NHPC
NHPC
Power F&OKey Fundamentals
MidcapPower GenerationPowerTapetide Score
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Key Insights
Strengths
2- Company has been maintaining a healthy dividend payout of 53.3%
- Debtor days have improved from 114 to 82.6 days.
Weaknesses
6- Promoter holding has decreased over last quarter: -6.01%
- 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 8.79% over last 3 years.
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.2,609 Cr.
Growth Rate
AI Analysis — Bull vs Bear
NHPC Ltd is a state-owned hydropower utility with a market capitalisation of about Rs 76,031 Cr, trading at a P/E of 17.9, a P/B of 1.84 and a dividend yield of 2.11%. Trailing-twelve-month sales grew 12% and profit grew 24%. Over longer periods growth has been slow: 5-year sales CAGR is 3.78%, 3-year profit CAGR is -1%, and return on equity has stayed around 9% across 3, 5 and 10 years. The stock has returned 22% CAGR over 5 years but is down 9% over the past year.
- The company keeps a dividend payout ratio of 53.3%, which gives a dividend yield of 2.11% at the current market cap of about Rs 76,031 Cr.
- Collections have improved. Debtor days fell from 114 to 82.6, a cut of roughly 31 days, which suggests better payments from state distribution utilities.
- Recent growth has picked up. TTM profit grew 24% and TTM sales grew 12%, well above the 5-year sales CAGR of 4% and 5-year profit CAGR of 2%, which may point to new capacity starting to contribute.
- The stock has compounded at 22% CAGR over 5 years and 13% over 3 years, far ahead of the company's 5-year sales CAGR of 4%.
- Under CERC tariff norms, regulated hydro equity earns a base return of 15.5-16.5%. That is well above the reported ROE of about 9%. As capital work-in-progress moves into commissioned, tariff-earning assets, reported returns could move toward regulated levels.
- Large hydro projects such as Subansiri Lower (2,000 MW) are in phased commissioning. The asset base that earns regulated returns could grow faster than the 10-year sales CAGR of 3%.
- Over 10 years, profit grew at 6% CAGR against sales at 3%, which shows some operating leverage over the long run.
- After a 9% fall over the past year, the stock trades at a P/E of 17.9 and a P/B of 1.84, which is lower than where it traded before the pullback.
- Return on equity is low, averaging 8.79% over the last 3 years and staying at about 9% across 1, 3, 5 and 10 years. That is well below the 15.5-16.5% regulated ROE hydro assets can earn.
- Top-line growth has been weak for a long time. Sales grew at 3.78% CAGR over 5 years and 3% over 10 years, below India's nominal GDP growth over the same periods.
- Profit shrank at a 3-year CAGR of -1% and grew only 2% over 5 years. This raises the question of whether the 24% TTM profit growth can last.
- Earnings include other income of Rs 2,609 Cr. That is a meaningful non-operating contribution relative to the company's operating profit and lowers earnings quality.
- The company may be capitalising interest cost on under-construction projects. This can make current profits look higher and shift finance costs into future depreciation and interest charges once projects are commissioned.
- Promoter holding fell by 6.01% over the last quarter, which increases free float and may reflect government stake sales.
- The tax rate looks low. If the effective rate normalises, reported earnings could fall. It also makes the P/E of 17.9 less comparable with fully taxed peers.
- At a P/B of 1.84 with an ROE of about 9%, the market is pricing in an improvement in returns that has not shown up in 10 years of data. The stock is also down 9% over the past year.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- ₹392 cr Subansiri arbitral award Sep 3
An arbitral award of ₹392.31 crore plus €15.36 lakh was issued in the BGS-SGS-SOMA dispute over the Subansiri Lower Hydroelectric Project, including principal and 10% interest from September 2021 to August 2026. The article says NHPC 'secured' the award, but the note that CERC rules let it be recovered as project cost through tariffs suggests NHPC pays the contractor, with the cost passed through to tariffs, so the earnings impact should be limited.
- Crisil ESG 64, Core 74 Sep 21
Crisil ESG Ratings & Analytics gave NHPC an ESG rating of 64 and a Core ESG rating of 74. The agency prepared the rating independently from public-domain data.
- Mixed third-party ESG scores Sep 16
Niche Ninety Nine Capability and Certifications gave NHPC an ESG rating of 64 on Sep 16. ESG Risk Assessments & Insights gave a lower score of 48 on Sep 9. Both were prepared from public data without the company's involvement.
TL;DR: Recent news flow for NHPC is mostly routine disclosures with no new operating or financial catalysts. ESG ratings are moderate but uneven across agencies (64, 64 and 48), which may limit its appeal to ESG-focused funds. The ₹392.31 crore Subansiri arbitral award adds to project cost, but tariff pass-through under CERC rules should soften the hit to profits. The trend is stable, and the next drivers to watch are Subansiri Lower commissioning progress and quarterly generation numbers.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,757 | 2,931 | 2,056 | 1,887 | 2,694 | 3,052 | 2,287 | 2,347 | 3,214 | 3,365 | 2,221 | 2,816 | 3,808 |
| Expenses | 1,253 | 1,163 | 1,303 | 735 | 1,085 | 1,247 | 1,272 | 1,142 | 1,412 | 1,338 | 2,009 | 2,179 | 1,456 |
| Operating Profit | 1,505 | 1,768 | 752 | 1,152 | 1,609 | 1,805 | 1,015 | 1,205 | 1,802 | 2,027 | 212 | 637 | 2,352 |
| OPM % | 55% | 60% | 37% | 61% | 60% | 59% | 44% | 51% | 56% | 60% | 10% | 23% | 62% |
| Other Income | 292 | 261 | 587 | 623 | 431 | 454 | 365 | 265 | 413 | 448 | 1,449 | 306 | 407 |
| Interest | 109 | 116 | 133 | 365 | 244 | 308 | 649 | -12 | 261 | 278 | 310 | 574 | 606 |
| Depreciation | 294 | 295 | 296 | 299 | 296 | 285 | 297 | 315 | 436 | 441 | 457 | 642 | 600 |
| PBT | 1,394 | 1,618 | 909 | 1,111 | 1,500 | 1,666 | 434 | 1,167 | 1,518 | 1,755 | 894 | -274 | 1,554 |
| Tax % | 21% | -5% | 31% | 46% | 27% | 36% | 24% | 21% | 26% | 31% | 64% | -666% | 24% |
| Net Profit | 1,095 | 1,693 | 623 | 605 | 1,102 | 1,060 | 330 | 920 | 1,131 | 1,219 | 321 | 1,549 | 1,178 |
| EPS in Rs | 1.03 | 1.54 | 0.48 | 0.54 | 1.02 | 0.9 | 0.23 | 0.85 | 1.06 | 1.02 | 0.22 | 1.45 | 1.09 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 12,210 |
| Expenses | 3,087 | 3,571 | 3,739 | 3,508 | 4,002 | 5,152 | 4,371 | 5,131 | 4,423 | 4,695 | 4,857 | 7,519 | 6,982 |
| Operating Profit | 5,134 | 4,783 | 4,884 | 4,248 | 4,981 | 4,856 | 5,277 | 4,013 | 6,184 | 4,936 | 5,523 | 4,097 | 5,227 |
| OPM % | 62% | 57% | 57% | 55% | 55% | 49% | 55% | 44% | 58% | 51% | 53% | 35% | 43% |
| Other Income | 1,597 | 1,174 | 2,245 | 1,185 | 1,733 | 901 | 1,087 | 981 | 743 | 2,030 | 1,626 | 3,196 | 2,609 |
| Interest | 1,296 | 1,160 | 1,133 | 924 | 896 | 877 | 577 | 586 | 475 | 767 | 1,189 | 1,423 | 1,768 |
| 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 | 2,140 |
| 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 | 3,929 |
| 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 | 4,267 |
| 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 | 3.78 |
| Div. Payout % | 27% | 81% | 61% | 57% | 56% | 52% | 49% | 52% | 48% | 53% | 64% | 43% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 26,243 |
| 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 | 1,20,007 |
| Fixed Assets | 27,916 | 22,610 | 22,227 | 21,201 | 24,977 | 24,402 | 21,993 | 21,825 | 22,137 | 21,474 | 22,168 | 50,290 |
| CWIP | 16,378 | 16,742 | 17,588 | 19,087 | 15,037 | 17,180 | 19,167 | 22,522 | 31,357 | 39,798 | 50,601 | 34,948 |
| 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 | 34,329 |
| 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 | 1,20,007 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 107 | 102 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 129 | 83 | 78 | 63 | 115 | 131 | 194 | 207 | 212 | 168 | 90 | 83 |
| Cash Conversion Cycle | 129 | 83 | 78 | 63 | 115 | 131 | 194 | 207 | 212 | 168 | 90 | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY10–FY27.
Documents
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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]
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