NHPC Ltd.

NSE: NHPC · Power Generation

52W Range₹72 ₹89

Snapshot

Unlock NHPC Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

NHPC Limited is a major Indian power utility primarily engaged in the generation and sale of electricity through hydro, wind, and solar power stations. The company also provides comprehensive consultancy services covering the entire lifecycle of power projects, from river basin studies to operation and maintenance.

Business Model

The company generates revenue by selling electricity to bulk customers, including state-owned utilities and private distribution companies. Additionally, it earns fees through project management, construction contracts, and technical consultancy services for power infrastructure.

  • Installed Capacity:7071.2 MW
  • Operating Power Stations:24

Growth Outlook

Growth is driven by the expansion of renewable energy capacity, including solar and wind projects, alongside the renovation and modernization of existing hydropower stations. The company continues to leverage its expertise to secure new consultancy and project management contracts.

Key Risks

  • Hydrological Risk. Power generation is highly dependent on seasonal rainfall and water availability, which can fluctuate due to climate change.
  • Regulatory and Tariff Risk. As a utility, the company is subject to tariff regulations set by government authorities, which may impact profitability.
  • Project Execution Risk. Large-scale infrastructure projects in the power sector are susceptible to delays due to geological challenges, environmental clearances, and land acquisition issues.
  • Counterparty Credit Risk. The company faces potential payment delays from state-owned distribution companies that may have weak financial health.

Price

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Key Metrics

REVENUE

₹11,615 Cr

TTM · consolidated

+11.9%YoY

NET PROFIT

₹4,220 Cr

TTM · consolidated

+23.1%YoY

EPS

₹3.75

TTM · consolidated

+25.0%YoY

RETURN ON EQUITY

10.5%

TTM · consolidated

+1.7 ppYoY

RETURN ON CAPITAL EMPLOYED

4.5%

TTM · consolidated

-1.9 ppYoY

P/E

21.0x

Q4 FY26 · consolidated

21.0 vs 22.9x5Y avg

EV/EBITDA

20.5x

Q4 FY26 · consolidated

20.5 vs 17.9x5Y avg

EBITDA MARGIN

54.3%

TTM · consolidated

-10.5 ppYoY

NET PROFIT MARGIN

55.0%

Q4 FY26 · consolidated

+15.8 ppYoY

DEBT TO EQUITY

1.3%

Q4 FY26 · consolidated

+0.3 ppYoY

Peers · Power Generation

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
NHPC Ltd.NHPC
76,59321.0420.5211.9%54.3%10.5%4.5%-10.9%
JSW Energy Ltd.JSWENERGY
85,45742.3515.5160.9%58.4%9.8%9.2%+2.2%
NTPC Green Energy Ltd.NTPCGREEN
82,114152.5440.5692.8%2.8%3.5%-16.9%
NLC India Ltd.NLCINDIA
36,01711.3310.4814.5%37.5%19.4%8.5%+26.1%
SJVN Ltd.SJVN
26,51042.9816.5147.4%78.3%4.5%6.0%-29.3%
Nava Ltd.NAVA
15,93521.218.857.7%44.4%13.2%13.3%-3.5%

As of Q4 FY26

Financials