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NHPC

NHPC NSE
₹78.49 No trade today
P/E
20.76
View as Markdown
MCP
Close 4 Nov 2026 ₹78.49 −4.36 −5.26% 1Y
Start ₹82.85

Key Fundamentals

MidcapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
5.75%
Debt to Equity
1.26
EPS (TTM)
₹3.78
Book Value
₹41.25
Market Cap
—
P/E (TTM)
20.76
P/B
1.90
ROE
9.32%
Dividend Yield
2.03%
EBITDA
₹6,307 Cr
52W High
₹86.83
52W Low
₹68.79
Volume
0

Peer Comparison

Utilities › Power › Power Generation

NHPC peer comparison
NTPC
₹321.9510.50₹3,09,905 Cr1.460.93%15.10%8.92%₹2,00,543 Cr₹30,459 Cr
Adani Green
₹1,388.00121.97₹2,25,153 Cr10.590.00%11.40%7.39%₹14,809 Cr₹2,249 Cr
JSW Energy
₹511.0045.99₹92,288 Cr2.550.40%7.51%8.16%₹18,965 Cr₹2,460 Cr
NHPC (this company)
₹78.4920.76₹80,260 Cr1.902.03%9.32%5.75%₹12,210 Cr₹4,267 Cr
NTPC Green Energy
₹83.51117.62₹69,433 Cr3.630.00%2.79%3.56%₹3,285 Cr₹605 Cr
NLC India
₹247.6810.70₹32,822 Cr1.601.67%11.90%8.42%₹18,381 Cr₹3,366 Cr
ACME Solar Holdings
₹421.0044.74₹29,572 Cr3.560.05%10.40%8.91%₹2,370 Cr₹602 Cr
Median 7 companies₹321.9544.74₹80,260 Cr2.550.40%10.40%8.16%₹14,809 Cr₹2,460 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

46 Average

Data confidence 100/100

Category scores

Quality
44
Weak
Returns, margins, earnings quality 22% weight
Valuation
49
Average
Cheap vs sector & own history 24% weight
Growth
45
Average
Sales & profit trajectory 9% weight
Financial Health
31
Poor
Solvency, leverage, coverage 9% weight
Momentum
58
Good
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4213
OscillatorsBearish423
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
63.31
Neutral
MACD (12,26,9)
1.01
Bullish
SMA (50)
74.85
Bullish
SMA (200)
77.08
Bullish

As of

Analyst Rating

Based on 8 analysts
TIED50%

4 of 8 analysts rate Buy, 0 Hold, 4 Sell.

As of

BUY
4
50%
HOLD
0
0%
SELL
4
50%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+3.35%
5Y+3.78%
3Y+3.07%
1Y+11.90%
TTM+12.02%

Net profit

Net profit growth by window
10Y+5.96%
5Y+3.23%
3Y−0.32%
1Y+23.68%
TTM+24.00%

Operating cash flow

Operating cash flow growth by window
10Y−5.77%
5Y−8.26%
3Y−11.21%
1Y−34.46%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−21.98 pp
5Y−19.43 pp
3Y−23.03 pp
1Y−17.94 pp
TTM−10.64 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹8,623 Cr
Mar 2018₹7,755 Cr
Mar 2019₹8,983 Cr
Mar 2020₹10,008 Cr
Mar 2021₹9,648 Cr
Mar 2022₹9,144 Cr
Mar 2023₹10,607 Cr
Mar 2024₹9,631 Cr
Mar 2025₹10,380 Cr
Mar 2026₹11,615 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹3,480 Cr
Mar 2018₹2,785 Cr
Mar 2019₹2,836 Cr
Mar 2020₹3,345 Cr
Mar 2021₹3,600 Cr
Mar 2022₹3,774 Cr
Mar 2023₹4,261 Cr
Mar 2024₹4,000 Cr
Mar 2025₹3,412 Cr
Mar 2026₹4,220 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹2,710 Cr −1.8% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

NHPC Ltd trades at ₹78.78 as of 2026-11-02 with a market cap of ₹79,406 Cr, a P/E of 20.84x, and a dividend yield of 2.07%. The company shows a TTM profit growth of 24% but carries a debt-to-equity ratio of 1.26 and a return on equity of 6.69%, reflecting a capital-intensive business with moderate profitability.

Bull Case 6
  • TTM profit growth stands at 24%, a sharp acceleration compared to the 3-year compounded profit growth of -1% and 5-year CAGR of 2%, indicating a recent earnings inflection.
  • The company maintains a healthy dividend payout ratio of 53.3%, translating to a dividend yield of 2.07% at the current price of ₹78.78, offering steady income to shareholders.
  • TTM revenue growth of 12% is meaningfully above the 10-year compounded sales growth of 3% and 5-year CAGR of 4%, suggesting improving top-line momentum.
  • Debtor days have improved from 114 to 82.6 days, signalling better working capital management and faster collections from power distribution companies.
  • The stock has delivered a 10-year CAGR of 11% and a 5-year CAGR of 19%, demonstrating long-term wealth creation for patient investors.
  • The 10-year average ROE of 9% has been consistently maintained across 3-year and 5-year periods, reflecting stable, if modest, return generation through economic cycles.
Bear Case 8
  • Earnings include other income of ₹2,609 Cr, raising questions about the quality and sustainability of core operating profits driving the TTM EPS of ₹3.78.
  • ROE stands at just 6.69% and ROCE at 4.09% as of 2026-11-02, both low for a company trading at a P/B of 1.91x, suggesting the market is pricing in growth the balance sheet has yet to deliver.
  • Debt-to-equity of 1.26 is elevated, and the company may be capitalising interest costs, which would understate true operating expenses and inflate reported profitability.
  • Promoter holding declined by 6.01% in the last quarter, a significant reduction that may signal dilution or reduced promoter confidence.
  • Five-year compounded sales growth is only 3.78%, reflecting the structural challenge of slow capacity addition and regulated tariff constraints in the hydropower sector.
  • Three-year compounded profit growth is -1%, indicating that the recent TTM surge of 24% may not yet represent a durable trend reversal.
  • The 3-year average ROE of 8.79% is low, and the tax rate appears understated, which could mean future effective tax normalisation would compress net margins.
  • The stock has declined 17% over the past one year despite broader market strength, underperforming the sector and reflecting investor scepticism about near-term fundamentals.

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

AI News Digest

9h ago

TL;DR: NHPC continues steady progress on the long-delayed Subansiri Lower project, now at 62.5% operational capacity with 1,250 MW commissioned. No negative catalysts surfaced in the latest news cycle. The key forward-looking question is the timeline for Units 6–8 clearance, which would unlock the remaining 750 MW and fully de-risk the project.

Neutral 1
  • Subansiri Unit 5 goes commercial Oct 22

    Unit 5 (250 MW) declared commercial on October 23, 2026, bringing five of eight units online at Subansiri Lower HE Project. Total operational capacity now 1,250 MW, or 62.5% of the project's potential, with 750 MW (Units 6–8) still awaiting final clearance.

Quarterly Results

₹ Cr
NHPC quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
305
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
628
605
1,102
1,069
330
920
1,131
1,219
321
1,549
1,178
EPS (₹)
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

₹ Cr
NHPC profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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

₹ Cr
NHPC balance sheet, annual, ₹ crore
Particulars 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
26,243
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

₹ Cr
NHPC cash flow, annual, ₹ crore
Particulars 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
107
102

Ratios

NHPC financial ratios, annual
Particulars 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
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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view NHPC insights

64 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 61.39%
  • DIIs 14.27%
  • FIIs 13.17%
  • Public 9.10%
  • Government 1.13%
  • Others 0.95%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about NHPC

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.
Where is NHPC Ltd (NHPC) listed?
NHPC Ltd trades as NHPC on the NSE and under code 533098 on the BSE.
Which sector does NHPC Ltd belong to?
NHPC Ltd is classified under the Power sector, in the Power Generation industry.
What is the PE ratio of NHPC Ltd?
NHPC Ltd trades at a PE ratio of 20.76 as of 4 Nov 2026, on earnings per share of ₹3.78, against a book value of ₹41.25 per share.
What is the 52-week high and low of NHPC Ltd?
Over the last 52 weeks NHPC Ltd has traded between ₹68.79 and ₹86.83 as of 4 Nov 2026.
Does NHPC Ltd pay dividends?
NHPC Ltd has a dividend yield of 2.03%.
What is the Return on Equity (ROE) of NHPC Ltd?
NHPC Ltd reported a return on equity of 9.32%. Its debt-to-equity ratio is 1.26.

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.

Website nhpcindia.com
CEO Mr. Uttam Lal
Employees 4,240
Listed 1 Sep 2009
Face Value ₹10

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