NTPC Green Energy Ltd
Incorporated in April 2022, NTPC Green Energy is a renewable energy company that focuses on undertaking projects through organic and inorganic routes.[1]
- Market Cap ₹ 82,738 Cr.
- Current Price ₹ 98.2
- High / Low ₹ 118 / 84.0
- Stock P/E 148
- Book Value ₹ 22.2
- Dividend Yield 0.00 %
- ROCE 4.89 %
- ROE 3.85 %
- Face Value ₹ 10.0
Pros
- Debtor days have improved from 306 to 85.3 days.
Cons
- Stock is trading at 4.41 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 4.34% over last 3 years.
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Power Power Power Generation
Part of BSE 500 BSE 200 BSE Dollex 200 BSE PSU Nifty 500
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|
| 170 | 1,963 | 2,210 | 2,568 | |
| 18 | 217 | 290 | 339 | |
| Operating Profit | 152 | 1,745 | 1,920 | 2,229 |
| OPM % | 90% | 89% | 87% | 87% |
| 1 | 77 | 257 | 310 | |
| Interest | 51 | 694 | 766 | 806 |
| Depreciation | 50 | 643 | 758 | 990 |
| Profit before tax | 53 | 486 | 653 | 742 |
| Tax % | -226% | 29% | 27% | |
| 171 | 343 | 474 | 557 | |
| EPS in Rs | 0.36 | 0.60 | 0.56 | 0.66 |
| Dividend Payout % | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
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| 3 Years: | % |
| TTM: | 23% |
| Compounded Profit Growth | |
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| 5 Years: | % |
| 3 Years: | % |
| TTM: | 73% |
| Stock Price CAGR | |
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| 3 Years: | % |
| 1 Year: | 2% |
| Return on Equity | |
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| 10 Years: | % |
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| 3 Years: | 4% |
| Last Year: | 4% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|
| Equity Capital | 4,720 | 5,720 | 8,426 | 8,426 |
| Reserves | 168 | 513 | 10,014 | 10,322 |
| 6,137 | 13,856 | 19,441 | 21,826 | |
| 7,407 | 7,119 | 7,540 | 7,840 | |
| Total Liabilities | 18,431 | 27,207 | 45,421 | 48,414 |
| 14,758 | 17,573 | 21,816 | 26,343 | |
| CWIP | 1,749 | 7,138 | 13,983 | 15,373 |
| Investments | 0 | 0 | 3,199 | 3,331 |
| 1,924 | 2,495 | 6,423 | 3,367 | |
| Total Assets | 18,431 | 27,207 | 45,421 | 48,414 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| 17 | 1,616 | 1,999 | |
| -10,304 | -9,218 | -17,793 | |
| 10,360 | 7,645 | 15,715 | |
| Net Cash Flow | 73 | 43 | -80 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Debtor Days | 700 | 131 | 85 |
| Inventory Days | |||
| Days Payable | |||
| Cash Conversion Cycle | 700 | 131 | 85 |
| Working Capital Days | -8,849 | -723 | -642 |
| ROCE % | 8% | 5% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
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| Total Operational Installed Capacity (Consolidated) MW |
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| Gross Generation (Consolidated) Million Units |
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| Operating Solar Capacity MW |
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| Operating Wind Capacity MW |
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| Total Portfolio (Operating + Under Implementation + Pipeline) MW |
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Documents
Announcements
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NTPC Green Energy Limited Has informed About Declaration Of Commercial Operation Of Third Part Capacity Of 270 MW Out Of 1200 MW Khavda-II Solar PV Project Of NTPC Renewable Energy Limited, A Wholly Owned Subsidiary Of NTPC Green Energy Limited W.E.F. 11.03.2026.
10 Mar - 270 MW Khavda-II solar unit commercial from 11.03.2026; group capacity increases to 9,562.68 MW.
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NTPC Green Energy Limited Has informed About Declaration Of Commercial Operation Of Part Capacity Of 91.6 MW Out Of 250 MW Solar PV Project Located In Andhra Pradesh Of Ayana Kadapa Renewable Power Private Limited W.E.F. 27Th February 2026.
9 Mar - 91.6 MW of Ayana Kadapa solar COD effective 27 Feb 2026; group capacity now 9292.68 MW.
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Announcement under Regulation 30 (LODR)-Change in RTA
6 Mar - NTPC Green Energy changed RTA from KFin to Beetal via tripartite agreement dated 5 March 2026.
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NTPC Green Energy Limited Has informed About Declaration Of Commercial Operation Of First Part Capacity Of 50 MW Out Of 200 MW Dayapar Wind Energy Project Phase-II Of NTPC Renewable Energy Limited, A Wholly Owned Subsidiary Of NTPC Green Energy Limited W.E.F. 26.02.2026.
25 Feb - 50 MW Dayapar Phase-II commissioned from 26.02.2026; NTPC Green group capacity increases to 9,201.08 MW.
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NTPC Green Energy Limited Has informed About Declaration Of Commercial Operation Of Part Capacity Of 158.4 MW Out Of 250 MW Solar PV Project Of Ayana Kadapa Renewable Power Private Limited, A Subsidiary Of Ayana Renewable Power Pvt. Ltd., A Wholly Owned Subsidiary Of Our Joint Venture ONGC NTPC Green Private Limited.
20 Feb - 158.4 MW of 250 MW Kadapa solar project commercial from 14.02.2026; group capacity 9151.08 MW.
Business Profile[1] NTPC Green Energy Limited (NGEL) is a renewable energy subsidiary of NTPC Limited, a central public sector enterprise. As of September 30, 2024, NGEL is the largest renewable energy public sector enterprise in India (excluding hydro). Their business model centers on development, construction, and operation of renewable energy projects (solar and wind), supported by long-term Power Purchase Agreements (PPAs).