0
Finance costs194.7206.1176.8192.6206.9230.1257.5321.5
Profit before tax including JV result62.999.2307.0277.1121.636.7247.3368.3
Total current and deferred tax expense26.233.673.856.635.319.450.163.5
Profit after tax including non-controlling share36.765.6233.2220.586.417.3197.2304.8
Diluted EPS attributable to owners (₹)0.060.080.280.260.100.020.230.36
Cost of revenue (vendor classification) *44.3
Employee benefits expense15.918.914.712.420.515.729.223.2
Other operating expenses68.062.647.364.362.270.2109.095.0
Other income21.576.4129.271.544.430.929.914.8
Depreciation amortisation and impairment182.5194.6205.9223.3261.4299.7317.6342.7
PBT before equity-accounted JV profit64.399.2306.9259.1105.868.6229.3339.3
Share of equity-accounted JV profits or losses-1.380.000.1518.015.9-32.018.029.0
PAT attributable to non-controlling interests-1.350.00-0.010.00-1.21-0.160.120.00
PAT attributable to owners of parent38.065.6233.2220.587.617.5197.1304.8
Separate COGS outside other expenses0.000.000.000.000.000.000.000.00
Separately presented exceptional items0.000.000.000.000.000.000.000.00
Operating EBITDA excluding other income420.0423.5560.3603.6529.6567.4774.5988.7
Operating EBITDA excludes other income and JV profit420.0423.5560.3603.6529.6567.4774.5988.7

Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.

Metrics dashboard

Metric, FY23, FY24, FY25
MetricFY23FY24FY25FY26
Revenue growth1,091.5%12.6%29.4%
EBITDA margin92.7%98.3%92.8%
Net margin17.5%21.5%18.3%
Return on equity6.2%3.8%2.8%
Return on capital employed5.8%4.2%3.2%
Return on assets1.5%1.3%1.0%
Net debt (₹ crore)12,32514,47228,695
Net debt / EBITDA6.78x6.66x10.8x
Interest cover2.05x1.59x1.52x1.55x
Asset turnover0.01x0.09x0.06x0.05x
Receivable days7211318591
Inventory days (on revenue)21555
Payable days (on revenue)227121319
Cash conversion4.71x4.31x4.57x
Capex intensity456.2%486.7%544.7%534.1%
Free cash flow (₹ crore)-798.2-7,937-9,986-12,880
Dividend payout0.0%0.0%
EPS, diluted (₹)0.200.720.670.62
Book value per share (₹)5.8010.9021.9922.77

Computed from the statements above:

  • Revenue growth: revenue over the previous year's, less one.
  • EBITDA margin: EBITDA (Company EBITDA including other income excluding JV share) / revenue.
  • Net margin: net profit to owners / revenue.
  • Return on equity: net profit to owners / average equity.
  • Return on capital employed: EBIT / average equity plus borrowings.
  • Return on assets: net profit to owners / average total assets.
  • Net debt (₹ crore): Debt incl accrued less cash and bank deposits excl leases; negative is net cash.
  • Net debt / EBITDA: net debt / EBITDA (Company EBITDA including other income excluding JV share).
  • Interest cover: EBIT / finance cost.
  • Asset turnover: revenue / average total assets.
  • Receivable days: receivables / revenue x 365.
  • Inventory days (on revenue): inventory / revenue x 365.
  • Payable days (on revenue): payables / revenue x 365.
  • Cash conversion: cash from operations / net profit to owners.
  • Capex intensity: capital expenditure / revenue.
  • Free cash flow (₹ crore): cash from operations less capital expenditure.
  • Dividend payout: dividends paid / net profit to owners.
  • EPS, diluted (₹): as reported (Diluted EPS as reported (weighted-average denominator)).
  • Book value per share (₹): equity / shares outstanding.

Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.

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Report history

Reports on NTPC Green Energy

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