NTPCGREEN · Power
NTPC Green Energy Ltd. reported revenue of ₹938 cr for July to September 2026, +53.3% on the year and −15.3% on the quarter. Over the last four quarters revenue comes to ₹3,611 cr, +49.3% on the four before.
Operating profit (EBITDA) was ₹830 cr, a margin of 88.5%, +188 bps on the year and −85 bps on the quarter. Over the last 8 quarters the margin has ranged from 81.9% to 90.0%, averaging 86.7%. Operating costs grew +31.7% against revenue growth of +53.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹138 cr, +60.5% on the year and −54.8% on the quarter, with earnings per share of ₹0.16. Profit before other income, one-offs and tax grew 1.6%, so 59 points of the headline growth came from outside the core business. The tax rate was 17% against an average of 30% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹657 cr, +8.6% on the four before.
Of the 7 companies in Power and utilities that have reported Q2 FY27 so far, NTPC Green Energy Ltd. ranks 2nd on revenue growth; the sector median is +14.9%. Its margin moved +188 bps on the year against a sector median of +66 bps.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹0.77 over the last four quarters, the stock at ₹89.82 trades at 116.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +60.5% on the year; profit before other income, exceptional items and tax +1.6%.
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 62% of profit before tax, against 49% a year earlier.
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹378 cr, +82.6% on the year; 46% of EBITDA.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 17.0% against 29.8% over the previous quarters, worth about ₹21.2 cr of profit.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹446 cr | ₹508 cr | ₹578 cr | ₹504 cr | ₹505 cr | ₹622 cr | ₹680 cr | ₹612 cr | ₹653 cr | ₹913 cr | ₹1,107 cr | ₹938 cr |
| YoY | — | — | — | — | +13% | +22% | +18% | +21% | +29% | +47% | +63% | +53% |
| EBITDA margin | 88.6% | 86.0% | 88.8% | 83.1% | 84.0% | 90.0% | 88.8% | 86.6% | 81.9% | 84.8% | 89.3% | 88.5% |
| Other income, % of PBT | 21% | 35% | 16% | 33% | 77% | 42% | 32% | 49% | 84% | 19% | 12% | 62% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 31% | 36% | 24% | 42% | 34% | 24% | 20% | 29% | 53% | 20% | 17% | 17% |
| Net profit | ₹56.0 cr | ₹81.0 cr | ₹139 cr | ₹37.0 cr | ₹66.0 cr | ₹233 cr | ₹220 cr | ₹86.0 cr | ₹17.0 cr | ₹197 cr | ₹305 cr | ₹138 cr |
| YoY | — | — | — | — | +18% | +188% | +58% | +132% | −74% | −15% | +39% | +60% |
| Core profit YoY | — | — | — | — | −63% | +117% | +22% | +48% | −74% | +12% | +72% | +2% |
| EPS | ₹0.12 | ₹0.14 | ₹0.24 | ₹0.05 | ₹0.08 | ₹0.28 | ₹0.26 | ₹0.10 | ₹0.02 | ₹0.23 | ₹0.36 | ₹0.16 |
| Flags | · | 1 | · | 1 | 3 | 1 | 3 | 2 | 1 | 3 | 2 | 4 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
NTPC Green Energy Ltd. reported revenue of ₹938 cr (+53.3% on the year) and net profit of ₹138 cr (+60.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +1.6% on the year, against +60.5% for reported profit.
4 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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