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NTPC Green Energy Limited, in its latest set of results for the nine months and the third quarter of 2025, reported a steady rise in revenue and income in the December quarter, even as profit fell sharply both on a quarterly and on a year-on-year basis. The numbners strengthened a trend among green energy developers in Q3, where margins and growth has seen compression due to multiple factors
NTPC Green saw its revenue from operations increase 25.8% year-on-year (YoY) basis to ₹635.29 crore in the quarter ended December 2025, compared with ₹505.08 crore a year earlier. On a quarter-on-quarter basis, revenue increased 3.8% from ₹612.29 crore in the September quarter.
Profit & Income
Total income for the December quarter stood at ₹684.22 crore, up 17.7% from ₹581.46 crore in the corresponding quarter last year, and 4.2% higher than ₹656.72 crore reported in the previous quarter. For the nine months ended December 2025, total income rose 22.1% year-on-year to ₹2,092.63 crore, compared with ₹1,714.20 crore in the same period last year.
However, profit for the period declined sharply to ₹17.32 crore in the December quarter, down 73.6% year-on-year from ₹65.61 crore, and nearly 80% lower than the ₹86.38 crore recorded in the September quarter. Explaining the sharp drop in profit, NTPC Green said the sharp decline in profit was largely due to the absence of interest income from IPO proceeds, which had boosted earnings in earlier periods.
The company has also taken a 33-year lease on land in Andhra Pradesh for the development of its green hydrogen hub, which is being accounted for as a right-of-use asset under land. Amortisation of this lease began from the commencement date of February 19, 2024, with ₹7.26 crore charged in the December quarter and ₹20.17 crore for the nine months ended December 2025. However, since the project is still under construction, these amortisation costs have been capitalised and transferred to capital work-in-progress rather than being expensed, taking the cumulative amount capitalised to ₹55.67 crore as of December 31, 2025. As a result, the amortisation has not impacted the company’s reported profit during the period.