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					</table><p>NTPC Green Energy (<a href="https://www.ngel.in/ngel-home" target="_blank" rel="noopener">NGEL</a>) reported a net profit of ₹2.33 billion (~$27.1 million) in the fourth quarter (Q4) of the financial year (FY) 2025, up 187% year-over-year (YoY) from ₹809.5 million (~$9.4 million).</p>
<p>It reported a total income of ₹7.51 billion (~$87.3 million), increasing 35.8% from 5.53 billion (~$64.3 million) in the same period of the previous year.</p>
<p>The company’s revenue from operations grew slightly from ₹5 billion (~$58.1 million) to ₹6.22 billion (~$72.3 million).</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter stood at ₹5.6 billion (~$65.5 million), a 28% increase from ₹4.37 billion (~$51.1 million).</p>
<p>NGEL’s earnings per share (EPS) came in at ₹0.28 (~$0.0033) in Q4 FY 2025, rising from ₹0.17 (~$0.002) in Q4 FY 2024.</p>
<p><strong>Full Year FY 2025</strong></p>
<p>During FY 2025, NGEL netted a profit of ₹4.7 billion (~$54.6 million), a 38% YoY increase from ₹3.4 billion (~$39.5 million).</p>
<p>It earned a total income of ₹24.65 billion (~$286.7 million), compared to ₹20.3 billion (~$236.1 million) earned in the previous year.</p>
<p>The company’s revenue from operations at the end of FY 2025 stood at ₹22.09 billion (~$256.8 million), increasing 12.7% from ₹19.6 billion (~$227.9 million) in FY 2024. Its EBITDA saw a 10% YoY increase to ₹17.44 billion (~$204.4 million).</p>
<p>NGEL’s EPS at the end of the year came in at ₹0.67 (~$0.0078), declining from ₹0.72 (~$0.0084) in the previous year.</p>
<p>During the year, the company signed a contract with the Chhattisgarh State Power Generation Company to develop renewable energy projects of up to 2 GW capacity in FY 2025.</p>
<p>It completed its initial public offering of 926.3 million equity shares with a face value of ₹10 (~$0.12) each, raising ₹100 billion (~$1.19 billion). The price band was <a href="https://www.mercomindia.com/ntpc-green-energy-ipo-oversubscribed" target="_blank" rel="noopener">set</a> at ₹102-108 (~$1.21- $1.28) per equity share, with a face value of ₹10 (~$0.119). The IPO saw bids for 1.43 billion shares, exceeding the 593.17 million shares on offer.</p>
<p>In FY 2025, NGEL leased land for 33 years to develop a green hydrogen hub in Andhra Pradesh.</p>
<p>The company has 5,419 MW and 483 MW of operating solar and wind capacity, respectively.</p>
<p>In Q3 FY 2025, NGEL <a href="https://www.mercomindia.com/ntpc-green-revenue-q3-fy25" target="_blank" rel="noopener">reported</a> a total income of ₹5.81 billion (~$67.06 million) for FY 2025, up 25% YoY. The company’s net profit saw an 8% decline to ₹2.41 billion (~$27.82 million) in the first nine months of FY 2025.</p>


NTPC Green’s Net Profit Increases 187% in Q4 FY 2025


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					</table><p><a href="https://www.arraytechinc.com/" target="_blank" rel="noopener">Array Technologies</a>, a utility-scale solar tracker supplier, reported a net income of $2.3 million in the first quarter (Q1) of 2025, compared to a net loss of $11.3 million in Q1 2024.</p>
<p>The company’s revenue during Q1 2025 was $302.4 million, a 97% year-over-year (YoY) increase from $153.4 million. The company exceeded analyst estimates by 14%.</p>
<p>Array Technologies attributed this growth to a strong order book with an 18% contract growth, gaining traction with independent power producers across Europe, the Middle East, and Asia.</p>
<p>Kevin G Hostetler, CEO of Array Technologies, said the company achieved the second-largest quarter of shipped volume since 2023. He added that this growth indicated a solid market share recovery.</p>
<p>The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 55% YoY to $40.6 million from $26.2 million. Its net income per share stood at $0.02 in Q1 2025.</p>
<p>Keith Jennings, CFO, Array Technologies, said, “A regional mix shift drove the changes in EBIDTA, higher bad debt expense, roll off of 45X prior period amortization, slightly offset by higher volumes and Average Selling Price improvements.”</p>
<p>The company’s operating expenses increased from $46.6 million to $49.1 million. It maintained an order book of $2.08 billion at the close of Q1 .</p>
<p>Hostetler said that while utility-scale solar remains the lowest-cost and fastest-growing energy source, geopolitical headwinds have created uncertainty and volatility.</p>
<p>“The potential impacts of the current market uncertainty may lead to some project delays in the short term until there is a better understanding of tariffs, the associated commodity increases, and the potential reform to IRA tax credits,” he said.</p>
<p>However, given the cost structure of utility-scale solar projects, the company does not anticipate a significant impact from tariffs, as equipment typically only accounts for about 50% of a utility-scale project. A 15% increase in equipment costs would result in less than an 8% increase in the overall cost of a project.</p>
<p><strong>Full Year Guidance 2025</strong></p>
<p>Array Technologies expects its revenue to range from $1.05 billion to $1.15 billion for the full year. Its adjusted EBITDA is projected to be between $180 million and $200 million.</p>
<p>The company expects net income per share to come in at $0.60 to $0.70.</p>
<p>“We maintain our full year 2025 guidance and remain focused on long-term value creation, deepening customer partnerships, and demonstrating consistent product leadership,” said Hostetler.</p>
<p>The company is confident it can maintain operational agility and deliver long-term value for its shareholders.</p>
<p>“Array has built a network of over 50 suppliers in the U.S., with a committed capacity in excess of 40 GW. Driven by our efforts over the past several years, the U.S. source material drives over 93% of the content for domestic bills of material. So, we were in a good position heading into this tariff environment. Additional components are covered by the United States-Mexico-Canada Agreement treaty with zero tariffs currently,” said Neil Manning, President and COO, Array Technologies.</p>
<p>The company’s global supply chain outside the U.S. is focused on its center of excellence strategy, which will consolidate the purchasing volume with key partners in Asia and worldwide.</p>
<p>“We have over 75 supply partners supporting our international businesses, and with our 50 in the U.S., we maintain a total supply capacity of 75 GW,” said Manning.</p>
<p>Array Technologies <a href="https://www.mercomindia.com/array-technologies-posts-19-dip-in-q4-fy24-revenue-order-book-grows" target="_blank" rel="noopener">reported</a> a revenue of $275.2 million in the fourth quarter and $231.41 million in the <a href="https://www.mercomindia.com/array-technologies-q3-revenue" target="_blank" rel="noopener">third quarter</a> of 2024.</p>


Strong Solar Tracker Order Book Pushes Array Technologies Revenue by 97%


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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) has achieved the highest-ever electricity traded volume of 121 billion units (BU) in the financial year (FY) 2025, a 19% year-over-year (YoY) increase.</p>
<p>In the fourth quarter (Q4) of FY 2025, IEX achieved a record quarterly electricity traded volume of 31,747 MU, an 18% increase from the same period of the previous year.</p>
<p><strong>Green</strong><strong> Market </strong></p>
<p>IEX Green Market traded a volume of 1,925 MU in Q4 FY 2025, a 100% YoY increase.</p>
<p>The market achieved 8,746 MU in traded volumes for the entire year, a 170% YoY increase. The weighted average price in the Green DAM for FY 2025 was ₹4.01 (~$0.05) per unit.</p>
<p><strong>Renewable Energy Certificate Market </strong></p>
<p>In FY 2025, IEX saw its highest-ever increase in renewable energy certificates (REC) trading, up 136% YoY. A total of 17.8 million RECs were traded, a 136% increase from FY 2024.</p>
<p>The exchange also witnessed a record quarterly RECs traded volume of 6.8 million in Q4, rising 108% from the same quarter last year.</p>
<p>In March 2025, 1.3 million RECs were traded at clearing prices of ₹348 (~$4.08)/REC and ₹347 (~$4.07)/REC, with traded volumes increasing 18% from March 2024.</p>
<p><strong>Electricity Market: Day-ahead, Real-time, and Term Ahead </strong></p>
<p>The day-ahead market (DAM) saw 16,931 million units (MU) traded during Q4 FY 2025, a 14% YoY increase from 14,916 MU.</p>
<p>The market&#8217;s traded volumes reached 61,311 MU in FY 2025, rising 15% YoY from 53,353 MU.</p>
<p>In March 2025, the DAM&#8217;s trading volumes grew 19% YoY from 4,654 MW to 5,547 MU.</p>
<p>The real-time market registered traded volumes of 9,650 MU in Q4, a 29% increase from 7,505 MU during the same quarter last year.</p>
<p>The market achieved traded volumes of 38,896 MU in FY 2025, rising 29% YoY from 30,125 MU.</p>
<p>During Q4 FY 2025, the term-ahead market traded 3,241 MU, an 8% YoY decrease. The market traded 11,760 MU for the full year, a 21% decline from the previous year.</p>
<p>IEX <a href="https://www.mercomindia.com/iex-electricity-trade-december" target="_blank" rel="noopener">recorded</a> its highest-ever monthly electricity trading volume of 11,132 MU in December 2024, marking a 29% YoY increase.</p>
<p>It also <a href="https://www.mercomindia.com/green-energy-trade-on-iex-up-85-yoy-in-february-2025" target="_blank" rel="noopener">traded</a> 552 MU of green energy in February 2025, an 85% YoY increase from 298 MU.</p>


IEX Trades Record 121 BU in FY 2025, Posts 100% Rise in Q4 Green Energy Market  

2025

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