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 ₹ 81,921 Cr.
- Current Price ₹ 97.2
- High / Low ₹ 118 / 84.0
- Stock P/E 147
- 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 4.37 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 | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 73% |
| Stock Price CAGR | |
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| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 1% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 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 |
| Free Cash Flow | -734 | -7,937 | -9,986 |
| CFO/OP | 11% | 93% | 104% |
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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| Average Capacity Utilization Factor (CUF) % |
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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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Announcement under Regulation 30 (LODR)-Press Release / Media Release
31 Mar - NGEL signed MoU with PTC India on 31-Mar-2026 to explore renewable power sales via bilateral and market mechanisms.
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NTPC Green Energy Limited Has informed About Declaration Of Commercial Operation Of Ayana Renewable Power Four Private Limited, A Step Down Subsidiary Of Our Joint Venture ONGC NTPC Green Private Limited W.E.F. 02.04.2026.
31 Mar - 37.5MW solar and 13.2MW wind (50.7MW) declared COD 02.04.2026; group capacity becomes 10,126.40MW.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
31 Mar - NTPC REL signed GAPA with SECI on 30-Mar-2026 to supply 70,000 MTPA green ammonia to Krishna Phoschem.
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NTPC Green Energy Limited Has informed About Declaration Of Commercial Operation Of NTPC Renewable Energy Limited, A Wholly Owned Subsidiary Of NTPC Green Energy Limited W.E.F. 31.03.2026.
30 Mar - 78.02 MW (Khavda-I) and 90 MW (Khavda-II) declared COD w.e.f. 31.03.2026; group capacity 10,075.70 MW.
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NTPC Green Energy Limited Has informed About Declaration Of Commercial Operation Of Fifth Part Capacity Of 105 MW Out Of 1200 MW Khavda-II Solar PV Project Located In Gujarat Of NTPC Renewable Energy Limited, A Wholly Owned Subsidiary Of NTPC Green Energy Limited W.E.F. 29.03.2026.
28 Mar - 105 MW Khavda-II solar unit declared COD effective 29-Mar-2026; group capacity becomes 9,907.68 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).