NTPC Green Energy Q4 FY26 Earnings Preview: Strong Capacity Ramp-Up Expected to Drive Results
New Delhi, 21 May 2026: NTPC Green Energy Ltd (NGEL), the dedicated renewable energy arm of NTPC Ltd, will announce its audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026, tomorrow.
The board meeting will also consider raising up to ₹5,000 crore via bonds or NCDs to support future capital expenditure.
FY25 Performance – A Strong Benchmark
NGEL delivered excellent growth in the previous year:
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Q4 FY25 Net Profit: ₹233.21 crore (up 188% YoY from ₹80.95 crore)
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Q4 FY25 Revenue: ₹622.27 crore (up 22.4% YoY)
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Full Year FY25 Net Profit: ₹475.48 crore (healthy growth over previous year)
The strong performance was driven by higher renewable generation, new capacity addition, and healthy operating margins.
Recent Quarterly Performance (FY26)
|
Quarter |
Revenue (₹ Cr) |
Net Profit (₹ Cr) |
Key Highlights |
|---|---|---|---|
|
Q1 FY26 |
~680 |
~220 |
Good growth |
|
Q2 FY26 |
~612 |
~86 |
- |
|
Q3 FY26 (Dec 2025) |
653.29 |
17.32 |
Revenue up 29% YoY, lower profit due to higher interest & depreciation |
Higher financing costs and depreciation from rapid capacity expansion have impacted quarterly profits in FY26 so far.
Q4 & FY26 Expectations
Market participants expect a solid Q4 performance supported by full-year capacity addition and improved generation from operational assets.
Estimated Range for Q4 FY26:
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Revenue: ₹1,800 – 2,200 crore (significant sequential increase)
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Net Profit: ₹280 – 380 crore
-
EBITDA margins likely to remain healthy in the 75-85% range
Major Growth Drivers:
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NTPC Group added 5,488 MW of renewable capacity in FY26 (solar, wind & pumped storage projects)
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Better Plant Load Factor (PLF) in existing projects
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Strong power off-take under long-term PPAs
Areas to Watch:
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Update on total capacity commissioned during FY26
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Interest and depreciation impact
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Guidance for FY27 capacity addition
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Utilisation of funds and project pipeline
Long-Term Outlook
NGEL is playing a key role in NTPC’s target of 60 GW renewable capacity by 2032. The company continues to maintain a strong order book and project pipeline. Tomorrow’s results and management commentary on execution pace and future targets will be closely watched by investors.
Stock Context: NGEL shares have traded with volatility, recently in the ₹100-110 range. Positive surprises on capacity addition and guidance may support positive market reaction.
This earnings preview is based on publicly available company data, past results, and industry trends. Actual Q4 & FY26 numbers may vary. Investors should refer to the official results on BSE/NSE after the board meeting on 22 May 2026.