NTPC Green Energy Limited

What to Watch

• LeverageBalance sheet leverage is elevated with Debt/Equity at 1.52×.
• MarginsOperating margin compressed from ~52.4% to ~48.0% in FY26 (consolidated). Watch input costs and pricing in the next two results.
• ValuationThe shares trade at 106× trailing earnings; the multiple assumes sustained high growth and is sensitive to any slowdown.
• IPOShares trade 23.7% below the ₹108 IPO issue price.