New Delhi : NTPC Green Energy Limited (NGEL), the renewable energy arm of NTPC Limited, reported a strong financial performance for the fourth quarter of fiscal year 2026, posting a standalone Profit After Tax (PAT) of ₹94.44 crore ($11.3 million). The company also announced plans to raise up to ₹5,000 crore (approximately $585 million) during FY27 to support expansion and clean energy investments.
The state-run renewable energy company said its quarterly profit increased significantly from ₹60.27 crore recorded in the previous quarter, reflecting improved operational efficiency and higher revenue generation from its expanding renewable energy portfolio.
Strong Revenue Growth in Q4 FY26
According to the audited financial results approved by the company’s Board of Directors, NGEL’s revenue from operations rose to ₹499.02 crore during the January–March 2026 quarter. Total income for the quarter stood at ₹533.21 crore, including ₹34.19 crore in other income.
Despite higher finance costs of ₹156.55 crore linked to ongoing project expansion and infrastructure investments, the company maintained healthy profitability. Basic earnings per share (EPS) for the quarter came in at ₹0.11, not annualized.
Full-Year FY26 Financial Performance
For the full fiscal year ended March 31, 2026, the company reported:
- Standalone PAT of ₹405.97 crore
- Consolidated PAT of ₹521.35 crore
- Standalone revenue from operations of ₹1,966.67 crore
- Standalone net worth of ₹16,892 crore
The consolidated figures include the financial performance of subsidiaries and joint ventures operating across renewable energy projects.
Board Approves ₹5,000 Crore Borrowing Plan
In a major strategic decision, the Board approved a fundraising plan allowing the company to raise up to ₹5,000 crore during FY 2026–27 through secured or unsecured debentures, including bonds and non-convertible debentures (NCDs).
The company stated that the proceeds will primarily be utilized for:
- Capital expenditure on renewable energy projects
- Refinancing existing debt obligations
- Providing financial support to subsidiaries and joint ventures
This fundraising move is expected to strengthen NGEL’s aggressive renewable energy expansion strategy as India accelerates toward its clean energy transition goals.
Strategic Joint Venture with CtrlS Datacenters Limited
The Board also approved the incorporation of a joint venture between NGEL and CtrlS Datacenters Limited for the development of renewable energy projects aimed at powering data center infrastructure.
The proposed JV remains subject to statutory approvals, including clearance from the Department of Investment and Public Asset Management (DIPAM).
Industry analysts view the partnership as a strategic step toward integrating green energy solutions with India’s rapidly growing digital infrastructure and data center sector.
Clean Auditor’s Report and Strong Financial Position
NGEL’s statutory auditors, PR Mehra & Co., issued an unmodified audit opinion on both standalone and consolidated financial statements, indicating a clean audit report with no material concerns.
The company further confirmed:
- No defaults on loans or debt securities
- No deviation in utilization of proceeds from previously issued ₹1,500 crore NCDs listed on the NSE in November 2025
- A healthy standalone debt-equity ratio of 0.47
IPO Funds Fully Utilized
Management informed stock exchanges that proceeds from the company’s ₹10,000 crore Initial Public Offering (IPO), completed during FY25, had been fully utilized by September 30, 2025.
With fresh borrowing approvals now in place, NGEL is expected to continue scaling its renewable energy capacity across solar, wind, and hybrid power projects in India.
Outlook
The latest earnings and fundraising announcements underscore NGEL’s growing role in India’s renewable energy sector. Backed by parent company NTPC Limited, the company is positioning itself as a major player in achieving the country’s long-term clean energy and carbon reduction targets.
Market observers believe the planned capital infusion and strategic partnerships could accelerate NGEL’s expansion pipeline while supporting India’s broader energy transition and sustainability ambitions.
