NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, has announced its unaudited financial results for the third quarter and nine months ended December 31, 2025, following approval by its Board of Directors at a meeting held on January 29, 2026.
For the quarter ended December 31, 2025, the company reported a standalone profit after tax (PAT) of ₹60.27 crore, compared to ₹86.04 crore in the preceding quarter and ₹89.42 crore in the corresponding quarter of the previous financial year. Revenue from operations stood at ₹446.81 crore, marginally lower than ₹460.51 crore reported in the September quarter.
On a nine-month basis, NGEL posted a standalone PAT of ₹311.53 crore, marking an increase over ₹284.14 crore recorded during the same period last year. Revenue from operations during the period reached ₹1,467.65 crore, reflecting stable operational performance across its renewable energy portfolio.
Consolidated Financial Performance
On a consolidated basis, NTPC Green Energy reported a profit after tax of ₹17.32 crore for Q3 FY26, compared to ₹86.38 crore in Q2 FY26 and ₹65.61 crore in Q3 FY25. Consolidated revenue from operations for the quarter stood at ₹653.29 crore, up from ₹612.29 crore in the previous quarter.
For the nine months ended December 31, 2025, the company recorded a consolidated PAT of ₹324.18 crore, against ₹240.91 crore in the corresponding period last year. Consolidated revenue from operations increased to ₹1,945.79 crore, highlighting strong operational momentum across subsidiaries and joint ventures.
Key Financial Highlights
-Total Income (Standalone, Q3 FY26): ₹473.70 crore
-Profit Before Tax (Standalone, Q3 FY26): ₹79.62 crore
-Net Worth (Standalone): ₹18,798.03 crore
-Debt-Equity Ratio (Standalone): 0.49
-Operating Margin (Standalone, Q3 FY26): 52.17%
Debenture Issue & Fund Utilisation
During the quarter, NGEL raised ₹1,500 crore through private placement of unsecured, non-convertible debentures, primarily to finance capital expenditure, refinancing, and inter-corporate lending to subsidiaries and joint ventures. The debentures were listed on the National Stock Exchange on November 12, 2025.
As of December 31, 2025, ₹295.20 crore had been utilised, with the company confirming no deviation or variation in the use of funds, in compliance with SEBI (LODR) Regulations, 2015.
Strategic Developments
The company continues to advance its Green Hydrogen Hub project in Andhra Pradesh, for which it has taken leasehold land for 33 years. Amortisation of the right-of-use asset commenced from February 19, 2024, with ₹20.17 crore amortised during the nine-month period, transferred to capital work-in-progress.
With a rapidly expanding renewable portfolio and growing focus on solar, wind, and green hydrogen projects, NTPC Green Energy remains positioned as a key driver of India’s clean energy transition, aligning with national decarbonisation targets and long-term energy security objectives.
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