HSIE Results Daily 25/05.2026: NTPC Green Energy

Authored By Prime Research | Last Modified: May 25, 2026 02:35 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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