NTPC Green Energy share price today

NTPC Green Energy Ltd's share price was ₹83.51 at the close on 4 November 2026. It has been falling for 15 weeks. That is 11.5% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹81 and ₹112, and at that close it sat 7% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today NTPC Green Energy Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 3 weeks running.

Over the last 1 year the share price moved −33% while the NIFTY 500 moved −5%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 16 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Two changes stood out: revenue up on a year earlier for 8 quarters in a row (every quarter we can compare) and indian funds and insurers (DIIs) raised their stake for 4 quarters in a row.

1. Revenue up on a year earlier for 8 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹938 crore, +53.3% on a year earlier.

2. Indian funds and insurers (DIIs) raised their stake for 4 quarters in a row

   From 4.6% to 5.3% of the company by the September 2026 quarter.

NTPC Green Energy has paid no dividend on the NSE since its first NSE close in our records (29 November 2024), the start of the period we checked.

No. NTPC Green Energy Ltd paid out 0% of its profit as dividends in each of its last 4 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

For July to September 2026 (the quarter ended 30 September 2026), NTPC Green Energy reported revenue of ₹938 crore, up 53.3% from ₹612 crore a year earlier, and a profit of ₹138 crore, up 60.5% from ₹86.0 crore.

NTPC Green Energy results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

NTPC Green Energy closed at ₹83.51 on 4 November 2026, down 15.6% from ₹98.96 a year earlier (7 November 2025). Its highest weekly close since November 2024 was ₹144.13 on 13 December 2024.

NTPC Green Energy share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

108 weekly closes from 29 November 2024 to 4 November 2026.

4 Nov 2026: NTPC Green Energy closed at ₹83.51, up 1.3% on the week and down 8.3% on the month. Results for July to September 2026: Revenue up 53.3% and profit up 60.5% on a year earlier.

NTPC Green Energy's management made 0 promises we could check against what it later reported.

Our read after the latest results, written 17 May 2026.

What is changing at NTPC Green Energy, from the latest results and calls: capacity ramp, mechanical revenue unlock, deleveraging as commissioned asset base scales and green hydrogen / new technology optionality.

• Capacity Ramp, Mechanical Revenue Unlock. 6 GW added in FY26 (beat 5 GW goal); NGEL at 10 GW operational. FY27 goal 8 GW, 82% PPA-tied, revenue ramp is mechanical once commissioned. ⚠ estimate
• Deleveraging as Commissioned Asset Base Scales. Once commissioned capacity stabilizes (no new CWIP coming online), interest and depreciation costs stop rising while revenue continues to scale, operating leverage kicks in. ⚠ estimate
• Green Hydrogen / New Technology Optionality. Won SECI bid for 70,000 MT/year green ammonia; maiden 80 MW/320 MWh BESS in Kerala, early-stage optionality, not in base case for 24 months. ⚠ estimate
• India Policy Tailwind, 500 GW Non-Fossil Goal. India's 500 GW non-fossil goal by 2030 creates structural demand for NGEL's capacity; NTPC group's PSU status provides bid advantages in sovereign procurement. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 17 May 2026.

420 million units lost to curtailment in 9M FY26 in Rajasthan and Gujarat, management disclosed only under analyst pressure.

The main risks

• Curtailment / Grid Evacuation Risk: 420 million units lost to curtailment in 9M FY26 in Rajasthan and Gujarat, management disclosed only under analyst pressure. ✓ fact
• Finance Cost Spiral, Rising Debt vs. Commissioning Lag: Interest costs rose 26% in one year (₹183 Cr Q1 → ₹230 Cr October to December 2025); will continue rising through FY27 as capital spending accelerates to fund 8 GW additions. ✓ fact
• Green Ammonia / New Business IRR Risk: Analysts flagged green ammonia bids as 'aggressive'; management provided evasive response, actual project returns unverifiable from public disclosures. ✓ fact
• FY28 Pipeline Only 60% PPA-Tied: FY28 capacity pipeline is only 60% PPA-tied (vs 82% in FY27); 40% exposed to merchant/tariff risk as capacity builds ahead of offtake agreements. ✓ fact

Our read after the latest results, written 17 May 2026.

When NTPC Green Energy reports October to December 2026, these are the 5 checks that show whether the story is still on course. First: Quarterly curtailment units disclosed in company presentations; PGCIL connectivity announcements for Khavda.

NTPC Green Energy is on 4 of our India lists: 52 week high & low, Small & mid cap stocks, Penny stocks and Power & green energy stocks.

NTPC Green Energy Ltd earned ₹138 Cr of net profit in the Sep 2026 quarter, +60.5% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹521 Cr. Over 3 years profit has grown 45.0% a year on average. That is 14.7% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹86.0 Cr.

For the full year, FY26 profit was ₹521 Cr (+9.9% on the year before).

Why profit moved: revenue changed +53.3% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +2.3% and revenue +48.0%. Profit is growing slower than sales: rising costs are taking part of the growth.

NTPC Green Energy Ltd reported ₹938 Cr of revenue in the Sep 2026 quarter, +53.3% on the same quarter a year earlier. That is the 8th quarter in a row with growth on the year before. Over 3 years it has grown 156.2% a year on average. The last full year, FY26, came in at ₹2,858 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. NGEL won a SECI bid to supply 70,000 metric tons per annum of green ammonia. Analysts flagged the bid as appearing aggressive; CEO Sarit Maheshwari cited RE RTC price competitiveness but did not provide actual IRR numbers in response. Green Hydrogen Hub in Andhra Pradesh is in early planning (₹7.26 Cr amortized Q3 FY26). Battery storage (80MW/320MWh) is the first such win.

The last four reported quarters add to ₹3,611 Cr.

FY26 revenue was ₹2,858 Cr, +29.3% on the year before.

Recent pace: the last four quarters grew +48.0% on average, against 156.2% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +49.3%, against +33.2% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +8.6%, against +44.9% a year (rolling over).

NTPC Green Energy Ltd's operating margin was 88.0% in the Sep 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 4 years it has been between 86.0% and 90.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The primary value driver is capacity commissioning. Every GW commissioned converts from CWIP (zero revenue) to operational asset at a regulated tariff secured under 25-year PPAs. The revenue compound is purely mechanical: more capacity = more revenue. FY26 saw 6 GW addition, the company's first material beat vs goal. By December 2025 (Q3 FY26), total commercial capacity reached 8,010 MW, up from 5,902 MW at March 2025. The Khavda complex alone contributes 1,000+ MW in Q4 FY26. FY27 pipeline 82% PPA-tied, providing very high revenue visibility. The risk is execution timing, commissioning on odd dates creates a 1-2 quarter earnings distortion due to full-quarter depreciation vs…

Why the margin moved: operating margin changed +2.0 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Over the last 3 years, 452% of NTPC Green Energy Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹2,386 Cr of operating cash against ₹521 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹18,698 Cr of spending on assets, free cash was −₹16,312 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 452% of profit came in as cash: the cash cycle got 622 days shorter between FY23 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 15.7× depreciation over three years. The next section checks what that spending is building.

NTPC Green Energy Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 78 days in FY26, down from 700 days in FY23. It spent ₹39,391 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹2,858 Cr, each day of that cycle ties up about ₹7.8 Cr, so roughly ₹611 Cr is tied up in the business at any time.

Spending on assets: ₹39,391 Cr over the last 3 years, against ₹2,503 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹14,193 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

NTPC Green Energy Ltd's P/E is 107.4×, about the lowest it has ever been. Its usual P/E (the middle reading) is 155.3×, over 1 year of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +10.7% while the price moved −15.6%. Earnings did better than the price, which pulled the multiple down within its own range.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

NTPC Green Energy Ltd's business is giving mixed signals. Growth has been steadily positive, but ROCE at 3.8% is below the 15% level needed to call it steady growth. This is based on 8 quarters of 3 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

NTPC Green Energy Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: GROWTH spending. Still open: 420 million units lost to curtailment in 9M FY26 in Rajasthan and Gujarat, management disclosed only under analyst pressure.

NOT YET CHECKED

From the price. Price stage 4, week 15, below its 200-day line, relative strength falling.

Where they disagree. FIIs declining from 1.98% to 1.61% over 4 quarters while DIIs are steady, institutional signal is cautious.

What is not proven yet. 420 million units lost to curtailment in 9M FY26 in Rajasthan and Gujarat, management disclosed only under analyst pressure.

The test written in advance. Curtailment / Grid Evacuation Risk. Measured by: Curtailment / Grid Evacuation Risk Quarterly curtailment units disclosed in company presentations; PGCIL connectivity announcements for Khavda by the next result.

The test written in advance. Finance Cost Spiral, Rising Debt vs. Commissioning Lag. Measured by: Finance Cost Spiral, Rising Debt vs. Commissioning Lag Quarterly interest expense trajectory; Debt/EBITDA ratio moving above 5x would be a stress signal by the next result.

What the company does. FY26: 6 GW added (beat 5 GW goal); NGEL crossed 10 GW operational capacity milestone and 82% of FY27 pipeline is PPA-tied, revenue ramp is mechanical, not demand-dependent. Q3 FY26 consolidated PAT collapsed to ₹17 Cr (from ₹66 Cr), NOT business deterioration: commissioning-lag accounting where depreciation kicks in before full revenue accrues compresses near-term reported profit.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

• 1 · Operating leveragebuilding
• 2 · Value-added mixbuilding
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesbuilding
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servebuilding
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 1 · Operating leverage: building. 6 GW added in FY26 (beat 5 GW goal); NGEL at 10 GW operational. FY27 goal 8 GW, 82% PPA-tied, revenue ramp is mechanical once commissioned. What proves it keeps working: Capacity Ramp, Mechanical Revenue Unlock. It stops working if Quarterly curtailment units disclosed in company presentations; PGCIL connectivity announcements for Khavda.

Lever 2 · Value-added mix: building. Once commissioned capacity stabilizes (no new CWIP coming online), interest and depreciation costs stop rising while revenue continues to scale, operating leverage kicks in. What proves it keeps working: Deleveraging as Commissioned Asset Base Scales. It stops working if Quarterly curtailment units disclosed in company presentations; PGCIL connectivity announcements for Khavda.

Lever 10 · New geographies: building. Won SECI bid for 70,000 MT/year green ammonia; maiden 80 MW/320 MWh BESS in Kerala, early-stage optionality, not in base case for 24 months. What proves it keeps working: Green Hydrogen / New Technology Optionality. It stops working if Quarterly curtailment units disclosed in company presentations; PGCIL connectivity announcements for Khavda.

Lever 14 · A bigger market to serve: building. India's 500 GW non-fossil goal by 2030 creates structural demand for NGEL's capacity; NTPC group's PSU status provides bid advantages in sovereign procurement. What proves it keeps working: India Policy Tailwind, 500 GW Non-Fossil Goal. It stops working if Quarterly curtailment units disclosed in company presentations; PGCIL connectivity announcements for Khavda.

Sources: our stock research file (17 May 2026) · quarterly results through Sep 2026. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

NTPC Green Energy Ltd earned a ROCE of 4% in FY26. Its return on capital used (ROIC) is 9.7 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 18.2% net margin and 0.05× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 18.2% net margin × 0.05× asset turnover × 3.18× leverage (assets divided by equity) ≈ 2.9% on equity. The margin does most of the work; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 2.3% − 12.0% = −9.7 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

NTPC Green Energy Ltd has total debt of ₹31,716 Cr against shareholder equity of ₹19,189 Cr as of Jun 2026, so its debt is 1.65× its equity. Year by year, that ratio went from 2.22 in FY24 to 1.65 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

No group of NTPC Green Energy Ltd's owners changed its stake by a full percentage point over the last two years. Promoters moved +0.0 points over the same period, to 89.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Foreign institutions: −0.6 points over 7 quarters, to 1.6%; Promoters: +0.0 points over 7 quarters, to 89.0%; Domestic institutions: +0.0 points over 7 quarters, to 5.3%.

For NTPC Green Energy Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

52.3 out of 100, rank 8 of 21 in Power - Generation/Distribution, with 83% of the evidence available.

NTPC Green Energy Ltd scores 52.3 out of 100 against the 21 companies it is compared with in Power - Generation/Distribution, ranking 8. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 20.7 + 11.8 + 8.8 + 11 = 52.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

NTPC Green Energy ranks 8 of 21 Power - Generation/Distribution companies on the 4-Factor Sector Score, with 52.3 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Power - Generation/Distribution, all 21 compared on one page.

NTPC Green Energy is the 7th largest of 21 Power - Generation/Distribution companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Tata Power Company, JSW Energy and NHPC. Just below it: Torrent Power, NLC India and ACME Solar Holdings.

Power - Generation/Distribution companies close in size

4. Tata Power Company Ltd ₹1,10,255 crore
5. JSW Energy Ltd ₹91,738 crore
6. NHPC Ltd ₹78,090 crore
7. NTPC Green Energy Ltd ₹69,467 crore
8. Torrent Power Ltd ₹59,103 crore
9. NLC India Ltd ₹31,608 crore
10. ACME Solar Holdings Ltd ₹28,614 crore

All 21 Power - Generation/Distribution companies, largest first

Companies close in size in other industries

145. Phoenix Mills Ltd ₹70,008 crore · Realty - Commercial
146. Ather Energy Ltd ₹69,693 crore · Auto - 2 & 3 Wheelers
147. NTPC Green Energy Ltd ₹69,467 crore
148. SRF Ltd ₹69,230 crore · Chemicals - Flourine
149. Mazagon Dock Shipbuilders Ltd ₹68,788 crore · Ship - Docks/Breaking/Repairs

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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