Interim report
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नैगम कायाªलय : एनटीपीसी úीन एनजê िलिमटेड, नेýा कॉÌÈले³स, ई-3, उīोग िवहार फे ज-2, úेटर नौएडा, उ°र ÿदेश – 201306 Corp. Office : NTPC Green Energy Limited, NETRA Complex, E-3, Udyog Vihar Ph.-II, Greater Noida, UP-201306 पंजीकृ त कायाªलय : एनटीपीसी भवन, कोर-7, Öकोप कॉÌÈले³स, 7, इंÖटीट्यूशनल एåरया, लोधी रोड, नई िदÐली-110003 Reg. Office : NTPC Bhawan, Core-7, SCOPE Complex, 7, Institutional Area, Lodhi Road, New Delhi – 110003 सीआईएन : L40100DL2022GOI396282 | टेलीफोन: 011-24360959 | ईमेल: ngel@ntpc.co.in | www.ngel.in CIN : L40100DL2022GOI396282 | Tel.: 011-24360959 | Email: ngel@ntpc.co.in | www.ngel.in Ref. No.: 01: SEC Dated: 29.10.2025 Listing Department National Stock Exchange of India Limited “Exchange Plaza”, Bandra-Kurla Complex Bandra (E), Mumbai –400 051 Listing Department BSE Limited Floor 25, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai-400 001 Scrip Code : NTPCGREEN Scrip Code: 544289 ISIN: INE0ONG01011 Sub.: - Outcome of Board MeeƟng for Submission of Unaudited Financial Results for the quarter and six-months ended on 30th September 2025. Sir/Madam, We are enclosing the unaudited Financial Results (Standalone & Consolidated) for the quarter and six months ended on 30th September 2025, in the prescribed format as required under Regulation 33(3) of the SEBI (LODR) Regulations, 2015. The results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 29th October 2025. Further, as required under Regulation 33(2)(c) of the SEBI (LODR) Regulations, 2015, also enclosed is a copy of the "Limited Review Report" by the Statutory Auditors on the unaudited financial results (Standalone & Consolidated) of the Company for the quarter and six months ended on 30th September 2025. The submitted information shall also be hosted on the NTPC Green Energy Limited's website. The Board Meeting commenced at 5:20 PM and concluded at 6:00 PM. This is for intimation please. Yours faithfully, For NTPC Green Energy Limited (Manish Kumar) Company Secretary & Compliance Officer
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A Financial Res ults NTPC GREEN ENERGY LIMITED Registered Office : NTPC Bhawan • Core -7, SCOPE Complex 7 Institutio nal Area, Lodhi Roa d, New Delh i - 110003 CIN-L4010 0DL2022G01396282 , website : www.ngel.in STATEME NT OF UNAUDIT ED STAN DALONE FIN ANCIAL RES ULTS FOR THE QUA RTER AN D SIX MONTHS END ED 30 SEPTEMBER 2025 SI. Particulars Quarter ended Qua rter ended Quarter ended Six months ended Six months ended No. 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 (Unaudited) (Una udited) (Unaudited) (Unaudite d) (Audited) 1 2 3 4 5 6 7 1 Income Revenue from operations 460.51 560.33 46867 1,020.84 1,013.04 Other income (Refer Note 4) 44.40 71.43 22 74 115.83 42.49 Tota l Income 504.91 631.76 491.41 1,136.67 1,055.53 2 Expenses Employee benefits expen se 18.60 22.03 14 33 40.63 28.43 Finance oosts 150.14 164.23 167.22 314.37 332.03 Depreciation and amortization expenses 166.93 166.61 164 08 333.54 329.30 Other expenses 47.95 57.05 5569 105.00 99.98 Total expenses 383.62 409 .92 401.32 793.54 789.74 3 Profit before tax (1-2) 121.29 221.84 90.09 343.13 265.79 4 Tax expense Current tax Deferred tax 35.25 56.62 26.24 91.87 71.07 Total tax expense 35.25 56.62 26.24 91.87 71.07 5 Prollt for th e perio d (3-4) 86.04 165.22 63.85 251.26 194.72 6 Othe r comprehensive Inco me 7 Total comprehe nsive Inc ome for the period (5+6) 86.04 165.22 63.85 251.26 194.72 8 Earnings per equrty share (Par Value, 10/- each) (not annualised) Basicm 0.10 0.20 010 0.30 0.33 Diluted "l 0.10 0.20 0.10 0.30 0.33 9 Paid-up equity share capital (Face value of share, 101- each) 8,426.33 8,426.33 7,500.00 8,426.33 7,500.00 10 Other equity See accompanying notes to the unaudited standalone financial results. , Crore Year ended 31.03.2025 (Audited) 8 2,022.54 250.60 2,273.14 62.05 656.40 667.27 219.65 1,605.37 667.n 178.51 178.51 489.26 - 489.26 0.69 0.69 8,426.33 10,060.17
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STANDALONE STATEMENT OF ASSETS AND LIABILI TIES f Crore SI. Particu lars As at As at no 30.09.2025 31.03.2025 (Unaudited ) (Audited) A ASSETS 1 Non-current assets Property, plant and equipment 14,923.96 15,300.02 Capital work-in-progress 55.91 38.79 intangible assets - - Financial assets - Equity investments in subsidiary and joint venture compan ies 14,242.00 10,792.13 Other financial assets 7.00 0.05 Other non-current assets 184.52 180.81 Total non-curre nt assets 29 413.39 26 311.80 2 Curren t assets Inventories 26.85 24.78 Financial assets Trade receivables 461.34 478.82 Cash and cash equivalents 0.34 0.83 Bank balances other than cash and cash equivalents 270.9 7 3,481.35 Other financial assets 142.34 120.44 Other current assets 27.1 2 7.52 Total current assets 928.96 4,113.74 TOTAL ASSETS 30,342.35 30 425.54 B EQUITY AND LIABILITIES 1 Equity Equity share capital 8,426 .33 8,426.33 Other equity 10,311.43 10 060.17 Total equity 18 737 .76 18 486.50 2 Liabilit ies (i) Non-current liabiliti es Financial liabilities Borrowings 7,11 1.43 7,421.78 Lease liabilities 95.30 97.42 Deferred tax liabilities (net) 1,500.34 1,408.47 Other non-current liabilities 1,399.86 1,436.66 Provisions 0.56 0.18 Tota l non-current liabilities 10107 .49 10.364.51 (ii) Curre nt liabilities Financial liabilities Borrowings 620.69 670.73 Lease liabilities 13.90 13.84 Trade payables Total outstandinQ dues of micro enterprises and small enterprises 11.56 4.47 Total outstanding dues of creditors other than micro enterprises and small 65.44 60.63 enterprises Other financial liabilities 678.15 725.80 Other current liabilities 107.14 98.97 Provisions 0.22 0.09 Total current liabilities 1 497.10 1.574.53 TOTAL EQUITY AND LIABILITIES 30,342 .35 30,425.54
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~ NTPC ... STANDAL ONE STATEM ENT OF CASH FLOWS Particulars A. CASH FLOW FROM OPERATING ACTIVITIES Net Proflt/(Loss) before tax Adjustment for : Interest Income/Late Payment Surcharge Finance costs Depreciatio n & amortization expenses On account of government grants Loss on de-recognition of property , plant and equipment Provisions written back Provisions Operating profit before working capital changes Adjustment for: Trade payables Other financial liabilities Other liabilities Inventories Trade receivable s Other financial assets Othe r ass ets Cas h generated from operat ions Income taxes (paid)/ refunded Net cash from/(used in) operating activities - A B. CASH FLOW FROM INVESTI NG ACTIVITIES Interest income/Late payment surcharge Purchase of property, plant and equipment & capita l work-in progress Investment in Subsidiary & Joint Venture Companies Income tax paid on inco me from investing activities Bank balances other than cash and cash equivalents Net cash flow from/ (used in) Investing Activities - B C. CASH FLOW FROM FINANCING ACTIVIT IES Proceeds from issue of equity shares Proceeds from securities premium Share issue expenses (adjusted from securities premium) Proceeds from non-current borrowings Proceeds/repayments of current borrowings (net) Repayment of non-current borrowings Payment of lease liabilities Interest Paid Net Cash fro m/ (used in) Fin ancing Activ ities - C Net Increase/ (decrease) In Cash & Cash equivale nts (A + B + C) Cash & cas h equivalents at the beg innin g of the year I period Cash & cash equivalents at the end of the year / peri od ~ Crore Six months Year ended ended 31.03.2025 30.09.2025 (Audited) (Unaudited) 343.13 667.77 (107.31 ) (218.69) 314.37 656.40 333.54 667 .27 (35.81) (72.87) - 0.06 - (0.25) 0.51 0.27 848.43 1,699.96 11.90 4.57 40.31 (52.89) 5.92 32.42 (2.07) (0.11 ) 18.22 221.10 (21.90) (11.36) (19.69) (3.21) 881.12 1,890.48 (3.80) (2.67 877.32 1,887.81 178.40 148.80 (39.22 ) (743.12) (3,456 .82) (9,347.62) (9.21 ) (15.92) 3,138.55 (3,055.41) (188.30) (1 3,013.27) - 2,706.72 - 9,073 .67 (12.81 ) (31.59) - 500 .00 (50.04) 50.04 (310.35) (620.69) (6.66) (13.46) (309.65) (651 .85' (689.51) 11,012.84 (0.49) (112 .62) 0.83 113.45 0.34 0.83
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r,:,lltfldt NTPC GREE Notes to Unaudited Standalo ne Financial Results: The above unaudited standa lone financial results for quarter ended 30 September 2025 have been prepa red considering the requirements of Regulat ion 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended . T hese results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 29 October 2025 and approved by the Board of Directors on the same date . 2 The unaudited standa lone financial results of the Company for the quarte r ended 30 Septem ber 2025 have been prepared in accor dance with the Indian Accounti ng Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013. The Statutory Auditors of the Company have carried out limited review of these standalone financial results . 3 During Financial Year 2024-25, the Company completed its Initial Public Offering (IPO) comp rising a fresh issuance of 92,63,29,669 equity shares with a face value of f10 each . The se shares were offered at an issue price of f108 per share , which included 87,20,910 equity shares issued to eligible employees at a discou nted issue price of f103 per share. The IPO raised a total of t10,000.00 Crore and the Company's equity shares were subsequently listed on the National Stoc k Exchange (NSE) and the Bombay Stock Exchange (BSE) on November 27, 2024. The net proceeds from the IPO (after deducting share issue expenses) , are detailed as follows : tCrore IPO Net Utilisation upto Unutillsed as of Objects of the Issue Proceeds 30 September 30 September 2025 2025 Investment in our wholly owned Subsidiary , NTPC Renewabl e Energy Limited (NTPC REL) for repaymenV 7,500.00 7,500.00 0.00 prepayment , in full or in part of certain outstanding borrowings availed by NTPC REL General corpo rate purposes ( Net of issue related expenses) 2,446.49 2,446.49 0.00 Total 9,946.49 9,946.49 0.00 4 Other Income for Quarter ended 30 September 2025 include s , 27.83 Crore (Quarter ended 30 June 2025 : f 6 1.42 Cro re; Quarter & Six months ended 30 Septembe r 2024: Nil ; Year ended 31 March 2025 : t 165.25 Crore) interest income earned on IPO Proce eds deposited with scheduled commercial banks pending utilization. 5 The Company is engaged primarily in the business of power generation from renewable energy source s and, as such, does not have any sepa rate reportab le segment s in accord ance with IND AS 108, "Operati ng Segments ." 6 Revenue from operatio ns for Quarter ended 30 September 2025 includes f 8.58 Crore (Quarter ended 30 June 2025: t 20 Crore ; Quarter ended 30 September 2024 : f 12.64 Crore, Six months ended 30 September 2024: t 14.04 Crore) earned from Con sultancy, project manageme nt and supervision fee. 7 The Company has taken lease hold land for a period of 33 years for development of Green Hydrogen Hub in Andhra Pradesh . The same is classified as "Right of use" (ROU) under the asset catego ry "Land". The amort ization of ROU asset has commenced from the date of commencement of lease i.e. 19 February 2024 and amortization expenses oft 5.30 Crore during quarter ended 30 September 2025 and t 48.41 Crore upto 30 September 2025 has been charged and transferred to Capital Work in Progress ("CWIP"). 8 The figures for the Quart er ended 30 September 2024 are the balancing figures between audited standalone financ ial state ments of Six months ended 30 September 2024 & Quarte r ended 30 June 2024 as the requirement to submit quarterly unaudited standalone financia l results have become applicable with the listing of the Company's equity shares commencing from the Quarter ended 31 December 2024. 9 Previous period fig ures have been reclassified wherever considered nece ssary . Date: 29 October 2025 Place: New Delhi For and on behalf of Board of Directors of NTPC Green Energy Limited
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P.R. MEHRA & CO. CHARTERED ACCOUNTA NTS 9.01, New Delhi House, 27 Barakhamba Road, Connaught Place, New Delhi-110001 Tel : +91-11-43156156 , 431561 00 E-mail : prmdg @prmehra .com/prmaudit@rediffmail.com Indepe ndent Auditor's Limited Review Report on the unaudited standalone financi al results of the NTPC Green Energy Limited for the quarter and six months ended Septemb er 30, 2025 pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regula tions, 2015, as amended Limited Review report To the Board of Directors, NTPC Green Energy Limited 1. We have reviewed the accompanying statemen t of unaudited standalone financial results of NTPC Green Energy Limited ("the Compan y") for the quarter and six months ended September 30, 2025 ("the Statement") being submitted by the Compan y pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requ irements) Regulations , 2015 ("the Listing Regulations , 2015"), as amended , which has been initialled by us for identification purposes . 2. The Statement, which is the responsibility of the Comp any's Man agement and approved by the Company's Board of Directo rs, has been prepared in accordan ce with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, as amended , read with relevant Rules issued thereunder and other accounting principles generall y accepted in India and in compliance with Regu lation 33 of the Listing Regulations. Our responsib ility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountan ts oflndia . This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statem ent is free of material misstatement. A review of interim financial information consi sts of making inquiries, primarily of company personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantiall y less in scope than an audit conducted in accordan ce w ith Standard s on Auditin g specified und er section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordin gly, we do not express an audit opinion. 4. Based on our review conduct ed as above, nothing has come to our attention that causes us to believe that the accompanying Statemen t read with the notes thereon , prepared in accordance with applicable Indian Accountin g Standards specified under Section 133 of the Compan ies Act, 2013, as amended, read with relevant Rules issued thereunder and other recognised accounting practices and policies, has not disclosed the information required to be disclosed in terms Regulation 33 of the Listin g Regulations including the manner in which it is to be disclo sed, or that it contains any material misstatement. H.O. 56, Darya Ganj, New Delhi-110002, Tel: 011-4211 6614
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5. Emphasis of Matter We draw attention to Note No. 7 regarding amortization of Right of Use leasehold land asset ("ROU asset' '). Even though the project plan for Green Hydrogen Hub is yet to be finalised by the Company as on date, the amortization of ROU asset, as per the material acco1U1ting policy of the Company, has commenced from the date of commencement of lease i.e. 19 February 2024 taking lease term as 33 years resulting in amortization of Rs.5.30 crore and Rs. 12.91 crore during the quarter and six months ended September 30, 2025 respectively (up to September 30, 2025 Rs. 48.41 crore) which has been transferred to Capital Work in Progress . Our conclusion is not modified m respec t of this matter. 6. Other Matters TI1e figures for the corresponding quarter and six months ended September 30, 2024 as reported in these wiaudited standalone fmancial results have been derived from the special purpose standalone financial statements of the Company for the quarter and six months ended September 30, 2024 audited by us. Our conclusion is not modified in respec t of this matter. PRMe hra & Co Chartered Accountants (Firm's Registration. No. 000051 N) Ashok Malhotra Partner Membership No. 082648 Place: New Delhi Dated: October 29, 2025 UDIN: Z-~ofs~64SB Me>P..>rM >D<10
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NTPC Green Energy Limite d Registered Office : NTPC Bhawan • Core -7. SCOPE Complex 7 Institutio nal Area . Lodhi Road , New Delhi - 110003 CIN-L40100DL2022GOl396282 . website : www.ngel.in STATEMENT OF UN AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEP TEMBER 2025 SI. Particulars Quarter ended Quarter ended Quarter ended Six months ended Six months ended No. 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 2 ;j q 0 " f 1 Income Revenue from operations 612.29 680.21 503.85 1,292.50 1,082 .29 Other income (Refer Note 5) 44.43 71.48 21.47 115.91 50.45 Total Income 656 .72 751.69 525.32 1,408.41 1,132.74 2 Expenses Employee benefits expense 20.50 12.39 15.89 32.89 30.66 Finance costs 206.93 192.56 194.67 399.49 377.82 Depreciation and amortization eXl)8nses 261.35 223.33 182.45 484.66 357.84 Other expenses 62.19 64.27 66.00 126.46 118.67 Total expenses 550.97 492.55 461.01 1,043.52 884.99 3 Profit before share or proflts/(lo sse s) or Joint venture 105.75 259.14 64.31 364.89 247.75 companies accounted for using equity method and tax (1-2) 4 Add: Share of p.rofits/(losses) of joint venture companies accounted 15.88 17.96 (1.38) 33.84 (1.38) for using equity method 5 Pront before tax (3+4) 121.63 2n.10 62.93 398.73 246.37 6 Tax expense Current tax - Deferred tax 35.25 56.62 26.24 91.87 71.07 Total tax expense 35.25 56.62 26.24 91 .87 71.07 7 Pront for the pertod (M) 86.38 220.48 36.69 306 .86 175.30 8 Other comprehensive Income - 9 Total comprehensive Income for the pertod (7+8) 86.38 220.48 36.6 9 306 .86 175.30 10 Profit attributable to: 0,vners of the parent companv 87.59 220.48 38.04 308.07 176.65 Non-controllino interest (1.21) (1.35) (1.21) (1.35) 11 Total comprehensive income attributable to: 0,vners of the parent companv 87.59 220.48 38.04 308.07 176.65 Non-controllino interest (1.21) (1 .35) (1.21) (1 .35) 12 Earnings per equity share attributable to owners of the parent company (Par value, 10/- each)- (not annualised) Basic (' l 0.10 0.26 0.06 0.37 0.30 Diluted I') 0.10 0.26 0.06 0.37 0.30 13 Paid-up eouitv share capital (Face value of share-, 10/- each) 8,426.33 8,426.33 7,500.00 8,426.33 7,500.00 14 Other eouitv See accompanying notes to the unaudited consolidated financial results , Crore Year ended 31.03 .2025 (Audited) 0 2,209.64 256.06 2,465.70 64.25 760.66 758.25 228.66 1,811.84 653.86 (1.23) 652.63 178.51 178.51 474.12 474.12 475.48 (1.36) 475.48 (1.36) 0.67 0.67 8,426.33 10,014.01
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CONSOLID ATED STATEMENT OF ASS ETS AND LIABILITIES ~ Crore SI. Particulars As at As at No 30.09.2025 31.03.2025 (Unaudited) (Audited) A ASSETS 1 Non-current assets Property , plant and equipment 26,343.11 21 ,815.93 Capital work-in- progress 15,373.18 13,983 .44 Intangible assets - - Investme nts accounted for using equity method 3,330.53 3,199.42 Financia l assets Other fina ncial assets 94.58 87.54 Other non-current assets 2 192.42 2,030.41 Total non-current assets 47 333.82 41116.74 2 Current assets Inventories 34.45 31.69 Financial assets Trade receivables 556.02 516.50 Cash and cash equivalents 8.65 36.04 Bank balances other than cash and cash equivalents 270.97 3,48 1.35 Other fina ncial assets 166.08 161.44 Other current assets 43.72 77.68 Total current assets 1,079.89 4,304.70 TOTAL ASSETS 48 413.71 45 421.44 B EQUITY AND LIABILITIES 1 Equity Equity share capital 8,426.33 8,426 .33 Other equity 10,322.08 10 014.01 Total equity attributable to owners of the Comp any 18,748.41 18,440.34 Non-co ntrolling interest s 92.01 91.84 Total equity 18 840.42 18 532.18 2 Liabilities (i) Non-current liabilities Financial liabilities Borrowings 19,708.66 17,301.43 Lease liabilities 1,384.66 1,222.68 Deferred tax liabilities (net) 1,500.34 1,408.47 Other non-current liabilities 2,301.89 2,283 .69 Provisio ns 0.56 0.18 Total non-current liabilit ies 24 896.11 22 216.45 (ii) Current liabilities Financial liabilities Borrowings 620.69 670.73 Lease liabilities 111.59 246.14 Trade payables Total outstand inQ dues of micro ente rprises and small enterprises 11.73 4.66 Total outstanding dues of creditors other than micro enterprises and small 80.56 71.41 enterpris es Othe r financial liabilities 3,704. 34 3,511 .56 Other current liabilities 148.05 168.22 Provisions 0.22 0.09 Total curre nt liabilities 4 677.18 4 672.81 TOTAL EQUITY AND LIABILITIES 48,413.71 45,421 .44
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e;ill dld N TPC " CONSOLIDATED STATEMENT OF CASH FLOWS Particulars A. CASH FLOW FROM OPERATING ACTIVITIES Net Profit / ( Loss ) before tax Adjustment for: Interest Income/Late Payment Surcharge Finance cost s Depreciation & amortization expenses Share of net profits/losses of joint ventures accou nted for using equity method On account of govern ment grants Loss on de-recognition of property , plant and equipment Provisio ns written back Provisions Operating profit before working capital changes Adjustment for: Trade payables Other financial liabilities Other liabilities Inventories Trade receivables Other financial asse ts Other assets Cash generated from operations Income taxes (paid) / refunded Net Cash from/(used in) Operating Activities • A B. CASH FLOW FROM INVESTING ACTIVITIES Interest Income/Late Payment Surcharge Purchase of property, plant and equipment & capital work-in progress Proceeds from G overnment Grants investme nt in Joint Venture Com panies income tax paid on income from investing activities Bank balances other than cash and cash equivalents Net cash from/(used in) Investing Activities • B C. CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issue of equity shares Changes in Non-Controlling Interest Proceeds from securities premium Share issue expenses (adjusted from securi ties prem ium) Proceeds from non-current borrowing s Proceeds / repayments of current borrowing s (Net) Repayment of non-curre nt borrow ings Payment of lease liabilities Interest Paid Net Cash from/(used in) Financing Activities - C Net increase/(decrease) in Cash & Cash equivalents (A+ B + C) Cash & cash equivalents at the beginning of the year / period Cash & cash equivalents at the end of the year/ period ~ Crore Six months Year ended ended 31.03.2025 30.09.2025 (Audited) (Unaudited ) 398 .73 652.63 (107.39) (225.58) 399.49 760.68 484.68 758.25 (33.84) 1.23 (35.81 ) (72.87) - 0.06 - (0.25) 0.51 0.27 1,106.37 1,874.42 14.55 13.60 14.06 (57.00) (18.33 ) 70.72 (2.76) (7.02) (38.78) 188.78 (2.14) (12.49) 33.86 (69.30) 1,106.83 2,001 .71 (4.03) (2.79 1,102.80 1,998.92 193.42 157.05 (5,942.74) (11 ,985. 10) 55.00 307.51 (103 .00) (3,200.65) (9.21) (16.60) 3,138.55 (3,055.41) (2,667.98) (17,793.20) - 2,706.72 1.38 93.13 - 9,073.67 (12 .81) (31.59) 6,067 .58 9,896.11 (50.04 ) 50.04 (3,660.35) (4,770.73) (104.67 ) (62.53) (703.30' (1,240.12' 1,537 .79 15,714.70 (27.39) (79.58) 36.04 115.62 8.65 36.04
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~~] Notes to Unaudited Consolidated Fi nancial Results: The above unaudited consolidated financial results have been prepared considering the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. These results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 29 October 2025 and approved by the Board of Directors on the same date. 2 The unaudited consolidated financial results of the Company for the quarter ended 30 September 2025 have been prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013. The Statutory Auditors of the Company have carried out limited review of these unaudited consolidated financial results. 3 The subsidiary and joint venture companies considered in the unaudited consolidated financial results are as follows: Subsidiary Companies a) NTPC Renewable Energy Ltd b) Green Valley Renewable Energy Ltd. c) NTPC Rajasthan Green Energy Ltd. d) NTPC UP Green Energy Limited. e) NTPC MahaPreit Green Energy Limited. Joint Venture Companies a) lndianoil NTPC Green Energy Pv1 Ltd b) ONGC NTPC Green Private limited c) MAHAGENCO NTPC Green Energy Private limited d) AP NGEL Harit Amrit lim ited All the above companies are incorporated in India. Ownership {%) 100 51 74 51 74 Owners hip(%) 50 50 50 50 4 During Financial Year 2024-25, the Company completed its Initial Public Offering (IPO) comprising a fresh issuance of 92,63,29,669 equity shares with a face value of t10 each. These shares were offered at an issue price of t108 per share, which included 87,20,910 equity shares issued to eligible employees at a discounted issue price of t103 per share. The IPO raised a total of t10 ,000.00 Crore and the Company's equity shares were subsequently listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on November 27, 2024. The net proceeds from the IPO (after deducting share issue expenses), are detailed as follows: t Crore IPO Net Utilisatio n upto Unutlllse d as of Objects of the Issue Proceeds 30 September 30 September 2025 2025 Investment in our wholly owned Subsidiary, NTPC Renewable Energy limited (NTPC REL) for repaymenV 7,500.00 7,500.00 0.00 prepayment, in full or in part of certain outstanding borrowings availed by NTPC REL General corporate purposes ( Net of issue related expenses) 2,446.49 2446.49 0.00 Total 9,946.49 9,946.49 0.00 5 Other Income for Quarter ended 30 September 2025 includes t 27.83 Crore (Quarter ended 30 June 2025: t 61.42 Crore; Quarter & Six months ended 30 September 2024: Nil ; Year ended 31 March 2025: t 165.25 Crore) interest income earned on IPO Proceeds deposited with scheduled commerci al banks pending utilization. 6 The Group is engaged primarily in the business of power generation from renewable energy sources and, as such, does not have any separate reportable segments in accordance with IND AS 108, "Operating Segments." 7 Revenue from operations for Quarter ended 30 September 2025 includes t 7.15 Crore (Quarter ended 30 June 2025: t 8.21 Crore; Quarter ended 30 September 2024: 't 12.64 Crore; Six months ended 30 September 2024: f 14.04 Crore) earned from Consultancy, project management and supervision fee. 8 The Company has taken leasehold land for a period of 33 years for development of Green Hydrogen Hub in Andhra Pradesh. The same is classified as "Right of use" (ROU) under the asset category "Land". The amortization of ROU asset has commenced from the date of commencement of lease i.e. 19 February 2024 and amortization expenses oft 5.30 Crore during quarter ended 30 September 2025 and f 48.41 Crore upto 30 September 2025 has been charged and transferred to Capital Work in Progress f"CWI P'). 9 The figures for the Quarter ended 30 September 2024 are the balancing figures between audited consolidated financial statements of Six months ended 30 September 2024 & Quarter ended 30 June 2024 as the requirement to submit quarterly unaudited consolidated financial results have become applicable with the listing of the Company's equity shares commencing from the Quarter ended 31 December 2024. 1 o Previous period figures have been reclassified wherever considered necessary. Date: 29 October 2025 Place: New Deihl ikumar Srjnillas Direc tor (Finance) DIN: 01220828
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P.R. MEHRA & CO. CHARTERED ACCOUNTA NTS. 901 , New Delhi House, 27 Barakhamba Road, Connaught Place, New Oelhi-1 10001 Tel : +91-11-43156156 , 431561 00 E-mail : prmdg@prmehra.co m/prmaudit@rediffmail.com Independent Auditor ' Limited Review Report on the unaudited conso lidated financial results of NTPC Green Ene rgy Limited for the quarter and six months ended September 30, 2025 pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended. Limited Review Report To the Board of Directors, NTPC Green Energy Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of NTPC Green Energy Lim ited ("the Parent Company") and its subsidiaries (the Paren t Company and its subsidiaries together referred to as "the Group") and its share of the net profit after tax and total comprehensive income of its Joint Ventures for the quarter and six months ended September 30, 2025 ("the Statement") , being submitted by the Parent Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015 ("Listing Regulations") , as amended , which has been initialled by us for identification purposes . 2. This Statement, which is the responsibility of the Parent Company's Management and approved by the Parent Company 's Board of Directors , has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting " ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, as amended , read with relevant Rules issued thereunder and other accounting principles gene rally accepted in India and in complian ce with the Listing Regulations. Our responsibility is to issue report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engage ment (SRE) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity ' issued by the Institute of Chartered Accountants of India and also considering the requirement of Standard on Auditing (SA 600) on 'Using the work of Another Auditor '. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries . primarily of company personnel responsible for financia l and accounting matters and applying analytical and other review procedure s. A review is substantiall y less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enab le us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion . We also performed procedures in accordance with the Circular No. CIR/CFD/CMD /44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations , to the extent applicable. H.0. 56, Darya Ganj, New Oelhi-110002, Tel: 01 1-42116614
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4. The Statemen t inclu des the results of the following entities: S. No. Name of the entities A Parent Company NTPC Green Energy Limited B Subsidiary Comoanies l NTPC Renewable Energy Limited 2 Green Valley Renewable Energy Limited 3 NTPC Rajasthan Green Energy Limited 4 NTPC UP Green Energy Limited 5 NTPC MahaPreit Green Energy Limited C Joint Venture Companies 1 Indianoil NTPC Green Energy Private Limited 2 ONGC NTPC Green Private Limited 3 MAHA GENCO NTPC Green Energy Private Limited 4 AP NGEL Harit Amrit Limited 5. Based on our review co nducted and procedures performed as stated in paragraph 3 above and based on the considera tion of the review repo rt of other auditor referred to in paragraph 7(a) below , nothi ng has come to our atte ntion that causes us to believe that the accom panying Sta tement read with the notes thereon, prepa red in accordance with the applicable Indian Accounting Standard specified under Section 133 of the Companies Act. 2013, as ame nded, read with relevant Rul es issued thereunder and other accounting principles generally accepted in India , has not disclosed the information required to be disclosed in tem1s of Regulation 33 of the Listing Regulations , including the manner in which it is to be disclosed. or that it contains any material missta tement. 6. Emphasis of Matter We draw attention to Note No. 8 regarding amortization of Right of Use leasehold land asset ("'ROU asset"). Even though the project plan for Green Hydrogen Hub is yet to be fi nalised by the Company as on date, the amortization of ROU asset. as per the material accounting policy of the Company, has commenced from the date of commencement of lease i.e. 19 February 2024 taking lease term as 33 years resulting in amortization of Rs.5.30 crore and Rs. 12.91 crore during the quarter and sLx month~ ended 30 September 2025 respectively (up to 30 September 2025 Rs.48.41 crore) which has been transferred to Capital Work in Progress. Our concl usion is not modified in respect of this matter. 7. Other Matte rs (a) We did not review the interim finan cial results / financia l information of a wholly owned subs idiary. include d in the unaudi ted consolidated financial resu lts. whose interim financi al results / financial infonnation reflect total assets of Rs. 28.244 .23 crore as at 30 September 2025. cash outflows of Rs 21.33 crore for the six months period ended 30 September 2025 , revenues (before consolidation adjustments) of Rs.153.24 crore and Rs. 284.96 crore, net profit/ (loss) after tax (before consolidation adjustments) of Rs. (10.89) crore and Rs. 26.42 crore and total comprehensive income (before consolidation adjustments) of Rs. (10.89) crore and Rs. 26.42 crore for the quarter and six months ende d September 30, 2025 respectiv ely as consid ered in the unaudited consolidated
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financia l results. These interim finan cial results / financia l informat ion has been revie wed by other audi tor whose report has been furnished to us by the management of the Parent Comp any a nd our conclus ion on the Statement , in so far as it relates to the amo unts and disclosures includ ed in respect of this subsidiary is based solely on the report of the other auditor and procedure performed by us as stated in paragraph 3 above . (b) The Statement includes the interim financial information of foru subsidiaries which have not been reviewed, whose financial information reflects total assets (before consolidation adjustments) of R s. 7 7 0 . 9 0 crore as at 30 September 2025. cash outflows (before consolidation adjustme nts) of Rs. 5.57 crore for the six months period ended 30 September 2025 and revenues (before consolidation adjustments) of Rs. Nil and Rs. Nil, net profit/ (loss) after tax (before consolidation adjustments) of Rs. (4.63) crore and Rs. (4.64) crore, total compr ehensive income / (loss) (before consolidation adjustments) of Rs. (4.63) crore and Rs. (4.64) crore for the quarter and six months ended September 30, 2025 respectively, as considered in the Statement. Furthe r, the Statement also includes the share of net profit after tax of four joint venture companies of Rs.15.89 crore and Rs. 33.85 crore and total comprehensive income (before consolidation adjustments) of Rs. 15.89 crore and Rs. 33.85 crore for the quarter and six months ended Septembe r 30, 2025 respectively which have not been reviewed. These interim financial infom1ation, signed by CEO and / or CFO of these companies. have been furnished to us by the management of the Parent Company and our conclusion on the Statement, in so far as it relates to amounts and disclosures included in respect of these subsidiaries and joint venture companies , is based solely on such un- reviewed standalone / consolidated interim financial results/ financial information . According to the infom1ation and explanations given to us by the Parent's management , these un-reviewed interim financial results / :finan::ial information of the aforesaid subsidiaries and joint venture companies included in these unaudited consolidated financial results , are not material to the Group. (c) The figures for the correspo nding quarte r and six months ended September 30, 2024, as reported in these unaudited consolidated financial results. have been derived from the special purpose consolidated financ ial statements of the Group for the six months period ended September 30, 2024 audited by us. Our conclus ion is not modifi ed in respe ct of these matters stated above. PR Mehra & Co Chartered Accountants (Firm's Registratio n No. 00005 1N) Ashok Malhotra Partner Membership No. 082648 Place: New Delhi Dated: October 29. 2025
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NTPC GREEN ENERGY LIMITED Registered Office : NTPC Bhawan , Core -7, SCOPE Complex 7 Institutional Area , Lodhi Road, New Delhi - 110003 CIN-L40100DL2022GOl396282 , website : www.ngel.in B. Statement of deviation or variation in use of Issue proceeds Particulars Remarks Name of listed entity NTPC Green Energy Limited Mode of Fund Raising Public Issue- Initial Public Offer (IPO) Date of Raising Funds 26-Nov-24 Amount Raised Rs. 10,000 Crore Report filed for Quarte r ended 30-Sep-25 Monitoring Agency Applicable Monitoring Agency Name, if applicable CARE Ratings Limited Is there a Deviation I Variation in use of funds raised No If yes, whether the same is pursuant to change in terms of a contract or Not Applicable objects, which was approved by the shareholders If Yes, Date of shareh older Approval Not Applicable Explanation for the Deviation / Variation Not Applica ble Commen ts of the Aud it Committee after review Nil Comments of the aud itors, if any Nil Objects for which funds have been raised and where there has been a deviation , in the following table: - Not Applicable Original Object Modified Object, If Original Allocation Modified allocation, Funds Utilised Amount of any If any DeviationN arlatlon for the quarter according to applicable object - - - - - Deviation or variation could mean : (a) Deviation in the objects or purposes for which the funds have been raised or (b) Deviation in the amount of funds actually utilized as against what was originally disclosed or (c) Change in terms of a contract referred to in the fund raising document i.e. prospectus , letter of offer , etc. ~ Name of Sig natory : Man ish Kumar Designation : Comp any Sec retary Date : 29 October 2025 Remarks if any -
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Other information- Integrated Filing (Financia l) For the Quarter and Six Months Ended 30 September 2025 SI.no. Requirement C. Disclosure of outstanding defautt on loans and debt securities D. Format for disclosure of Related Party Transactions (applicable only for half-yearty filings) E. Statement on impact of Audit Qualifications (For Audit Report with Modified Opinio n) Submitted along with annual audited financial resutts - (Standalone and Consoli dated separately) (applicable only for annual filing i.e. 4"' quarter ) Name of Signatory : Manlsh Kum ar Designation : Company Secretary Date: 29 October 2025 Remarks No Defautt, hence Not Applicable Being Filed separate ly in XBRL format Not Applicable
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NTPC GREEN ENERGY LIMITED Extract of the Unaudite d Financial Results for the Quarter and Six Months Ended 30 Septemb er 2025 SI. Parti culars Standalone Consolid ated No. Quart er ended Quarter ended Six months Six months Year ended Quart er ended Quarter ended Six months 30.09.2025 30.09.2024 ended ended 31.03.2025 30.09.2025 30.09.2024 ended (Unaudited) (Unaudited)# 30.09.2025 30.09.2024 (Audi ted) (Unaudit ed) (Unau dited) # 30.09.2025 (Unaudited) (Audited) (Unaudited) 1 2 3 4 5 6 7 8 9 10 1 Total income from operations 460.51 468.67 1,020.84 1,013.04 2,022.54 612.29 503.85 1,292 .50 2 Profit before tax 121.29 90.09 343.13 265.79 667.77 121.63 62.93 398.73 3 Profit after tax 86.04 63.85 251.26 194.72 489.26 86.38 36.69 306.86 4 Profit after tax attributable to owners of the parent company 87.59 38.04 308 .07 5 Profit after tax attributable to non-controlling interest (1 .21) (1 .35) (1.21) 6 Total comprehensive income after tax 86.04 63.85 251 .26 194.72 489.26 86.38 36.69 306.86 7 Paid-up equity share capital (Face value of share ~ 10/- each) 8,426.33 7,500.00 8,426.33 7,500.00 8,426.33 8,426.33 7,500.00 8,426.33 8 Other equ ity excluding revaluation reserve as per balance 10,060.17 Sheet 9 Earnings per equity share (of ~ 10/· each) • (not annualised) : 0.10 0.10 0.30 0.33 0.69 0.10 0.06 0.37 Basic and Diluted (in ~) # The figures for tihe quarter ended 30 September 2024 are the balancing figures between audited results for six months ended 30 September 2024 and tihe audited results for quarter ended 30 June 2024 Notes: ~ Crore Six months Year ended ended 31.03.2025 30.09.2024 (Audited) (Audited) 11 12 1,082 .29 2,209.64 246 .37 652 .63 175.30 474.12 176.65 475.48 (1.35) (1.36) 175.30 474.12 7,500.00 8,426.33 10,014.01 0.30 0.67 1 The above is an extract of the detailed formats of financial results filed with the Stock Exchanges under Regulation 33 of the SEBI (listing Obligations and Disclosure Requiremen ts) Regulations , 2015, as amended . The complete financial results are accessible on the company's website at following link https ://ngel.in /page/fin ancial-results and in the Corpora te Section of BSE limited (https:/lwww.bseindia .com) and National Stock Exchange of India limited (https:/lwww .nseindia .com). They can also be accessed by scanning the Quick Reponse Code given below. 2 Previous periods figures have been reclassified wherever considered necessary. For and on behal f of Board of Directo rs of Place New Delhi NTPC Green ergy Limited Date: 29 October 2025 ~ n)