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NTPC Green Energy

NTPCGREEN NSE

Key Fundamentals

MidcapPower GenerationPower
Market Cap
₹72,955 Cr
Volatility
Moderate
P/E Ratio
122.45
EBITDA
₹2,652 Cr
Return on Equity
2.72%
Debt to Equity
1.67
Book Value
₹22.51
52W High
₹119.95
52W Low
₹84

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Debtor days have improved from 98.3 to 78.5 days.

Weaknesses

5
  • Stock is trading at 3.86 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 3.66% over last 3 years.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
23.09% lower than 3Y
Net Income Growth
9.96% lower than 3Y
Cash Flow Change
16.35% lower than 3Y
ROE
6.25% higher than 3Y
ROCE
-16.43% higher than 3Y
EBITDA Margin (Avg.)
-0.85% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

NTPC Green Energy Ltd is a relatively new listed entity with a market cap of ₹72,955 Cr, trading at a PE of 121.9x and PB of 3.9x. The company has delivered strong TTM sales growth of 42% but carries a low 3-year average ROE of roughly 3.66%, pays no dividend, and its stock has declined 14% over the past year.

Bull Case 7
  • TTM revenue growth of 42% indicates strong top-line momentum, reflecting rapid capacity additions in the renewable energy space
  • 3-year compounded sales CAGR of 156% demonstrates the company is scaling at an exceptional pace from its early base
  • 3-year compounded profit CAGR of 45% shows the company is translating revenue growth into earnings, albeit from a low base
  • Debtor days improved from 98.3 to 78.5 days, signalling better working capital management and faster collections
  • Backed by NTPC Ltd parentage, the company benefits from a strong sovereign-backed balance sheet and established relationships with state utilities and grid operators
  • India's renewable energy target of 500 GW by 2030 provides a large secular tailwind, and NTPC Green is positioned as a key vehicle for the parent's green transition
  • The company is expected to deliver a good upcoming quarter based on operational ramp-up trends, with TTM profit still growing at 9%
Bear Case 8
  • PE ratio of 121.9x is extremely elevated, pricing in years of flawless execution with very little margin of safety
  • 3-year average ROE of just 3.66% is well below the cost of equity, meaning the company is currently destroying value on deployed capital
  • Stock has declined 14% over the past 1 year despite broader market strength, reflecting investor scepticism about valuations
  • Zero dividend yield with no payout despite reporting repeated profits suggests retained earnings are being consumed by capital expenditure or debt servicing
  • Low interest coverage ratio indicates a heavy debt burden relative to operating earnings, raising refinancing and solvency risk in a rising-rate environment
  • Trading at 3.9x book value is steep for a capital-intensive power generation business with sub-4% ROE, as the PB premium is not justified by returns
  • Possible capitalisation of interest costs could be inflating reported profits and asset values, masking the true cost structure
  • Limited operating history as a listed entity means there is no long-term track record of execution through business cycles; 5-year and 10-year growth data are unavailable

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 1
  • Rs 500 Cr SECI solar order Aug 22

    NTPC Green Energy secured a confirmed Rs 500 crore work order from SECI for 500 MW solar capacity, significantly lifting the book-to-bill ratio over the existing backlog of Rs 193 crore.

Neutral 3
  • 6.3 MW Vanki wind commissioning Sep 12

    NTPC Green Energy commenced 6.3 MW operations at the Vanki Wind Project in Gujarat, raising total operational capacity to 10,842.86 MW.

  • New statutory auditor for FY27 Sep 10

    M/s Dinesh Jain & Associates appointed as statutory auditor for FY27 by the Comptroller and Auditor General of India on September 8, 2026.

  • AGM scrutinizer replacement Aug 22

    Corrigendum issued replacing the e-voting scrutinizer for the 4th AGM scheduled on August 28, 2026. No change to meeting date or agenda.

TL;DR: NTPC Green Energy's near-term newsflow is dominated by steady capacity additions and a meaningful Rs 500 crore SECI order that materially boosts the order backlog. No headwinds surfaced in this period. The 6.3 MW wind addition is incremental against an over-10,800 MW base, but the 500 MW solar win signals continued order momentum. The trend is mildly positive, with execution on the growing backlog being the key monitorable going forward.

Quarterly Results

Particulars Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
446
508
578
504
505
622
680
612
653
913
1,107
Expenses
51
71
65
85
82
62
77
83
118
138
118
Operating Profit
395
437
513
419
424
560
604
530
535
774
989
OPM %
89%
86%
89%
83%
84%
90%
89%
86%
82%
85%
89%
Other Income
17
45
29
21
76
129
89
60
31
48
44
Interest
174
181
183
195
206
177
193
207
230
257
322
Depreciation
159
173
175
182
195
206
223
261
300
318
343
PBT
80
127
183
63
99
307
277
122
37
247
368
Tax %
31%
36%
24%
42%
34%
24%
20%
29%
53%
20%
17%
Net Profit
56
81
139
37
66
233
220
86
17
197
305
EPS in Rs
0.12
0.14
0.24
0.05
0.08
0.28
0.26
0.1
0.02
0.23
0.36
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
170
1,963
2,210
2,858
3,285
Expenses
18
217
290
397
457
Operating Profit
152
1,745
1,920
2,461
2,828
OPM %
90%
89%
87%
86%
86%
Other Income
1
77
257
221
183
Interest
51
694
766
898
1,016
Depreciation
50
643
758
1,102
1,221
PBT
53
486
653
683
774
Tax %
-226%
29%
27%
24%
—
Net Profit
171
343
474
521
606
EPS in Rs
0.36
0.6
0.56
0.62
0.71
Div. Payout %
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
4,720
5,720
8,426
8,426
Reserves
168
513
10,014
10,539
Borrowings
6,137
13,856
19,441
31,716
Other Liabilities
7,407
7,119
7,540
9,700
Total Liabilities
18,431
27,207
45,421
60,382
Fixed Assets
14,758
17,573
21,816
39,202
CWIP
1,749
7,138
13,983
14,193
Investments
0
0
3,199
3,536
Other Assets
1,924
2,495
6,423
3,451
Total Assets
18,431
27,207
45,421
60,382
Figures in ₹ Crores

Cash Flow

Particulars Mar 2023Mar 2024Mar 2025Mar 2026
Operating
17
1,616
2,051
2,386
Investing
-10,304
-9,218
-17,845
-12,117
Financing
10,360
7,645
15,715
9,796
Net Cash Flow
73
43
-80
66
Free Cash Flow
-734
-7,937
-9,986
-12,832
CFO/OP
11
93
107
97
Figures in ₹ Crores

Ratios

Particulars Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
700
131
85
78
Cash Conversion Cycle
700
131
85
78
Working Capital Days
-8,849
-723
-650
-684
ROCE %
—
8%
5%
4%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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55 extracted metrics + investor summaries across FY23–FY26.

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Shareholding Pattern

Others0.35%Promot.89.01%FIIs1.67%Public3.76%DIIs5.21%As ofJun 2026

Documents

Frequently Asked Questions about NTPC Green Energy

What does NTPC Green Energy Ltd do?
Incorporated in April 2022, NTPC Green Energy is a renewable energy company that focuses on undertaking projects through organic and inorganic routes.[1]
Where is NTPC Green Energy Ltd (NTPCGREEN) listed?
NTPC Green Energy Ltd trades as NTPCGREEN on the NSE and under code 544289 on the BSE.
Which sector does NTPC Green Energy Ltd belong to?
NTPC Green Energy Ltd is classified under the Power sector, in the Power Generation industry.
What is the market capitalisation of NTPC Green Energy Ltd?
NTPC Green Energy Ltd has a market capitalisation of ₹72,955 Cr, which places it in the Large Cap band.
What is the PE ratio of NTPC Green Energy Ltd?
NTPC Green Energy Ltd trades at a PE ratio of 122.45, against a book value of ₹22.51 per share.
What is the 52-week high and low of NTPC Green Energy Ltd?
Over the last 52 weeks NTPC Green Energy Ltd has traded between ₹84 and ₹119.95.
What is the Return on Equity (ROE) of NTPC Green Energy Ltd?
NTPC Green Energy Ltd reported a return on equity of 2.72%. Its debt-to-equity ratio is 1.67.

Company Information

Incorporated in April 2022, NTPC Green Energy is a renewable energy company that focuses on undertaking projects through organic and inorganic routes.[1]

Website ngel.in/ngel-home
Listed 2024-11-27
Face Value ₹ 10
Issued Size 8,42,63,29,669

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