NSE: NHPC · BSE: 533098
NHPC LTD
Generates and sells hydroelectric power from a portfolio of large dams and run-of-the-river schemes across India, billing state distribution utilities and power procurers under PPAs at tariffs set or adopted by the Central Electricity Regulatory Commission. In FY26, output rose 16% to 29,619 MUs, driven by the commissioning of Parbati-II and four of eight units at the 2,000 MW Subansiri Lower project, with solar projects such as Karnisar also contributing. Profit was lifted by a one-off ₹1,156 crore DTL reversal and growth in regulated equity, which management expects to expand from ₹18,309 crore to ₹30,672 crore by end-FY27 as ~2,994 MW of hydro and 1,190 MW of solar capacity commission. The capex pipeline is large — ₹26,070 crore approved for the 1,720 MW Kamala project, a ₹14,446 crore dam package for Dibang awarded in April 2026, and ₹13,689 crore of FY26 capex — pointing to continued heavy build-out. On the cost side, 'other operating expenses' (which jumped on network access charges and insurance) make up 42% of revenue, depreciation 17% and employee costs 12.9%, while power generation itself is essentially a pass-through of the CERC-allowed return on regulated equity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hydroelectric power generation, Solar power generation, Pumped storage hydro (in development). Cyclical, asset-heavy regulated hydropower utility with a multi-year, large-scale capex pipeline
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9,189 | 10,607 | 9,632 | 10,380 | 11,615 |
| EBITDA (ex other income) | 5,187 | 6,268 | 4,868 | 5,520 | 5,236 |
| margin % | 56.5 | 59.1 | 50.5 | 53.2 | 45.1 |
| Owners' profit | 3,524 | 3,890 | 3,624 | 3,007 | 3,766 |
| EPS, as reported (₹) | 3.51 | 3.87 | 3.61 | 2.99 | 3.75 |
| ROE % · ROCE % | 10.0 · 7.0 | 10.2 · 7.3 | 9.2 · 6.0 | 7.6 · 6.1 | 8.7 · 4.1 |
| Debt / equity (x) | 0.69 | 0.71 | 0.74 | 0.87 | 1.08 |
| Cash from operations | 6,472 | 4,692 | 6,938 | 5,026 | 3,294 |
| Capex | (5,014) | (4,960) | (6,997) | (8,851) | (11,572) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,052 | 2,287 | 2,347 | 3,214 | 3,365 | 2,221 | 2,816 | 3,808 |
| Profit before tax | 1,571 | 399 | 1,113 | 1,334 | 1,572 | (283) | 285 | 1,298 |
| Net profit | 1,069 | 330 | 920 | 1,131 | 1,219 | 321 | 1,549 | 1,178 |
| EPS (₹) | 0.90 | 0.23 | 0.85 | 1.06 | 1.02 | 0.22 | 1.45 | 1.09 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,95,264 | 10.6 | 1.40 | 9.7 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,09,663 | 86.6 | 7.02 | 27.0 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 88,507 | 43.1 | 2.64 | 14.6 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD ◆ | 74,383 | 19.6 | 1.54 | 19.8 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 69,947 | 116.9 | 3.65 | 37.4 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,560 | 9.5 | 1.25 | 8.9 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 28,962 | 41.9 | 5.72 | 20.2 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,030 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.6 | 19.2 | 12 of 22 | 48% |
| P/B | 1.5 | 1.4 | 15 of 26 | 44% |
| ROCE | 2.8 | 2.7 | 14 of 29 | 54% |
| ROE | 8.7 | 5.3 | 10 of 26 | 64% |
| Debt / Equity | 1.1 | 0.8 | 16 of 26 | 40% |
| EBITDA margin | 65.7 | 53.8 | 10 of 24 | 61% |
| Revenue growth | 18.5 | 10.0 | 8 of 24 | 70% |
| Profit growth | 4.2 | 4.2 | 13 of 25 | 50% |
| Market cap | 74383 | 3356 | 4 of 29 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · NHPC begins commercial operation of Unit 5 at Subansiri Lower HE Project | capex operations | high | — | — |
| 16 Oct 2026 · NHPC gets ESG rating of 75 from NSE Sustainability | business updates | medium | — | — |
| 16 Oct 2026 · NHPC board to meet on 4 Nov to consider Q2 FY27 results | results | low | — | — |
| 12 Oct 2026 · NHPC submits quarterly demat compliance certificate to stock exchanges | compliance | minimal | — | — |
| 1 Oct 2026 · NHPC promotes internal exec Shri Suresh Kumar as ED effective Oct 1 2026 | management changes | medium | — | — |
| 30 Sept 2026 · NHPC ED superannuation: change in senior management | management changes | medium | — | — |
| 23 Sept 2026 · Trading window closed from 1 Oct 2026 until 48 hrs after Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · NHPC informs MCA hearing date for Jalpower amalgamation set for 28 Sep 2026 | regulatory legal | medium | — | — |
| 21 Sept 2026 · NHPC gets Crisil ESG rating of 64, Core ESG score of 74 | credit debt | medium | — | — |
| 16 Sept 2026 · NHPC receives ESG rating of 64 from independent third-party agency | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.