NTPC Green Energy Limited Earnings Summary — Q4 FY2026
NTPC Green Energy Reports Strong Q4 Sales Growth with 143% YoY Profit Surge
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 4 consecutive quarters.
- Revenue of ₹1,107 Cr is 62.7% higher year-on-year.
- Revenue has compounded at 41.3% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹305 Cr is 38.3% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 80.3% annualised across the period.
- Operating margin stands at 89.3% in Q1 FY2027.
- Operating margin expanded by 60 bps year-on-year.
- Over the last two years operating margin has expanded by 65 bps.
- PBT margin is 33.3%.
- Expense growth of 54.1% remained below revenue growth of 62.7%.
- Operating profit of ₹989 Cr is 63.8% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 81/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Accelerating | 1,107 | 913 | 653 | 612 | 680 | 622 | 505 | 504 | 578 | 508 |
| Expenses | Improving | 118 | 138 | 118 | 83 | 77 | 62 | 82 | 85 | 65 | 71 |
| Operating Profit | Accelerating | 989 | 775 | 535 | 530 | 604 | 560 | 424 | 419 | 513 | 437 |
| Operating Margin | Stable | 89.3% | 84.9% | 82.0% | 86.5% | 88.7% | 90.0% | 83.8% | 83.1% | 88.7% | 86.0% |
| Other Income | Volatile | 44 | 48 | 31 | 60 | 89 | 129 | 76 | 21 | 29 | 45 |
| Interest | Accelerating | 322 | 257 | 230 | 207 | 193 | 177 | 206 | 195 | 183 | 181 |
| Depreciation | Improving | 343 | 318 | 300 | 261 | 223 | 206 | 195 | 182 | 175 | 173 |
| Profit Before Tax | Volatile | 368 | 247 | 37 | 122 | 277 | 307 | 99 | 63 | 183 | 127 |
| Tax | Volatile | 63 | 50 | 19 | 35 | 57 | 74 | 34 | 26 | 45 | 46 |
| Net Profit | Volatile | 305 | 197 | 17 | 88 | 220 | 233 | 66 | 38 | 139 | 81 |
| Net Margin | Volatile | 27.5% | 21.6% | 2.7% | 14.3% | 32.4% | 37.5% | 13.0% | 7.5% | 24.0% | 15.9% |
Key Takeaways
- Revenue witnessed a robust growth of 46.8% YoY, reaching ₹913 Cr in Mar 2026, driven by aggressive capacity commissioning.
- Quarterly net profit surged dramatically to ₹197 Cr, a recovery from the sharp dip seen in the Dec 2025 quarter (₹17 Cr).
- Operating margins remain exceptionally high at 85%, though slightly down from the 86% recorded in the same quarter last year.
- The company is in an intensive capital expenditure phase, with Borrowings ballooning from ₹19,441 Cr to ₹31,716 Cr year-over-year.
- Receivables management has improved significantly with Debtor Days falling from 131 to 78 over the last two fiscal years.
- Interest and Depreciation costs continue to scale rapidly as new solar and wind assets enter the operational phase.
- Free Cash Flow remains deeply negative at -₹12,832 Cr due to the massive build-out of renewable infrastructure.
Management Guidance
Management remains focused on reaching aggressive renewable energy targets, supported by parent NTPC Ltd, with solar and wind projects recently crossing 10.6 GW of operational capacity.
Sentiment Shift
Improving
While annual returns remain low, the sharp sequential recovery in net profit and revenue in Q4 suggests that new capacity is beginning to contribute meaningfully to the bottom line.
Outlook
The outlook remains positive for capacity expansion but cautious regarding short-term return ratios. The business model is shifting from construction to operations as projects move from CWIP to Fixed Assets.
From the Annual Report (Key Quotes)
“Operational capacity sits at approximately 10.67 GW as of mid-2026.”
“Success ratio in bids remains high, leveraging the parent company's grid and land access strengths.”
“Operating margins are consistently above 85%, typical of mature renewable utility models.”
Official Quarterly Documents
This summary is AI-generated from NTPC Green Energy Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.