NTPC Green Energy Ltd.

NSE: NTPCGREEN · Power Generation

52W Range₹84 ₹120

Snapshot

Unlock NTPC Green Energy Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

NTPC Green Energy Limited is a renewable energy subsidiary of NTPC Limited, focused on the development and operation of solar and wind power projects. The company also provides consultancy, project management, and supervision services within the renewable energy sector.

Business Model

The company generates revenue primarily through the sale of electricity from its renewable energy portfolio and by providing technical consultancy and project management services. It leverages its parent company's expertise to scale large-scale solar and wind infrastructure.

  • Project Portfolio:17,277 MW

Management Commentary

Management focuses on expanding the company's renewable footprint to support India's energy transition goals. The strategy involves scaling capacity through both organic development and strategic project management.

Growth Outlook

Growth is driven by the aggressive expansion of solar and wind capacity to meet rising national demand for clean energy. The company aims to capitalise on its status as a subsidiary of a major power utility to secure large-scale project mandates.

Key Risks

  • Regulatory and Policy Risk. Changes in government renewable energy policies or tariff structures could impact project viability and revenue streams.
  • Execution Risk. Delays in land acquisition, infrastructure development, or supply chain disruptions may hinder the timely commissioning of large-scale projects.
  • Counterparty Credit Risk. The financial health of state distribution companies (DISCOMs) poses a risk to the timely realisation of payments for power supplied.
  • Resource Variability. The company's revenue is inherently dependent on weather patterns and environmental conditions affecting solar and wind energy generation.

Price

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Key Metrics

P/E

152.5x

Q4 FY26 · consolidated

152.5 vs 152.1x5Y avg

EV/EBITDA

40.6x

Q4 FY26 · consolidated

40.6 vs 42.0x5Y avg

NET PROFIT MARGIN

21.6%

Q4 FY26 · consolidated

-15.9 ppYoY

DEBT TO EQUITY

1.5%

Q4 FY26 · consolidated

+0.6 ppYoY

Peers · Power Generation

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
NTPC Green Energy Ltd.NTPCGREEN
82,114152.5440.5692.8%2.8%3.5%-16.9%
Adani Green Energy Ltd.ADANIGREEN
1,38,033110.9819.1516.8%100.4%30.9%12.6%+48.6%
JSW Energy Ltd.JSWENERGY
85,45742.3515.5160.9%58.4%9.8%9.2%+2.2%
NHPC Ltd.NHPC
76,59321.0420.5211.9%54.3%10.5%4.5%-10.9%
NLC India Ltd.NLCINDIA
36,01711.3310.4814.5%37.5%19.4%8.5%+26.1%
SJVN Ltd.SJVN
26,51042.9816.5147.4%78.3%4.5%6.0%-29.3%

As of Q4 FY26

Financials