NTPC Green Energy Ltd (NGEL) Commencement of Commercial Operations for 37.925 MW Solar Capacity at Khavda, Gujarat.

Executive Summary NTPC Green Energy Ltd has successfully commissioned an additional 37.925 MW of solar capacity at its Khavda Solar Project. This development underscores the company’s aggressive execution capabilities and commitment to expanding its renewable energy footprint in strategic high-yield zones. Operational Highlights Capacity Addition: The 37.925 MW capacity constitutes the fifth part-capacity of the 300 MW Khavda Solar project. Project Scope: This solar project is a critical component of the larger 450 MW Hybrid Tranche V project being executed by NTPC Renewable Energy Ltd, a wholly owned subsidiary. Effective Date: Commercial operations are scheduled to commence on December 18, 2025. Total Portfolio: Post-commissioning, the NTPC Green Energy Group’s commercial renewable capacity stands at 7,889.335 MW, with total installed capacity reaching 7,927.26 MW. Strategic Location: The project is situated in the Kutch district of Gujarat, a region characterized by high solar irradiance and robust evacuation infrastructure. Financial Performance Context (Q2 FY26) Investors should note the company's robust financial health, supporting its capital-intensive expansion: Net Profit: ₹88 crore (Up 131.6% YoY). Revenue: ₹612.3 crore (Up 21.5% YoY). EBITDA: ₹529.6 crore with an expanded margin of 86.5% (vs 83.4% YoY). Market Reaction Following the announcement, shares of NTPC Green Energy closed flat-to-positive at ₹90.33 (+0.07%) on December 17, 2025. The stock has seen a correction of approximately 29.22% in the current calendar year, presenting a potential area of interest for value-focused investors given the operational ramp-up.