NTPC Green Energy Launches First 210 MW Of 1,200 MW Khavda-II Solar Project In Gujarat

1 min read     Updated on 30 Jan 2026, 09:06 PM
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Overview

NTPC Green Energy Limited has successfully launched the first phase of its Khavda-II Solar PV Project in Gujarat with 210 MW capacity becoming commercially operational. This addition increases the company's total installed capacity to 8688.25 MW from 8478.25 MW, representing the initial phase of a larger 1200 MW solar project.

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NTPC Green Energy Limited has announced the commercial operation of a significant solar power project, marking another milestone in India's renewable energy expansion. The company declared the commercial operation of 210 MW capacity from its Khavda-II Solar PV Project in Gujarat, effective from 00:00 hrs of 01.02.2026.

Project Details and Capacity Addition

The newly operational capacity represents the first part of a larger 1200 MW Khavda-II Solar PV Project located in Gujarat. The project is being developed and operated by NTPC Renewable Energy Limited, which is a wholly owned subsidiary of NTPC Green Energy Limited.

Parameter: Details
Project Name: Khavda-II Solar PV Project
Operational Capacity: 210 MW
Total Project Capacity: 1200 MW
Location: Gujarat
Commercial Operation Date: 01.02.2026
Operating Entity: NTPC Renewable Energy Limited

Impact on Total Installed Capacity

The addition of this 210 MW capacity has resulted in a notable increase in the company's overall renewable energy portfolio. The commercial operation of this solar project has enhanced NTPC Green Energy Limited Group's total installed capacity significantly.

Capacity Metric: MW
Previous Commercial Capacity: 8478.25 MW
New Addition: 210 MW
Updated Total Installed Capacity: 8688.25 MW

Regulatory Compliance and Disclosure

The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was formally communicated to both the National Stock Exchange of India Limited and BSE Limited on 30.01.2026.

The phased approach to the Khavda-II Solar PV Project demonstrates the company's systematic expansion strategy in the renewable energy sector. With 210 MW now commercially operational out of the total planned 1200 MW capacity, the project represents significant potential for future capacity additions as subsequent phases become operational.

NTPC Green Energy Reports Q3FY26 Results with Standalone Profit of ₹60.27 Crore

2 min read     Updated on 29 Jan 2026, 08:57 PM
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Overview

NTPC Green Energy Limited reported Q3FY26 results showing standalone profit of ₹60.27 crore versus ₹89.42 crore in Q3FY25, while nine-month standalone profit improved to ₹311.53 crore. The company issued ₹1,500 crore debentures for capital expenditure financing and continues expanding its renewable energy portfolio through subsidiaries and joint ventures.

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NTPC Green Energy Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, showing mixed performance across standalone and consolidated operations. The renewable energy subsidiary of NTPC Limited reported these results following board approval on January 29, 2026.

Standalone Financial Performance

The company's standalone operations showed varied results for the third quarter of FY26. While revenue remained relatively stable, profitability declined compared to the previous year.

Metric Q3FY26 Q3FY25 Change
Revenue from Operations ₹446.81 crore ₹460.86 crore -3.05%
Total Income ₹473.70 crore ₹531.21 crore -10.82%
Profit Before Tax ₹79.62 crore ₹123.05 crore -35.31%
Profit After Tax ₹60.27 crore ₹89.42 crore -32.59%
Basic EPS ₹0.07 ₹0.11 -36.36%

For the nine-month period, standalone performance showed improvement with profit after tax increasing to ₹311.53 crore from ₹284.14 crore in the corresponding period of the previous year, representing a growth of 9.65%. Nine-month revenue from operations declined marginally to ₹1,467.65 crore from ₹1,473.90 crore.

Consolidated Financial Results

The consolidated results presented a different picture, with the company demonstrating stronger operational scale but facing profitability challenges.

Metric Q3FY26 Q3FY25 Change
Revenue from Operations ₹653.29 crore ₹505.08 crore +29.35%
Total Income ₹684.22 crore ₹581.46 crore +17.68%
Profit Before Tax ₹36.67 crore ₹99.24 crore -63.05%
Profit After Tax ₹17.32 crore ₹65.61 crore -73.59%

The consolidated nine-month results showed revenue growth to ₹1,945.79 crore from ₹1,587.37 crore, while profit after tax increased to ₹324.18 crore from ₹240.91 crore.

Key Financial Metrics and Ratios

The company's financial health indicators showed mixed trends across various parameters:

Parameter Q3FY26 Q3FY25
Debt Equity Ratio (Standalone) 0.49 0.43
Net Worth (Standalone) ₹18,798.03 crore ₹18,279.56 crore
Operating Margin (Standalone) 52.17% 62.21%
Net Profit Margin (Standalone) 13.49% 19.40%

Debenture Issuance and Capital Structure

During Q3FY26, NTPC Green Energy issued unsecured, non-cumulative, redeemable, taxable, non-convertible debentures Series 1 worth ₹1,500 crore through private placement. The debentures were listed on the National Stock Exchange on November 12, 2025. The funds are designated for financing capital expenditure, refinancing existing capital expenditure, extending financing to subsidiaries and joint ventures through inter-corporate loans, and general corporate purposes.

Subsidiary and Joint Venture Portfolio

The consolidated results include six subsidiary companies with varying ownership percentages ranging from 51% to 100%, and four joint venture companies with 50% ownership each. The portfolio includes NTPC Renewable Energy Ltd, Green Valley Renewable Energy Ltd, and several state-specific green energy entities.

Operational Highlights

Revenue from operations for the quarter and nine months included ₹12.18 crore and ₹40.76 crore respectively from consultancy, project management and supervision fees. The company continues its focus on renewable energy power generation, which remains its primary business segment.

The company also maintains a leasehold arrangement for 33 years for developing a Green Hydrogen Hub in Andhra Pradesh, with amortization expenses of ₹7.26 crore and ₹20.17 crore charged during the quarter and nine months respectively.

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