NTPC Green Energy Ltd
NTPCGREEN NSE
NTPC Green Energy Ltd
PowerNSE: NTPCGREEN BSE: 544289 Power Generation
Key Fundamentals
MidcapPower GenerationPowerMarket Cap
₹77,910 Cr
Volatility
Moderate
P/E Ratio
130.08
EBITDA
₹2,652 Cr
Return on Equity
2.56%
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 4.11 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 5d 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 ₹77,017 Cr, trading at a PE of 126.8x and PB of 4.06x. The company has delivered strong revenue growth (TTM sales growth of 42%, 3-year CAGR of 156%) but profitability remains modest with ROE of just 3.66% over 3 years and zero dividend payout.
Bull Case 7
- Exceptional revenue growth with TTM sales growing at 42% and 3-year compounded sales CAGR of 156%, indicating rapid capacity addition and scaling
- Backed by NTPC Ltd parentage, providing access to capital, land, grid connectivity, and government renewable energy contracts at scale
- Debtor days improved from 98.3 to 78.5 days, signaling better working capital management and faster collections
- Company is expected to deliver a good quarter ahead, suggesting near-term operational momentum and pipeline visibility
- Operating in the structural growth sector of Indian renewable energy where government targets 500 GW non-fossil capacity by 2030, providing multi-year demand visibility
- Compounded profit growth of 45% over 3 years demonstrates improving profitability trajectory alongside revenue scale-up
- As a PSU-backed green energy pure-play, the company benefits from priority sector lending norms and favorable policy tailwinds for project financing
Bear Case 8
- PE ratio of 126.8x is extremely elevated, pricing in years of future growth with little margin of safety if execution slips
- Return on equity is only 3.66% over 3 years and 3% last year, well below cost of equity, indicating poor capital efficiency despite profit growth
- Zero dividend yield with no payout despite reporting repeated profits, offering no income return to shareholders
- Low interest coverage ratio suggests high debt servicing burden relative to operating earnings, raising financial risk concerns
- Stock has declined 11% over the past 1 year, underperforming broader markets and indicating post-listing premium erosion
- Trading at 4.06x book value for a company generating sub-4% ROE represents a significant valuation-fundamental mismatch
- Potential capitalization of interest costs may be flattering reported profits, meaning true operating profitability could be lower than stated
- TTM profit growth of only 9% versus 42% revenue growth indicates margin compression or rising cost structure as the company scales
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago Positives 3
- 50 MW solar up in Rajasthan Jul 29
NTPC Green declared commercial operation of 50 MW solar capacity in Rajasthan on July 31, 2026, lifting group installed capacity to 10,836.56 MW.
- 64.76 MW solar at Khavda Jul 23
Commercial operation of 64.76 MW declared at GSECL RE Park, Khavda. Group installed capacity rose to 10,786.56 MW.
- Ayana wins 50 MW wind tender Jul 15
Subsidiary Ayana Renewable Power won a 50 MW wind project at ₹3.85/kWh in a SECI tender, expanding the group's wind portfolio.
Neutral 3
- Strong Q1FY27 margins at 92% Jul 23
Q1FY27 consolidated revenue of ₹1,106.86 crore with net profit of ₹304.84 crore. EBITDA margin expanded to 91.95% versus 88.73% YoY. Board approved stake increase in JV APNHAL and a new SPV.
- BRSR report with ESG assurance Aug 5
FY26 sustainability report released with TUV India reasonable assurance. Highlights include zero fatalities and 100% capex on renewables, though a penalty appeal against NSE/BSE was noted.
- AGM scheduled August 26 Jul 30
4th AGM set for August 26, 2026 at 11:00 AM IST via video conferencing with CDSL e-voting.
TL;DR: NTPC Green Energy is executing well on capacity additions, commissioning ~115 MW of new solar in July alone and winning wind tenders via its subsidiary. Q1FY27 financials are strong with a 92% EBITDA margin and solid YoY growth. No material headwinds are visible beyond a minor regulatory penalty appeal. The trend is clearly positive with steady capacity ramp-up toward its renewable energy targets.
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 ₹77909.84 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 130.08. 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 2.56%. 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]