NTPC Green Energy reported a consolidated net profit of ₹304.84 crore for the quarter ended June 30, 2026 (Q1FY27), marking a significant increase from ₹220.48 crore in the corresponding period of the previous year. The renewable energy developer’s revenue from operations rose to ₹1,106.86 crore, driven by higher operational output and project additions. Alongside the financial results, the Board of Directors approved an in-principle investment to increase its holding in joint venture AP NGEL Harit Amrit Limited (APNHAL) from 50% to 51%, effectively making it a subsidiary.

Q1FY27 Financial Performance

The company’s profitability strengthened in the first quarter of FY27, with profit before tax standing at ₹368.32 crore compared to ₹277.10 crore in Q1FY26. Total income reached ₹1,121.65 crore, while total expenses were ₹782.37 crore. EBITDA for the quarter was ₹10.18b, up from ₹6.03b in the year-ago period, reflecting robust operational efficiency. The EBITDA margin expanded to 91.95% from 88.73% year-on-year. Basic earnings per share (EPS) stood at ₹0.36, compared to ₹0.26 in Q1FY26.

Operational Margins and Balance Sheet

The operating margin for the quarter was recorded at 62.32%, while the net profit margin stood at 27.54%. The interest service coverage ratio improved slightly to 3.01 in Q1FY27 from 3.30 in the prior year. However, the debt equity ratio increased to 1.68 from 1.11 in the same period last year, reflecting ongoing capital expenditure and leverage associated with project scaling. Standalone results showed a net profit of ₹152.75 crore against ₹165.22 crore in Q1FY26, with standalone revenue at ₹570.45 crore.

Strategic Investments and Subsidiary Structuring

During its meeting on July 22, 2026, the Board approved the incorporation of a wholly owned subsidiary or special purpose vehicle (SPV) for developing renewable energy projects. This structure allows for subsequent stake dilution for captive or group captive structuring for Commercial & Industrial (C&I) sector customers. Additionally, the Board granted in-principle approval for an investment of up to ₹28,77,550 in AP NGEL Harit Amrit Limited (APNHAL), a joint venture with New & Renewable Energy Development Corporation of Andhra Pradesh Limited. This involves subscribing to 2,87,755 equity shares, increasing NTPC Green Energy’s holding from 50% to 51% and consolidating APNHAL into its group structure.

Disclosures and Compliance

The company confirmed no outstanding defaults on loans and debt securities. Statutory auditors P.R. Mehra & Co. conducted a limited review of both standalone and consolidated financial results. Under Regulation 52(7) and 52(7A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, NTPC Green Energy disclosed that there was no deviation in the use of issue proceeds for its listed non-convertible debentures. The IPO proceeds of ₹10,000 crore raised in FY24-25 were fully utilized by September 30, 2025.

NTPC Green Energy Limited 's joint venture subsidiary, Ayana Renewable Power Private Limited (Ayana), a wholly owned subsidiary of ONGC NTPC Green Private Limited, has secured a 50 MW wind power project in a tender conducted by Solar Energy Corporation of India Limited (SECI). The project was awarded under the tariff-based competitive bidding process for setting up 2000 MW ISTS-connected wind power projects in India (SECI-Tranche-XX), with Ayana winning the capacity at a tariff of ₹3.85/kWh.

Project Award Details

The e-reverse auction was conducted by SECI to select wind power developers for the specified capacity. Ayana Renewable Power emerged as a successful bidder in compliance with the Request for Selection (RFS) conditions, with the auction process concluding on July 15, 2026. The following table summarizes the key details of the project award:

About the Joint Venture

ONGC NTPC Green Private Limited is a 50:50 joint venture between NTPC Green Energy Limited and ONGC Green Limited. The successful bid by Ayana Renewable Power adds to the renewable energy portfolio of the joint venture entity. The disclosure was made to the exchanges in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with the press release confirming the development issued on July 15, 2026.