NHPC
NHPC
Power F&OKey Fundamentals
MidcapPower GenerationPowerTapetide Score
Data-driven rating, 0–100. How it works →
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
anthropic claude-opus-4.6 2d agoNHPC Ltd is a government-backed hydropower generator with a market cap of ₹76,824 Cr, trading at a PE of 18x with a consistent but modest ROE of ~9% over the last decade. TTM sales growth of 12% and profit growth of 24% show near-term improvement, but the longer-term 5-year sales CAGR of just 3.78% and 5-year profit CAGR of 2% reflect sluggish structural growth.
- Healthy dividend payout of 53.3% with a dividend yield of 2.11%, offering steady income in a capital-intensive sector
- TTM revenue growth of 12% marks a significant acceleration versus the 5-year sales CAGR of just 4%
- TTM profit growth of 24% indicates improving operational leverage and possible tariff revisions flowing through to the bottom line
- Debtor days improved from 114 to 82.6 days, signaling better receivable management and cash conversion
- 10-year stock price CAGR of 12% and 5-year CAGR of 23% reflect sustained long-term re-rating by the market
- As a government-owned hydropower producer, NHPC benefits from long-duration regulated return projects with minimal fuel cost risk
- PE of 18x is reasonable for a utility with predictable cash flows and government backing, providing some valuation support
- 5-year compounded sales growth of only 3.78% reflects structurally slow capacity addition and revenue expansion
- 3-year compounded profit growth is negative at -1%, indicating earnings have been largely stagnant over the medium term
- ROE has remained flat at ~9% for 3, 5, and 10-year periods, well below the cost of equity for most investors
- Promoter holding declined by 6.01% in the last quarter, a notable reduction that may signal government disinvestment or dilution
- Earnings include other income of ₹2,609 Cr, raising concerns about the quality and sustainability of core operating profits
- Company may be capitalizing interest costs, which would inflate reported asset values and understate true expenses
- 1-year stock price return of -7% shows recent negative momentum despite the broader market rally
- Low effective tax rate raises questions about the sustainability of post-tax earnings if tax benefits expire or normalize
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- ESG score cut after Teesta incident Aug 29
S&P Global revised NHPC's ESG score down from 61 to 57 as of August 28, 2026, citing the Teesta VI HEP incident. Social and Governance pillars were specifically impacted.
- ₹392 crore arbitral award won Sep 3
NHPC secured an arbitral award of ₹392.31 crore plus €15.36 lakh from BGS-SGS-SOMA related to the Subansiri Lower HEP. The amount includes 10% interest (Sep 2021–Aug 2026) and is recoverable through tariffs under CERC regulations.
- Borrowing limit raised to ₹70K crore Aug 28
At its 50th AGM on August 28, 2026, shareholders approved raising the borrowing limit to ₹70,000 crore and appointed Bhupender Gupta as CMD.
- Independent ESG score at 48 Sep 9
ESG Risk Assessments & Insights Limited assigned NHPC an independent ESG score of 48, prepared using public data without direct company engagement.
- Nine cost auditors appointed for FY27 Aug 28
NHPC appointed nine cost auditor firms for FY27 with Dhananjay V. Joshi & Associates as lead auditor for consolidation.
- Investor conference participation Sep 3 Aug 28
NHPC scheduled in-person analyst interactions at the Ashwamedh-Elara India Dialogue 2026 in Mumbai on September 3, 2026.
- Jalpower amalgamation hearing delayed Aug 21
The final hearing for NHPC's amalgamation with subsidiary Jalpower Corporation Limited was postponed from August 25 due to MCA administrative exigencies.
TL;DR: NHPC secured a meaningful ₹392 crore arbitral award and raised its borrowing limit to ₹70,000 crore, signaling capacity for future capex. The key risk is the Teesta VI incident dragging down its ESG profile, with S&P cutting the score from 61 to 57. Operational and governance developments are routine. The outlook hinges on execution of its hydro project pipeline and whether ESG concerns around Teesta VI escalate further.
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–FY26.
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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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