NTPCGREEN - NTPC Green

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

💰 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.