NTPC Green Energy
NTPCGREEN · NSE · Large Cap
NTPC Green Energy
PSU renewable IPP carved out of NTPC — 9 GW RE scaling to 24 GW (incl. under construction). Sovereign-backed offtake via NTPC parent.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. NTPC Green Energy: capacity compounding meets falling tariffs — capital recycling and offtaker mix decide equity IRR.
Bull case for NTPC Green Energy: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for NTPC Green Energy: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Average realized tariff and merchant exposure
- 06Capital recycling via InvIT / asset sales
- 07Equity IRR vs cost of equity
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 162.0x | — |
| Forward P/E | — | — |
| EV/EBITDA | 57.2x | — |
| EV/Sales | 49.7x | — |
| P/B | 4.8x | — |
| FCF Yield | -17.5% | — |
| EV / MW | ₹12 cr | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker NTPCGREEN · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 3 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Sales | 170 | 1,963 | 2,210 |
| Operating Profit | 152 | 1,745 | 1,920 |
| OPM % | 90% | 89% | 87% |
| Net Profit | 171 | 343 | 474 |
| EPS (₹) | 0.36 | 0.60 | 0.56 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|
| Sales | 622 | 680 | 612 | 653 |
| OPM % | 90% | 89% | 86% | 82% |
| Net Profit | 233 | 220 | 86 | 17 |
Balance sheet · 3 years
₹ Crore.
| Item | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Equity Capital | 4,720 | 5,720 | 8,426 |
| Reserves | 168 | 513 | 10,014 |
| Borrowings | 6,137 | 13,856 | 19,441 |
| Fixed Assets | 14,758 | 17,573 | 21,816 |
| Total Assets | 18,431 | 27,207 | 45,421 |
Cash flow · 3 years
₹ Crore.
| Activity | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Operating | 17 | 1,616 | 1,999 |
| Investing | -10,304 | -9,218 | -17,793 |
| Financing | 10,360 | 7,645 | 15,715 |
| Net Cash Flow | 73 | 43 | -79 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary