Geographical Expansion
Expected: Q4 FY26HIGH confidence
What: Capacity: 1.2 GW Khavda project
Impact: Full commissioning by Q4
NTPC Green Energy Ltd: Stock Analysis & Fundamentals
Updated this weekNTPC Green Energy Ltd (Power - Generation/Distribution) — fundamental analysis, earnings data, and key metrics. PE: 153.0. ROE: 2.8%. This stock is not currently in the Nifty 500 momentum outperformers list.
NTPC Green Energy Ltd Key Facts
What's Happening
💪Debt reduced 31% YoY — balance sheet strengthening
Earnings Acceleration Triggers
1. Geographical Expansion
Q4 FY26HIGH
2. Interest Cost Reduction Deleveraging
FY26-35MEDIUM
Key Risks
1. Litigation regarding 'Change in Law' events including GST hikes and BCD impositi
MEDIUM2. Delays in execution of under-construction projects impacting capacity targets
MEDIUMSector-Specific Signals
Total Installed Capacity3.6 GWNot Given
Energy Generation3.2 BU100%
Solar Capacity Utilization Factor21.2%-130 bps
Wind Capacity Utilization Factor27.6%1590 bps
Key Numbers
Current Price
₹95
Market Cap
79.8K Cr
Valuation
N/AWhy Are NTPC Green Energy Ltd's Earnings Accelerating?
Based on Q3 FY26 (web) earnings • Updated Apr 18, 2026
Interest Cost Reduction Deleveraging
Expected: FY26-35MEDIUM confidence
What: Coupon Rate: 7.01%
Impact: Lower cost of debt
What Are the Key Risks for NTPC Green Energy Ltd?
Earnings deceleration risks from management commentary
Litigation regarding 'Change in Law' events including GST hikes and BCD impositi
MEDIUMTrigger: Litigation regarding 'Change in Law' events including GST hikes and BCD impositions.
Impact: PAT impact: ₹184.95 Cr claim
Management view: Filing petitions for restitutionary relief.
Monitor: regulatory
Delays in execution of under-construction projects impacting capacity targets
MEDIUMTrigger: Delays in execution of under-construction projects impacting capacity targets.
Impact: PAT impact: Lowered FY26 target from 6GW to 5GW
Management view: Aiming to add 2.5GW between Feb-Mar 2026.
Monitor: logistics
What Did NTPC Green Energy Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹653.29 Cr
YoY +29.34%QoQ +6.7%
Revenue growth was driven by higher capacity utilization and new project commissioning, though it slightly missed some analyst estimates.
EBITDA
₹567 Cr
YoY +33.8%Margin 86.8%
EBITDA margins improved to 86.8% from 84% YoY due to the high-margin nature of operational renewable assets.
PAT
₹17.32 Cr
YoY -73.6%QoQ -79.95%
The sharp PAT decline was primarily caused by the absence of one-time IPO interest income and higher finance/depreciation costs.
Other Highlights
• Raised ₹1,500 Cr via NCDs at 7.01% coupon for capital expenditure.
• Consolidated net worth strengthened to ₹18,770.35 Cr as of Dec 2025.
• 9M FY26 PAT grew 34.6% YoY to ₹324 Cr despite Q3 weakness.
What Sector Metrics Matter for NTPC Green Energy Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Installed Capacity
3.6 GW
YoY Not GivenQoQ Not Given
Why: Incremental commissioning of solar projects in Gujarat and Rajasthan.
Energy Generation
3.2 BU
YoY 100%QoQ Not Given
Why: Reflects the inclusion of the Ayana portfolio and higher operational assets.
Solar Capacity Utilization Factor
21.2%
YoY -130 bpsQoQ Not Given
Why: Slightly lower solar CUF compared to 22.5% in the previous year's quarter.
Wind Capacity Utilization Factor
27.6%
YoY 1590 bpsQoQ Not Given
Why: Significant improvement from 11.7% YoY.
Capacity under PPA
82%
YoY Not GivenQoQ Not Given
Why: High level of contracted capacity ensures revenue predictability.
Weighted Average Interest Rate
6.05%
YoY -59 bpsQoQ Not Given
Why: Refinancing and strong parentage enabling lower borrowing rates.
What Is NTPC Green Energy Ltd's Management Guidance?
Forward-looking targets from management for FY27
Revenue Outlook
₹76.7b
Capex Plan
₹1 Lakh Cr
Solar and wind asset expansion
Volume
Aggressive capacity addition targets for the next two fiscal years.
Management Tone: CAUTIOUS
Guidance Changes
LOWERED
FY26 Capacity Addition: 6 GW → 5 GW
Execution delays and subpar 9M addition
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: NTPC Green Energy Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were NTPC Green Energy Ltd's latest quarterly results?
NTPC Green Energy Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: -15.5%
- Revenue Growth YoY: +46.8%
- Operating Margin: 85.0%
What is NTPC Green Energy Ltd's current PE ratio?
NTPC Green Energy Ltd's current PE ratio is 153.0x.
- Current PE: 153.0x
- Market Cap: 79.8K Cr
What is NTPC Green Energy Ltd's price-to-book ratio?
NTPC Green Energy Ltd's price-to-book ratio is 4.2x.
- Price-to-Book (P/B): 4.2x
- Book Value per Share: ₹23
- Current Price: ₹95
Is NTPC Green Energy Ltd a fundamentally strong company?
NTPC Green Energy Ltd's fundamental strength based on key financial ratios
- Return on Capital (ROCE): 4.0%
Is NTPC Green Energy Ltd debt free?
NTPC Green Energy Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹32,000 Cr
What is NTPC Green Energy Ltd's return on equity (ROE) and ROCE?
NTPC Green Energy Ltd's return ratios over recent years
- FY2024: ROCE 8.0%
- FY2025: ROCE 5.0%
- FY2026: ROCE 4.0%
Is NTPC Green Energy Ltd's cash flow positive?
NTPC Green Energy Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹2,000 Cr
- Free Cash Flow (FCF): ₹-10,000 Cr
- CFO/PAT Ratio: 458% (strong cash conversion)
What is NTPC Green Energy Ltd's dividend yield?
NTPC Green Energy Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹95
Who holds NTPC Green Energy Ltd shares — promoters, FII, DII?
NTPC Green Energy Ltd's shareholding pattern (Mar 2026)
- Promoters: 89.0%
- FII (Foreign): 1.6%
- DII (Domestic): 5.1%
- Public: 4.3%
Is promoter holding increasing or decreasing in NTPC Green Energy Ltd?
NTPC Green Energy Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 89.0% (Mar 2026)
- Previous Quarter: 89.0% (Dec 2025)
- Change: 0.00% (stable)
Is NTPC Green Energy Ltd a new momentum entry or an established outperformer?
NTPC Green Energy Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for NTPC Green Energy Ltd?
NTPC Green Energy Ltd has 2 key growth catalysts identified from recent earnings analysis
- Geographical Expansion — Large-scale solar projects are the primary drivers of revenue and EBITDA growth.
- Interest Cost Reduction Deleveraging — Low-cost debt financing supports the massive capex plan without proportional interest burden.
What are the key risks in NTPC Green Energy Ltd?
NTPC Green Energy Ltd has 2 key risks worth monitoring
- [MEDIUM] Litigation regarding 'Change in Law' events including GST hikes and BCD impositi — Litigation regarding 'Change in Law' events including GST hikes and BCD impositions.
- [MEDIUM] Delays in execution of under-construction projects impacting capacity targets — Delays in execution of under-construction projects impacting capacity targets.
What is NTPC Green Energy Ltd's management guidance for growth?
NTPC Green Energy Ltd's management has provided the following forward guidance for FY27
- Revenue outlook: ₹76.7b
- Margin outlook: Not Given
- Capex plan: ₹1 Lakh Cr for Solar and wind asset expansion
- Management tone: cautious
- Milestone: [LOWERED] FY26 Capacity Addition: 6 GW → 5 GW
What sector-specific metrics matter most for NTPC Green Energy Ltd?
NTPC Green Energy Ltd's most important sub-sector-specific KPIs from the latest concall
- Total Installed Capacity: 3.6 GW (YoY Not Given) (QoQ Not Given) — Incremental commissioning of solar projects in Gujarat and Rajasthan.
- Energy Generation: 3.2 BU (YoY 100%) (QoQ Not Given) — Reflects the inclusion of the Ayana portfolio and higher operational assets.
- Solar Capacity Utilization Factor: 21.2% (YoY -130 bps) (QoQ Not Given) — Slightly lower solar CUF compared to 22.5% in the previous year's quarter.
- Wind Capacity Utilization Factor: 27.6% (YoY 1590 bps) (QoQ Not Given) — Significant improvement from 11.7% YoY.
- Capacity under PPA: 82% (YoY Not Given) (QoQ Not Given) — High level of contracted capacity ensures revenue predictability.
- Weighted Average Interest Rate: 6.05% (YoY -59 bps) (QoQ Not Given) — Refinancing and strong parentage enabling lower borrowing rates.
Is NTPC Green Energy Ltd worth studying for long term investment?
Based on quantitative research signals, here is why NTPC Green Energy Ltd may be worth studying
- Cash flow is positive — CFO ₹2,000 Cr
What is the investment thesis for NTPC Green Energy Ltd?
NTPC Green Energy Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Geographical Expansion
Risk Factors (Bear Case)
- Key risk: Litigation regarding 'Change in Law' events including GST hikes and BCD impositi
What is the future outlook for NTPC Green Energy Ltd?
NTPC Green Energy Ltd's forward outlook based on current data signals
- Key Catalyst: Geographical Expansion
- Key Risk: Litigation regarding 'Change in Law' events including GST hikes and BCD impositi
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.