NTPC Green Energy Ltd (NTPCGREEN)

Power · Power Generation & Distribution · NSE · Updated 29 September 2026

By StockFin Research TeamAI-Assisted AnalysisSource: BSE/NSE Filings

₹92.14↓ 5.25% (1Y)

🎯 Key Takeaways

NTPC Green Energy Ltd is in a consolidation and incremental investment phase, focusing on operational scaling within its renewable energy segment while maintaining governance continuity. The company has demonstrated steady revenue growth and improving operational margins, but faces persistent low profitability metrics reflected in high P/E and modest ROE/ROCE.
Revenue grew 21.3% QoQ to ₹1,107 in Q1FY27.
⚠️ High leverage (D/E of 1.54) poses financial risk amid rising interest rates and project execution delays.

Market Cap: ₹77,640
P/E Ratio: 129.8
P/B Ratio: 4.09
ROE: 3.2%
ROCE: 3.7%
Debt/Equity: 1.54
Promoter: 89.0%

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📖 The Story

NTPC Green Energy Ltd is in a consolidation and incremental investment phase, focusing on operational scaling within its renewable energy segment while maintaining governance continuity. The company has demonstrated steady revenue growth and improving operational margins, but faces persistent low profitability metrics reflected in high P/E and modest ROE/ROCE. It operates with significant leverage and is actively expanding its stake in strategic projects, indicating a growth-oriented capital allocation strategy.

📰 What's Happening

The company approved its unaudited Q3 FY2026 results showing ₹601.01 crore total income and ₹53.60 crore profit after tax, up from ₹197 crore in Q2 FY2026. The board also granted in-principle approval for an investment in AP NHAL to increase its stake to 51%, signaling strategic expansion. Governance activities included the 4th AGM on August 28, 2026, where audited FY2026 financials were approved and Finance Director Jaikumar Srinivasan was appointed. No fund utilization from debenture proceeds was observed, and regulatory compliance was confirmed.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	612	653	913	1,107
Operating Profit	268	268	457	646
OPM %	43.8%	41.0%	50.1%	58.4%
Net Profit	86	17	197	305
EPS	₹0.10	₹0.02	₹0.23	₹0.36

Revenue has grown steadily from ₹612 crore in September 2025 to ₹1,107 crore in June 2026, with operating profit margin expanding from 43.8% to 58.4% over the same period, indicating operational efficiency gains. Net profit rose from ₹86 crore to ₹305 crore, and EPS increased from ₹0.10 to ₹0.36, reflecting improved bottom-line performance. This upward trajectory aligns with management's focus on scaling renewable assets and optimizing operational execution, though profitability remains sensitive to project ramp-ups and regulatory frameworks.

🔮 Management Outlook & What's Next

No forward guidance was provided in the latest filings, including the AGM and quarterly results announcements. Management did not disclose specific growth targets, margin expectations, or capital deployment timelines beyond the in-principle AP NHAL investment. The absence of forward-looking commentary suggests a cautious or reactive communication approach, with strategic direction inferred from board-approved investments and operational performance trends rather than explicit projections.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2024	Mar 2025	Mar 2026	Mar 2026
Equity Capital	5,720	8,426	8,426	8,426
Reserves	513	10,014	10,539	10,322
Borrowings	13,856	19,441	29,258	21,826
Total Liabilities	27,206	45,421	60,382	48,414
Fixed Assets	17,573	21,816	39,202	26,343
Investments	0	3,199	3,536	3,331
Total Assets	27,206	45,421	60,382	48,414

The company maintains a high debt-to-equity ratio of 1.54, with borrowings increasing from ₹19,441 crore in March 2025 to ₹29,258 crore in March 2026, indicating active leverage for expansion. Equity remains stable at ₹8,426 crore, while reserves have grown from ₹10,014 crore to ₹10,539 crore, suggesting retained earnings are being accumulated. Total assets have risen significantly, driven by capital investments, likely tied to renewable energy project development. This reflects a capital-intensive growth model reliant on debt financing.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+2,386
Investing	-12,117
Financing	+9,796
Net Cash Flow	+66

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	89.0%	89.0%	89.0%	89.0%
FII	1.8%	1.6%	1.6%	1.7%
DII	4.6%	4.8%	5.1%	5.2%
Public	4.3%	4.3%	4.0%	3.8%
# Shareholders	13,58,211	13,32,650	13,01,463	12,30,466

Promoter holding remains stable at 89.01% across all recent quarters, indicating no dilution or stake sales. Foreign institutional holdings have slightly declined from 1.79% to 1.61%, while domestic institutional ownership has increased from 4.64% to 5.21%, suggesting growing confidence among Indian investors. The number of shareholders has decreased slightly from 13.58 lakh to 12.30 lakh, possibly due to consolidation of retail holdings. No pledging or exit signals from promoters or institutions are evident in the data.

⚖️ Peer Comparison — Power Generation & Distribution

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ADANIPOWER	3.79 L Cr	26.6	18.3%	—	0.86
NTPC	3.11 L Cr	11.2	10.1%	—	1.34
POWERGRID	2.44 L Cr	15.3	10.5%	—	1.47
ADANIGREEN	2.04 L Cr	118.6	7.3%	—	5.21
ADANIENSOL	1.57 L Cr	53.0	10.5%	—	1.92
TATAPOWER	1.16 L Cr	29.9	11.1%	—	1.80
ENRIN	1.14 L Cr	76.4	46.2%	—	0.00
JSWENERGY	91,124	44.3	7.3%	—	2.52
NTPCGREEN	77,640	129.8	3.7%	—	1.54
NHPC	74,836	21.1	5.0%	—	1.26

🔗 Peer Stock Analyses

ADANIPOWER NTPC POWERGRID ADANIGREEN ADANIENSOL

⚠️ Risk Factors

1. High leverage (D/E of 1.54) poses financial risk amid rising interest rates and project execution delays. 2. Low ROE (3.2%) and ROCE (3.7%) indicate capital inefficiency, potentially undermining investor returns. 3. Absence of forward guidance may reduce market confidence and increase valuation volatility. 4. Dependence on regulatory approvals and renewable energy incentives exposes the company to policy-related disruptions.

📋 Recent Filings

🧠 Analyst's Read

NTPC Green Energy is executing a capital-intensive growth strategy with improving operational metrics but constrained profitability and high leverage. Investors should monitor project execution timelines, debt management, and any future disclosure of strategic guidance to assess sustainability of margins and returns.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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