NTPC Green Energy Ltd
NTPCGREEN NSE
NTPC Green Energy Ltd
UtilitiesNSE: NTPCGREEN BSE: 544289 Power
Incorporated in April 2022, NTPC Green Energy is a renewable energy company that focuses on undertaking projects through organic and inorganic routes.[1]
AI Verdict: HOLD Confidence: 4%
NTPC Green Energy trades at a steep PE of 154.6x with ROE of just 3.66% over 3 years, making valuation hard to justify despite strong 29% TTM sales growth. The stock is down 11% over the past year and analyst opinion is split with 57% recommending sell, warranting caution until earnings scale up.
Key Fundamentals
MidcapPower GenerationPowerMarket Cap
₹80,303 Cr
Volatility
Moderate
P/E Ratio
156.92
EBITDA
₹2,475 Cr
Debt to Equity
1.35
Book Value
₹22.51
52W High
₹119.95
52W Low
₹84
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 4.21 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
15.93% ↘
Net Income Growth
43.99% ↘
Cash Flow Change
23.68% ↗
ROE
-53.45% ↘
ROCE
-33.52% ↘
EBITDA Margin (Avg.)
-8.06% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 14h agoHOLD
Risk high
NTPC Green Energy trades at a steep PE of 154.6x with ROE of just 3.66% over 3 years, making valuation hard to justify despite strong 29% TTM sales growth. The stock is down 11% over the past year and analyst opinion is split with 57% recommending sell, warranting caution until earnings scale up.
Bull Case 7
- TTM revenue growth of 29% indicates strong top-line momentum in the renewable energy segment
- 3-year compounded sales CAGR of 156% reflects rapid capacity addition and scaling from a low base
- 3-year compounded profit CAGR of 45% shows improving earnings trajectory
- Debtor days improved from 98.3 to 78.5 days, signaling better working capital management
- Market cap of Rs 80,092 Cr backed by NTPC parentage provides sovereign-grade counterparty comfort and access to low-cost capital
- Company is expected to deliver a good upcoming quarter per consensus estimates
- India's target of 500 GW renewable capacity by 2030 provides massive secular tailwind for NTPC Green's pipeline
Bear Case 8
- PE ratio of 154.6x is excessively expensive even by growth stock standards, leaving no margin of safety
- 3-year average ROE of just 3.66% indicates poor capital efficiency and weak return generation for shareholders
- Zero dividend yield despite reporting repeated profits suggests cash is being retained without adequate shareholder returns
- Stock price has declined 11% over the past 1 year, underperforming broader market indices
- Low interest coverage ratio raises concerns about debt serviceability as the company scales capex
- Price-to-book of 4.26x is elevated for a company generating sub-4% ROE, implying value destruction risk
- 57% of analyst ratings (4 out of 7) recommend selling the stock at current levels
- Possible capitalization of interest costs may be inflating reported profits and asset values
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago Positives 3
- 50 MW solar capacity added Jun 12
NTPC Green Energy declared commercial operation of 50 MW solar capacity in Rajasthan, bringing total installed capacity to 10,671.40 MW.
- 250 MW solar project announced Jun 9
Subsidiary to develop 250 MW solar project with battery storage in Sitapur, UP, targeting energy security for defence establishments.
- 105 MW Khavda-II now operational May 27
Commercial operation of 105 MW at Khavda-II Solar PV Project declared, raising total group capacity to 10,621.40 MW.
TL;DR: NTPC Green Energy is on a steady capacity expansion trajectory, adding 155 MW of operational solar capacity across May-June while announcing a new 250 MW project with BESS for defence use. No headwinds or negatives surfaced in the period. The trend is clearly positive with consistent commissioning milestones, and the defence-linked pipeline adds revenue visibility going forward.
Quarterly Results
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 446 | 508 | 578 | 504 | 505 | 622 | 680 | 612 | 653 | 913 |
| Expenses | 51 | 71 | 65 | 85 | 82 | 62 | 77 | 83 | 118 | 138 |
| Operating Profit | 395 | 437 | 513 | 419 | 424 | 560 | 604 | 530 | 535 | 774 |
| OPM % | 89% | 86% | 89% | 83% | 84% | 90% | 89% | 86% | 82% | 85% |
| Other Income | 17 | 45 | 29 | 21 | 76 | 129 | 89 | 60 | 31 | 48 |
| Interest | 174 | 181 | 183 | 195 | 206 | 177 | 193 | 207 | 230 | 257 |
| Depreciation | 159 | 173 | 175 | 182 | 195 | 206 | 223 | 261 | 300 | 318 |
| PBT | 80 | 127 | 183 | 63 | 99 | 307 | 277 | 122 | 37 | 247 |
| Tax % | 31% | 36% | 24% | 42% | 34% | 24% | 20% | 29% | 53% | 20% |
| Net Profit | 56 | 81 | 139 | 37 | 66 | 233 | 220 | 86 | 17 | 197 |
| EPS in Rs | 0.12 | 0.14 | 0.24 | 0.05 | 0.08 | 0.28 | 0.26 | 0.1 | 0.02 | 0.23 |
Profit & Loss
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Sales | 170 | 1,963 | 2,210 | 2,858 |
| Expenses | 18 | 217 | 290 | 383 |
| Operating Profit | 152 | 1,745 | 1,920 | 2,475 |
| OPM % | 90% | 89% | 87% | 87% |
| Other Income | 1 | 77 | 257 | 197 |
| Interest | 51 | 694 | 766 | 887 |
| Depreciation | 50 | 643 | 758 | 1,102 |
| PBT | 53 | 486 | 653 | 683 |
| Tax % | -226% | 29% | 27% | 24% |
| Net Profit | 171 | 343 | 474 | 521 |
| EPS in Rs | 0.36 | 0.6 | 0.56 | 0.62 |
| 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 | 1,999 | 2,386 |
| Investing | -10,304 | -9,218 | -17,793 | -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 | 104 | 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 | -642 | -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.
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 Utilities sector within the Power 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 ₹80302.92 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 156.92. 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.
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]