NTPC Green Energy Limited (NGEL) is a fully owned subsidiary of NTPC Limited. It was founded in 2022 to speed up India’s shift to clean energy. NGEL specializes in renewable energy, focusing on solar, wind, and hybrid sources for electricity generation. The company supports the Indian government’s green energy goals by participating in Ultra Mega Renewable Energy Power Parks in various states.
By 2024, NGEL has achieved an operational capacity of 3,071 MW in solar and 100 MW in wind energy. By providing eco-friendly electricity to several states, NGEL helps both energy security and environmental protection. With a strong commitment to innovation and sustainability, NTPC Green Energy aims to be a major player in India’s renewable energy sector. This blog looks at the company’s performance, goals, and its role in the green energy market.
KPI Green Energy Limited Overview
| Attribute | Details |
|---|---|
| Company Name | KPI Green Energy Limited |
| Incorporation Year | 2008 |
| Headquarters | Surat, Gujarat, India |
| Parent Company | KP Group |
| Stock Listings | BSE: 542323, NSE: KPIGREEN |
| Brand Name | Solarism |
| Business Verticals | – Independent Power Producer (IPP) – Captive Power Producer (CPP) – EPC Services – Land Leasing |
| Renewable Portfolio | Over 3.9 GW (Solar & Hybrid projects) |
| Recent Projects | – 100 MW Hybrid Project (Aether Industries) – 240 MWp IPP Project (Khavda, Gujarat) – 200 MW Solar Project (GUVNL) |
| Key Clients | Tata Motors, Mafatlal Industries, Meghmani Organics |
| Strategic Partnerships | – Emmvee Group (300 MW solar panel supply) – Advait Infratech (500 MW solar park in Uttarakhand) |
| Credit Rating | Upgraded from BBB+ to A by ICRA |
| Official Website | kpigreenenergy.com |
Read More: NALCO Share Price Target
KPI Green Energy Limited Products
| Category | Products/Services |
|---|---|
| Solar Power Generation | Utility-scale solar power plants (IPP – Independent Power Producer) |
| Captive Power Solutions | Captive Solar Power Plants (CPP) for industrial and commercial clients |
| Hybrid Energy Projects | Combination of solar and wind energy for hybrid renewable energy solutions |
| Engineering Services | Turnkey EPC (Engineering, Procurement, Construction) services for solar power projects |
| Operations & Maintenance | O&M services for solar power plants |
| Power Sale Agreements | Long-term Power Purchase Agreements (PPAs) with clients and government bodies |
| Green Certificates | Renewable Energy Certificates (RECs) |
| Solar Infrastructure | Development of solar parks and energy infrastructure |
KPI Green Energy Limited Fundamental
| Metric | Value |
| Company Name | NTPC Green Energy Limited |
| Incorporation Year | 2022 |
| Parent Company | NTPC Limited |
| Operational Capacity | 3,071 MW (Solar), 100 MW (Wind) |
| Target Capacity by 2032 | 60 GW |
| IPO Issue Size | ₹10,000 crores |
| Fresh Issue Size | ₹10,000 crores |
| Offer for Sale | None |
| Listing Date | 27 November 2024 |
| Pre-IPO Promoter Holding | 100% |
| Revenue (FY23) | ₹5,784 crores |
| PAT (FY23) | ₹1,386 crores |
| EPS (FY23) | TBA |
NTPC Green Energy Share Price Target 2025
KPI Green Energy Limited aims to lead the shift from fossil fuels to sustainable energy. The company works on solar, wind, and hybrid projects to meet India’s growing energy needs while promoting environmental health.
The Indian government focuses on cutting carbon emissions and boosting clean energy use. KPI Green Energy can gain from this by winning significant government contracts. We project the stock might hit ₹210 by 2025.
The expected trading range for the stock is ₹76 to ₹210.
| Year | Minimum Price (Rs) | Maximum Price (Rs) |
| 2025 | 76 | 210 |
| Month | Minimum Price (Rs) | Maximum Price (Rs) |
| January | 105 | 127 |
| February | 88 | 120 |
| March | 76 | 118 |
| April | 80 | 130 |
| May | 82 | 144 |
| June | 86 | 153 |
| July | 89 | 167 |
| August | 93 | 178 |
| September | 98 | 183 |
| October | 107 | 190 |
| November | 103 | 198 |
| December | 104 | 210 |
NTPC Green Energy Share Price Target 2026
NGEL plays a key role in boosting India’s renewable energy sector through various clean energy projects. The company has built large solar power plants across the country, efficiently using sunlight to provide electricity to homes and businesses. Besides solar, NGEL is growing its efforts in wind energy. It is harnessing strong winds from India’s coastal and inland areas.
By focusing on hybrid projects that combine solar and wind power, NGEL aims to create a more stable and reliable energy supply. The company is also looking into green hydrogen technology. This emerging method helps store and transport clean energy, placing NGEL at the forefront of innovation in renewables.
Our analysis suggests that NGEL’s stock could hit a target price of ₹326 by 2026, with an estimated trading range of ₹194 to ₹326.
| Year | Minimum Price (Rs) | Maximum Price (Rs) |
| 2026 | 194 | 326 |
| Month | Minimum Price (Rs) | Maximum Price (Rs) |
| January | 194 | 219 |
| February | 210 | 228 |
| March | 224 | 237 |
| April | 230 | 241 |
| May | 239 | 256 |
| June | 245 | 267 |
| July | 254 | 270 |
| August | 263 | 280 |
| September | 271 | 297 |
| October | 288 | 301 |
| November | 297 | 311 |
| December | 310 | 326 |
Share Price Target 2027
India is moving towards a cleaner energy future, and this company stands to grow. It is working on large-scale solar, wind, and hybrid projects. This aligns with the government’s push for renewable energy. As demand for sustainable power rises and new energy parks emerge, the company can expect more revenue and a larger market presence.
The positive momentum in India’s green energy sector, along with successful project execution, could boost the company’s stock value. We project the stock could hit a target price of ₹480 by 2027. The estimated trading range is between ₹310 and ₹480.
| Year | Minimum Price (Rs) | Maximum Price (Rs) |
| 2027 | 310 | 480 |
| Month | Minimum Price (Rs) | Maximum Price (Rs) |
| January | 310 | 328 |
| February | 319 | 346 |
| March | 325 | 358 |
| April | 338 | 380 |
| May | 345 | 388 |
| June | 368 | 398 |
| July | 380 | 400 |
| August | 390 | 425 |
| September | 418 | 446 |
| October | 430 | 460 |
| November | 456 | 470 |
| December | 468 | 480 |
Share Price Target 2028
The company is set to keep growing as it expands its renewable energy projects in India. With new solar and wind power plants under development, plus the chance to enter international markets, it is ready to capture more of the clean energy sector.
Supportive government policies and increasing demand for eco-friendly energy from businesses will help this growth. As the company raises its renewable energy capacity and looks into advanced technologies like green hydrogen, investor confidence should rise. This could push the stock price higher.
Experts predict the stock will hit a target of ₹610 by 2028. The expected trading range is between ₹468 and ₹610.
| Year | Minimum Price (Rs) | Maximum Price (Rs) |
| 2028 | 468 | 610 |
| Month | Minimum Price (Rs) | Maximum Price (Rs) |
| January | 468 | 490 |
| February | 485 | 510 |
| March | 498 | 519 |
| April | 513 | 530 |
| May | 510 | 546 |
| June | 530 | 560 |
| July | 538 | 550 |
| August | 535 | 568 |
| September | 548 | 579 |
| October | 565 | 588 |
| November | 560 | 590 |
| December | 583 | 610 |
Share Price Target 2029
As India speeds up its shift to clean energy, this company could become a major player in renewables. It focuses on solar, wind, and hybrid projects, aligning with the country’s green energy goals.
India aims for 500 GW of renewable energy by 2030. This goal offers a big growth chance for NTPC Green Energy. By cutting down on fossil fuels and growing its clean energy options, the company can boost its market presence. This growth may also show in its stock performance.
We project the company’s stock might hit ₹813 by 2029, with a trading range of ₹583 to ₹813.
| Year | Minimum Price (Rs) | Maximum Price (Rs) |
| 2029 | 583 | 813 |
| Month | Minimum Price (Rs) | Maximum Price (Rs) |
| January | 583 | 620 |
| February | 597 | 638 |
| March | 610 | 649 |
| April | 623 | 668 |
| May | 656 | 680 |
| June | 677 | 723 |
| July | 690 | 746 |
| August | 718 | 760 |
| September | 746 | 778 |
| October | 760 | 786 |
| November | 780 | 803 |
| December | 800 | 813 |
NTPC Green Share Price Target 2030
With strong government backing for green energy, rapid tech advancements, and lower costs, companies like NTPC Green Energy are set for growth. Demand for clean energy will rise as more businesses and homes adopt sustainable power to reduce their carbon footprint.
This positive trend supports ongoing growth and attracts investors. Our analysis suggests the company’s stock could hit ₹911 by 2040. For 2030, we estimate the stock will range between ₹800 and ₹911.
| Year | Minimum Price (Rs) | Maximum Price (Rs) |
| 2030 | 800 | 911 |
| Month | Minimum Price (Rs) | Maximum Price (Rs) |
| January | 800 | 815 |
| February | 805 | 818 |
| March | 815 | 826 |
| April | 820 | 834 |
| May | 828 | 839 |
| June | 835 | 843 |
| July | 840 | 853 |
| August | 847 | 867 |
| September | 856 | 873 |
| October | 864 | 880 |
| November | 876 | 893 |
| December | 890 | 911 |
Share Price Target 2040
The company plans to raise capital to boost its solar, wind, hybrid, and green hydrogen projects. Money from the IPO will also help pay down the subsidiary’s debt. This will improve its overall financial health. This strategy allows NTPC Ltd. to keep focusing on traditional coal and gas power. Meanwhile, NTPC Green Energy can focus on growing its renewable energy offerings.
Listing on the stock exchange should create more value for shareholders. It will also provide clearer insights into its financial health and growth potential. Our analysis suggests the stock could hit a target price of ₹1940 by 2040. We expect it to trade between ₹1711 and ₹1940.
| Year | Minimum Price (Rs) | Maximum Price (Rs) |
| 2040 | 1711 | 1940 |
| Month | Minimum Price (Rs) | Maximum Price (Rs) |
| January | 1711 | 1734 |
| February | 1725 | 1746 |
| March | 1735 | 1756 |
| April | 1746 | 1768 |
| May | 1755 | 1776 |
| June | 1760 | 1786 |
| July | 1776 | 1800 |
| August | 1787 | 1836 |
| September | 1800 | 1853 |
| October | 1846 | 1871 |
| November | 1860 | 1890 |
| December | 1880 | 1940 |
Share Price Target 2050
The company has shown strong financial performance. Revenue has sharply increased, and profits have nearly doubled compared to last year. Total assets have also grown steadily, showing ongoing expansion and investment in renewable energy projects. These positive signs highlight the company’s solid foundation and potential for long-term growth.
Experts predict the stock will reach ₹2800 by 2050. The expected trading range is between ₹2541 and ₹2800.
| Year | Minimum Price (Rs) | Maximum Price (Rs) |
| 2050 | 2541 | 2800 |
| Month | Minimum Price (Rs) | Maximum Price (Rs) |
| January | 2541 | 2564 |
| February | 2553 | 2572 |
| March | 2561 | 2580 |
| April | 2575 | 2589 |
| May | 2580 | 2611 |
| June | 2600 | 2634 |
| July | 2632 | 2654 |
| August | 2645 | 2664 |
| September | 2657 | 2676 |
| October | 2670 | 2731 |
| November | 2720 | 2760 |
| December | 2756 | 2800 |
NTPC Green Share Price forecast
| Year | Minimum Price (Rs) | Maximum Price (Rs) |
| 2025 | 76 | 210 |
| 2026 | 194 | 326 |
| 2027 | 310 | 480 |
| 2028 | 468 | 610 |
| 2029 | 583 | 813 |
| 2030 | 800 | 911 |
| 2040 | 1711 | 1940 |
| 2050 | 2541 | 2800 |
Profit & Loss
| Sales + | 170 | 1,963 |
| Expenses + | 18 | 215 |
| Operating Profit | 152 | 1,748 |
| OPM % | 90% | 89% |
| Other Income + | 1 | 77 |
| Interest | 51 | 694 |
| Depreciation | 50 | 643 |
| Profit before tax | 53 | 488 |
| Tax % | -226% | 29% |
| Net Profit + | 171 | 345 |
| EPS in Rs | ||
| Dividend Payout % | 0% | 0% |
Figures in Rs. Crores
NTPC Green Energy – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| NTPC Green Energy | – | 0.73 | 5.53 | 10.90 | 1,962.6 |
| Adani Green Energy | 288.36 | 6.20 | 12.81 | 62.08 | 9,220.0 |
| ReNew Energy Global PLC | 52.87 | 9.92 | 3.94 | 290.15 | 8,194.8 |
Balance Sheet
| Mar 2023 | Mar 2024 | Sep 2024 | |
|---|---|---|---|
| Equity Capital | 4,720 | 5,720 | 7,500 |
| Reserves | 168 | 513 | 689 |
| Borrowings + | 6,137 | 13,857 | 18,044 |
| Other Liabilities + | 7,407 | 7,118 | 6,175 |
| Total Liabilities | 18,431 | 27,207 | 32,408 |
| Fixed Assets + | 14,758 | 17,573 | 19,076 |
| CWIP | 1,749 | 7,138 | 9,031 |
| Investments | 0 | 0 | 17 |
| Other Assets + | 1,924 | 2,495 | 4,285 |
| Total Assets | 18,431 | 27,207 | 32,408 |
Figures in Rs. Crores
NTPC Green Energy Valuations & Margins
| FY 2023 | FY 2024 (Pre Issue) | FY 2024 (Post-Issue)* | |
| EPS | 4.66 | 0.73 | – |
| PE Ratio | – | – | – |
FY 2023 | FY 2024 | Q1 FY 2025 | |
| RONW (%) | 3.50 | 5.53 | 2.18 |
| NAV | 10.36 | 11.90 | 11.14 |
| EBITDA (%) | – | 89.39 | 89.22 |
| Debt/Equity | 1.09 | 1.98 | 2.32 |
Should I buy NTPC Green stock?
The company can gain a lot from strong government support and rising demand for renewable energy. The government is pushing green initiatives for a cleaner environment, which helps the company. If it improves its services and grows its clean energy options, it could become a top player in the renewable energy market.
NTPC Green Energy Ltd Earning Results
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 32,408.30 | 27,206.42 | 18,431.40 |
| Revenue | 1,132.74 | 2,037.66 | 170.63 |
| Profit After Tax | 175.30 | 344.72 | 171.23 |
| Net Worth | 8,189.18 | 6,232.14 | |
| Reserves and Surplus | 596.08 | 512.60 | 167.88 |
| Total Borrowing | 17,057.50 | 12,796.74 | |
| Amount in ₹ Crore | |||
Key Matrix
| KPI | Values |
| ROE | 7.39% |
| Debt/Equity | 1.91 |
| RoNW | 2.14% |
| P/BV | 9.89 |
| PAT Margin (%) | 16.2 |
Is NTPC Green stock good to buy?
Bull Case:
- As India’s largest power producer, the company enjoys strong financial backing and a trustworthy reputation.
- The government’s ambitious target of 500 GW of renewable energy by 2030 opens significant growth avenues.
- With India increasingly transitioning toward clean energy, the company is well-positioned to capitalize on this expanding market.
- A robust pipeline of solar and wind projects promises consistent future cash flows.
- Its plans to explore international markets can help diversify its portfolio and reduce reliance on the domestic sector.
Bear Case:
- Any delays or cost escalations in executing renewable projects may negatively affect profitability.
- The company operates in a competitive landscape, facing pressure from major players like Adani Green and ReNew Power.
- Renewable energy projects demand substantial capital, and rising financing costs could hinder the pace of growth.
Conclusion
For investors eyeing India’s green energy shift, NTPC Green Energy’s upcoming IPO is a key opportunity. Supported by its parent company, NTPC Green Energy plans to boost its renewable energy capacity by 2032, setting the stage for strong growth.
As technology improves, pollution is a major concern. Fossil fuel burning to meet rising electricity demand contributes significantly to this issue. To combat this, the government is promoting clean energy sources for a healthier environment. This article offers a detailed look at NTPC Green Energy’s stock, making it a must-read for potential investors.
FAQs
1. What is the total issue size of NTPC Green Energy’s IPO?
The IPO involves the issuance of additional equity shares worth approximately ₹10,000 crores.
2. What is the price band for the NTPC Green Energy shares?
The shares are priced within a band of ₹102 to ₹108 per share.
3. Who are the lead managers for this IPO?
The IPO is being managed by ICICI Securities Ltd., Axis Capital Ltd., and SBI Capital Markets Ltd.
4. Is investing in NTPC Green Energy stock profitable?
Given its strong backing by NTPC Ltd and government support for green energy, investing in this stock is expected to be beneficial over the long term.
5. What is NTPC Green Energy’s future growth plan?
The company aims to grow its renewable energy business domestically and is also looking to expand its operations internationally.
6. How will the funds raised through the IPO be used?
The proceeds will primarily be utilized to reduce the subsidiary’s debt and support the company’s general business activities.
7. Why is the government’s support important for NTPC Green Energy?
Government policies encouraging renewable energy development provide a strong growth platform and help in accelerating project execution.
8. What types of renewable projects is NTPC Green Energy focusing on?
The company is investing heavily in solar, wind, hybrid projects, and emerging green hydrogen technologies.