NTPC Green Energy Ltd(NTPCGREEN)

NSE: NTPCGREENBSE: 544289

₹ 81.07-4.15%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 68,312 crNext results: 30 Oct 2026Website: www.ngel.inUpdated: 24 Oct 2026

About

NTPC Green Energy Ltd (NGEL) is India's largest listed pure-play renewable energy PSU, generating electricity from solar and wind assets. As of 31 March 2026, the group had 10,076 MW of operational capacity and a total portfolio of 26,544 MW including contracted and pipeline projects. In FY26 the group reported revenue of ₹2,858.42 crore.^[1][2]

Business segments

NGEL operates in a single reportable segment - generation of electricity - with solar contributing 96.05% of turnover, wind 3.16%, and consultancy 0.79% in FY26.^[1]

Installed and under-construction capacity

Group operational renewable energy capacity reached 10,076 MW as on 31 March 2026, up from 5,902 MW as on 31 March 2025, with 4,174 MW added during FY26.^[1]
NGEL directly operates 27 commissioned renewable energy plants (solar and wind) with combined capacity of 7,165 MW; under-construction sites total 13,328 MW capacity as on 31 March 2026.^[1]
Total portfolio stands at 26,544 MW as at 31 March 2026: 10,076 MW operational, 16,468 MW contracted/awarded, and 3,426 MW early-stage pipeline backed by MoUs/term sheets.^[1]
Group Battery Energy Storage Systems (BESS) portfolio totalled 1,920 MWh as on 31 March 2026 (320 MWh under NGEL; 1,600 MWh under NTPC REL).^[1]

Key operating numbers

Group power generation reached a record 14.60 billion units (BUs) in FY26, up 112% from 6.90 BUs in FY25.^[1]
Average Capacity Utilization Factor (CUF) was 22.48% in FY26, down from 24.07% in FY25, due to lower solar irradiation, wind speeds and grid curtailment.^[1]
Joint venture Ayana (held via ONGC NTPC Green Pvt Ltd) had 2,911 MW total operational renewable energy capacity and generated 5,144 MUs in FY26 at a CUF of 23.60%.^[1]

Customers and distribution

Customer portfolio includes state-owned electricity utilities, SECI, Indian Railways, Military and Engineering Services (MES), CESC, and Damodar Valley Corporation (DVC).^[1]
Three major customers contributed revenue of ₹1,257.03 crore in FY25 (vs ₹1,205.96 crore from three major customers in FY24).^[3]

Subsidiaries and joint ventures

As at 31 March 2026, NGEL had 6 subsidiaries and 4 joint ventures.^[1]
NTPC MAHAPREIT Green Energy Ltd (74:26 JV with MAHAPREIT) targets up to 10 GW of renewable energy capacity in Maharashtra; Chhattisgarh NTPC Green Energy Ltd (74:26 JV with CSPGCL) targets up to 2 GW.^[1]

Expansion and capex

NGEL targets 60 GW renewable energy capacity by 2032 as NTPC group's clean energy arm.^[3]
Green Hydrogen Hub at Pudimadaka, Andhra Pradesh spans 1,200 acres; targets up to 1,500 TPD green hydrogen supported by over 6 GW electrolyser and 7.5 GW renewable capacity; derivatives include green ammonia, methanol, and sustainable aviation fuel.^[3]
Developing a 100 MWh Vanadium Redox Flow Battery (VRFB) energy storage system at Khavda Solar Park, Gujarat - described as one of the first utility-scale VRFB deployments in India.^[1]
Floated an EPC tender for 100 MW of Agri-Photovoltaic (AgriPV) projects integrating solar generation with agricultural activities for dual land use.^[1]
Expanding commercial & industrial (C&I) segment via open access and group captive models; MoUs signed with CtrlS Data Centre (up to 2 GW, October 2025) and Nxtra Data Ltd (up to 500 MW, March 2026).^[1]

Recent developments

Raised ₹1,500 crore through unsecured, redeemable non-convertible debentures (Series 1) at a coupon of 7.01% with 10-year-and-one-day maturity, listed on NSE on 12 November 2025.^[1]
Debt-equity ratio rose to 1.54x in FY26 from 0.97x in FY25 following the NCD issuance and increased project borrowings.^[1]
CRISIL and India Ratings both assigned AAA/Stable to NGEL's NCDs and long-term loans, and A1+ to bank guarantees and cash credit, as at FY26.^[1]

Market Cap

₹68,312 Cr

High / Low

₹120 / 79

Stock P/E

112.6

Price / Book

3.6

Book Value

₹23

EPS

₹0.6

No. of Shares

842.63 Cr

ROCE

3.5%

ROE

2.8%

OPM

51.1%

Debt / Equity

1.54

Sales

₹2,858 Cr

Net Profit

₹521 Cr

Promoter holding

89.0%

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