NTPC Green Energy Q4 Results Review: ICICI Securities Maintains 'Add', Hikes Target Price

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ICICI Securities Report

The past couple of quarters have been eventful for NTPC Green Energy Ltd.; following its IPO in Q3 FY25, it completed the acquisition of 4.1GW RE portfolio from Ayana Renewable under one of its joint ventures in March 2025. It also won 1.7 GW worth of projects through competitive bidding in Q4FY25, taking the overall wins in FY25 to 2.6GW.

As a result, NTPC Green Energy’s consolidated locked-in portfolio stood at ~21GW as of Mar’25. While NTPC Green continues to load up on new projects, its execution in FY25 saw some hiccups, as some of the capacity planned for commissioning in Q4 FY25 slipped, partly due to delays in transmission infrastructure.

With the slipped projects now likely to commission in FY26, we estimate capacity addition of ~6GW in FY26E. NTPC Green reported strong result in Q4 FY25 with revenue/Ebitda growth of 22%/28% YoY, respectively. Maintain Add with a revised target price of Rs 123 (Rs 113 earlier).

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