NTPC Green Energy

Listed IPP — per-stock model.

As of 21 Aug 2026

IPP—

CMP ₹91NSE: NTPCGREEN

Latest concall

Q4 FY26 · 22 May 2026

Crossed 10 GW operational (10,076 MW at Mar-26); added ~4.2 GW in FY26, 2.1 GW in Q4.
Q4 PAT ₹197cr — ~10x the ₹17.5cr in Q3; Q4 sales ₹913cr (+47% YoY).
FY26 revenue ₹2,858cr (+29%); operating EBITDA ₹2,475cr (+29%).

Order-book execution

Large awarded pipeline under execution; management targets ~8 GW commissioned per year in FY27 and FY28.

Management guidance

Targets 8 GW capacity additions in each of FY27 and FY28.
~17 GW under award plus ~9 GW pipeline; part of NTPC's 60 GW RE by 2032.
Board approved ₹5,000cr bond raise for FY27.

Q4 FY26 earnings call, May 22 2026

UC + pipeline

17GW

own capacity, not an order book

Revenue FY26E

2,858₹ cr

EBITDA margin

87%

P/E

127.0×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY23	170	152	90.0%	171	—	—	—	—	—	0.4	—
FY24	1,963	1,745	89.0%	343	—	—	—	—	—	0.6	—
FY25	2,210	1,920	87.0%	474	—	—	—	—	—	0.6	—
FY26	2,858	2,475	87.0%	521	—	—	—	—	—	0.6	—

Source Company filings (aggregated)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q3FY24	446	395	89.0%	56	12.6%
Q4FY24	508	437	86.0%	81	15.9%
Q1FY25	578	513	89.0%	139	24.1%
Q2FY25	504	419	83.0%	37	7.3%
Q3FY25	505	424	84.0%	66	13.1%
Q4FY25	622	560	90.0%	233	37.5%
Q1FY26	680	604	89.0%	220	32.4%
Q2FY26	612	530	86.0%	86	14.1%
Q3FY26	653	535	82.0%	17	2.6%
Q4FY26	913	774	85.0%	197	21.6%
Q1FY27	1,107	989	89.0%	305	27.6%

Source Company filings (aggregated)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

127.0×

EV / EBITDA

38.5×

P/B

4.1×

Operating metrics

What the rest of the dashboard tracks for NTPC Green Energy — capacity, auctions, offtake, manufacturing and returns.

10.1 GW

Operational

7 GW

Under construction

10 GW

Pipeline

45 GW

Target FY30

200 MW

Auctions won

1 auction

11%

Greenfield IRR · IPP

at its 87% margin

Auctions won

From the maintained auction feed

Tenders

Date	Agency	Type	MW	₹/kWh	Source
15 Nov 2024	SJVN	Solar	200	2.52	source

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
FY26 utility-scale build 5 GW FY26 target held from IPO but delivered ~4.2 GW (~15% miss); the ~0.8 GW tail incl. Khavda-II final phases slipped into Q1 FY27.	5 GW	Q4 FY26	Q1 FY27	+1Q	delayed
Khavda-II solar (1.2 GW, 8 phases) 270 MW COD 11 Mar 2026; final 105 MW COD 28 May 2026 - last phases landed just past FY26, part of the ~0.8 GW shortfall.	1.2 GW	Q4 FY26	Q1 FY27	+1Q	delayed
FY27 build (guided ~8 GW) 8 GW FY27 reaffirmed since IPO but ~1.9x the 4.2 GW just delivered; NGEL missed FY25 and FY26 and is heavily Q4-backloaded.	8 GW	Q4 FY27	Q4 FY27	—	at risk

Policy exposure

Schemes whose impact note names this company

Policy

RPO / RGO TrajectoryDemandActive
Underpins offtake for every IPP — Adani Green, ReNew, NTPC Green, Tata Power, JSW; non-compliant DISCOMs face penalties, which indirectly supports new PPA signings.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

Source Company filings (aggregated)· As of 21 Aug 2026