NTPCGREEN's Q2 FY27 numbers came in mixed, with revenue of Rs. 938.16 Cr (+53.22% YoY) and PAT growth of +59.18% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 938.16 Cr (+53.22% YoY) |
| PAT (Q2) | Rs. 137.50 Cr (+59.18% YoY) |
| EBITDA margin | 88.44% (+195 bps YoY) |
| EPS (Q2) | Rs. 0.16 (+60.00% YoY) |
NTPCGREEN delivered 53.22% YoY revenue growth and 59.18% PAT growth with 195 bps YoY EBITDA margin expansion, alongside 606.89 MW of capacity additions and a 500 MW FDRE-IX win at Rs.6.00/kWh. The quarter faded sequentially — revenue fell 15.24% QoQ and PBT fell 55.04% QoQ — while net debt rose 17.74% in six months to Rs.34,391.62 Cr with net D/E at 1.75x. No FY27 guidance exists in the record, so no guidance comparison can be scored; the 60 GW by 2032 target remains the only dated goal against 11,328.69 MW operating.
| Driver | What happened | Verdict |
|---|---|---|
| "Revenue / demand — likely ahead (YoY)" on CODs annualizing | Revenue Rs.938.16 Cr, +53.22% YoY | Played out |
| Operating margin "broadly flat-to-expanding" | 88.44%: +1.95 pp YoY, but −0.89 pp below Q1's 89.33% | Partially |
| Finance costs "the compressing line" | Rs.377.99 Cr, +82.67% YoY, +17.57% QoQ — pressure deepened | Played out |
| Watch: Q2 CUF vs 22.48% FY26 / curtailment bridge | Not disclosed in the filing | Not observable |
| Watch: funding cost / Rs.3,350 Cr NTPC REL rights issue | Borrowings +Rs.6,279.72 Cr H1; Rs.2,500 Cr NCD raised 09 Jul 2026; rights issue not addressed in the filing | Partially |
| Watch: 60 GW path / FY27 interim milestone | 11,328.69 MW at 10 Oct 2026; no interim milestone given | Partially |
| Watch: change-in-law receivable collection; FDRE-IX PPA signing | Non-current receivables Rs.162.93 Cr vs Rs.99.05 Cr; no PPA disclosure | Not observable |
| Pre-registered one-time items | None — Q2 other income carries NIL one-time (IPO interest); reported PAT is clean | n/a |
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| What management said | What happened | Verdict |
|---|---|---|
| "Growth … despite higher interest and depreciation charges arising from expansion activities" (FY26 Annual Report management commentary) | Finance costs +82.67% YoY, D&A +49.06% YoY in Q2 — the drag continued and deepened; PAT still +59.18% YoY | Confirmed |
| Focus on "timely commissioning" / disciplined execution (FY26 AR outlook) | 606.89 MW of CODs across 10 filings Jul 23–Oct 10, 2026, lifting group capacity 10,721.80 → 11,328.69 MW (exchange COD filings) | Confirmed |
| Commercial discipline — 100% billing realization with LC-backed security (FY26 AR) | Current receivables broadly flat QoQ; but non-current receivables rose Rs.99.05 → Rs.162.93 Cr — collections trend not derivable from the quarterly filing | Too Early |
| Metric | 31 Mar 2026 | 23 Jul 2026 | 10 Oct 2026 |
|---|---|---|---|
| Group operating capacity | 10,076 MW | 10,721.80 MW | 11,328.69 MW |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.