NTPC Green Energy Ltd
NTPCGREEN NSE
NTPC Green Energy Ltd
PowerNSE: NTPCGREEN BSE: 544289 Power Generation
Key Fundamentals
MidcapPower GenerationPowerMarket Cap
₹77,716 Cr
Volatility
Moderate
P/E Ratio
129.82
EBITDA
₹2,652 Cr
Return on Equity
2.72%
Debt to Equity
1.67
Book Value
₹22.51
52W High
₹119.95
52W Low
₹84
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view NTPC Green Energy Ltd insights
28 extracted metrics + investor summaries across FY23–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
2- Company is expected to give good quarter
- Debtor days have improved from 98.3 to 78.5 days.
Weaknesses
5- Stock is trading at 4.09 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Company has a low return on equity of 3.66% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
Revenue Growth
23.09% ↗
Net Income Growth
9.96% ↘
Cash Flow Change
16.35% ↗
ROE
6.25% ↘
ROCE
-16.43% ↘
EBITDA Margin (Avg.)
-0.85% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk high
NTPC Green Energy Ltd is a recently listed renewable energy subsidiary of NTPC with a market cap of ₹77,590 Cr, trading at a PE of 128.3x and PB of 4.08x. The company has delivered strong TTM sales growth of 42% but carries a low 3-year average ROE of approximately 3.66%, pays no dividend, and has limited operating history as a listed entity.
Bull Case 7
- TTM revenue growth of 42% indicates strong topline momentum driven by capacity additions in the renewable energy space
- 3-year compounded sales CAGR of 156% reflects rapid scaling from a low base as NTPC accelerates its green energy portfolio
- 3-year compounded profit CAGR of 45% shows the company is translating revenue growth into earnings expansion
- Debtor days improved from 98.3 to 78.5 days, signaling better working capital management and faster collections
- Backed by NTPC Ltd (India's largest power generator), providing access to low-cost capital, land banks, and execution expertise
- India's renewable energy target of 500 GW by 2030 provides a large addressable market with policy tailwinds for green energy producers
- Company is expected to deliver a good upcoming quarter based on operational ramp-up trajectory
Bear Case 8
- PE ratio of 128.3x is extremely elevated, pricing in years of future growth with minimal margin of safety
- 3-year average ROE of just 3.66% indicates poor capital efficiency relative to the equity deployed
- Zero dividend yield despite reporting repeated profits suggests all cash is being retained without shareholder returns
- Stock trading at 4.08x book value is expensive for a company generating sub-4% return on equity
- Low interest coverage ratio indicates debt servicing burden is high relative to operating earnings, raising financial risk
- Possible capitalization of interest costs may be inflating reported asset values and understating true operating expenses
- Stock has declined 9% over the past 1 year since listing, underperforming broader markets
- Last year ROE of just 3% shows no meaningful improvement in capital efficiency despite revenue growth
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 20h ago Positives 4
- 50 MW solar COD Rajasthan Jul 29
NTPC Green Energy declared commercial operation of 50 MW solar capacity in Rajasthan on July 31, 2026, boosting group installed capacity to 10,836.56 MW.
- 64.76 MW solar COD Khavda Jul 23
Declared commercial operation of 64.76 MW at GSECL RE Park, Khavda. Group installed capacity rose to 10,786.56 MW.
- Strong Q1FY27 revenue growth Jul 23
Q1FY27 consolidated revenue of ₹1,106.86 crore with EBITDA margin expanding to 91.95% from 88.73% YoY, and net profit of ₹304.84 crore.
- Strategic JV and SPV investments Jul 23
Board approved stake increase in joint venture APNHAL and incorporation of a new SPV for renewable energy projects.
Neutral 2
- FY26 BRSR report released Aug 5
Released Business Responsibility and Sustainability Report with reasonable assurance by TUV India, highlighting zero fatalities and 100% capex on renewable assets. A penalty appeal against NSE/BSE is noted.
- AGM scheduled August 26 Jul 30
4th Annual General Meeting scheduled for Wednesday, 26th August 2026 at 11:00 AM IST via video conferencing with e-voting through CDSL.
TL;DR: NTPC Green Energy is executing well on capacity addition, commissioning ~115 MW of new solar in July alone and pushing total installed capacity past 10,800 MW. Margins are exceptionally strong at nearly 92% EBITDA. No material headwinds are visible in recent news flow. The trend is clearly positive with steady commissioning momentum and expanding profitability supporting continued growth.
Quarterly Results
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 446 | 508 | 578 | 504 | 505 | 622 | 680 | 612 | 653 | 913 | 1,107 |
| Expenses | 51 | 71 | 65 | 85 | 82 | 62 | 77 | 83 | 118 | 138 | 118 |
| Operating Profit | 395 | 437 | 513 | 419 | 424 | 560 | 604 | 530 | 535 | 774 | 989 |
| OPM % | 89% | 86% | 89% | 83% | 84% | 90% | 89% | 86% | 82% | 85% | 89% |
| Other Income | 17 | 45 | 29 | 21 | 76 | 129 | 89 | 60 | 31 | 48 | 44 |
| Interest | 174 | 181 | 183 | 195 | 206 | 177 | 193 | 207 | 230 | 257 | 322 |
| Depreciation | 159 | 173 | 175 | 182 | 195 | 206 | 223 | 261 | 300 | 318 | 343 |
| PBT | 80 | 127 | 183 | 63 | 99 | 307 | 277 | 122 | 37 | 247 | 368 |
| Tax % | 31% | 36% | 24% | 42% | 34% | 24% | 20% | 29% | 53% | 20% | 17% |
| Net Profit | 56 | 81 | 139 | 37 | 66 | 233 | 220 | 86 | 17 | 197 | 305 |
| EPS in Rs | 0.12 | 0.14 | 0.24 | 0.05 | 0.08 | 0.28 | 0.26 | 0.1 | 0.02 | 0.23 | 0.36 |
Profit & Loss
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| Sales | 170 | 1,963 | 2,210 | 2,858 | 3,285 |
| Expenses | 18 | 217 | 290 | 397 | 457 |
| Operating Profit | 152 | 1,745 | 1,920 | 2,461 | 2,828 |
| OPM % | 90% | 89% | 87% | 86% | 86% |
| Other Income | 1 | 77 | 257 | 221 | 183 |
| Interest | 51 | 694 | 766 | 898 | 1,016 |
| Depreciation | 50 | 643 | 758 | 1,102 | 1,221 |
| PBT | 53 | 486 | 653 | 683 | 774 |
| Tax % | -226% | 29% | 27% | 24% | — |
| Net Profit | 171 | 343 | 474 | 521 | 606 |
| EPS in Rs | 0.36 | 0.6 | 0.56 | 0.62 | 0.71 |
| Div. Payout % | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 4,720 | 5,720 | 8,426 | 8,426 |
| Reserves | 168 | 513 | 10,014 | 10,539 |
| Borrowings | 6,137 | 13,856 | 19,441 | 31,716 |
| Other Liabilities | 7,407 | 7,119 | 7,540 | 9,700 |
| Total Liabilities | 18,431 | 27,207 | 45,421 | 60,382 |
| Fixed Assets | 14,758 | 17,573 | 21,816 | 39,202 |
| CWIP | 1,749 | 7,138 | 13,983 | 14,193 |
| Investments | 0 | 0 | 3,199 | 3,536 |
| Other Assets | 1,924 | 2,495 | 6,423 | 3,451 |
| Total Assets | 18,431 | 27,207 | 45,421 | 60,382 |
Cash Flow
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Operating | 17 | 1,616 | 2,051 | 2,386 |
| Investing | -10,304 | -9,218 | -17,845 | -12,117 |
| Financing | 10,360 | 7,645 | 15,715 | 9,796 |
| Net Cash Flow | 73 | 43 | -80 | 66 |
| Free Cash Flow | -734 | -7,937 | -9,986 | -12,832 |
| CFO/OP | 11 | 93 | 107 | 97 |
Ratios
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 700 | 131 | 85 | 78 |
| Cash Conversion Cycle | 700 | 131 | 85 | 78 |
| Working Capital Days | -8,849 | -723 | -650 | -684 |
| ROCE % | — | 8% | 5% | 4% |
Documents
1
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015.
24 Apr - 90 MW Khavda-II Solar PV part declared commercial from 25.04.2026; group capacity rises to 10,453.90 MW. 24 Apr - 90 MW Khavda-II Solar PV part declared commercial from 25.04.2026; group capacity rises to 10,453.90 MW.
2
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015.
17 Apr - 87.5 MW solar project in Rajasthan to begin commercial operation on 19 Apr 2026; group capacity rises to 10,363.90 MW. 17 Apr - 87.5 MW solar project in Rajasthan to begin commercial operation on 19 Apr 2026; group capacity rises to 10,363.90 MW.
3
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015.
10h - 90 MW Khavda-II Solar PV part declared commercial from 25.04.2026; group capacity rises to 10,453.90 MW. 10h - 90 MW Khavda-II Solar PV part declared commercial from 25.04.2026; group capacity rises to 10,453.90 MW.
4
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015.
16 Apr - 150 MW solar project in Rajasthan declared commercial from 18.04.2026; group capacity rises to 10,276.40 MW. 16 Apr - 150 MW solar project in Rajasthan declared commercial from 18.04.2026; group capacity rises to 10,276.40 MW.
5
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
10 Apr - Regulation 74(5) certificate filed for quarter ended 31 March 2026; no demat/remat requests received. 10 Apr - Regulation 74(5) certificate filed for quarter ended 31 March 2026; no demat/remat requests received.
3
Notice Of 4Th Annual General Meeting And Annual Report 2025-26 Along With E-Voting Details 5 Aug 2026
Intimation
Frequently Asked Questions about NTPC Green Energy Ltd
What does NTPC Green Energy Ltd do?
Incorporated in April 2022, NTPC Green Energy is a renewable energy company that focuses on undertaking projects through organic and inorganic routes.[1]
Where is NTPC Green Energy Ltd (NTPCGREEN) listed?
NTPC Green Energy Ltd is listed on the Indian stock exchanges. It is listed on NSE: NTPCGREEN and BSE: 544289. You can view its live share price, financials, and ratios on Tapetide.
Which sector does NTPC Green Energy Ltd belong to?
NTPC Green Energy Ltd operates in the Power sector within the Power Generation industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of NTPC Green Energy Ltd?
NTPC Green Energy Ltd has a market capitalisation of approximately ₹77716.04 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of NTPC Green Energy Ltd?
The Price-to-Earnings (PE) ratio of NTPC Green Energy Ltd is 129.82. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of NTPC Green Energy Ltd?
Over the past 52 weeks, NTPC Green Energy Ltd has traded between a low of ₹84 and a high of ₹119.95. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of NTPC Green Energy Ltd?
NTPC Green Energy Ltd has a Return on Equity (ROE) of 2.72%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research NTPC Green Energy Ltd on Tapetide?
On Tapetide, you can view NTPC Green Energy Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in April 2022, NTPC Green Energy is a renewable energy company that focuses on undertaking projects through organic and inorganic routes.[1]