NTPC Green Energy Limited
NSE: NTPCGREENPower Generation
Share price
₹90.80
+2.59% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
41
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹76,508 Cr
P/E ratio
126.0
P/B ratio
4.0
ROCE
3.6%
ROE
2.8%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 42.1% over the past year, and 18.5% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 88.5% to 85.7% over the last two years.
Whether it grew faster than its sector
It grew 18.5% a year against a sector median of 10.7% — 7.8 percentage points faster.
Room to re-rate, or risk of de-rating
Too little price history yet to compare it with its own past.
Whether growth justifies the valuation
Priced at 2.8 times its growth rate, on earnings growth of 45%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| NTPC Green Energy Limited — this one | 45%/yr | 126.0× | ₹2.8 |
| NTPC Limited | 20%/yr | 10.8× | ₹0.54 |
| Adani Green Energy | 17%/yr | 105.0× | ₹6.2 |
| JSW Energy | 19%/yr | 40.8× | ₹2.1 |
| NHPC Limited | -1%/yr | 19.0× | — |
| NLC India Limited | 2%/yr | 10.4× | ₹5.2 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Power Generation), it ranks 22 of 26 on returns, 8 of 25 on growth, 2 of 26 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 3.6% on capital, ahead of 15% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the 4 years of cash statements on file it made ₹6070 crore of cash from the business but spent ₹37559 crore on plant and equipment, ₹31489 crore more than it made; the gap was from lenders and shareholders.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
5 of 9 checks clear · 56%
Latest result
What the last results showed. Whether management kept its word is in Pro.
Results are expected soon.
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹76,508 Cr
- Prev close
- ₹90.80
- 52w High
- ₹120
- 52w Low
- ₹84.0
- Enterprise value
- ₹1.08L Cr
- Beta
- 0.7
- Price CAGR 1y
- -10.0%
- Price CAGR 3y
- —
- Price CAGR 5y
- —
- Price CAGR 10y
- —
Ratios
- Return on assets
- 0.9%
- PEG ratio
- 2.8
- P/E ratio
- 126.0
- P/B ratio
- 4.0
- EV / EBITDA
- 38.1
- Industry P/E
- 20.4
- ROCE
- 3.6%
- ROCE 5y average
- 5.7%
- ROE
- 2.8%
- Debt / Equity
- 1.7
- Interest coverage
- 1.8
- Dividend yield
- 0.0%
- ROE 3y average
- 4.0%
- ROE last year
- 3.0%
Annual P&L
- Annual revenue
- ₹2,858 Cr
- Annual profit
- ₹521 Cr
- Operating margin
- 86.0%
- Net profit margin
- 18.2%
- EBITDA margin
- 86.1%
- Sales growth 3y
- 156.2%
- Sales growth 5y
- —
- Profit growth 3y
- 45.0%
- Profit growth 5y
- —
- EPS
- ₹0.6
- Sales growth TTM
- 42.0%
- Profit growth TTM
- 9.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹1,107 Cr
- Profit latest quarter
- ₹305 Cr
- YoY quarterly sales growth
- 62.7%
- YoY quarterly profit growth
- 38.6%
- OPM latest quarter
- 89.3%
Balance Sheet
- Book Value
- ₹22.5
- Face Value
- ₹10.0
- Total debt
- ₹31,716 Cr
- Total cash
- ₹618 Cr
- Borrowings
- ₹31,716 Cr
- Reserves / Equity
- 1.3
Cash Flow
- Operating cash flow
- ₹2,386 Cr
- Free cash flow
- -₹12,832 Cr
- FCF yield
- -17.9%
- Net cash flow
- ₹66 Cr
Shareholding
- Promoter holding
- 89.0%
- FII holding
- 1.7%
- DII holding
- 5.2%
- Public holding
- 4.1%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| NTPC | 313.15 | 11.0 | 3,03,651 | 2.88 | 6,896.4 | 11.8 | 50,741.0 | 7.8 | 8.9 |
| Adani Green | 1,256.55 | 106.7 | 2,06,976 | 0.00 | 983.0 | 16.9 | 4,431.0 | 16.6 | 7.4 |
| JSW Energy | 469.00 | 42.9 | 85,990 | 0.41 | 532.7 | -36.6 | 5,207.1 | 1.2 | 8.2 |
| NTPC Green Ene. | 88.87 | 123.4 | 74,885 | 0.00 | 304.8 | 38.3 | 1,106.9 | 62.7 | 3.6 |
| NHPC Ltd | 71.88 | 19.0 | 72,204 | 2.22 | 1,178.1 | 2.9 | 3,808.3 | 18.5 | 5.8 |
| NLC India | 245.85 | 10.6 | 34,090 | 1.55 | 436.3 | -39.3 | 4,716.8 | 23.3 | 8.4 |
| ACME Solar Hold. | 423.70 | 50.3 | 29,950 | 0.05 | 235.3 | 64.8 | 857.5 | 67.8 | 8.9 |
| Median | 110.58 | 20.6 | 8,014 | 0.00 | 59.8 | 17.9 | 815.4 | 14.3 | 6.2 |
Competes with: Acme Solar Holdings Limited, Adani Green Energy, Clean Max Enviro Energy Solutions Limited, Energy Development Company Limited, GMR Power and Urban Infra Limited, Gujarat Industries Power Company Limited, Indowind Energy Limited, Inox Green Energy Services Limited, Insolation Energy Limited, JNPR, JSW Energy, Jaiprakash Power Ventures Limited, K.P. Energy Limited, KPI Green Energy Limited, Karma Energy Limited, NAVA LIMITED, NHPC Limited, NLC India Limited, NTPC Limited, Orient Green Power Company Limited, RattanIndia Power Limited, Reliance Power Limited, SJVN Limited, Surana Telecom and Power Limited, Ujaas Energy Limited, Vedanta Power Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,008 | 446 | 508 | 578 | 504 | 505 | 622 | 680 | 612 | 653 | 913 | 1,107 |
| Expenses | 51 | 71 | 65 | 85 | 82 | 62 | 77 | 83 | 118 | 138 | 118 | |
| Material Cost | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Change in Inventories | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Employee Cost | 15 | 12 | 21 | 16 | 29 | 23 | ||||||
| Other Expenses | 47 | 64 | 62 | 70 | 109 | 95 | ||||||
| Operating Profit | 395 | 437 | 513 | 419 | 424 | 560 | 604 | 530 | 535 | 774 | 989 | |
| OPM % | 91 | 89 | 86 | 89 | 83 | 84 | 90 | 89 | 86 | 82 | 85 | 89 |
| Other Income | 17 | 45 | 29 | 21 | 76 | 129 | 89 | 60 | 31 | 48 | 44 | |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Interest | 174 | 181 | 183 | 195 | 206 | 177 | 193 | 207 | 230 | 257 | 322 | |
| Depreciation | 159 | 173 | 175 | 182 | 195 | 206 | 223 | 261 | 300 | 318 | 343 | |
| Profit before tax | 80 | 127 | 183 | 63 | 99 | 307 | 277 | 122 | 37 | 247 | 368 | |
| Tax % | 31 | 36 | 24 | 42 | 34 | 24 | 20 | 29 | 53 | 20 | 17 | |
| Net Profit | 56 | 81 | 139 | 37 | 66 | 233 | 220 | 86 | 17 | 197 | 305 | |
| EPS in Rs | 0.12 | 0.14 | 0.24 | 0.05 | 0.08 | 0.28 | 0.26 | 0.10 | 0.02 | 0.23 | 0.36 | |
| Diluted EPS in Rs | 0.28 | 0.26 | 0.10 | 0.02 | 0.23 | 0.36 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|
| Sales | 170 | 1,963 | 2,210 | 2,858 | 3,285 |
| Expenses | 18 | 217 | 290 | 397 | 457 |
| Material Cost | 0 | 0 | |||
| Change in Inventories | 0 | 0 | |||
| Purchases of Stock-in-Trade | 0 | 0 | |||
| Employee Cost | 64 | 78 | |||
| Other Expenses | 229 | 306 | |||
| Operating Profit | 152 | 1,745 | 1,920 | 2,461 | 2,828 |
| OPM % | 90 | 89 | 87 | 86 | 86 |
| Other Income | 1 | 77 | 257 | 221 | 183 |
| Exceptional items (within Other Income) | 0 | 0 | |||
| Interest | 51 | 694 | 766 | 898 | 1,016 |
| Depreciation | 50 | 643 | 758 | 1,102 | 1,221 |
| Profit before tax | 53 | 486 | 653 | 683 | 774 |
| Tax % | -226 | 29 | 27 | 24 | |
| Net Profit | 171 | 343 | 474 | 521 | 606 |
| EPS in Rs | 0.36 | 0.60 | 0.56 | 0.62 | 0.71 |
| Diluted EPS in Rs | 0.67 | 0.62 | |||
| Dividend Payout % | -0 | -0 | -0 | -0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- —
- 3 years
- 156%
- TTM
- 42%
Compounded profit growth
- 10 years
- —
- 5 years
- —
- 3 years
- 45%
- TTM
- 9%
Stock price CAGR
- 10 years
- —
- 5 years
- —
- 3 years
- —
- 1 year
- -10%
Return on equity
- 10 years
- —
- 5 years
- —
- 3 years
- 4%
- Last year
- 3%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 4,720 | 5,720 | 8,426 | 8,426 |
| Reserves | 168 | 513 | 10,014 | 10,539 |
| Borrowings | 6,137 | 13,856 | 19,441 | 31,716 |
| Other Liabilities | 7,407 | 7,119 | 7,540 | 9,700 |
| Minority Interest | 92 | 224 | ||
| Total Liabilities | 18,431 | 27,207 | 45,421 | 60,382 |
| Fixed Assets | 14,758 | 17,573 | 21,816 | 39,202 |
| CWIP | 1,749 | 7,138 | 13,983 | 14,193 |
| Investments | -0 | 0 | 3,199 | 3,536 |
| Other Assets | 1,924 | 2,495 | 6,423 | 3,451 |
| Total Assets | 18,431 | 27,207 | 45,421 | 60,382 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Cash from Operating Activity | 17 | 1,616 | 2,051 | 2,386 |
| Cash from Investing Activity | -10,304 | -9,218 | -17,845 | -12,117 |
| Cash from Financing Activity | 10,360 | 7,645 | 15,715 | 9,796 |
| Net Cash Flow | 73 | 43 | -80 | 66 |
| Free Cash Flow | -734 | -7,937 | -9,986 | -12,832 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | 700 | 131 | 85 | 78 |
| Cash Conversion Cycle | 700 | 131 | 85 | 78 |
| Working Capital Days | -8,849 | -723 | -650 | -684 |
| ROCE % | 8 | 5 | 4 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
31,098inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
10,82,57,576inr
2026-03-31
News
News and filings about NTPC Green Energy Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
- Acme Solar Holdings Limited
- Adani Green Energy
- Clean Max Enviro Energy Solutions Limited
- Energy Development Company Limited
- GMR Power and Urban Infra Limited
- Gujarat Industries Power Company Limited
- Indowind Energy Limited
- Inox Green Energy Services Limited
- Insolation Energy Limited
- JNPR
- JSW Energy
- Jaiprakash Power Ventures Limited
- K.P. Energy Limited
- KPI Green Energy Limited
- Karma Energy Limited
- NAVA LIMITED
- NHPC Limited
- NLC India Limited
- NTPC Limited
- Orient Green Power Company Limited
- RattanIndia Power Limited
- Reliance Power Limited
- SJVN Limited
- Surana Telecom and Power Limited
- Ujaas Energy Limited
- Vedanta Power Limited
Uses as raw material
- Battery
- Solar Module
- Wind Turbine
Sells to
- Gujarat Urja Vikas Nigam Limited (GUVNL) · renewable power under PPA
- Indian Railways · renewable power under PPA
- NTPC Limited · renewable power under long-term PPA (parent offtaker)
- Solar Energy Corporation of India (SECI) · solar/wind power under 25-yr PPAs
Buys from
- K.P. Energy Limited · 464.10 MW Balance of System / EPCC package + 50.4 MW commissioned ISTS-connected wind proj…
- REC Limited · power-sector term loans / project financing
- Suzlon Energy Limited · wind turbine generators (1166 MW)
- Vikran Engineering Limited · 400 MW grid-connected solar EPC (NTPC Renewable Energy Ltd)
- Waaree Energies Limited · solar PV modules (utility-scale)
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Power
- Industry
- Power Generation
- Classification
- Power › Power Generation
- ISIN
- INE0ONG01011
Plants
- Bhainsara Solar · Jaisalmer, Rajasthan
- Bhuj Hybrid RE · Bhuj, Gujarat
- Dayapar Wind · Dayapar, Gujarat
- Khavda-1 Solar PV · Khavda, Gujarat
- Nokhra Solar Project · Nokhra, Rajasthan
News impact
Big market events that reach NTPC Green Energy Limited, and how the effect spreads.
1 Oct, 21:40 IST · Market event · medium impact
India’s solar boom faces new US tariff challenge
New US tariffs tax India's solar panel exports, hurting makers Waaree Energies and Vikram Solar, while domestic power producers feel nothing and may even buy cheaper panels.
Who it hits first
- America is raising tariffs on imported solar gear, striking at India's booming panel exports.
- Panel-makers Waaree Energies (30.2% of sales abroad) and Vikram Solar (16% abroad) face taxed or delayed US orders.
- Domestic power producers feel no direct hit — and panels diverted home could even turn cheaper.
Who may gain
- Tata Power — solar-farm builder buying Waaree panels; diverted panels could cut project costs
- Adani Green and Acme Solar — solar-farm owners; cheaper panels help new builds, though heavy debt caps the cheer
Along the supply chain
Downstream
Downstream, Indian solar-farm builders such as Tata Power, Adani Green and Acme Solar may buy the diverted panels more cheaply.
Upstream
Upstream, glass and cell suppliers such as Borosil Renewables feel second-hand pain if module output slows.
Where demand moves
Business
US buyers slow or reprice Indian panel orders, denting export demand for Waaree and Vikram; the unsold panels divert into India's home market instead.
Capital
Investors are likely to sell solar exporters on margin fears while leaving domestic power producers alone, since no Indian power sale is touched.
How it spreads across sectors
Capital Goods
Solar module makers Waaree and Vikram face taxed US orders and export-margin pressure.
Power
Domestic power sales untouched; solar-farm builders may gain cheaper panels while exporter shares drag mood.
A pattern seen before
Cascade chain
- US tariff on Indian panels → solar export orders slow
- Unsold export panels divert home → domestic panel prices soften
- Cheaper panels → lower building costs for solar-farm owners
Pattern name
Energy Transition Cascade
Patterns
- Energy Transition Cascade
Sectors queried
- Auto
- Oil & Gas
When it plays out
Immediate
In the first week, solar exporter shares fall on the tariff headline while power producers stay flat.
Medium term
Over six months, diverted panels reprice India's home market, helping farm builders and hurting exporter margins.
Short term
Over the next month, US order revisions and final tariff rates show how deep the export hole runs.
1 Oct, 14:17 IST · Market event · medium impact
India power shortfall hits three-year peak
India's power shortfall hit a three-year peak, letting generators like NTPC and Adani Power earn more from higher prices while homes and factories pay costlier bills.
Who it hits first
- India's power shortfall, where demand outstrips supply, has hit a three-year peak, even though coal plants are burning more fuel.
- With electricity scarce, wholesale (merchant) power prices rise, so generators with spare or market-linked capacity earn more per unit.
- NTPC, Tata Power, Adani Power and other generators are first in line for that uplift; regulated transmission earnings at Power Grid move far less.
- Homes and factories face the other side: costlier power or less reliable supply until the deficit eases.
Who may gain
- Thermal and flexible generators such as NTPC, Adani Power, Tata Power and JSW Energy: higher merchant prices and fuller plants.
- Power traders such as PTC India: wider spreads and higher volumes on the exchanges.
- Coal suppliers such as Coal India, which supplies NTPC and Tata Power: higher coal burn to meet the deficit.
Along the supply chain
Downstream
Downstream, Tata Power supplies power to Tata Steel, which faces costlier electricity, and all industrial buyers pay more per unit until supply catches up.
Upstream
Upstream, coal miners such as Coal India, which supplies NTPC and Tata Power, benefit from higher coal burn, and equipment and service providers see steadier order books as plants run harder.
Where demand moves
Business
Business demand for electricity itself is the story: factories and homes want more power than the grid can supply, so every available unit sells at firmer prices and generators sell more at better rates.
Capital
Capital rotates toward merchant-exposed generators on earnings-upgrade hopes, while regulated transmission and contracted renewables see little fresh buying since their cash flows cannot reprice.
How it spreads across sectors
Power
Generators gain pricing power and fuller plants from the deficit, while regulated transmission and distribution earn little extra and absorb political pressure over tariffs.
When it plays out
Immediate
Merchant power prices firm and generator shares attract buying; grid operators urge conservation.
Medium term
New capacity and normal monsoon hydro ease the deficit; prices normalise unless demand keeps outrunning supply.
Short term
Higher coal burn and peak-season demand keep prices elevated; generators report stronger realisations.
30 Sept, 17:46 IST · Market event · high impact
Cabinet Approves PM DHARA Scheme With Rs 1.86 Lakh Crore Outlay In Big Renewables Push
The Cabinet approved the Rs 1.86 lakh crore PM DHARA renewables scheme, boosting solar developers and panel makers while thermal-heavy power firms see little benefit.
Who it hits first
- The Union Cabinet (the central government's top decision body) approved the PM DHARA scheme with Rs 1.86 lakh crore of total support for renewable energy (solar and wind power).
- KPI Green Energy, the solar power developer, and Vikram Solar, the solar panel maker, are named in the pack as directly in line for new orders and projects.
- The money flows over months and years through tenders and subsidies, so this is a demand pipeline for the green-power chain, not cash today.
Who may gain
- Solar developers such as KPI Green Energy, Adani Green and ACME Solar gain project visibility and warmer financing interest.
- Solar equipment makers such as Vikram Solar gain panel-order demand as developers expand building plans.
- Grid and equipment firms gain follow-on connection work, while coal-heavy generators gain little from this scheme.
Along the supply chain
Downstream
Downstream, big factory buyers of green power get more clean-supply options over time as developers build, though no price or tariff changes today.
Upstream
Upstream, solar panel and component makers see more module, cell and structure orders as developers turn the scheme pipeline into build plans.
Where demand moves
Business
Strong business-demand pull: Rs 1.86 lakh crore of scheme-backed tenders and support means more solar plants ordered, more panels bought from makers like Vikram Solar, and more construction for developers like KPI Green.
Capital
Capital rotates toward listed green-power names on the outlook upgrade, and lenders warm to renewable project finance, while thermal-only names see no new money reason.
How it spreads across sectors
Capital Goods
Follow-on equipment demand: module, electrical and construction suppliers to solar developers see fatter order books.
Oil & Gas
Muted near term: cheaper future green power only slowly displaces fuel demand over years, not quarters.
Power
Direct demand boost: developers, panel makers and green IPPs gain order visibility; thermal and distribution names are untouched.
A pattern seen before
Cascade chain
- Cabinet clears Rs 1.86 lakh cr PM DHARA renewables scheme
- Solar developers (KPI Green, Adani Green) and panel makers (Vikram Solar) gain order visibility
- Grid, equipment and EPC demand rises across Power and Capital Goods
- Auto (EV charging) and Oil and Gas (fuel displacement) feel only slow second-order effects
Pattern name
Energy Transition Cascade
Patterns
- Energy Transition Cascade
Sectors queried
- Auto
- Oil & Gas
When it plays out
Immediate
1–7 days: green-power and solar shares jump on the headline; developers and panel makers lead the move.
Medium term
1–6 months: tenders and equipment orders start flowing; developers with land and grid access turn pipeline into revenue.
Short term
1–4 weeks: focus shifts to scheme fine print (who gets what, tender calendar); early gains consolidate.
30 Sept, 16:39 IST · Market event · high impact
Cabinet approves Green Energy Corridor Phase-III scheme
The government approved new power lines to carry 135 GW of solar and wind power, so grid builders and green power firms gain more business, with no clear losers for now.
Who it hits first
- The Cabinet approved Green Energy Corridor Phase-III to strengthen state power lines so up to 135 GW of solar and wind power can flow to buyers.
- Power Grid Corporation, India's national power-line operator, gets the clearest demand boost because it builds and runs much of this grid.
- Adani Green Energy, a large solar and wind power producer, and Tata Power Company, a power maker and city power supplier, gain because less green power gets stuck for want of lines.
- Makers of grid gear such as Siemens, ABB and CG Power, which already supply Power Grid and Tata Power, see a bigger order pipeline.
Who may gain
- Power Grid Corporation (national grid operator) — first call for planning and building the new lines.
- Adani Energy Solutions (private transmission builder) — more state-line tenders to bid for.
- Green power producers Adani Green Energy, Tata Power, NTPC Green Energy and Acme Solar — faster project hook-ups and less wasted power.
- Equipment makers Siemens, ABB, CG Power, Apar Industries and KEI — transformers, switchgear and cables for the build.
Along the supply chain
Downstream
Downstream, steadier green power flows to state distributors and big users; Tata Power already supplies power to Tata Steel, so its steel customer gets more reliable clean supply as bottlenecks ease.
Upstream
Upstream, gear suppliers to Power Grid and Tata Power — Siemens, ABB, CG Power, Bharat Heavy Electricals, Apar Industries (cables), KEI (cables), Skipper and Salasar (towers) — get fresh demand for transformers, switchgear, wires and steel structures.
Where demand moves
Business
State power companies order new lines and substations; transmission builders book the work, equipment makers supply gear, and solar and wind farms sell more hours of power once evacuation improves.
Capital
Investors bid up transmission and green-power shares on stronger order visibility, while lenders such as REC, which already funds Power Grid, Adani Green and Tata Power, see a larger loan pipeline.
How it spreads across sectors
Capital Goods
Second-order orders — transformer, cable and tower makers ride the new spending.
Infrastructure
Construction uplift — line-building and substation work flows to contractors.
Power
Direct lift — grid owners and green generators gain orders and output.
A pattern seen before
Cascade chain
- Cabinet nod for 135 GW RE evacuation → intra-state transmission tenders
- Transmission tenders → orders for Power Grid and Adani Energy Solutions
- Grid build → transformers, cables and towers from Siemens, ABB, CG Power and KEI
- Stronger evacuation → faster solar and wind commissioning for Adani Green, Tata Power and NTPC Green
Pattern name
Energy Transition Cascade
Patterns
- Energy Transition Cascade
Sectors queried
- Auto
- Oil & Gas
When it plays out
Immediate
Transmission and green-power shares react on the approval; Power Grid and Adani Energy Solutions lead.
Medium term
State awards and commissioning progress decide who converts the 135 GW plan into revenue.
Short term
Tender talk and brokerage notes size the order pipeline; equipment makers start to move.
24 Sept, 17:26 IST · Market event · medium impact
Nava Limited Announces Commissioning of 100 MW Solar Project in Zambia; Begins Power Evacuation
Nava Limited switched on a 100 MW solar plant in Zambia and began selling its power, which starts a new revenue stream for Nava while rival power firms see no direct change.
Who it hits first
- Nava Limited has switched on (commissioned) a 100-megawatt solar power plant in Zambia and started sending power into the grid (power evacuation), which turns the project from construction into a revenue-earning asset.
- For Nava, this means new electricity sales from Zambia on top of its existing India business, plus proof it can build and deliver power projects abroad.
- For rival power companies, nothing changes directly: the plant sells Zambian power, not Indian power, so no competitor loses a customer.
Who may gain
- Nava Limited: the plant owner — it starts earning from 100 MW of solar power it was not selling before.
- Zambian grid and power buyers: 100 MW of new daytime solar supply eases local shortages.
- No other listed beneficiary: peers share no power contract or asset here, so their revenue is untouched.
Along the supply chain
Downstream
Downstream, the power flows to Zambian grid buyers under the project's sales contracts, adding 100 MW of daytime supply; Indian power buyers and distributors are unaffected.
Upstream
Upstream is quiet now: panel, inverter, and construction suppliers already delivered their part during the build, and the pack names none, so no supplier books new orders from a switch-on announcement.
Where demand moves
Business
New business demand realised for Nava: 100 MW of solar capacity moves from build phase to selling power, creating a fresh revenue stream; no demand is taken from any competitor since the power sells into Zambia.
Capital
Capital-flow positive for Nava: a commissioned (de-risked) asset supports the stock's execution premium and future fundraising for more projects; peers see no capital rotation from one rival's commissioning.
How it spreads across sectors
Power
Mildly positive sentiment: a peer delivering a 100 MW solar plant on foreign soil reinforces the sector's build-out story, but no volumes or tariffs move for others.
A pattern seen before
Cascade chain
- Nava 100 MW Zambia solar commissioned → power evacuation and revenue begin
- Renewable capacity addition → mild positive execution signal for Power sector sentiment
- No Auto or Oil & Gas members in pack — chain stops at Power
Pattern name
Energy Transition Cascade
Patterns
- Energy Transition Cascade
Sectors queried
- Auto
- Oil & Gas
When it plays out
Immediate
1–7 days: stock reacts to commissioning news; watch for Nava's tariff or revenue disclosure for the plant.
Medium term
1–6 months: plant output trend and any follow-on Zambia expansion plans show whether this becomes a growth hub.
Short term
1–4 weeks: generation and evacuation stabilise; first power-sale billing confirms the revenue stream.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Splits, bonuses & buybacks
- daily-prices repair: 3 rows from NSE's archive (replace 1, delete 1, insert 1), 2025-03-18..2026-02-01 (docs/flat_day_repair.md)1× · 18 Mar 2025
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-265 Aug 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.