NHPC
NHPC · NSE · Large Cap
NHPC
Hydro PSU diversifying into solar and pumped-hydro storage projects.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. NHPC: capacity compounding meets falling tariffs — capital recycling and offtaker mix decide equity IRR.
Bull case for NHPC: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for NHPC: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Average realized tariff and merchant exposure
- 06Capital recycling via InvIT / asset sales
- 07Equity IRR vs cost of equity
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 25.5x | — |
| Forward P/E | — | — |
| EV/EBITDA | 22.1x | — |
| EV/Sales | 11.6x | — |
| P/B | 2.0x | — |
| FCF Yield | -3.1% | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker NHPC · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Sales | 9,648 | 9,144 | 10,607 | 9,631 | 10,380 |
| Operating Profit | 5,277 | 4,013 | 6,184 | 4,936 | 5,423 |
| OPM % | 55% | 44% | 58% | 51% | 52% |
| Net Profit | 3,600 | 3,774 | 4,261 | 4,000 | 3,412 |
| EPS (₹) | 3.26 | 3.51 | 3.89 | 3.58 | 2.99 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|
| Sales | 2,347 | 3,214 | 3,365 | 2,221 |
| OPM % | 46% | 56% | 60% | 10% |
| Net Profit | 920 | 1,131 | 1,219 | 321 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Equity Capital | 10,045 | 10,045 | 10,045 | 10,045 | 10,045 |
| Reserves | 23,008 | 24,876 | 26,916 | 28,624 | 29,623 |
| Borrowings | 23,365 | 26,096 | 29,540 | 32,561 | 39,557 |
| Fixed Assets | 21,993 | 21,825 | 22,137 | 21,474 | 22,168 |
| Total Assets | 73,136 | 77,288 | 86,211 | 92,267 | 1,02,680 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Operating | 5,070 | 4,590 | 4,705 | 7,252 | 5,026 |
| Investing | -1,607 | -3,084 | -4,191 | -5,940 | -7,550 |
| Financing | -3,058 | -638 | -795 | -924 | 1,904 |
| Net Cash Flow | 405 | 868 | -281 | 388 | -620 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary