Minerva Capital Research Solutions

NHPC

NSE: NHPCBSE: 533098
Compare with peers
₹ 74.44▲ 1.24 (+1.69%)28 Oct, 03:28 pm IST
Market cap
₹ 70,315 Cr.
P/E
18.5x
P/B
1.75x
52-week range
68.79 – 87.23
ROE
9%
ROCE
6%
Dividend yield
2.2%
Debt / equity
1.26
Sector
Power
Industry
Power Generation
Listed on
NSE, BSE

About

NHPC Limited is an India-based company, which is primarily engaged in the generation and sale of bulk power to various power utilities. The Company’s other business activities include project management / construction contracts/ consultancy assignment services and trading of power. It has an installed capacity of approximately 8247.18 megawatts (MW), including 1681.70 MW in joint venture, comprising over 7771.20 MW from 23 hydro power stations, 425.98 MW from five solar power projects and 50 MW from a wind power project. Its power stations include Salal, Dulhasti, Chutak, Baira Siul, Tanakpur, Dhauliganga, Rangit, Loktak, Indira Saga, Chamera-I, Uri-I, Omkareshwa, and others. Its consultancy services offer survey and investigation, planning, design and engineering, construction, operation and maintenance, renovation, modernization and updating of hydropower projects. Its subsidiaries include NHDC Limited, Bundelkhand Saur Urja Limited, Lanco Teesta Hydro Power Limited, and others.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Power Generation: 36 companies →

NHPC against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

  • Valuation (P/E)18.5 against a typical 35: cheaper than most peers (1st = cheapest).14th of 36
  • Sales growth+18.5% against a typical +6.5% from a year earlier.12th of 30
  • Profit growth+4.2% against a typical −1.3% from a year earlier.11th of 25
  • Share price, 3 months−6% against a typical −13.4%.9th of 34
  • Size₹ 70,315.2 Cr. market value against a typical ₹ 2,247.1 Cr. (1st = largest).4th of 33

Latest announcements

Exchange filings and their impact on the company.

  • 21 Oct 2026General UpdatesMedium impactPositivePrice −0.4% on 22 Oct
    NHPC commissioned the 5th 250 MW unit of Subansiri Lower, adding ~Rs 420 cr annual revenue potential.

    NHPC declared commercial operation of Unit-5 (250 MW) of the 2000 MW Subansiri Lower hydro project from 23 October 2026. With this, five units totalling 1250 MW are now operational, with three 250 MW units still to be commissioned. The new unit will start contributing regulated hydro generation revenue over the next 12 months.

    Filing

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

Highest safety

Rated AAA by 2 agencies
AAA
DefaultRiskyModerateSafeVery safe
  • All agencies agree and none has raised a warning.
AgencyCurrent ratingOutlookAs of
India RatingsWithdrawnStable14 Jul 2026
ICRA[ICRA]AAAStable1 Jul 2026
CARECARE AAAStable22 May 2026
Credit rating actions
RatingDetails
14 Jul 2026
Withdrawn
was IND AAA—India Ratings₹ 62,523.19 Cr.
1 Jul 2026
Reaffirmed
[ICRA]AAA—ICRA₹ 2,898.35 Cr.
22 May 2026
Reaffirmed
CARE AAA—CARE₹ 28,260.66 Cr.
20 Feb 2026
Reaffirmed
CARE AAA—CARE₹ 26,905.66 Cr.

Board meetings

Results dates and other board meetings. Full calendar

Details
4 Nov 2026UpcomingFinancial ResultsTo consider the unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended on 30th September, 2026.
4 Aug 2026Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2026
15 May 2026Financial Results/Dividend/Fund RaisingTo consider the financial results for the quarter and year ended March 31, 2026, recommendation of final dividend, if any, for FY 2025-26, and perusal of KID (Fund Raising)
14 Apr 2026Fund RaisingTo consider Fund Raising- the meeting of the Board of Directors of the Company is scheduled on 14/04/2026 ,inter alia, to consider the proposal for Monetization of future cash flow (Return on Equity) of one or more Power Station(s) for suitable tenure in single tranche during the financial year 2026-27.
25 Mar 2026Fund RaisingTo consider and approve the proposal regarding Borrowing Plan for the F.Y. 2026-27 through raising of secured/unsecured corporate bonds and/or raising of Term loans/ External Commercial Borrowings (ECB), etc.
4 Feb 2026Financial Results/DividendTo consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 and may also consider the proposal for declaration of interim dividend, if any, on equity share capital of Company for FY 2025-26
8 Jan 2026Fund RaisingTo consider and approve Fund Raising and perusal of GID and KID

Share price

1Y change −12.44%
0 of 1 filing day came with a big price move
Volume (shares)Price (₹)
Close price

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,9312,0561,8872,6943,0522,2872,3473,2143,3652,2212,8163,808
Expenses1,1631,3037351,0851,2471,2721,1421,4121,3382,0092,1791,456
Operating Profit1,7687521,1521,6091,8051,0151,2051,8022,0272126372,352
OPM %60%37%61%60%59%44%51%56%60%10%23%62%
Other Income2615876234314543652654134481,449306407
Interest116133365244308649−12261278310574606
Depreciation295296299296285297315436441457642600
Profit before tax1,6189091,1111,5001,6664341,1671,5181,755894−2741,554
Tax %−5%31%46%27%36%24%21%26%31%64%−666%24%
Net Profit1,6936236051,1021,0603309201,1311,2193211,5491,178
EPS in Rs1.540.480.541.020.90.230.851.061.020.221.451.09

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth
10 Years
3%
5 Years
4%
3 Years
3%
TTM
12%
Compounded Profit Growth
10 Years
6%
5 Years
2%
3 Years
−1%
TTM
24%
Stock Price CAGR
10 Years
11%
5 Years
24%
3 Years
15%
TTM
—
Return on Equity
10 Years
9%
5 Years
9%
3 Years
9%
TTM
—

Shareholding

Latest: Jun 2026.

Promoters
61.39%
−6.01 pts in a year
FIIs
12.29%
+2.98 pts in a year
DIIs
14.54%
+3.91 pts in a year
Government
1.13%
0 pts in a year
Public
10.64%
−0.88 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 18.5xEPS (12 months) ₹ 3.78Median P/E 11.1x
P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison
NHPC₹ 74.44₹ 70,315 Cr.18.5x1.8x9%—
Adani Power₹ 182.00₹ 70,196 Cr.32.2x6.4x21.2%23.9%
Power Grid Corporation of India₹ 247.20₹ 2,29,911 Cr.14.1x2.6x16.5%40%
Adani Green Energy₹ 1,185.00₹ 1,95,190 Cr.129.2x12.5x10.3%12.1%
Adani Energy Solutions₹ 1,219.85₹ 1,49,972 Cr.90.2x8.1x9.6%8.5%
Siemens Energy India₹ 2,649.00₹ 94,586 Cr.109x27.5x30.2%15%

Management

Bhupender Gupta
Chairman of the Board, Managing Director
Mahesh Kumar Sharma
Chief Financial Officer, Executive Director
Rupa Deb
Compliance Officer, Company Secretary
Suprakash Adhikari
Executive Director, Director - Technical
Jitendra Kumar
Executive Director
Sanjay Kumar Singh
Executive Director, Director - Projects

Prices are delayed and for information only. Nothing on this page is investment advice.