NHPC Ltd logo

NHPC Ltd

NHPC NSE

Key Fundamentals

MidcapPower GenerationPower
Market Cap
₹78,944 Cr
Volatility
Moderate
P/E Ratio
21.17
EBITDA
₹5,236 Cr
Return on Equity
8.28%
Debt to Equity
0.92
Book Value
₹41.25
EPS
₹3.6
52W High
₹89.75
52W Low
₹71.62

Technical Indicators

Key Insights

Strengths

2
  • Company has been maintaining a healthy dividend payout of 53.3%
  • Debtor days have improved from 140 to 82.6 days.

Weaknesses

6
  • The company has delivered a poor sales growth of 3.78% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 8.72% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.2,057 Cr.
  • Promoter holding has decreased over last 3 years: -3.55%

Growth Rate

Revenue Growth
-0.97% ↗
Net Income Growth
-2.53% ↘
Cash Flow Change
-30.69% ↘
ROE
-15.57% ↘
ROCE
-4.21% ↗
EBITDA Margin (Avg.)
-34.61% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
AI opinion · based on fundamentals
Risk medium
HOLD Worth holding, not adding Conviction 5/10

NHPC trades at a PE of 18.6x with modest 3% sales CAGR over 5 years but offers a healthy 53.3% dividend payout and improving debtor days. The 62.5% buy rating from analysts is encouraging, but weak ROE of 8.72% and declining promoter holding warrant caution at current valuations.

Bull Case 8
  • Strong analyst consensus with 62.5% buy ratings (5 out of 8 analysts recommend buy)
  • Healthy dividend payout ratio of 53.3% with current dividend yield of 1.79%, providing steady income
  • TTM profit growth of 28% indicates strong near-term earnings momentum
  • Debtor days improved significantly from 140 to 82.6 days, reflecting better working capital management
  • 10-year stock CAGR of 13% demonstrates consistent long-term wealth creation
  • TTM sales growth of 12% shows acceleration from the 5-year CAGR of just 4%
  • Market cap of Rs.78,904 Cr provides large-cap stability with government backing as a PSU hydropower company
  • PB ratio of 1.9x is reasonable for an asset-heavy utility with long-life hydro assets
Bear Case 8
  • Poor 5-year compounded sales growth of only 3.78%, indicating limited topline expansion
  • Low 3-year average ROE of 8.72% suggests inefficient capital utilization for shareholders
  • Promoter holding decreased by 3.55% over last 3 years, signaling potential government disinvestment overhang
  • Other income of Rs.2,057 Cr inflates earnings quality, masking weaker core operating performance
  • 5-year compounded profit CAGR of just 2% shows earnings have largely stagnated over medium term
  • Stock has delivered negative 1-year return of -8%, underperforming broader markets
  • Company may be capitalizing interest costs, which flatters reported profits and understates true expenses
  • PE of 18.6x is elevated for a utility with single-digit ROE of 9% and low growth profile

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 15h ago
Headwinds 2
  • Govt OFS at 8% discount Jun 01

    Government selling 6% stake (up to 60.27 crore shares) via OFS at Rs 71 floor price, an 8% discount to closing price of Rs 77.19. Stock near 52-week low with -11.35% returns over past year.

  • Subansiri cost escalation 4x Jun 01

    Flagship 2,000 MW Subansiri Lower project costs ballooned from Rs 6,285 crore (2002) to approximately Rs 26,000 crore due to delays and interest during construction.

Positives 3
  • 3097 MW Etalin project signed Jun 16

    NHPC signed MoA with Arunachal Pradesh government for the 3097 MW Etalin Hydro Electric Project on BOOT basis for 40 years, significantly expanding capacity pipeline.

  • Rs 2,000 crore bond raise May 29

    NHPC raised Rs 2,000 crore through 7.67% AI Series Bonds due 2041, demonstrating strong capital market access for funding 9,704 MW under-construction pipeline.

  • 9,704 MW expansion pipeline Jun 01

    NHPC has 14 projects totaling 9,704 MW under construction with board-approved borrowing of up to Rs 8,000 crore for FY27 through bonds, loans, and ECBs.

Neutral 6
  • Trading window closed for Q1 Jun 23

    NHPC shuts trading window from July 1, 2026, until 48 hours after Q1FY27 results are declared, per SEBI regulations.

  • Govt retains 61.4% post-OFS Jun 01

    Government holding drops from 67.40% to ~61.40% post-OFS, well above 51% control threshold. Public float rises to 38.60%, improving liquidity.

  • JM Financial conference attendance Jun 10

    NHPC participated in JM Financial Virtual PSU Conference on June 15, 2026, and held Mumbai investor meet on June 12. No UPSI shared.

  • Director Personnel retires May 29

    Shri Uttam Lal, Director (Personnel), ceased office on May 31, 2026, upon superannuation.

  • No promoter share encumbrance Jun 09

    President of India confirmed no encumbrance on NHPC promoter shares in FY26 under SEBI SAST Regulations.

  • Special window for share transfer Jun 01

    NHPC opened special window for transferring and dematerializing physical shares per SEBI circular dated January 30, 2026.

TL;DR: NHPC is executing an aggressive capacity expansion with 9,704 MW under construction and the newly signed 3,097 MW Etalin project, backed by strong bond market access. Key near-term overhang is the government's 6% OFS at an 8% discount near 52-week lows, which pressures stock price but improves float and liquidity. Project execution risk remains elevated given Subansiri's 4x cost escalation history. Trend is constructive on fundamentals but near-term supply pressure from OFS may cap upside until absorbed.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
2,029
2,757
2,931
2,056
1,887
2,694
3,052
2,287
2,347
3,214
3,365
2,221
2,816
Expenses
1,141
1,253
1,163
1,303
735
1,085
1,247
1,272
1,142
1,412
1,338
2,009
2,179
Operating Profit
888
1,505
1,768
752
1,152
1,609
1,805
1,015
1,205
1,802
2,027
212
637
OPM %
44%
55%
60%
37%
61%
60%
59%
44%
51%
56%
60%
10%
23%
Other Income
425
292
261
587
623
431
454
365
265
413
448
1,449
306
Interest
111
109
116
133
365
244
308
649
-12
261
278
310
574
Depreciation
304
294
295
296
299
296
285
297
315
436
441
457
642
PBT
898
1,394
1,618
909
1,111
1,500
1,666
434
1,167
1,518
1,755
894
-274
Tax %
17%
21%
-5%
31%
46%
27%
36%
24%
21%
26%
31%
64%
-666%
Net Profit
745
1,095
1,693
623
605
1,102
1,060
330
920
1,131
1,219
321
1,549
EPS in Rs
0.65
1.03
1.54
0.48
0.54
1.02
0.9
0.23
0.85
1.06
1.02
0.22
1.45
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
8,221
8,354
8,623
7,755
8,983
10,008
9,648
9,144
10,607
9,631
10,380
11,615
Expenses
3,087
3,571
3,739
3,508
4,002
5,152
4,371
5,131
4,423
4,695
4,957
6,379
Operating Profit
5,134
4,783
4,884
4,248
4,981
4,856
5,277
4,013
6,184
4,936
5,423
5,236
OPM %
62%
57%
57%
55%
55%
49%
55%
44%
58%
51%
52%
45%
Other Income
1,597
1,174
2,245
1,185
1,733
901
1,087
981
743
2,030
1,726
2,057
Interest
1,296
1,160
1,133
924
896
877
577
586
475
767
1,189
1,423
Depreciation
1,715
1,432
1,462
1,469
1,658
1,614
1,292
1,190
1,215
1,184
1,193
1,976
PBT
3,718
3,365
4,535
3,040
4,159
3,266
4,495
3,217
5,237
5,015
4,767
3,894
Tax %
25%
30%
23%
8%
32%
-2%
20%
-17%
19%
20%
28%
-8%
Net Profit
2,798
2,365
3,480
2,785
2,836
3,345
3,600
3,774
4,261
4,000
3,412
4,220
EPS in Rs
2.25
1.85
2.95
2.45
2.58
2.87
3.26
3.51
3.89
3.58
2.99
3.75
Div. Payout %
27%
81%
61%
57%
56%
52%
49%
52%
48%
53%
64%
43%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
11,071
11,071
10,259
10,259
10,045
10,045
10,045
10,045
10,045
10,045
10,045
10,045
Reserves
19,687
20,572
18,756
19,782
20,753
21,336
23,008
24,876
26,916
28,624
29,623
31,392
Borrowings
20,584
19,938
19,227
18,602
19,066
23,226
23,365
26,096
29,540
32,561
39,557
52,327
Other Liabilities
10,094
11,242
11,946
14,290
16,870
16,669
16,717
16,271
19,710
21,037
23,455
26,247
Total Liabilities
61,436
62,823
60,187
62,933
66,734
71,277
73,136
77,288
86,211
92,267
1,02,680
1,20,011
Fixed Assets
27,916
22,610
22,227
21,201
24,977
24,402
21,993
21,825
22,137
21,474
22,168
50,494
CWIP
16,378
16,742
17,588
19,087
15,037
17,180
19,167
22,522
31,357
39,798
50,601
34,744
Investments
1,020
606
1,020
1,125
1,283
1,398
1,842
2,386
499
479
444
440
Other Assets
16,123
22,866
19,352
21,520
25,437
28,297
30,133
30,554
32,218
30,516
29,467
34,333
Total Assets
61,436
62,823
60,187
62,933
66,734
71,277
73,136
77,288
86,211
92,267
1,02,680
1,20,011
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
4,061
5,971
8,329
4,696
3,824
2,993
5,070
4,590
4,705
7,252
5,026
3,294
Investing
-768
-746
-1,864
-886
-1,182
-2,987
-1,607
-3,084
-4,191
-5,940
-7,550
-11,139
Financing
-2,494
-4,000
-7,812
-3,863
-2,637
12
-3,058
-638
-795
-924
1,904
8,928
Net Cash Flow
798
1,224
-1,347
-53
5
17
405
867
-281
388
-620
1,082
Free Cash Flow
2,335
3,824
6,742
3,133
2,464
-639
3,012
888
-269
285
-3,823
-8,274
CFO/OP
95
143
193
130
94
79
110
135
92
165
109
80
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
129
83
78
63
115
131
194
207
212
168
169
83
Cash Conversion Cycle
129
83
78
63
115
131
194
207
212
168
169
83
Working Capital Days
-1
109
-29
-120
-18
57
36
11
-1
-51
-58
-97
ROCE %
9%
8%
11%
8%
10%
8%
9%
6%
8%
8%
7%
6%

Shareholding Pattern

As of Mar 2026
Promoters 67.40%
DIIs 10.78%
FIIs 10.34%
Public 9.49%
Government 1.13%
Others 0.86%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
70.95%
70.95%
70.95%
70.95%
70.95%
70.95%
70.95%
70.95%
70.95%
70.95%
70.95%
70.95%
67.40%
67.40%
67.40%
67.40%
67.40%
67.40%
67.40%
67.40%
67.40%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.59%
7.38%
6.80%
8.97%
9.38%
8.78%
8.80%
9.31%
10.05%
10.39%
10.34%
DIIs
14.89%
15.18%
15.82%
15.51%
15.26%
14.52%
14.64%
14.44%
14.20%
14.23%
12.93%
13.42%
11.31%
10.27%
9.78%
10.04%
10.62%
10.65%
10.55%
10.32%
10.78%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.73%
1.71%
1.53%
1.53%
1.53%
1.28%
1.28%
1.13%
1.13%
1.13%
1.13%
1.13%
1.13%
1.13%
Public
5.65%
5.36%
4.99%
5.07%
5.20%
5.06%
5.17%
5.14%
4.96%
4.90%
5.95%
5.80%
12.00%
10.98%
11.24%
11.62%
10.99%
10.57%
10.00%
9.90%
9.49%
Others
8.51%
8.51%
8.25%
8.47%
8.59%
9.47%
9.24%
7.74%
8.18%
8.38%
1.05%
0.93%
1.22%
1.11%
1.08%
1.03%
1.06%
0.95%
0.88%
0.86%
0.86%
No. of Shareholders
6,82,840
6,97,678
6,92,030
7,84,996
8,26,357
8,24,310
8,37,970
8,34,759
8,35,504
8,37,822
9,57,445
10,32,820
33,35,570
36,28,670
39,06,730
40,65,440
39,90,220
37,73,350
36,07,900
34,71,410
33,67,950

Documents

1
Concall - Aug 2017 Aug 2017
2
Concall - May 2018 May 2018
3
Concall - May 2022 May 2022
4
Concall - Aug 2022 Aug 2022
5
Concall - Nov 2022 Nov 2022

Frequently Asked Questions about NHPC Ltd

What does NHPC Ltd do?
NHPC, a Navratna Ratna public sector utility, is Government of India’s flagship hydroelectric generation company. The company is primarily involved in the generation and sale of bulk power to various Power Utilities. Its other business includes providing project management / construction contrac...
Where is NHPC Ltd (NHPC) listed?
NHPC Ltd is listed on the Indian stock exchanges. It is listed on NSE: NHPC and BSE: 533098. You can view its live share price, financials, and ratios on Tapetide.
Which sector does NHPC Ltd belong to?
NHPC Ltd operates in the Utilities sector within the Power industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of NHPC Ltd?
NHPC Ltd has a market capitalisation of approximately ₹78943.93 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of NHPC Ltd?
The Price-to-Earnings (PE) ratio of NHPC Ltd is 21.17. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of NHPC Ltd?
Over the past 52 weeks, NHPC Ltd has traded between a low of ₹71.62 and a high of ₹89.75. This range helps investors understand the stock's price volatility and recent trading levels.
Does NHPC Ltd pay dividends?
Yes, NHPC Ltd has a dividend yield of 1.77%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of NHPC Ltd?
NHPC Ltd has a Return on Equity (ROE) of 8.28%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research NHPC Ltd on Tapetide?
On Tapetide, you can view NHPC Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

NHPC, a Navratna Ratna public sector utility, is Government of India’s flagship hydroelectric generation company. The company is primarily involved in the generation and sale of bulk power to various Power Utilities. Its other business includes providing project management / construction contracts/ consultancy assignment services and trading of power. [1][2]

Website nhpcindia.com
CEO Mr. Uttam Lal
Employees 4,240
Listed 2009-09-01
Face Value ₹ 10
Issued Size 10,04,50,34,805

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