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NSE: NTPCGREENUtilitiesUtilities - Renewable
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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.
Public research · Report of
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.
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 |
|---|---|
| Legal name | NTPC Green Energy Limited |
| Exchange and ticker | NSE: NTPCGREEN; BSE: 544289 |
| ISIN | INE0ONG01011 |
| CIN | L40100DL2022GOI396282 |
| Sector | Utilities |
| Industry | Renewable electricity generation |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Dinesh Jain & Associates (since FY27) |
| Market capitalisation | ₹78,626 crore (13 Oct 2026) |
| Shares outstanding | 842.63 crore shares (FY26) |
| Price | ₹94.10 (close, 13 Oct 2026) |
| 52-week range | ₹84.00 - ₹120.0 (to 13 Oct 2026) |
| Website | https://www.ngel.in |
Parent: NTPC Limited.
| Entity | Holding | Business |
|---|---|---|
| NTPC Renewable Energy Limited | 100% | Renewable power generation; only material subsidiary under LODR threshold |
| Green Valley Renewable Energy Limited | 51% | Renewable generation with Damodar Valley Corporation |
| NTPC Rajasthan Green Energy Limited | 74% | Renewable generation with RVUNL |
| NTPC UP Green Energy Limited | 51% | Renewable generation with UPRVUNL |
| NTPC-MAHAPREIT Green Energy Limited | 74% | Renewable parks/projects solar wind hybrid storage |
| Chhattisgarh NTPC Green Energy Limited | 74% | 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) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 89.01% | 89.01% | 89.01% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 1.61% | 1.61% | 1.67% | |
| Domestic institutions | 4.81% | 5.08% | 5.21% | |
| of which mutual funds | 3.43% | 3.81% | 3.96% | |
| Retail | 3.89% | 3.68% | 3.45% | |
| Other | 0.68% | 0.62% | 0.66% |
The promoter holding pledged is a share of the promoter's own holding.
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.
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 164.7 | 1,963 | 2,210 | 2,858 |
| Cost of revenue (vendor classification) * | 9.18 | 118.1 | 144.6 | 183.9 |
| Other operating costs (vendor classification) * | 61.9 | 88.5 | 180.1 | 219.7 |
| EBITDA (vendor classification) * | 152.3 | 1,805 | 2,171 | 2,671 |
| Operations EBIT excluding other income and JV share | 102.4 | 1,101 | 1,158 | 1,373 |
| Finance costs expensed | 49.9 | 690.6 | 760.7 | 887.0 |
| Profit before tax after JV share | 52.5 | 485.7 | 652.6 | 682.7 |
| Total tax expense | -118.7 | 142.9 | 178.5 | 161.3 |
| Profit after tax including NCI | 171.2 | 342.9 | 474.1 | 521.4 |
| Diluted EPS as reported (weighted-average denominator) (₹) | 0.20 | 0.72 | 0.67 | 0.62 |
| Employee benefits expense after capitalisation | 37.0 | 64.3 | 77.7 | |
| Other expenses after capitalisation | 181.6 | 228.7 | 305.7 | |
| Materials cost (no separate generation cost line) | n.a. | n.a. | n.a. | |
| Company EBITDA including other income excluding JV share | 1,819 | 2,173 | 2,652 | |
| Operations-only EBITDA excluding other income and JV share | 1,744 | 1,917 | 2,475 | |
| Other income net of construction-period transfer | 75.1 | 256.1 | 176.7 | |
| Depreciation and amortisation after capitalisation | 642.8 | 758.3 | 1,102 | |
| Separately presented exceptional items (none) | 0.00 | 0.00 | 0.00 | |
| Profit before JV share and tax | 485.7 | 653.9 | 662.8 | |
| Share of JV profit/(loss), signed | 0.00 | -1.23 | 19.9 | |
| Current tax expense | 0.01 | 0.00 | 0.00 | |
| Deferred tax expense | 142.8 | 178.5 | 161.3 | |
| Profit/(loss) attributable to NCI, signed | 0.01 | -1.36 | -1.25 | |
| PAT attributable to parent owners | 342.9 | 475.5 | 522.6 | |
| Basic EPS as reported (₹) | 0.72 | 0.67 | 0.62 | |
| Power charges before construction transfer | 8.35 | 9.21 | 9.79 | |
| Rent before construction transfer | 1.58 | 2.54 | 7.40 | |
| Repairs maintenance buildings plant and others gross | 120.6 | 144.6 | 183.9 | |
| Load dispatch centre charges | 1.47 | 1.66 | 9.68 | |
| Insurance gross | 12.9 | 11.1 | 22.6 | |
| Interest to beneficiaries in other expenses | 0.00 | 0.00 | 0.53 | |
| Rates taxes gross before construction transfer | 38.4 | 92.7 | 104.8 | |
| Training recruitment net receipts | 0.01 | 0.12 | 0.04 | |
| Communication expenses gross | 1.27 | 0.98 | 1.53 | |
| Domestic travelling expenses gross | 4.16 | 5.95 | 6.52 | |
| Foreign travelling expenses gross | 0.29 | 0.61 | 0.77 | |
| Tender expenses net receipts | 12.0 | 15.3 | 16.0 | |
| Auditor remuneration in other expenses | 0.19 | 0.38 | 0.57 | |
| Advertising and publicity | 0.00 | 3.79 | 0.45 | |
| Security expenses gross | 0.00 | 0.08 | 0.21 | |
| Entertainment expenses gross | 0.45 | 0.88 | 1.61 | |
| Guest house and transit hostel gross | 0.73 | 1.28 | 2.29 | |
| Director sitting fees in other expenses | 0.00 | 0.21 | 0.23 | |
| Professional charges and consultancy gross | 4.43 | 9.89 | 20.9 | |
| Legal expenses gross | 0.45 | 3.53 | 1.32 | |
| Net foreign currency loss/(gain) in other expenses | 8.92 | -9.29 | 0.00 | |
| Printing stationery gross | 0.04 | 0.07 | 0.17 | |
| Hiring vehicles gross | 2.12 | 3.32 | 5.15 | |
| EDP hire other charges gross | 0.03 | 0.16 | 0.49 | |
| Bank charges gross | 3.11 | 5.65 | 9.98 | |
| Brokerage commission gross | 0.15 | 0.57 | 0.53 | |
| Business development | 0.00 | 13.6 | 0.00 | |
| Office administrative expenses | 0.71 | 0.54 | 7.17 | |
| Loss PPE derecognition in other expenses | 0.00 | 0.06 | 0.00 | |
| Miscellaneous expenses gross | 0.62 | 1.42 | 2.75 | |
| Other expenses transferred to construction | 42.7 | 97.9 | 120.0 | |
| CSR expense | 1.13 | 5.70 | 8.25 | |
| Inventory/PPE shortage provisions | 0.27 | 0.01 | 0.01 | |
| Energy sales operations revenue | 1,887 | 2,113 | 2,749 | |
| Consultancy project management supervision revenue | 10.1 | 21.2 | 22.0 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total equity including NCI | 4,887 | 6,232 | 18,532 | 19,189 |
| Borrowings excluding leases and accrued interest | n.r. | 12,797 | 17,972 | 29,258 |
| Cash and cash equivalents | 72.8 | 115.6 | 36.0 | 101.6 |
| Trade receivables current and noncurrent | 325.5 | 704.8 | 516.5 | 713.5 |
| Inventory net of shortages provision | 9.30 | 24.5 | 31.7 | 36.2 |
| Trade payables latest comparative classification | 102.3 | 62.5 | 76.1 | 152.5 |
| PPE including ROU assets | 18.2 | 17,573 | 21,816 | 39,200 |
| Capital work in progress | 2,800 | 7,138 | 13,983 | 14,193 |
| Total assets | 18,431 | 27,206 | 45,421 | 60,382 |
| Intangible assets | 0.00 | 0.00 | 1.34 | |
| Equity-method JV investments (not liquidity) | 0.05 | 3,199 | 3,536 | |
| Separately classified liquid investments | 0.00 | 0.00 | 0.00 | |
| Bank deposits and earmarked balances | 356.5 | 3,481 | 515.9 | |
| Current trade receivables | 704.8 | 516.5 | 614.4 | |
| Non-current trade receivables | 0.00 | 0.00 | 99.1 | |
| Other noncurrent financial assets | 82.5 | 87.5 | 41.0 | |
| Other current financial assets | 44.0 | 161.4 | 139.9 | |
| Other noncurrent assets including capital advances | 1,159 | 2,082 | 1,843 | |
| Other current assets | 8.40 | 25.8 | 35.5 | |
| Current tax assets net | 0.00 | 0.00 | 23.7 | |
| Equity attributable to parent owners | 6,232 | 18,440 | 18,965 | |
| Noncontrolling interests equity | 0.07 | 91.8 | 224.0 | |
| Issued equity capital | 5,720 | 8,426 | 8,426 | |
| Reserves and retained earnings | 512.5 | 10,014 | 10,539 | |
| Noncurrent borrowings excl accrued and current maturities | 12,165 | 17,301 | 28,637 | |
| Current borrowings incl maturities | 632.2 | 670.7 | 620.7 | |
| Company debt subtotal including accrued interest | 12,797 | 17,989 | 29,312 | |
| Noncurrent leases | 978.3 | 1,223 | 2,333 | |
| Current leases | 80.9 | 246.1 | 124.6 | |
| Debt incl accrued less cash and bank deposits excl leases | 12,325 | 14,472 | 28,695 | |
| Company net debt excludes other bank deposits and leases | 12,682 | 17,953 | 29,211 | |
| Liquidity-adjusted net debt including leases | 13,384 | 15,941 | 31,153 | |
| Other current financial liabilities incl capex payable | 3,790 | 3,512 | 5,081 | |
| Other noncurrent financial liabilities | 0.00 | 0.00 | 0.44 | |
| Deferred tax liabilities net | 1,230 | 1,408 | 1,570 | |
| Other noncurrent liabilities grants/deferred revenue | 1,934 | 2,284 | 2,444 | |
| Other current liabilities | 101.2 | 168.2 | 228.1 | |
| Noncurrent provisions | 0.00 | 0.18 | 0.55 | |
| Current provisions | 0.08 | 0.09 | 0.49 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating cash flow latest restated comparatives | -46.8 | 1,616 | 2,051 | 2,386 |
| Free cash flow (vendor definition) * | -734.2 | -7,856 | -9,986 | -12,880 |
| Cash capex PPE CWIP intangibles positive outflow | -751.4 | 9,553 | 12,037 | 15,266 |
| CFO less cash capex excludes JV investments | -7,937 | -9,986 | -12,880 | |
| JV equity investments positive cash use | 0.05 | 3,201 | 319.5 | |
| Noncurrent borrowing proceeds net processing fees | 7,689 | 9,896 | 15,732 | |
| Noncurrent borrowing repayments positive cash use | 310.3 | 4,771 | 4,396 | |
| Current borrowing proceeds/(repayments) signed | 0.00 | 50.0 | -50.0 | |
| Lease payments positive cash use | 49.2 | 62.5 | 84.0 | |
| Interest payments positive cash use per cashflow | 684.6 | 1,240 | 1,539 | |
| Government grants investing inflow | 640.4 | 307.5 | 284.0 | |
| Dividends paid | n.r. | 0.00 | 0.00 | |
| Buybacks paid | n.r. | 0.00 | 0.00 | |
| Partner NCI equity inflow caption acquisition of NCI | 0.00 | 93.1 | 133.5 | |
| Separate acquisition spend excl JV investment | n.d. | n.d. | n.d. | |
| PPE disposal/adjustment proceeds | 0.00 | 0.00 | 47.8 | |
| Investing cash flow signed | -9,218 | -17,845 | -12,117 | |
| Financing cash flow signed | 7,645 | 15,715 | 9,796 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Year-end issued shares (not weighted-average EPS denominator) | 842.68 | 571.96 | 842.63 | 842.63 |
| Weighted-average basic and diluted shares | 473.05 | 704.65 | 842.63 | |
| Borrowing costs capitalised | 152.9 | 562.0 | 826.0 | |
| D&A capitalised during construction | 36.4 | 86.0 | 124.0 | |
| Gross employee cost before deductions | 77.2 | 107.4 | 153.3 | |
| Employee cost capitalised during construction | 39.8 | 40.3 | 62.9 | |
| Reimbursement employee secondment deducted | 0.39 | 2.84 | 12.7 | |
| Bank-deposit interest before construction transfer | 30.1 | 196.9 | 123.0 | |
| IPO proceeds deposit interest included in bank interest | 0.00 | 165.3 | 89.3 | |
| Contractor and supplier advance interest gross | 14.2 | 13.9 | 32.6 | |
| Tax refund interest | 0.05 | 0.34 | 1.43 | |
| Other interest unwinding deposits | 0.00 | 0.00 | 3.33 | |
| Late payment surcharge | 15.6 | 16.2 | 8.18 | |
| Liquidated damages recovered | 16.9 | 28.8 | 31.0 | |
| Other income transferred to construction | 1.83 | 1.41 | 24.5 | |
| Government grant amortisation in operations revenue | 65.1 | 72.9 | 87.5 | |
| PPE capital contracts unexecuted | 12,938 | 20,214 | 24,391 | |
| Commitments further JV investment | 0.00 | 178.4 | 975.0 | |
| Salaries and wages gross | 59.5 | 82.5 | 117.4 | |
| Provident and other funds gross | 12.8 | 17.8 | 23.5 | |
| Staff welfare gross | 4.94 | 7.14 | 12.4 | |
| Term loan interest before capitalisation | 776.7 | 1,256 | 1,535 | |
| Lease interest before capitalisation | 50.5 | 60.3 | 133.9 | |
| Cash credit interest | 0.00 | 0.04 | 0.35 | |
| Bonds interest before capitalisation | 0.00 | 0.00 | 40.6 | |
| Other interest before capitalisation | 16.3 | 5.98 | 2.64 | |
| Other borrowing costs before capitalisation | 0.02 | 0.17 | 0.57 | |
| CFO divided by owners PAT (x) | 4.71x | 4.31x | 4.57x | |
| Current and noncurrent trade DSO (days) | 131 | 85 | 91 | |
| Lease-inclusive net debt/operating EBITDA (x) | 7.67x | 8.32x | 12.6x |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 503.9 | 505.1 | 622.3 | 680.2 | 612.3 | 653.3 | 912.6 | 1,107 |
| Other operating costs (vendor classification) * | 49.7 | 62.6 | 47.3 | 64.3 | 70.2 | 109.0 | ||
| EBITDA (vendor classification) * | 439.8 | 499.9 | 689.7 | 693.0 | 566.4 | 822.3 | ||
| Operating EBIT excluding other income | 237.5 | 229.0 | 354.4 | 380.2 | 268.3 | 267.8 | 456.9 | 646.0 |
| Finance costs | 194.7 | 206.1 | 176.8 | 192.6 | 206.9 | 230.1 | 257.5 | 321.5 |
| Profit before tax including JV result | 62.9 | 99.2 | 307.0 | 277.1 | 121.6 | 36.7 | 247.3 | 368.3 |
| Total current and deferred tax expense | 26.2 | 33.6 | 73.8 | 56.6 | 35.3 | 19.4 | 50.1 | 63.5 |
| Profit after tax including non-controlling share | 36.7 | 65.6 | 233.2 | 220.5 | 86.4 | 17.3 | 197.2 | 304.8 |
| Diluted EPS attributable to owners (₹) | 0.06 | 0.08 | 0.28 | 0.26 | 0.10 | 0.02 | 0.23 | 0.36 |
| Cost of revenue (vendor classification) * | 44.3 | |||||||
| Employee benefits expense | 15.9 | 18.9 | 14.7 | 12.4 | 20.5 | 15.7 | 29.2 | 23.2 |
| Other operating expenses | 68.0 | 62.6 | 47.3 | 64.3 | 62.2 | 70.2 | 109.0 | 95.0 |
| Other income | 21.5 | 76.4 | 129.2 | 71.5 | 44.4 | 30.9 | 29.9 | 14.8 |
| Depreciation amortisation and impairment | 182.5 | 194.6 | 205.9 | 223.3 | 261.4 | 299.7 | 317.6 | 342.7 |
| PBT before equity-accounted JV profit | 64.3 | 99.2 | 306.9 | 259.1 | 105.8 | 68.6 | 229.3 | 339.3 |
| Share of equity-accounted JV profits or losses | -1.38 | 0.00 | 0.15 | 18.0 | 15.9 | -32.0 | 18.0 | 29.0 |
| PAT attributable to non-controlling interests | -1.35 | 0.00 | -0.01 | 0.00 | -1.21 | -0.16 | 0.12 | 0.00 |
| PAT attributable to owners of parent | 38.0 | 65.6 | 233.2 | 220.5 | 87.6 | 17.5 | 197.1 | 304.8 |
| Separate COGS outside other expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Separately presented exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating EBITDA excluding other income | 420.0 | 423.5 | 560.3 | 603.6 | 529.6 | 567.4 | 774.5 | 988.7 |
| Operating EBITDA excludes other income and JV profit | 420.0 | 423.5 | 560.3 | 603.6 | 529.6 | 567.4 | 774.5 | 988.7 |
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.
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 1,091.5% | 12.6% | 29.4% | |
| EBITDA margin | 92.7% | 98.3% | 92.8% | |
| Net margin | 17.5% | 21.5% | 18.3% | |
| Return on equity | 6.2% | 3.8% | 2.8% | |
| Return on capital employed | 5.8% | 4.2% | 3.2% | |
| Return on assets | 1.5% | 1.3% | 1.0% | |
| Net debt (₹ crore) | 12,325 | 14,472 | 28,695 | |
| Net debt / EBITDA | 6.78x | 6.66x | 10.8x | |
| Interest cover | 2.05x | 1.59x | 1.52x | 1.55x |
| Asset turnover | 0.01x | 0.09x | 0.06x | 0.05x |
| Receivable days | 721 | 131 | 85 | 91 |
| Inventory days (on revenue) | 21 | 5 | 5 | 5 |
| Payable days (on revenue) | 227 | 12 | 13 | 19 |
| Cash conversion | 4.71x | 4.31x | 4.57x | |
| Capex intensity | 456.2% | 486.7% | 544.7% | 534.1% |
| Free cash flow (₹ crore) | -798.2 | -7,937 | -9,986 | -12,880 |
| Dividend payout | 0.0% | 0.0% | ||
| EPS, diluted (₹) | 0.20 | 0.72 | 0.67 | 0.62 |
| Book value per share (₹) | 5.80 | 10.90 | 21.99 | 22.77 |
Computed from the statements above:
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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