Q2: NTPC Green Profit Falls 61% QoQ But Jumps 136% YoY

NTPC Green Energy Ltd, the renewable energy arm of NTPC, reported revenue from operations of ₹612.29 crore in the September quarter, marking a 9.99% decline from ₹680.21 crore in the previous quarter from this year. However, on a year-on-year basis, revenue rose 21.5% from ₹503.85 crore recorded in the same quarter last year. The decline is attributed to the traditional weak Q2 for solar developers, besides lower thane xpected demand for electricity, that led to lower realisations on power exchanges for most developers as well, where they had merchant power to offer. 

NTPC Green Energy Ltd reported total income of ₹656.72 crore in the September quarter, a 12.6% decline from ₹751.69 crore in the previous quarter, but a 25% increase from ₹525.32 crore in the same period last year.

The company’s profit for the period fell sharply to ₹86.38 crore, down 60.8% from ₹220.48 crore in the June quarter. However, it marked a strong recovery on a yearly basis, rising 135.5% from ₹36.69 crore a year earlier.

Other Developers See Drop in Revenue

Other renewable energy developer that has shown a drop in revenue is Adani Green Energy Limited (AGEL), which, in its financial results for the second quarter (Q2) of the financial year 2025–26, reported a marginal dip in revenue marginally, even as it saw a 25% year-on-year (YoY) increase in its Profit After Tax (PAT). 

As per the balance sheet submitted to the exchanges, the company posted a PAT of ₹644 crore in Q2 FY26, compared to ₹515 crore in Q2 FY25. However, on a quarter-on-quarter (QoQ) basis, PAT fell sharply. The company, which had reported a PAT of ₹824 crore in Q1 FY26, saw its net profit decline by 22% in the latest quarter. 

NTPC Green's capacity additions are expected to pick up pace from FY27, though the firm expects to add over 2.5 GW this year as well.