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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 3,23,287 | 11.7 | 1.53 | 10.2 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,11,030 | 87.2 | 7.06 | 27.2 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 96,469 | 47.0 | 2.87 | 15.3 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD ◆ | 76,724 | 20.2 | 1.59 | 20.1 | 8.7 | 2.7 | 3.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · NHPC newspaper notice on physical shares demat special window | compliance | minimal | — | — |
| 9 Sept 2026 · NHPC gets ESG Score of 48 from independent third-party agency | business updates | low | — | — |
| 8 Sept 2026 · NHPC appoints joint statutory auditors for FY 2026-27 | management changes | medium | — | — |
| 2 Sept 2026 · NHPC partial win in arbitration; AT awards about half of contractor's claim | regulatory legal | high | — | — |
| 29 Aug 2026 · NHPC ESG score revised down by S&P Global to 57 from 61 | business updates | medium | — | — |
| 28 Aug 2026 · NHPC 50th AGM: All 11 resolutions approved by shareholders | compliance | minimal | — | — |
| 28 Aug 2026 · NHPC to attend Ashwamedh-Elara India Dialogue 2026 on Sept 3 | investor communications | low | — | — |
| 28 Aug 2026 · NHPC 50th AGM: borrowing limit raised to Rs 70,000 Cr, key appointments | board shareholder meetings | medium | — | — |
| 28 Aug 2026 · NHPC appoints Cost Auditors for FY 2026-27 across power stations | management changes | medium | — | — |
| 21 Aug 2026 · Postponement of NHPC-Jalpower amalgamation hearing | regulatory legal | medium | — | — |
| 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 |
| 65.7 |
| NTPC GREEN ENERGY LIMITED | 73,604 | 123.0 | 3.84 | 38.8 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 36,725 | 11.0 | 1.45 | 9.7 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 28,352 | 41.0 | 5.60 | 19.9 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 25,984 | 40.8 | 1.82 | 16.1 | 4.5 | 2.8 | 12.7 | 65.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.2 | 20.2 | 13 of 25 | 50% |
| P/B | 1.6 | 1.6 | 14 of 26 | 48% |
| ROCE | 2.8 | 2.7 | 14 of 29 | 54% |
| ROE | 8.7 | 6.2 | 11 of 27 | 62% |
| Debt / Equity | 1.1 | 0.7 | 17 of 27 | 39% |
| 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 | 76724 | 3866 | 4 of 29 | 89% |
| 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 |
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.
