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MomentumDeep Value

NTPC Green Energy Ltd: Why Is It Outperforming Nifty 500?

Active
RS +24.8%Weak9w Streak

In Week of May 10, 2026, NTPC Green Energy Ltd (Power - Generation/Distribution) is outperforming Nifty 500 with +24.8% relative strength. Fundamentals: Weak. On a 9-week streak.

NTPC Green Energy Ltd Key Facts

PE Ratio
166.0x
Market Cap
₹92,563 Cr
PAT Growth YoY
-74%
Revenue Growth YoY
+29%
OPM
82.0%
RS vs Nifty 500
+24.8%
Strong Opportunity

What's Happening

💎PE falling while earnings hold — value emerging
💰Trading 74% above estimated fair value — significant premium

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
MEDIUM
2. Delays in execution of under-construction projects impacting capacity targets
MEDIUM

Sector-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

PAT Growth YoY
-74%
Inflection Down
Revenue YoY
+29%
Stable
Operating Margin
82.0%
-200 bps YoY
PE Ratio
166.0
Current Price
₹110
Fundamental Score
26/100
Weak
3Y PAT CAGR
+66%
Market Cap
90.6K Cr
Valuation
Significantly Overvalued

12-Week Performance

Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.

12 weeks agoThis week

Why Are NTPC Green Energy Ltd's Earnings Accelerating?

Based on Q3 FY26 (web) earnings • Updated Apr 18, 2026

Geographical Expansion

Expected: Q4 FY26HIGH confidence

What: Capacity: 1.2 GW Khavda project

Impact: Full commissioning by Q4

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

MEDIUM

Trigger: 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

MEDIUM

Trigger: 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

How Fast Is NTPC Green Energy Ltd Growing?

Revenue, profit and margin growth rates

MetricYoY3Y CAGRTrend
Revenue+29%+80%Stable
PAT (Net Profit)-74%+66%Inflection Down
OPM82.0%-200 bpsStable

The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.

Other Top Power - Generation/Distribution Stocks Beating Nifty 500

Adani Power Ltd
Average • 9w streak
+48.9%
NTPC Ltd
Strong • 12w streak
+11.5%
Adani Green Energy Ltd
Average • 5w streak
+40.9%
Tata Power Company Ltd
Average • 9w streak
+20.5%
JSW Energy Ltd
Average • 4w streak
+22.1%
← Back to Power - Generation/DistributionDashboard

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 (Dec 2025) show

  • PAT Growth YoY: -74.2% (inflecting downward)
  • Revenue Growth YoY: +29.3%
  • Operating Margin: 82.0% (stable)

Is NTPC Green Energy Ltd's profit growing or declining?

NTPC Green Energy Ltd's profit is declining with an inflecting downward trend.

  • PAT Growth YoY: -74.2% (latest quarter)
  • PAT Growth QoQ: -80.2% (sequential)
  • 3-Year PAT CAGR: +66.5%
  • Trend: Inflecting downward — consistent growth pattern

What is NTPC Green Energy Ltd's revenue growth trend?

NTPC Green Energy Ltd's revenue growth trend is stable.

  • Revenue Growth YoY: +29.3%
  • Revenue Growth QoQ: +6.7% (sequential)
  • 3-Year Revenue CAGR: +80.0%

How is NTPC Green Energy Ltd's operating margin trending?

NTPC Green Energy Ltd's operating margin is stable.

  • Current OPM: 82.0%
  • OPM Change YoY: -2.0% basis points
  • OPM Change QoQ: -4.0% basis points

What is NTPC Green Energy Ltd's 3-year profit and revenue CAGR?

NTPC Green Energy Ltd's long-term compounding rates

  • 3-Year Profit CAGR: +66.5%
  • 3-Year Revenue CAGR: +80.0%

Is NTPC Green Energy Ltd's growth accelerating or decelerating?

NTPC Green Energy Ltd's earnings growth is inflecting downward with negative momentum on a sequential basis.

  • YoY Acceleration: -174.2% bps
  • Sequential Acceleration: 0.0% bps
  • Margin Warning: Operating margins are under pressure

What is NTPC Green Energy Ltd's trailing twelve month (TTM) performance?

NTPC Green Energy Ltd's trailing twelve month (TTM) performance

  • TTM PAT: ₹556 Cr
  • TTM PAT Growth: +72.1% YoY
  • TTM Revenue: ₹3,000 Cr
  • TTM Revenue Growth: +22.5% YoY
  • TTM Operating Margin: 86.8%

Is NTPC Green Energy Ltd overvalued or undervalued?

NTPC Green Energy Ltd appears significantly overvalued based on our fair value analysis.

  • Valuation Signal: Significantly Overvalued
  • Current PE: 166.0x
  • Price-to-Book: 5.0x

What is NTPC Green Energy Ltd's current PE ratio?

NTPC Green Energy Ltd's current PE ratio is 166.0x.

  • Current PE: 166.0x
  • Market Cap: 92.6K Cr

How does NTPC Green Energy Ltd's valuation compare to its history?

NTPC Green Energy Ltd's current PE is 166.0x.

  • Current PE: 166.0x
  • Valuation Assessment: Significantly Overvalued

What is NTPC Green Energy Ltd's price-to-book ratio?

NTPC Green Energy Ltd's price-to-book ratio is 5.0x.

  • Price-to-Book (P/B): 5.0x
  • Book Value per Share: ₹22
  • Current Price: ₹110

Is NTPC Green Energy Ltd a fundamentally strong company?

NTPC Green Energy Ltd is rated Weak with a fundamental score of 25.89/100. This score is calculated from objective financial metrics

  • Revenue Growth YoY: +29.3% (10% weight)
  • PAT Growth YoY: -74.2% (10% weight)
  • PAT Growth QoQ: -80.2% (10% weight)
  • Margins stable (10% weight)

Is NTPC Green Energy Ltd debt free?

NTPC Green Energy Ltd has a debt-to-equity ratio of N/A.

  • Total Debt: ₹22,000 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%

Is NTPC Green Energy Ltd's cash flow positive?

NTPC Green Energy Ltd's operating cash flow is positive (FY2025).

  • Cash from Operations (CFO): ₹2,000 Cr
  • Free Cash Flow (FCF): ₹-16,000 Cr
  • CFO/PAT Ratio: 422% (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: ₹110

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)

How long has NTPC Green Energy Ltd been outperforming Nifty 500?

NTPC Green Energy Ltd has been outperforming Nifty 500 for 9 consecutive weeks, indicating consistent outperformance.

Is NTPC Green Energy Ltd a new momentum entry or an established outperformer?

NTPC Green Energy Ltd is an established outperformer with 9 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)

  • Revenue growing at +29.3% YoY
  • Growth catalyst: Geographical Expansion

Risk Factors (Bear Case)

  • Margins under pressure
  • Appears significantly overvalued
  • 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

  • Earnings Trend: inflecting downward
  • Revenue Trend: stable
  • Margin Trend: stable
  • Valuation: Significantly Overvalued
  • 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.