$NTPCGREEN

What the company reported (Consolidated, which is what matters): Revenue jumped +29.4% to ₹2,858 Crore — that's genuinely impressive growth. EBITDA (operating profit) grew ~29% and the operating margin held steady at 87%, which is excellent for a renewable energy company. Net profit grew +10% to ₹521 Crore. Sounds good, right? Now the catch — EPS (earnings per share) actually fell from ₹0.67 to ₹0.62, because the company raised a lot of money via IPO last year and there are more shares now. So the profit pie grew, but got sliced into more pieces. Q4 specifically was a bit disappointing — revenue grew 40% YoY but net profit fell 15.5% because interest costs and depreciation are rising sharply as the company is spending heavily on new capacity. Vs competitors: Adani Green (the big dog) reported revenue of ₹11,600 Cr — about 4x NGEL's size — with 22-23% revenue/EBITDA growth. NGEL is actually growing faster in percentage terms, which is a good sign for a younger, smaller company. vs NGEL's own past: In FY25 the standalone profit was ₹489 Cr, now it's actually down to ₹406 Cr at standalone level — a 17% drop. But consolidated is better because subsidiaries are growing. Verdict: NORMAL to SLIGHTLY POSITIVE. Revenue and capacity expansion are strong — the company is clearly building aggressively. But rising debt, interest costs eating into profits, and EPS dilution make this a "building phase" result. Not bad, not great — typical of a high-growth infrastructure company investing heavily for future returns. If you're a long-term investor, the trajectory looks fine; if you want near-term profits, it's a bit underwhelming.