NTPC Green Q2 FY26 delivered a stellar performance, showcasing its growing dominance in India’s renewable energy sector. The company’s consolidated net profit rose more than 135% year-on-year (YoY) to INR 86.38 crore in the second quarter, driven by higher generation income and improved operational efficiency.
NTPC Green Q2 FY26 Results: Key Financial Highlights
| Metric | Q2 FY26 | Q2 FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 612.29 | 503.85 | +21% |
| Total Income | 656.72 | 525.32 | +25% |
| Net Profit (Consolidated) | 86.38 | 36.69 | +135% |
| EBITDA (Approx.) | 530 | 420 | +26% |
| EBITDA Margin (%) | 86.49 | 83.41 | +308 bps |
| EPS | 0.10 | 0.06 | +67% |
The company’s EBITDA margin expanded significantly to 86.49%, reflecting enhanced cost discipline, improved plant efficiency, and greater revenue contribution from renewable assets.
NTPC Green H1 FY26: Financial Performance
NTPC Green Energy’s total consolidated income for the July–September 2025 quarter stood at INR 656.72 crore, up 25% YoY from INR 525.32 crore in the same period last year. This growth was propelled by strong revenue from operations and a steady rise in other income components.
For the NTPC Green H1 FY26 (April–September 2025), it recorded a consolidated profit of INR 306.86 crore, compared to INR 175.30 crore in the first half of FY25 — a jump of 75%. Total income for the six months rose to INR 1,408.41 crore, up from INR 1,132.74 crore a year earlier.
Balance Sheet Strength and Liquidity
As of 30 September 2025, NTPC Green Energy’s consolidated total assets stood at INR 48,413.71 crore, up from INR 45,421.44 crore as of 31 March 2025. The equity base remained strong, with share capital of INR 8,426.33 crore and reserves of INR 10,322.08 crore.
On the liabilities front, long-term borrowings amounted to INR 19,708.66 crore, with adequate coverage ratios supported by robust cash flows. The company’s current assets included INR 270.97 crore in bank balances and INR 556.02 crore in receivables, signifying a healthy liquidity position.
IPO Utilization and Expansion Strategy
NTPC Green Energy completed its Initial Public Offering (IPO) in November 2024, raising INR 10,000 crore. The funds were allocated toward:
- INR 7,500 crore for repaying or prepaying borrowings of its wholly owned subsidiary NTPC Renewable Energy (NTPC REL), and
- INR 2,446.49 crore for general corporate purposes.
As of 30 September 2025, the entire IPO proceeds had been fully utilized, as confirmed by the company and the monitoring agency, CARE Ratings.
Operational Developments
During the Q2 FY26, the company achieved significant milestones in renewable energy expansion:
- Commissioning of a 9.9 MW wind project in Bhuj, Gujarat, on 25 October 2025, part of a 92.4 MW capacity initiative.
- Commercial operation of a 38 MW solar unit under the 300 MW Khavda Solar Energy Project of NTPC Renewable Energy, bringing total operational capacity under this project to 262.07 MW.
Following these additions, the NTPC Green Group’s total installed capacity reached 7,553.675 MW, contributing to the NTPC Group’s aggregate installed and commercial capacity of 84,049 MW.
Management Outlook
NTPC Green Energy’s consistent profitability and high-margin performance underscore the success of its green energy strategy. The company continues to focus on:
- Scaling up renewable generation capacity across solar, wind, and hybrid projects,
- Advancing its Green Hydrogen Hub initiative, and
- Enhancing operational efficiencies across subsidiaries and joint ventures.
Given India’s accelerating renewable transition, NGEL appears well-positioned to capitalize on the country’s clean energy momentum and the government’s target of achieving 500 GW of non-fossil fuel-based capacity by 2030.
Conclusion
NTPC Green Energy’s Q2 and H1 FY26 performance reflects a decisive step forward in its journey as one of India’s leading renewable energy companies. With strong financial fundamentals, strategic capital utilization, and operational growth, NGEL has reinforced investor confidence and strengthened its role as a vital arm of NTPC’s sustainable energy vision.
As the renewable energy landscape expands, NTPC Green Energy’s disciplined execution and solid performance trajectory make it a key player to watch in India’s green transformation story. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.