HSIE Results Daily 25/05.2026: NTPC Green Energy
By Prime Research | Published at: May 25, 2026 01:33 PM IST
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Strong performance
NTPC Green Energy’s revenue, EBITDA, and APAT came in ahead of estimates. Capacity addition for Q4FY26 was strong at 2.1GW, driven mainly by solar projects.
The company continues to focus on renewable energy expansion, battery energy storage systems (BESS), green hydrogen, and transmission infrastructure development.
- Q4FY26 snapshot: NGEL generated revenue of INR 91.3bn (+46.7% YoY), while EBITDA stood at INR 7.7bn (+38.2% YoY).
- Capacity addition: Installed capacity reached 8GW for FY27 target, with annual capacity addition guidance maintained.
- Strong pipeline support: Contracted and awarded pipeline capacity stood at 19.9GW.
- Future projects: NGEL won SECI bids for green ammonia, BESS projects, and renewable RTC projects.
- Operational performance: Solar CUF moderated slightly due to grid curtailment issues, while wind CUF improved YoY.
- Outlook: Management targets large-scale renewable expansion with improving utilization and project execution.
Consolidated Financial Summary (INR mn)
| Particulars | 4QFY26 | 4QFY25 | YoY (%) | 3QFY26 | QoQ (%) | FY26 | FY27E | FY28E | FY29E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 9,126 | 6,223 | 46.7 | 6,533 | 39.7 | 72,072 | 72,072 | 121,462 | 167,445 |
| EBITDA | 7,745 | 5,603 | 38.2 | 5,674 | 36.5 | 63,423 | 63,423 | 106,866 | 147,351 |
| APAT | 1,972 | 2,332 | (15.5) | 173 | 1,038.4 | 12,164 | 12,164 | 29,122 | 38,649 |
| EPS (INR) | 0.2 | 0.3 | (15.5) | 0.0 | 1,038.4 | 1.4 | 3.5 | 4.6 | 5.8 |
| P/E (x) | 28.5 | 21.5 | |||||||
| EV/EBITDA (x) | 15.3 | 13.0 | |||||||
| RoE (%) | 7.2 | 7.6 | |||||||
Change in Estimates (INR mn)
| Particulars | FY27E New | FY27E Old | % Chg | FY28E New | FY28E Old | % Chg | FY29E New | FY29E Old | % Chg |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 72,072 | 72,347 | -0.4 | 121,462 | 121,241 | 0.2 | 167,445 | 167,125 | 0.2 |
| EBITDA | 63,423 | 63,666 | -0.4 | 106,866 | 106,692 | 0.2 | 147,351 | 147,070 | 0.2 |
| EBITDA % | 88.0 | 88.0 | 0.0 | 88.0 | 88.0 | 0.0 | 88.0 | 88.0 | -0.0 |
| APAT | 12,164 | 12,027 | 1.1 | 29,122 | 28,628 | 1.7 | 38,649 | 37,937 | 1.9 |
BUY
| CMP (as on 22 May 2026) | INR 104 |
| Target Price | INR 126 |
| NIFTY | 23,719 |
Key Changes
| OLD | NEW | |
|---|---|---|
| Rating | BUY | BUY |
| Price Target | INR 121 | INR 126 |
| EPS Change FY27 | +1.1% | |
| EPS Change FY28E | +1.7% | |
| EPS Change FY29E | +1.9% |
Key Stock Data
| Bloomberg code | NTPCGREE IN |
| No. of Shares (mn) | 8,426 |
| MCap (INR bn) | 879 |
| 6m avg traded value (INR mn) | 1,092 |
| 52 Week high / low | INR 120 / 84 |
Stock Performance (%)
| 3M | 6M | 12M | |
|---|---|---|---|
| Absolute (%) | 15.6 | 7.5 | (6.9) |
| Relative (%) | 24.6 | 19.0 | (0.1) |
Shareholding Pattern (%)
| Dec-25 | Mar-25 | |
|---|---|---|
| Promoters | 89.01 | 89.01 |
| FIs & Local MFs | 4.80 | 5.07 |
| FPIs | 1.61 | 1.61 |
| Public & Others | 4.58 | 4.30 |
| Pledged Shares | – | – |
Source:
- BSE
- Source: Company, HSIE Research
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