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NTPC Green Energy Limited (NTPCGREEN)

₹89.82 -0.93% last close, 16 Oct

📊 NSE: NTPCGREEN 🏢 Power Generation And Supply 📢 Latest filing: 09 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, NTPC Green's revenue was ₹1,107 Cr (+62.7% year on year, +21.2% on the previous quarter), and net profit ₹305 Cr (+38.3% year on year); the operating margin was 89.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,107	+62.7%	+21.2%
Operating profit	₹989	+63.7%	+27.7%
Net profit	₹305	+38.3%	+54.7%
EPS (₹)	0.36	+38.5%	+56.5%
Operating margin	89.3%	—	—

Full quarterly financials → Results calendar →

NTPCGREEN delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 63.3% of the NTPCGREEN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.46%. Delivery was unusually high while the price barely moved (-0.93%). It traded 2.4 times its average daily volume.

63.3%Delivery, 16 Oct

47.46%Own 20-session average

2.4×Volume vs its average

₹89.82NSE close · -0.93%

Delivery in the last 5 sessions: 46.4% · 38.1% · 41.4% · 51.2% · 63.3%

Delivery across the market →Unusual volume today →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

NTPC Green Commissions 66.18 MW Solar Capacity; Group Total Reaches 11,328.69 MW

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 09 Oct 2026, 09:29 PM

NTPC Green Energy Limited has declared commercial operations for a 66.18 MW solar capacity portion of the Kalasar Solar Energy Project in Bikaner, Rajasthan, effective October 10, 2026. This is the fourth part capacity under the 650 MW solar component of the 500 MW REMCL RTC Project executed via wholly-owned subsidiary NTPC Renewable Energy Limited. With this addition, the company's total installed capacity expands from 11,262.51 MW to 11,328.69 MW. This reflects continued operational execution toward the company's long-term target of 60 GW by 2032.

Commissioned 66.18 MW fourth part capacity of the Kalasar Solar Energy Project in Rajasthan
Commercial operation effective from 00:00 hrs of October 10, 2026
Part of the 650 MW solar component under the 500 MW REMCL RTC project
Group total installed capacity rises to 11,328.69 MW from 11,262.51 MW

💡 Track the progressive commissioning schedule for the remaining capacity of the 650 MW Kalasar project and observe incremental revenue contributions in subsequent quarterly results.

NTPC Green Commissions 50 MW Solar Capacity in Rajasthan; Total Group Capacity Reaches 11,262.51 MW

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 30 Sep 2026, 11:07 PM

NTPC Green Energy Limited has declared commercial operations for an additional 50 MW solar capacity in Rajasthan, effective 02.10.2026. This represents the fourth part capacity of a 300 MW solar component under a 200 MW Renewable Energy Round-The-Clock (RTC) project executed by step-down JV subsidiary Project Sixteen Renewable Power Private Limited. With this commissioning, the NTPC Green Energy group's total installed capacity expands from 11,212.51 MW to 11,262.51 MW (+0.45% incremental addition).

50 MW solar capacity declared operational w.e.f. 00:00 hrs of 02.10.2026
Part of cumulative 300 MW solar component within a 200 MW RE Round The Clock (RTC) project in Rajasthan
Executed via Project Sixteen Renewable Power, a step-down unit of JV ONGC NTPC Green Private Limited
Group total installed capacity rises to 11,262.51 MW from 11,212.51 MW

💡 Track the ongoing phased commissioning of the remaining pipeline towards the company's 60 GW 2032 target, and monitor subsequent quarterly generation revenue additions.

NTPC Green Commissions 153.94 MW Solar Capacity; Group Operational Base Hits 11,212.51 MW

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 29 Sep 2026, 10:23 PM

NTPC Green Energy Limited has declared commercial operations for 153.94 MW of solar capacity (parts two and three comprising 73.06 MW and 80.88 MW) at the Kalasar Solar Energy Project in Bikaner, Rajasthan. The project operates under the 650 MW solar component of the 500 MW REMCL RTC Project via wholly owned subsidiary NTPC Renewable Energy Limited. With this commissioning, effective 00:00 hrs on October 1, 2026, the group's total installed capacity increases from 11,058.57 MW to 11,212.51 MW (a ~1.4% capacity addition). This incremental capacity adds to operating generation assets, supporting ongoing revenue growth backed by long-term power purchase agreements.

Declared commercial operation for 73.06 MW and 80.88 MW (total 153.94 MW) solar capacity at Kalasar, Bikaner
Capacities commissioned w.e.f. 00:00 hrs of 01.10.2026
Total group installed capacity increases to 11,212.51 MW from 11,058.57 MW
Part of the 650 MW solar component under 500 MW REMCL RTC Project by subsidiary NTPC Renewable Energy Ltd

💡 Track the commissioning progress of the remaining balance in the 650 MW Kalasar project and monitor subsequent quarterly generation and revenue realization in Q3 FY27.

NTPC Green Commissions 81.34 MW Solar Capacity; Group Installed Reaches 11,058.57 MW

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 26 Sep 2026, 08:55 AM

NTPC Green Energy Limited has declared commercial operations for an 81.34 MW capacity of the Kalasar Solar Energy Project at Bikaner, Rajasthan, effective September 26, 2026. This is the first part capacity out of a 650 MW solar component under the 500 MW REMCL RTC Project executed via subsidiary NTPC Renewable Energy Limited. With this commissioning, the company's total installed group capacity has increased from 10,977.23 MW to 11,058.57 MW (an addition of ~0.74%). The steady capacity additions reflect continuous execution toward the company's long-term target of reaching 60 GW by 2032.

81.34 MW first part capacity of Kalasar Solar Project commissioned w.e.f. 00:00 hrs of 26.09.2026
Part of the 650 MW solar component under the 500 MW REMCL RTC Project
Executed via NTPC Renewable Energy Limited, a wholly owned subsidiary
Group total installed capacity increased to 11,058.57 MW from 10,977.23 MW

💡 Track the commissioning timelines for the remaining ~568.66 MW solar capacity under this project and subsequent revenue contribution in upcoming quarterly results.

NTPC Green Adds 56.7 MW Wind Capacity, Total Installed Hits 10,977.23 MW

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 21 Sep 2026, 10:52 PM

NTPC Green Energy announced the commercial operation of 56.7 MW of wind capacity via its wholly owned subsidiary NTPC Renewable Energy Limited, effective September 22, 2026. This includes 6.3 MW from the Vanki Wind Energy Project and 50.4 MW from the Jamjodhpur Wind Energy Project in Gujarat, both parts of the 500 MW REMCL RTC project. Following this commissioning, the group's total installed capacity expands from 10,920.53 MW to 10,977.23 MW. The addition represents incremental progress toward the company's long-term target of reaching 60 GW by 2032.

Commissioned 6.3 MW (fourth part capacity) at Vanki Wind Project, Kutch, Gujarat
Commissioned 50.4 MW (first part capacity) at Jamjodhpur Wind Project, Jamnagar, Gujarat
Total group installed capacity increases to 10,977.23 MW from 10,920.53 MW
Both additions fall under the 1050 MW wind component of the 500 MW REMCL RTC Project
Commercial operations effective 00:00 hrs of September 22, 2026

💡 Track subsequent operational filings for the remaining balance of the 1,050 MW wind component under the REMCL RTC project and revenue contributions in the upcoming quarterly results.

NTPC Green commissions 9.45 MW wind capacity in Gujarat; group capacity reaches 10,920.53 MW

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 19 Sep 2026, 10:00 AM

NTPC Green Energy announced that its wholly-owned subsidiary, NTPC Renewable Energy Limited, declared commercial operation of a 9.45 MW third-part capacity of the Vanki Wind Energy Project in Kutch, Gujarat, effective September 19, 2026. This addition expands the NTPC Green Energy group's total commercial and installed capacity from 10,911.08 MW to 10,920.53 MW. While strategically aligned with its long-term target of 60 GW by 2032, the incremental addition represents an expansion of under 0.1% of existing capacity.

Declared commercial operation for 9.45 MW wind capacity w.e.f. 00:00 hrs on 19.09.2026
Project located at Vanki Wind Energy Project in Nakhatrana, Kutch, Gujarat
Executed via NTPC Renewable Energy Limited, a wholly owned subsidiary
Total group installed capacity increases to 10,920.53 MW from 10,911.08 MW

💡 Track quarterly capacity additions and execution milestones against the company's broader 60 GW by 2032 target, along with revenue contribution in upcoming quarterly results.

NTPC Green Commissions 68.22 MW Solar Capacity; Group Total Reaches 10,911 MW

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 18 Sep 2026, 09:25 PM

NTPC Green Energy announced that its wholly-owned subsidiary, NTPC Renewable Energy Limited, has commercially operationalized a 68.22 MW solar capacity at Dahod, Gujarat. This marks the third part capacity of the planned 200 MW Gujarat Solar PV project, with commercial operation effective retroactively from July 23, 2026. Following this commissioning, NTPC Green Energy's total commercial capacity stands at 10,842.86 MW, and total group installed capacity rises to 10,911.08 MW. The addition supports the company's long-term plan of scaling capacity toward 60 GW by 2032.

68.22 MW third part capacity commissioned out of 200 MW Gujarat Solar PV Project at Dahod
Commercial operation declared w.e.f. July 23, 2026, based on certificate dated September 17, 2026
Total group installed capacity reaches 10,911.08 MW (commercial capacity at 10,842.86 MW)
Capacity addition represents ~0.6% increment to the total group installed capacity

💡 Track remaining commissioning timelines for the balance capacity of the 200 MW Dahod project and quarterly revenue contribution from operational additions.

NTPC Green Energy Reports Cessation of CGM-HR Prabir Kumar Biswas via Transfer

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 16 Sep 2026, 01:23 PM

NTPC Green Energy Limited has announced a change in its Senior Management Personnel effective September 16, 2026. Shri Prabir Kumar Biswas, Chief General Manager - HR, has ceased to be part of the senior management team due to an internal administrative transfer. This is a routine organizational reallocation within the public sector enterprise structure. It entails no financial, operational, or strategic disruption to NTPC Green's ongoing 60 GW renewable expansion pipeline.

Shri Prabir Kumar Biswas ceased to be Senior Management Personnel on September 16, 2026
Designation held was Chief General Manager - HR
Change triggered by an internal administrative transfer within the organization
Effective immediately from the date of intimation (September 16, 2026)

💡 Track the appointment of a replacement HR head and monitor execution milestones on the company's 13.5 GW renewable capacity under construction.

NTPC Green Commissions 6.3 MW Wind Capacity in Gujarat, Total Hits 10,842.86 MW

🟢 POSITIVE ⭐ 4/10

EXPANSION 📅 12 Sep 2026, 03:24 PM

NTPC Green Energy Limited has declared commercial operations for the second part capacity of 6.3 MW of its Vanki Wind Energy Project in Kutch, Gujarat, effective September 13, 2026. The project is executed via wholly owned subsidiary NTPC Renewable Energy Limited. With this minor addition, the group's total installed commercial capacity expands from 10,836.56 MW to 10,842.86 MW. While incremental in size (+0.06% capacity addition), it reflects ongoing project execution towards the company's long-term targets.

Commercial operation declared for 6.3 MW capacity at Vanki Wind Energy Project
Effective date of commercial operation is 00:00 hrs of 13.09.2026
Project location is Nakhatrana, Kutch, Gujarat
Total installed capacity of the group increased to 10,842.86 MW from 10,836.56 MW

💡 Track the pace of upcoming commercial operations across NTPC Green's 13.5 GW pipeline to assess whether ramp-up aligns with its 60 GW by 2032 target.

NTPC Green: C&AG Appoints Dinesh Jain & Associates as Statutory Auditor for FY 2026-27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Sep 2026, 06:13 PM

NTPC Green Energy Limited has announced the appointment of M/s Dinesh Jain & Associates, Chartered Accountants, as its Statutory Auditor for the Financial Year 2026-27. The appointment was made by the Comptroller and Auditor General of India (C&AG) vide letter dated September 8, 2026. This is a standard statutory procedure applicable to government-controlled companies under the Companies Act. The announcement has no material operational or financial impact on the company.

M/s Dinesh Jain & Associates (FRN: 004885N) appointed as Statutory Auditor
Appointment made by C&AG via letter dated September 8, 2026
Tenure covers the Financial Year 2026-27

💡 Track standard financial disclosures and upcoming quarterly results audited/reviewed under the new statutory auditor.

NTPC Green Energy: Shareholders Approve All Resolutions at 4th AGM with Over 99% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Aug 2026, 05:59 PM

NTPC Green Energy Limited concluded its 4th Annual General Meeting on August 28, 2026, with shareholders passing all 4 ordinary resolutions. Key approvals included the adoption of FY26 audited standalone and consolidated financial statements, the reappointment of Shri Jaikumar Srinivasan as Director (Finance), and auditor remuneration fixtures. Total voter participation stood at 95.48% of outstanding equity (8,04,52,90,686 votes polled), supported by 100% affirmative voting from the promoter holding 7,50,00,00,000 shares.

Overall voting turnout reached 95.48% with 8,04,52,90,686 votes polled out of 8,42,63,29,669 total shares.
Adoption of FY26 Standalone & Consolidated Financial Statements approved with 99.9998% votes in favour.
Reappointment of Director (Finance) Shri Jaikumar Srinivasan passed with 99.3621% approval.
Statutory auditor remuneration for FY27 and cost auditor remuneration for FY26 ratified with >99.99% votes in favour.

💡 Track execution progress across the 13.5 GW under-construction project pipeline and upcoming Q2 FY27 earnings performance.

NTPC Green Energy Concludes 4th AGM with 4 Key Resolutions Transacted

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Aug 2026, 05:24 PM

NTPC Green Energy Limited conducted its 4th Annual General Meeting (AGM) on August 28, 2026, via Video Conferencing with 77 members attending. The company transacted four ordinary resolutions, including the adoption of FY26 standalone and consolidated financial statements and the reappointment of Director (Finance) Shri Jaikumar Srinivasan. Statutory auditors provided an unmodified report and the Comptroller & Auditor General of India (C&AG) reported Nil comments. Voting results will be separately disclosed to stock exchanges.

4th Annual General Meeting held on August 28, 2026, with 77 members present via VC/OAVM
Transacted 4 resolutions including adoption of FY26 financial statements and auditor remunerations
Remote e-voting was conducted from August 25 to August 27, 2026
Statutory Auditors issued an unmodified report with Nil comments from the C&AG

💡 Track the upcoming formal submission of scrutinizer voting results and focus on project execution milestones for the 13.5 GW renewable pipeline.

NTPC Green Subsidiary Wins 500 MW Peak Power Capacity in SECI Tender at ₹6.00/kWh

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 22 Aug 2026, 02:43 PM

NTPC Green Energy Limited's wholly owned subsidiary, NTPC Renewable Energy Limited (NTPC REL), has emerged as a successful bidder for 500 MW contracted capacity in SECI's e-reverse auction. The tender is for Assured Peak Supply of 6,000 MWh (1500 MW x 4 Hrs) from ISTS-Connected RE projects under SECI-FDRE-IX. NTPC REL secured the 500 MW capacity at a discovered tariff of ₹6.00/kWh. The win bolsters the company's growing renewable pipeline (representing ~6.5% addition over its ~7.65 GW operational base) as it works towards its long-term 60 GW target by 2032.

Secured 500 MW contracted capacity in SECI's FDRE-IX peak power tender
Discovered tariff of ₹6.00/kWh in the competitive e-reverse auction
Tender structure covers Assured Peak Supply of 6,000 MWh (1500 MW x 4 Hrs)
E-reverse auction was concluded on August 21, 2026

💡 Track the timeline for formal Letter of Award (LoA) receipt, Power Purchase Agreement (PPA) signing with SECI, and capex execution schedule.

NTPC Green Issues AGM Notice Corrigendum for Scrutinizer Appointment

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 22 Aug 2026, 02:09 PM

NTPC Green Energy Limited has published a corrigendum in newspapers regarding the notice for its 4th Annual General Meeting (AGM). The advertisement appeared on August 22, 2026, in Financial Express (all editions) and Jansatta (Delhi edition). The update pertains solely to a change in the Scrutinizer appointed to oversee the remote e-voting and AGM e-voting processes. All other terms, dates, and agenda items from the original AGM notice dated August 04, 2026, remain unchanged.

Corrigendum published on August 22, 2026, in Financial Express and Jansatta
Pertains to a change in the appointed Scrutinizer for remote e-voting during the 4th AGM
Original AGM Notice dated August 04, 2026, remains otherwise unchanged

💡 Track the outcome and voting results of the 4th Annual General Meeting once concluded.

200 MW/800 MWh BESS Capacity Win in WBSEDCL Standalone Storage Tender

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 07 Aug 2026, 09:50 PM

NTPC Green Energy Limited (NGEL) has emerged as a successful bidder for 200 MW/800 MWh of standalone Battery Energy Storage System (BESS) capacity in West Bengal. The capacity was won through a Tariff-Based Competitive Bidding process conducted by WBSEDCL at a discovered tariff of ₹4.35 lakh per MW per month. This win represents 40% of the total 500 MW capacity offered in the tender. The project marks a significant step into energy storage, which is critical for the company's long-term goal of reaching 60 GW renewable capacity by 2032.

Secured 200 MW / 800 MWh of standalone BESS capacity in West Bengal
Discovered tariff of ₹4.35 lakh per MW per month for the project
Won 40% of the total 500 MW / 2000 MWh tender capacity offered by WBSEDCL
Estimated annual revenue from this contract is approximately ₹104.4 crore
Auction concluded on August 7, 2026, through an e-reverse process

💡 Monitor the timeline for the signing of the Power Purchase Agreement (PPA) and the subsequent commissioning schedule. Investors should track the company's success in future BESS tenders as storage is essential for grid stability and higher renewable penetration.

View All NTPCGREEN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated operating income grew by 12.64% YoY, reaching INR 2,210 Cr in FY25 compared to INR 1,962 Cr in FY24. Growth is driven by the expansion of operational renewable energy assets and the consolidation of NTPC REL.

Geographic Revenue Split

Not specifically disclosed by region, but the company maintains a pan-India presence with projects in states like Gujarat (Bhuj 100 MW Hybrid Project) and Chhattisgarh (via new JV with CSPGCL).

Profitability Margins

Profit After Tax (PAT) margin improved significantly to 21% in FY25 from 17% in FY24, representing a 400 basis point expansion due to better operational efficiencies and lower interest costs following debt repayment.

EBITDA Margin

EBITDA margin stands at approximately 86.74%, with an absolute EBITDA of INR 1,917 Cr on a revenue of INR 2,210 Cr in FY25. This high margin reflects the low operating cost nature of renewable energy assets once commissioned.

Capital Expenditure

The company has massive planned capital expenditure to reach 60 GW capacity by 2032. Recent utilization includes INR 4,150 Cr for debt repayment in NREL and a portion of INR 2,500 Cr for the acquisition of Ayana Renewable Power.

Credit Rating & Borrowing

Assigned 'Crisil AAA/Stable' for INR 5,000 Cr Non-Convertible Debentures and reaffirmed 'Crisil AAA/Stable/Crisil A1+' for INR 10,000 Cr bank facilities. Borrowing costs are minimized by the strategic parentage of NTPC, allowing access to capital markets at competitive rates.

⚙️ Operational Drivers

Raw Materials

Primary inputs are Solar PV modules, Wind Turbine Generators (WTGs), and Balance of Plant (BoP) equipment, typically procured through EPC contracts. These represent the bulk of the project cost (approx. 70-80% of total capex).

Import Sources

Not specifically disclosed in the documents, though the company utilizes the Engineering, Procurement, and Construction (EPC) route for project execution.

Key Suppliers

Not specifically named, but projects are executed through major EPC contractors with provisions for liquidated damages for delays.

Capacity Expansion

Current installed capacity is 7,645.675 MW as of December 2025, up from 3,779 MW in March 2025. The company is expanding to a target of 60,000 MW (60 GW) by 2032, with 13.5 GW currently under construction.

Raw Material Costs

Not disclosed as a percentage of revenue due to the utility business model where costs are capitalized; however, the company is exposed to cost overruns on 13.5 GW of under-construction assets if global component prices rise.

Manufacturing Efficiency

Operational assets witnessed an average PLF of 24% in FY25, which is in line with P90 levels, ensuring steady cash flows.

Logistics & Distribution

Not disclosed as a specific cost, but the company utilizes the existing national grid infrastructure for power evacuation.

📈 Strategic Growth

Expected Growth Rate

48%

Growth Strategy

Growth will be achieved through a massive capacity ramp-up from 7.6 GW to 60 GW by 2032. Strategies include JVs like the 50:50 venture with ONGC Green, the 74:26 JV with Chhattisgarh State Power (CSPGCL), and the acquisition of Ayana Renewable Power (4 GW total capacity).

Products & Services

Renewable energy power (Solar, Wind, and Hybrid), Green Hydrogen, and Green Mobility solutions.

Brand Portfolio

NTPC Green, NGEL, NREL.

New Products/Services

Development of Green Hydrogen and derivatives, and Green Mobility projects through the MoU with Singareni Collieries Company Limited (SCCL).

Market Expansion

Expansion into Chhattisgarh via the newly incorporated Chhattisgarh NTPC Green Energy Limited and exploration of RE projects in Telangana with SCCL.

Market Share & Ranking

Aims to be one of the largest renewable players in India; currently backed by NTPC, the dominant player in the domestic power sector.

Strategic Alliances

ONGC Green Limited (50:50 JV), Chhattisgarh State Power Generation Company Limited (74:26 JV), and Singareni Collieries Company Limited (MoU).

🌍 External Factors

Industry Trends

The industry is shifting toward 'Round The Clock' (RTC) renewable energy; NGEL's JV Ayana recently won a 140 MW RTC RE project, positioning the company for this transition.

Competitive Landscape

Competes with other large RE players like Adani Green and ReNew Power, but benefits from NTPC's project execution expertise and utility-scale experience.

Competitive Moat

Moat is derived from the 'NTPC' brand, which provides superior access to low-cost capital and land, and 25-year PPAs that lock in revenue. This is highly sustainable due to the sovereign-backed nature of the parent.

Macro Economic Sensitivity

Highly sensitive to interest rate fluctuations given the capital-intensive nature of the 60 GW expansion plan; a 1% rise in rates could significantly impact DSCR.

Consumer Behavior

Increasing demand from state discoms for renewable energy to meet Renewable Purchase Obligations (RPOs).

Geopolitical Risks

Trade barriers on solar cells/modules could increase project costs for the 13.5 GW under-construction portfolio.

⚖️ Regulatory & Governance

Industry Regulations

Beneficiary of the New Electricity (Late Payment Surcharge and Related Matters) Rules, 2022, which has reduced receivables from 131 days to 85 days by enforcing timely payments from discoms.