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NTPC Green Energy

NTPCGREEN NSE

Key Fundamentals

MidcapPower GenerationPower
Market Cap
₹77,438 Cr
Volatility
Moderate
P/E Ratio
128.3
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

Tapetide Score

Data-driven rating, 0–100. How it works →

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 4.05 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% lower than 3Y
Net Income Growth
9.96% lower than 3Y
Cash Flow Change
16.35% lower than 3Y
ROE
6.25% higher than 3Y
ROCE
-16.43% higher than 3Y
EBITDA Margin (Avg.)
-0.85% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

NTPC Green Energy has a market capitalisation of about ₹78,828 crore and trades at a P/E of 132.4 and a P/B of 4.24. Its revenue has grown fast, with a 3-year sales CAGR of 156% and TTM sales growth of 42%, but TTM profit growth is only 9%. Return on equity is low at 3% last year and about 4% over 3 years, the company pays no dividend, and the stock has returned -6% over the past year.

Bull Case 7
  • Revenue has compounded at 156% over 3 years and is still growing 42% on a TTM basis, which shows fast scaling of its operating renewable portfolio.
  • Profit has compounded at 45% over 3 years, so the growth is reaching the bottom line and not just the top line.
  • Debtor days have improved from 98.3 to 78.5, a cut of about 20 days, which points to better collection from counterparties and healthier working capital.
  • The company is expected to report a good quarter, which could continue the 42% TTM revenue growth trend.
  • Its market cap of about ₹78,828 crore makes it one of the larger listed pure-play renewable companies in India, with the backing and access to capital of its parent, NTPC.
  • Low current ROE of 3% partly reflects capital deployed into projects still under construction. If capacity is commissioned on schedule, returns could rise as those assets start earning.
  • The 0% dividend yield reflects retained earnings being put back into capacity expansion, which is consistent with a company growing sales at 156% CAGR.
Bear Case 8
  • A P/E of 132.4 prices in years of sustained high growth, which leaves little room for delays in execution or commissioning.
  • ROE is low at 3% last year and about 3.66% over 3 years, well below typical cost-of-equity levels, so current returns do not yet justify a P/B of 4.24.
  • TTM profit growth of 9% is far behind TTM sales growth of 42%, which suggests margin pressure from rising depreciation, interest or operating costs.
  • Interest coverage is low, which increases sensitivity to interest-rate moves and to financing a capital-intensive build-out, given a 3-year sales CAGR of 156% largely funded with capital.
  • The company may be capitalising interest cost on projects under construction. That can make reported profit look better, so the 45% 3-year profit CAGR may overstate underlying earnings quality.
  • The stock has returned -6% over 1 year despite 42% revenue growth, which suggests the market is questioning the valuation.
  • The dividend yield is 0% despite repeated profits, so shareholders get no cash return while waiting for ROE to improve from about 3%.
  • The 3-year growth rate of 156% starts from a small base and is unlikely to last at that pace, which makes a 132.4x earnings multiple harder to support as growth normalises.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Positives 2
  • 50 MW Rajasthan solar commissioned Oct 1

    NTPC Green Energy commissioned 50 MW of solar capacity in Rajasthan as part of a 200 MW Round The Clock project, taking its total installed capacity to 11,262.51 MW. This also lifted parent NTPC Limited's group installed capacity to 91,506 MW.

  • Vanki wind adds 6.3 MW Sep 12

    The company began commercial operations of 6.3 MW at the Vanki Wind Project in Gujarat. Total operational capacity rose to 10,842.86 MW after the addition.

Neutral 2
  • New statutory auditor for FY27 Sep 10

    The Comptroller and Auditor General of India appointed M/s Dinesh Jain & Associates as statutory auditor for FY2026-27 on September 8, 2026. This is a routine appointment for a PSU subsidiary.

  • Senior manager exits via transfer Sep 16

    Shri Prabir Kumar Biswas ceased to be Senior Management Personnel on September 16, 2026, because of an administrative transfer within the organization. It's an internal reshuffle with no sign of governance concerns.

TL;DR: NTPC Green Energy keeps adding capacity across solar and wind, with installed capacity rising from about 10,843 MW in mid-September to 11,262.51 MW by early October. That includes the first portion of a 200 MW Round The Clock project, a higher-value segment. These news items show no direct headwinds, and the auditor and management changes are routine. The trend looks steady, but commissioning additions this small (6.3 MW and 50 MW) do little on their own, so investors will likely watch how quickly the rest of the RTC project and the larger pipeline are delivered.

Quarterly Results

Particulars Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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58 extracted metrics + investor summaries across FY23–FY27.

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Shareholding Pattern

Others0.35%Promot.89.01%FIIs1.67%Public3.76%DIIs5.21%As ofJun 2026

Documents

Frequently Asked Questions about NTPC Green Energy

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 trades as NTPCGREEN on the NSE and under code 544289 on the BSE.
Which sector does NTPC Green Energy Ltd belong to?
NTPC Green Energy Ltd is classified under the Power sector, in the Power Generation industry.
What is the market capitalisation of NTPC Green Energy Ltd?
NTPC Green Energy Ltd has a market capitalisation of ₹77,438 Cr, which places it in the Large Cap band.
What is the PE ratio of NTPC Green Energy Ltd?
NTPC Green Energy Ltd trades at a PE ratio of 128.30, against a book value of ₹22.51 per share.
What is the 52-week high and low of NTPC Green Energy Ltd?
Over the last 52 weeks NTPC Green Energy Ltd has traded between ₹84 and ₹119.95.
What is the Return on Equity (ROE) of NTPC Green Energy Ltd?
NTPC Green Energy Ltd reported a return on equity of 2.72%. Its debt-to-equity ratio is 1.67.

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]

Website ngel.in/ngel-home
Listed 2024-11-27
Face Value ₹ 10
Issued Size 8,42,63,29,669

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