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

ICICI Securities reiterates Add on NTPC Green Energy with a revised target price, the change is mainly due to increase in locked-in Ebitda to Rs 136 billion inline with higher locked-in capacity.

NTPC Green Energy IPO Limited
NTPC Green Energy commissioned ~0.9GW organic RE capacity in FY25. (Photo source: X/@ntpclimited)
NTPC Green Energy reported a strong set of result in Q4 FY25 - revenue grew to Rs 6.2 billion (+22% YoY) and Ebitda grew 5.6 billion (+28% YoY) at a healthy margin of 90%. The growth was driven by organic capacity addition of ~0.9GW in FY25. Its generation in FY25 was up ~20% YoY to 6.8 BU at slightly higher plant load factor of 24.1% (+21bps YoY).
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