NTPC Green Energy Limited (NGEL) reported consolidated revenue from operations of Rs 938 crore for the quarter ended 30 September 2026 (Q2 FY27), up 53% from Rs 612 crore a year earlier. For the six months ended 30 September 2026, revenue was Rs 2,045 crore against Rs 1,293 crore in the same period last year, and profit for the period was Rs 442 crore, about 44% higher. The numbers come from the unaudited results approved by the board on 30 October 2026 at a meeting held from 3.15 p.m. to 4.30 p.m., and from the company’s Key Performance Highlights for the quarter and six months.
Q2 FY27 financial performance
NGEL’s operating EBITDA for the quarter was Rs 830 crore, 57% higher than Rs 530 crore in Q2 FY26. Profit before tax rose 36% to Rs 166 crore from Rs 122 crore, and cash profit increased 45% to Rs 555 crore from Rs 383 crore. Profit for the quarter was Rs 137.5 crore, with basic earnings per share of Rs 0.16, according to the consolidated statement. Revenue in the preceding quarter, ended 30 June 2026, was Rs 1,107 crore.
The consolidated figures include Ayana Renewable Power, held through a 50% stake in ONGC NTPC Green Private Limited. Its capacity is counted, but its EBITDA is not in consolidated operating EBITDA because its profit is accounted for under the equity method.
For the six months, the company reported 10,881 million units (MU) of consolidated generation against 6,760 MU a year earlier, a rise of about 61%. Solar plants generated 9,431 MU and wind plants 1,450 MU, and the overall capacity utilisation factor for the group was 23%. Total debt rose with the build-out: the consolidated paid-up debt capital stood at Rs 35,228 crore on 30 September 2026, against Rs 29,258 crore at the end of March 2026.
Operating portfolio
As on 30 September 2026, the NGEL group had 10,156 MW of operating solar capacity and 903 MW of operating wind capacity, a total of 11,059 MW. A year earlier it was 7,407 MW. The company says it has 37 operating solar projects and 8 operating wind projects, counting partly commissioned projects, and describes itself as the largest renewable energy public sector enterprise, excluding hydro, in terms of operating capacity.
Capacity added in the first half of FY27 was 983 MW, of which 532 MW came from NTPC Renewable Energy Limited (NTPC REL) and 451 MW from Ayana. In the whole of FY26 the group added 4,174 MW. The company states that operating capacity stood at 11,424 MW as on 30 October 2026. NTPC REL’s operating projects total 4,795 MW, while Ayana’s operating capacity is 3,362 MW.
The total group portfolio, including operating, contracted and awarded capacity, is 27,686 MW, excluding a pipeline of 3,231 MW of solar and 224 MWh of battery storage. With the pipeline, the figure is 30,917 MW. Contracted and awarded capacity is 16,627 MW across 44 projects, with 28 offtakers. The largest concentrations are in Rajasthan at 7,886 MW and Gujarat at 7,582 MW, followed by Karnataka at 2,935 MW.
Battery storage and new wins
The company reports 5.1 GWh of battery energy storage capacity, counting contracted, awarded and pipeline projects. Its listed projects include 320 MWh in Kerala for NHPC, 800 MWh in West Bengal for the West Bengal State Electricity Distribution Company Limited (WBSEDCL), 200 MWh in Uttar Pradesh and 3,600 MWh in Rajasthan.
The strategic highlights for the period include the following.
- NGEL won 200 MW / 800 MWh of battery storage capacity in WBSEDCL’s standalone BESS tender. The tariff listed for the project is Rs 4,35,000 per MW per month.
- NTPC REL signed a power purchase agreement with PTC India Limited to supply 1,200 MW of solar power.
- NTPC REL won 500 MW of capacity in SECI’s assured peak power tender (FDRE-IX).
- Ayana won 50 MW of capacity in a SECI wind tender.
Financing and credit rating
NGEL issued Rs 2,500 crore of unsecured non-convertible debentures through private placement, with a coupon of 7.27% a year and a tenor of 10 years. The company’s long-term facilities and debentures are rated AAA with a stable outlook by CRISIL and India Ratings, and its short-term facilities are rated A1+. Consolidated finance costs in the quarter were Rs 378 crore, against Rs 207 crore a year earlier.
What it means for India’s clean-energy sector
The results show a public sector renewable developer converting a large contracted pipeline into operating capacity at a fast pace: operating capacity grew about 49% in 12 months, and revenue and profit followed. For the wider sector, the company’s mix is also notable. Most operating plants are solar, wind is a small but growing share, and battery storage and round-the-clock products such as FDRE are now a visible part of new awards. Higher debt and finance costs show that the capital required for such growth is large, so access to low-cost funding will remain central to delivery.
The next test for NGEL is execution of the 16,627 MW of contracted and awarded projects across multiple states, along with grid connectivity and curtailment, which the company tracks separately.
Official references
- NTPC Green Energy Limited, Key Performance Highlights for Quarter and Six Months ended 30 September 2026
- NTPC Green Energy Limited, Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended 30 September 2026
- NTPC Green Energy Limited, Key Performance Highlights page
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