Adani Power Ltd.
NSE: ADANIPOWER
Utilities · Utilities - Independent Power Producers
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Research updated
NHPC Ltd.
NSE: NHPCUtilitiesUtilities - Renewable
- Last close
- ₹69.84
- Day change
- −₹2.54 (−3.51%)vs
- Market cap
- ₹72,977 crIndian rupees
- Research updated
- 2 reports
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About NHPC
NHPC Ltd. is an Indian public sector utility focused on renewable energy-based power generation. Headquartered in Faridabad, Haryana, it operates as a central enterprise under the Ministry of Power, with a core mandate to plan, develop, and manage hydroelectric power projects across India. Today, NHPC is one of the country’s largest hydropower development organizations, executing the full project lifecycle from conceptualization and design to construction, commissioning, and operation of large hydroelectric stations. Beyond hydropower, NHPC is actively engaged in solar and wind power generation, reflecting its broader role in India’s green energy and low-carbon electricity mix. The company primarily supplies bulk power to state electricity utilities under long-term arrangements and also participates in power trading, consultancy, and project management services within the power sector. As a Navratna public sector undertaking, NHPC holds significant importance in India’s energy infrastructure, contributing materially to national grid stability and the expansion of domestic renewable generation capacity.
- Sector
- Utilities
- Industry
- Utilities - Renewable
- Listing
- NSE: NHPC
- Next results
- Employees
- 4,634
- Headquarters
- Faridabad, India
- ISIN
- INE848E01016
- Website
- nhpcindia.com
Public research · Report of
Business model & financial foundation
NHPC (NSE: NHPC), Regulated hydroelectric and renewable generation: revenue of ₹11,615 crore in FY26 (+11.9% on FY25), an EBITDA margin of 45.1%, net profit of ₹3,766 crore and net debt of ₹48,704 crore.
- Revenue, FY26 (₹ crore)
- 11,615
- consolidated
- Revenue growth, FY26
- +11.9%
- on FY25
- EBITDA margin, FY26
- 45.1%
- EBITDA (Operating EBITDA excluding other income and RRA) / revenue
- Net profit, FY26 (₹ crore)
- 3,766
- to owners
- Return on equity, FY26
- 8.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 48,704
- Borrowings plus leases less freely available treasury liquidity
- Market capitalisation (₹ crore)
- 73,731
- at the close of 21 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | NHPC Limited |
| Exchange and ticker | NSE: NHPC; BSE: 533098 |
| ISIN | INE848E01016 |
| Sector | Utilities |
| Industry | Regulated hydroelectric and renewable generation |
| Headquarters | Faridabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S N Dhawan & Co LLP; S Jaykishan; Dharam Raj & Co |
| Market capitalisation | ₹73,731 crore (21 Oct 2026) |
| Shares outstanding | 1,005 crore shares (FY26) |
| Price | ₹72.65 (close, 21 Oct 2026) |
| 52-week range | ₹70.25 - ₹87.29 (to 21 Oct 2026) |
| Website | https://www.nhpcindia.com |
Corporate structure and shareholding
Parent: Government of India.
| Entity | Holding | Business |
|---|---|---|
| NHDC | 51.08% | Hydro and renewable generation |
| Chenab Valley Power Projects | 58.16% | Pakal Dul, Kiru and Kwar hydro projects |
| Bundelkhand Saur Urja | 90.63% | Solar park infrastructure |
| Ratle Hydroelectric Power Corporation | 51% | 850MW hydro development |
| Jal Power Corporation | 100% | Rangit-IV development |
| NHPC Renewable Energy | 100% | Renewable projects |
| Loktak Downstream Hydroelectric Corporation | 74% | Hydro development |
ANGEL 50% and NHPTL 12.5% are associates. Physical fleet MW are gross; regulated equity presentation already uses attributable controlling interest.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 67.40% | 67.40% | 67.40% | 61.39% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.05% | 10.39% | 10.34% | 12.29% |
| Domestic institutions | 10.55% | 10.32% | 10.78% | 14.55% |
| of which mutual funds | 3.78% | 3.69% | 3.92% | 6.85% |
| Retail | 8.70% | 8.61% | 8.28% | 8.17% |
| Other | 3.30% | 3.28% | 3.20% | 3.60% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Peer | Why the dossier compares them |
|---|---|
| SJVN (SJVN) | Closest hydro commissioning and regulated-equity comparator |
| NTPC (NTPC) | Regulated generation and capital commissioning |
| Power Grid (POWERGRID) | Regulated-equity returns, cash generation and dividends |
| NLC India (NLCINDIA) | Public sector generation and build-out |
| Tata Power (TATAPOWER) | Diversified power; less directly comparable regulated/merchant mix |
| JSW Energy (JSWENERGY) | Generation/renewables build-out; merchant and acquisition risk differ |
| NTPC Green Energy (NTPCGREEN) | Renewables build-out, low-return early capacity; secondary peer |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (net power-trading margin basis) | 9,062 | 10,479 | 9,631 | 10,380 | 11,615 |
| Cost of revenue (vendor classification) * | 1,188 | 1,320 | 1,213 | 799.2 | 1,421 |
| Other operating costs (vendor classification) * | 1,399 | 1,637 | 2,319 | 3,152 | 3,137 |
| EBITDA (vendor classification) * | 7,047 | 8,405 | 7,786 | 6,872 | 8,432 |
| Operating EBIT excluding other income and RRA | 5,986 | 7,036 | 3,997 | 4,442 | 3,260 |
| Finance costs (expensed, net of construction capitalization) | 1,559 | 1,784 | 744.8 | 1,189 | 1,423 |
| PBT before regulatory deferral, including associates/JV | 4,427 | 5,252 | 4,619 | 4,490 | 2,910 |
| Current plus deferred tax outside the RRA movement line | -557.0 | 976.2 | 1,015 | 1,355 | -326.8 |
| Consolidated PAT including RRA, before NCI allocation | 3,774 | 4,261 | 4,000 | 3,412 | 4,220 |
| Basic and diluted EPS including RRA (₹) | 3.51 | 3.89 | 3.58 | 2.99 | 3.75 |
| Generation operating costs; power purchases netted in revenue | 816.2 | 799.2 | 820.7 | ||
| Employee benefits expense | 1,418 | 1,824 | 1,498 | ||
| Other operating expenses | 2,216 | 2,122 | 4,060 | ||
| Operating EBITDA excluding other income and RRA | 5,181 | 5,635 | 5,236 | ||
| Other income | 1,363 | 1,235 | 1,071 | ||
| Depreciation, amortization and reported impairment | 1,184 | 1,193 | 1,976 | ||
| Exceptional items (signed contribution to PBT) | 0.00 | 0.00 | 0.00 | ||
| Share of associate/JV net profit (already included in PBT) | 4.40 | 2.36 | 2.48 | ||
| PAT attributable to non-controlling interests | 403.6 | 405.1 | 454.7 | ||
| PAT attributable to NHPC owners including RRA | 3,596 | 3,007 | 3,766 | ||
| RRA movement before separately listed tax-impact lines | 395.5 | 277.4 | 983.4 | ||
| Regulatory deferral movement net of its tax impacts | 395.5 | 277.4 | 983.4 | ||
| Current tax expense | 980.6 | 866.2 | 838.6 | ||
| Deferred tax expense / (credit) | 34.8 | 489.3 | -1,165 | ||
| Deferred tax on regulatory deferral balances | 47.4 | 71.5 | 306.9 | ||
| Deferred tax recoverable from beneficiaries in RRA bridge | 47.4 | 71.5 | 306.9 | ||
| Power-trading purchases already netted against sales | 240.8 | 584.0 | 479.0 | ||
| Operations revenue grossed up for trading purchases | 9,872 | 10,964 | 12,094 | ||
| Gross power purchase plus generation operating costs | 1,057 | 1,383 | 1,300 | ||
| RRA Kishanganga tariff-moderation depreciation | 197.9 | 204.7 | 207.7 | ||
| RRA Subansiri Lower movement | n.a. | 0.00 | 1,142 | ||
| RRA exchange differences on monetary items | 0.00 | 0.23 | 2.84 | ||
| RRA interest payment on court/arbitration cases | 135.5 | 0.00 | n.a. | ||
| RRA deferred tax recoverable adjustment (tariff up to 2009) | -71.3 | -77.3 | -468.0 | ||
| RRA deferred tax liability adjustment (tariff 2014 onward) | -2.59 | 16.1 | 326.6 | ||
| RRA regulatory liability on MAT credit recognition | 136.0 | 133.6 | -227.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity including NCI | 37,878 | 41,835 | 43,859 | 45,163 | 48,405 |
| Current plus non-current borrowings (face BS) | 26,096 | 31,557 | 32,493 | 39,434 | 52,134 |
| Cash equivalents including earmarked current accounts | 1,316 | 1,020 | 1,499 | 878.9 | 1,961 |
| Current trade receivables excluding contract assets | 5,176 | 6,161 | 3,761 | 2,573 | 2,629 |
| Net inventories | 140.4 | 161.2 | 190.1 | 257.1 | 293.9 |
| Trade payables excluding capital-work creditors | 214.1 | 551.2 | 281.9 | 321.4 | 387.0 |
| Property plant and equipment (face statement) | 37,927 | 16,156 | 17,226 | 17,807 | 45,771 |
| CWIP excluding intangible development | 22,522 | 31,403 | 39,616 | 50,398 | 34,744 |
| Total consolidated assets including RRA | 77,566 | 86,210 | 92,265 | 1,02,678 | 1,20,011 |
| Equity attributable to owners | 38,669 | 39,668 | 41,437 | ||
| Non-controlling equity interests | 5,190 | 5,495 | 6,968 | ||
| Non-current borrowings | 29,382 | 35,682 | 46,174 | ||
| Current borrowings including current maturities | 3,111 | 3,752 | 5,960 | ||
| Total current plus non-current lease liabilities | 68.1 | 122.6 | 192.8 | ||
| Cash equivalents available to the group | 1,380 | 760.9 | 1,847 | ||
| Other bank balances including restricted earmarked amounts | 2,123 | 1,872 | 1,690 | ||
| Unrestricted bank deposits with 3-to-12-month maturity | 1,783 | 1,687 | 1,549 | ||
| Current financial investments | 12.4 | 0.00 | 10.8 | ||
| Non-current financial investments excluding equity method | 454.3 | 427.2 | 404.6 | ||
| Quoted treasury debt securities (current and non-current) | 243.8 | 231.0 | 226.3 | ||
| PTC India equity stake excluded from net-debt liquidity | 222.9 | 196.2 | 189.1 | ||
| Borrowings plus leases less freely available treasury liquidity | 29,154 | 36,878 | 48,704 | ||
| Non-current trade receivables | 33.0 | 0.63 | 0.16 | ||
| Contract assets excluded from trade receivables | 659.1 | 2,220 | n.r. | ||
| Regulatory deferral debit balances | 7,062 | 7,206 | 8,416 | ||
| Regulatory deferral credit balances | 1,348 | 1,214 | 1,442 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities after taxes | 4,149 | 4,203 | 7,252 | 5,026 | 3,294 |
| Free cash flow (vendor definition) * | 888.2 | -270.9 | -59.6 | -3,825 | -8,279 |
| Dividends paid (the provider's sign: an outflow is negative) * | -1,948 | -2,263 | -2,326 | -2,310 | -2,355 |
| Cash purchases fixed assets, CWIP and RRA (negative outflow) | -3,701 | -4,974 | -6,969 | -8,851 | -11,572 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Closing issued fully paid equity shares | 1,005 | 1,005 | 1,005 | 1,005 | 1,005 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (net power-trading margin basis) | 3,052 | 2,287 | 2,347 | 3,214 | 3,365 | 2,221 | 2,816 | 3,808 |
| Cost of revenue (vendor classification) * | 314.2 | 103.9 | 97.9 | 290.2 | 125.9 | 103.0 | 275.3 | |
| Other operating costs (vendor classification) * | 559.3 | 481.1 | 623.0 | 698.5 | 1,537 | 1,115 | 779.8 | |
| EBITDA (vendor classification) * | 2,156 | 1,346 | 1,205 | 2,031 | 484.7 | 1,502 | 2,505 | |
| Operating EBIT excluding other income and RRA | 1,520 | 718.4 | 890.2 | 1,366 | 1,585 | -245.0 | 553.9 | 1,753 |
| Finance costs (expense, net of construction capitalization) | 308.0 | 649.1 | -12.1 | 260.8 | 277.7 | 310.3 | 574.3 | 605.8 |
| PBT before RRA, including associate/JV profit | 1,562 | 400.6 | 1,113 | 1,335 | 1,573 | -282.2 | 285.4 | 1,299 |
| Reported current plus deferred tax, outside net RRA line | 605.2 | 104.2 | 247.2 | 387.2 | 536.0 | 573.3 | -1,823 | 375.6 |
| Consolidated PAT including RRA before NCI allocation | 1,060 | 330.1 | 919.6 | 1,131 | 1,219 | 320.6 | 1,549 | 1,178 |
| Basic and diluted EPS including RRA (not annualised) (₹) | 0.90 | 0.23 | 0.85 | 1.06 | 1.02 | 0.22 | 1.45 | 1.09 |
| Generation costs; purchase power already netted in revenue | 314.2 | 103.9 | 97.9 | 290.2 | 301.7 | 125.9 | 103.0 | 275.3 |
| Employee benefits expense | 373.3 | 686.7 | 421.2 | 423.5 | 326.5 | 346.4 | 402.0 | 401.0 |
| Other operating expenses | 559.3 | 481.1 | 623.0 | 698.5 | 710.3 | 1,537 | 1,115 | 779.8 |
| Other income | 350.2 | 330.1 | 210.7 | 229.0 | 264.7 | 272.1 | 305.0 | 151.4 |
| Depreciation, amortization and reported impairment | 285.3 | 296.7 | 314.7 | 435.8 | 441.5 | 456.6 | 642.0 | 599.7 |
| Associate/JV profit already included in PBT | 0.35 | 1.19 | 0.11 | 0.62 | 0.09 | 0.96 | 0.81 | 1.20 |
| PAT attributable to non-controlling interests | 160.3 | 98.9 | 66.0 | 66.1 | 197.8 | 101.5 | 89.3 | 82.2 |
| PAT attributable to NHPC owners including RRA | 900.0 | 231.2 | 853.6 | 1,065 | 1,021 | 219.1 | 1,460 | 1,096 |
| Exceptional items signed contribution to PBT | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating EBITDA excluding other income and RRA | 1,805 | 1,015 | 1,205 | 1,802 | 2,027 | 211.6 | 1,196 | 2,352 |
| Current tax expense | 288.5 | 106.1 | 223.2 | 255.5 | 300.2 | 136.1 | 146.8 | 162.0 |
| Deferred tax expense / (credit) | 316.7 | -1.85 | 24.0 | 131.7 | 235.8 | 437.1 | -1,970 | 213.6 |
| Regulatory deferral movement net of its own tax impacts | 103.1 | 33.8 | 53.7 | 183.8 | 182.7 | 1,176 | -559.2 | 254.3 |
| Verified gross RRA movement before separate regulatory tax lines | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Gross power purchases already netted in revenue (not extracted) | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -4.5% | 15.6% | -8.1% | 7.8% | 11.9% |
| EBITDA margin | 53.8% | 54.3% | 45.1% | ||
| Net margin | 37.3% | 29.0% | 32.4% | ||
| Return on equity | 8.4% | 6.8% | 8.0% | ||
| Return on capital employed | 9.6% | 10.2% | 5.3% | 5.5% | 3.5% |
| Return on assets | 4.0% | 3.1% | 3.4% | ||
| Net debt (₹ crore) | 29,154 | 36,878 | 48,704 | ||
| Net debt / EBITDA | 5.63x | 6.54x | 9.30x | ||
| Interest cover | 3.84x | 3.94x | 5.37x | 3.74x | 2.29x |
| Asset turnover | 0.12x | 0.13x | 0.11x | 0.11x | 0.10x |
| Receivable days | 208 | 215 | 143 | 90 | 83 |
| Inventory days (on revenue) | 6 | 6 | 7 | 9 | 9 |
| Payable days (on revenue) | 9 | 19 | 11 | 11 | 12 |
| Cash conversion | 2.02x | 1.67x | 0.87x | ||
| Capex intensity | 40.8% | 47.5% | 72.4% | 85.3% | 99.6% |
| Free cash flow (₹ crore) | 447.1 | -771.5 | 282.8 | -3,825 | -8,279 |
| Dividend payout | 64.7% | 76.8% | 62.5% | ||
| EPS, diluted (₹) | 3.51 | 3.89 | 3.58 | 2.99 | 3.75 |
| Book value per share (₹) | 37.71 | 41.65 | 43.66 | 44.96 | 48.19 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and RRA) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings plus leases less freely available treasury liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and RRA).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Basic and diluted EPS including RRA).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on NHPC includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on NHPC
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 21 Oct 2026; page updated 25 Oct 2026.
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