NTPC Green Energy Ltd. (NTPCGREEN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-261.5%

-₹133.13

vs ₹82.42 price

Levered DCF

-₹151.21

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.97

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022
P/E	158.74×	148.21×	296.71×	608.25×
P/B	4.37×	3.79×	16.45×	20.97×
P/S	29.02×	31.67×	54.02×	622.37×
EV / EBITDA	42.89×	41.16×	63.91×	712.9×
Gross margin	100.0%	55.9%	93.6%	94.4%
Operating margin	48.0%	52.5%	58.7%	62.1%
Net margin	18.3%	21.5%	18.1%	103.9%
Current ratio	0.24×	0.92×	0.27×	0.16×
Debt / equity	1.67×	1.05×	2.22×	1.26×
Interest coverage	1.55×	1.52×	1.61×	2.05×
Dividend yield	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	2.8%	2.6%	5.5%	3.5%
Return on invested capital	1.9%	2.0%	3.4%	0.7%
Return on assets	0.9%	1.0%	1.3%	0.9%
Free cash flow yield	-15.5%	-15.8%	-7.7%	-0.7%
Earnings yield	0.6%	0.7%	0.3%	0.2%
Enterprise value	₹1.1T	₹893.8B	₹1.2T	₹1.1T
Net debt / EBITDA	11.83×	8.94×	7.55×	39.82×
Cash conversion cycle (days)	78	68	21	-2,183