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NTPCGREEN - NTPC Green

📊 NSE: NTPCGREEN 🏢 Power Generation And Supply 📅 Last Updated: 12/14/2025 10:38

📢 Recent Corporate Announcements

NTPC Green Energy Commissions 270 MW Solar Capacity at Khavda-II Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Mar 2026, 05:02 PM

NTPC Green Energy's subsidiary, NTPC Renewable Energy Limited, has declared the commercial operation of a 270 MW solar capacity in Gujarat. This represents the third part of the larger 1200 MW Khavda-II Solar PV Project. Following this addition, the total installed capacity of the NTPC Green Energy Group has increased to 9562.68 MW. This operational milestone is expected to contribute to the company's revenue stream starting from March 11, 2026.

Commissioned 270 MW solar capacity out of the 1200 MW Khavda-II Solar PV Project in Gujarat
Commercial operation effective from 00:00 hrs on March 11, 2026
Total installed capacity of NTPC Green Energy Group increased to 9562.68 MW from 9292.68 MW
Project executed through wholly owned subsidiary NTPC Renewable Energy Limited

💡 Investors should maintain a positive outlook as the company continues to scale its operational capacity towards its long-term green energy targets. Monitor the execution timelines for the remaining capacity of the Khavda project.

NTPC Green Energy Group Capacity Reaches 9,292 MW with 91.6 MW Solar Project Commissioning

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 09 Mar 2026, 06:23 PM

NTPC Green Energy Limited (NGEL) has successfully declared the commercial operation of a 91.6 MW solar capacity in Andhra Pradesh, effective February 27, 2026. This capacity belongs to Ayana Kadapa Renewable Power, a subsidiary under the ONGC NTPC Green Private Limited joint venture. With this addition, the total installed capacity of the NGEL Group has increased to 9,292.68 MW. This commissioning completes the 250 MW Solar PV Project, following the previous operationalization of 158.4 MW.

Commissioned 91.6 MW solar capacity in Andhra Pradesh through JV ONGC NTPC Green Private Limited
Total installed capacity of NTPC Green Energy Limited Group increased to 9,292.68 MW
The 91.6 MW unit completes the 250 MW Solar PV Project following the first part of 158.4 MW
Commercial operation date (COD) for this capacity is effective from February 27, 2026

💡 Investors should view this as a positive development as it marks the completion of a major project and contributes to immediate revenue generation. Monitor the company's progress toward its long-term renewable energy targets and future JV project timelines.

NTPC Green Energy Completes RTA Change to Beetal Financial & Computer Services

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 10:44 AM

NTPC Green Energy Limited has finalized the change of its Registrar & Share Transfer Agent (RTA) from KFin Technologies Limited to Beetal Financial & Computer Services (P) Limited. The transition was formalized through a tripartite agreement signed on March 5, 2026. This administrative update follows previous company intimations made in November 2025 and February 2026. Shareholders will now need to direct all share-related correspondence to the new RTA.

Tripartite agreement signed on March 5, 2026, between NTPC Green, KFin Tech, and Beetal Financial.
Official transition of RTA services from KFin Technologies to Beetal Financial & Computer Services (P) Limited.
Compliance completed under Regulation 7 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
The change follows a planned transition process initiated with earlier notifications on Nov 11, 2025, and Feb 4, 2026.

💡 No action is required regarding your shareholding, but ensure any future physical share transfers or dividend-related queries are directed to Beetal Financial.

NTPC Green Energy Commissions 50 MW Part Capacity of Dayapar Wind Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 25 Feb 2026, 09:58 PM

NTPC Green Energy Limited has announced the commercial operation of a 50 MW portion of its 200 MW Dayapar Wind Energy Project Phase-II in Gujarat. This project is managed by its wholly-owned subsidiary, NTPC Renewable Energy Limited, and became operational on February 26, 2026. With this addition, the group's total installed capacity has increased to 9201.08 MW from 9151.08 MW. This incremental capacity addition aligns with the company's aggressive growth strategy in the renewable energy sector.

Commissioned 50 MW out of the total 200 MW Dayapar Wind Energy Project Phase-II in Gujarat.
The project is executed through the wholly-owned subsidiary, NTPC Renewable Energy Limited.
Total installed capacity of NTPC Green Energy Group increased to 9201.08 MW.
Commercial operation effective from 00:00 hrs on February 26, 2026.

💡 Investors should view this as a positive step in the company's capacity ramp-up, which will contribute to future revenue growth. Monitor the progress of the remaining 150 MW of the Dayapar project.

NTPC Green Energy Commissions 158.4 MW Solar Capacity in Andhra Pradesh

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 20 Feb 2026, 05:03 PM

NTPC Green Energy Limited has successfully declared the commercial operation of 158.4 MW solar capacity in Andhra Pradesh, effective February 14, 2026. This capacity is part of a larger 250 MW Solar PV Project under its joint venture, ONGC NTPC Green Private Limited. With this addition, the group's total installed capacity has increased to 9151.08 MW. This move signifies steady progress in the company's renewable energy portfolio and revenue-generating asset base.

Commissioned 158.4 MW out of a 250 MW Solar PV Project in Andhra Pradesh
Total installed capacity of NTPC Green Energy Group rises to 9,151.08 MW
Project executed via subsidiary of ONGC NTPC Green Private Limited joint venture
Commercial operation officially commenced effective from February 14, 2026
Current commercial capacity of the group stands at 8,992.68 MW

💡 Investors should maintain a positive outlook as the company continues to operationalize its pipeline, contributing to top-line growth. Monitor the commissioning of the remaining 91.6 MW capacity of this project.

NTPC Green Energy Commissions 165 MW Solar Capacity at Khavda-II Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 20 Feb 2026, 07:22 AM

NTPC Green Energy Limited has successfully declared the commercial operation of 165 MW solar capacity at its Khavda-II Solar PV Project in Gujarat. This capacity is a significant part of the larger 1200 MW project being developed by its wholly owned subsidiary, NTPC Renewable Energy Limited. Following this addition, the group's total installed capacity has reached 8992.68 MW. This expansion directly contributes to the company's operational revenue stream and reinforces its growth trajectory in the renewable sector.

Commissioned 165 MW solar capacity at the Khavda-II Solar PV Project in Gujarat effective February 20, 2026.
Total group installed capacity increased to 8,992.68 MW following this commissioning.
Group commercial capacity now stands at 8,827.68 MW.
The project is part of a larger 1,200 MW solar development by subsidiary NTPC Renewable Energy Limited.

💡 Investors should maintain a positive outlook as the company continues to scale its operational capacity towards its long-term green energy goals. Monitor the execution timelines of the remaining 1,035 MW at the Khavda-II site for further valuation re-rating.

NTPC Green Declares Commercial Operation of 14.43 MW Solar Capacity at Khavda-I Project

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 09 Feb 2026, 04:38 PM

NTPC Green Energy Limited (NGEL) has successfully declared the commercial operation of a 14.43 MW segment of its Khavda-I Solar PV Project in Gujarat. This capacity is part of a larger 1255 MW project being executed by its subsidiary, NTPC Renewable Energy Limited. Following this addition, the total installed capacity of the NGEL Group has increased to 8,827.68 MW. This move signifies steady execution of the company's renewable energy pipeline and contributes to its long-term growth targets.

Commissioned 14.43 MW capacity as the eleventh part of the 1255 MW Khavda-I Solar PV Project.
Total group installed capacity increased from 8813.25 MW to 8827.68 MW.
Project is located in Gujarat and developed under the CPSU scheme Phase-II Tranche-III.
Commercial operation is effective from February 10, 2026.
The project is managed by NTPC Renewable Energy Limited, a wholly owned subsidiary of NGEL.

💡 Investors should maintain a positive outlook as the company continues to incrementally commission its massive renewable energy pipeline. Monitor the execution speed of the remaining capacity at the Khavda site as a key indicator of near-term revenue growth.

NTPC Green Energy Changes Registrar & Share Transfer Agent to Beetal Financial

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 01:30 PM

NTPC Green Energy Limited has officially transitioned its Registrar & Share Transfer Agent (RTA) from KFin Technologies Limited to Beetal Financial & Computer Services (P) Limited. The change became effective on February 03, 2026, following confirmations from both NSDL and CDSL regarding the transfer of electronic connectivity. A tripartite agreement between the company and the RTAs is currently being finalized as per SEBI regulations. Shareholders are advised to direct all future equity share-related queries to the new RTA's New Delhi office.

Effective date of RTA transition to Beetal Financial is February 03, 2026
Previous RTA services were managed by M/s KFin Technologies Limited
Electronic connectivity transfer confirmed by both NSDL and CDSL depositories
Tripartite agreement under Regulation 7(4) of SEBI is currently under process

💡 Shareholders should update their records with the new RTA contact details for any future share-related administrative matters. This is a routine administrative change with no impact on the company's business fundamentals.

NTPC Green Energy Commissions 125 MW Solar Capacity at Bhadla Project, Rajasthan

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 03 Feb 2026, 08:48 PM

NTPC Green Energy Limited has successfully declared the commercial operation of a 125 MW solar capacity at its Bhadla Solar PV Project in Rajasthan. This is the second part of a larger 500 MW project being developed by its wholly-owned subsidiary, NTPC Renewable Energy Limited. With this addition, the total installed capacity of the NTPC Green Energy Group has increased to 8,813.25 MW. The operation became effective on January 31, 2026, marking a significant step in the company's renewable energy expansion and revenue generation potential.

Commissioned 125 MW out of the 500 MW Bhadla Solar PV Project in Rajasthan
Commercial operations commenced effective from January 31, 2026
Total group installed capacity increased to 8,813.25 MW from 8,688.25 MW
Project executed via wholly-owned subsidiary NTPC Renewable Energy Limited

💡 Investors should view this as a positive development that strengthens the company's operational base and revenue visibility. Maintain a positive outlook as the company continues to scale its renewable portfolio towards its long-term targets.

NTPC Green Energy Signs MoU with Assago Industries for 1000 TPD Green Urea Plant

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 02 Feb 2026, 09:22 PM

NTPC Green Energy Limited (NGEL) has entered into a Memorandum of Understanding with Assago Industries Private Limited for the supply of Green Ammonia, CO2, and Renewable Energy. These utilities will support Assago's proposed Green Urea plant with a production capacity of 1,000 Tons Per Day (TPD). The facility is planned to be established within NGEL's Green Hydrogen Hub at Pudimadaka, Andhra Pradesh. This move underscores NGEL's strategy to monetize its green hydrogen infrastructure through industrial partnerships.

MoU signed with Assago Industries for supply of Green Ammonia, CO2, and RE Power
Supports the production of 1,000 TPD (Tons Per Day) of Green Urea
Project to be located at NGEL's Green Hydrogen Hub in Pudimadaka, Andhra Pradesh
Strengthens NGEL's position as a key utility provider in the green energy ecosystem

💡 Investors should view this as a positive step toward the commercialization of NGEL's green hydrogen hubs. Monitor for further definitive agreements and project timelines at the Pudimadaka site.

NTPC Green Energy Commissions 210 MW Solar Capacity at Khavda-II Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 30 Jan 2026, 08:58 PM

NTPC Green Energy Limited (NGEL) has announced the commercial operation of a 210 MW solar capacity in Gujarat, marking the first phase of the 1200 MW Khavda-II Solar PV Project. This addition is being executed through its wholly-owned subsidiary, NTPC Renewable Energy Limited, and is effective from February 1, 2026. Following this commissioning, the total installed capacity of the NGEL Group has increased to 8,688.25 MW. This development reflects the company's steady execution of its renewable energy pipeline and enhances its revenue-generating asset base.

Commissioned 210 MW capacity out of the total 1200 MW Khavda-II Solar PV Project in Gujarat
Total group installed capacity increased to 8,688.25 MW from 8,478.25 MW
Commercial operation scheduled to commence from 00:00 hrs on February 1, 2026
Project executed via wholly-owned subsidiary NTPC Renewable Energy Limited

💡 Investors should maintain a positive outlook as the company successfully transitions under-construction projects into revenue-generating assets. Monitor the timeline for the remaining 990 MW capacity at the Khavda site for further growth triggers.

NTPC Green Q3 PAT Drops 32.6% YoY to ₹60.27 Cr; Operating Margins Contract to 52.17%

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 07:47 PM

NTPC Green Energy reported a weak set of numbers for Q3 FY26, with Profit After Tax (PAT) declining 32.6% YoY to ₹60.27 crore. Revenue from operations saw a marginal decline to ₹446.81 crore compared to ₹460.86 crore in the same period last year. The company's profitability was impacted by a sharp contraction in operating margins, which fell to 52.17% from 62.21% YoY, and a reduction in interest income as IPO proceeds were fully utilized. To support future growth, the company successfully raised ₹1,500 crore through non-convertible debentures during the quarter.

Net Profit (PAT) declined by 32.6% YoY to ₹60.27 crore from ₹89.42 crore.
Revenue from operations decreased by 3% YoY to ₹446.81 crore.
Operating margin contracted significantly to 52.17% from 62.21% in the previous year's quarter.
Issued ₹1,500 crore of non-convertible debentures (NCDs) in November 2025 for capital expenditure.
Other income fell to ₹26.89 crore from ₹70.35 crore YoY as interest on IPO proceeds ceased.

💡 The results indicate a slowdown in profitability and margin pressure as the company transitions to a debt-funded growth phase. Investors should remain cautious and monitor the execution timeline of upcoming renewable projects to offset the rising finance costs.

NTPC Green Energy Commissions 130.47 MW Solar Capacity at Khavda-I Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 28 Jan 2026, 02:08 PM

NTPC Green Energy Limited has declared the commercial operation of a 130.47 MW solar capacity at its Khavda-I project in Gujarat, effective January 29, 2026. This capacity is the tenth part of a larger 1255 MW project being executed by its wholly-owned subsidiary, NTPC Renewable Energy Limited. Following this addition, the group's total installed capacity has risen to 8478.25 MW. The current commercial capacity for the group now stands at 8347.78 MW, marking steady progress in its renewable energy targets.

130.47 MW solar capacity commissioned at Khavda-I Solar PV Project in Gujarat
Total group installed capacity increased to 8478.25 MW
Group commercial capacity reaches 8347.78 MW following this addition
Project is part of the CPSU scheme Phase-II Tranche-III

💡 Investors should remain positive as the company continues to operationalize its large renewable pipeline, enhancing revenue potential. Track the commissioning of the remaining portion of the 1255 MW Khavda project.

NTPC Green Energy Signs MoU with UP Govt for RE and Green Hydrogen Projects

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 22 Jan 2026, 04:56 PM

NTPC Green Energy Limited (NGEL) has signed a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh for the development of Renewable Energy and Green Hydrogen projects. The agreement was finalized on January 22, 2026, during the World Economic Forum Annual Meeting in Davos. This partnership involves key state agencies, Invest UP and UPSIDA, to facilitate large-scale green energy infrastructure. While specific capacity and investment figures were not disclosed, this move significantly strengthens NGEL's project pipeline in a key Indian state.

MoU signed with UP Government for Renewable Energy and Green Hydrogen development.
Agreement executed during the World Economic Forum Annual Meeting in Davos on Jan 22, 2026.
Collaboration involves Invest UP and UPSIDA to streamline project implementation.
Strategic expansion of NGEL's footprint in India's most populous state to meet green energy targets.

💡 Investors should view this as a positive long-term growth driver for NGEL's portfolio. Monitor future disclosures for specific project capacities and capital expenditure details related to this MoU.

NTPC Green Energy Approves 50:50 Joint Venture with GAIL for Renewable Projects

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 15 Jan 2026, 08:59 PM

NTPC Green Energy Limited (NGEL) has received board approval to enter into a 50:50 Joint Venture Agreement with GAIL (India) Limited to develop renewable energy projects. This strategic partnership between two major PSUs is intended to accelerate green energy capacity additions, though it remains subject to approvals from the Ministry of Power and DIPAM. Additionally, the company has commenced commercial operations for 37.5 MW of a 150 MW solar project in Gujarat, indicating steady progress in its existing project pipeline.

Board approved a 50:50 Joint Venture Company (JVC) with GAIL (India) Limited for Renewable Energy Projects.
Formation of the JVC is subject to statutory approvals from the Ministry of Power and DIPAM.
Commercial operation of 37.5 MW solar capacity out of a 150 MW project in Gujarat has been achieved.
The Gujarat project is part of Ayana Renewable Power Four Private Limited's installed capacity.

💡 Investors should monitor the timeline for regulatory approvals for the GAIL JV, as it significantly expands NGEL's project execution framework. The steady commissioning of solar capacity in Gujarat reinforces the company's operational growth trajectory.

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.