NHPC Ltd.
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ABOUT
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.34x)
- Company has been maintaining a healthy dividend payout of 42.9%
- Working capital cycle has improved - days down from -4 to -28
- Institutional investors have been accumulating - FII+DII up 6.9pp
- Company has a consistent dividend-paying track record
CONS
- A large part of profit comes from other income (31.4% of PBT)
- Company has a low return on capital employed of 7.5%
- Promoter holding has decreased over last 2 years: -6.0pp
- Company has a low return on equity of 9.9% over last 3 years
- Operating margins have contracted to 43.8% from 65.9%
- Company has delivered a poor profit growth of 3.2% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 213.00 | 28.82 | 410764.00 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 337.00 | 11.77 | 326777.65 | 2.67 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 272.00 | 15.91 | 252976.42 | 3.31 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1308.00 | 120.77 | 215450.64 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1393.00 | 58.36 | 170357.56 | 0.00 | 12365.60 | 2194.43 | 97110.80 | 1324.06 | 9.71 | 31.27 |
| TATAPOWER | 367.00 | 30.35 | 117268.96 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 532.00 | 49.58 | 97541.28 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.40 | 20.21 | 76744.07 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 87.74 | 121.81 | 73932.62 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1295.65 | 28.09 | 65288.26 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 270.40 | 11.68 | 37494.65 | 1.42 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| ACMESOLAR | 396.95 | 46.50 | 28059.38 | 0.05 | 235.33 | 79.88 | 857.50 | 67.81 | 9.23 | 85.63 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,757 | 2,931 | 2,056 | 1,887 | 2,694 | 3,052 | 2,287 | 2,347 | 3,214 | 3,365 | 2,221 | 2,816 | 3,808 | |
| 1,253 | 1,163 | 1,303 | 735 | 1,085 | 1,247 | 1,272 | 1,142 | 1,412 | 1,338 | 2,009 | 1,620 | 2,662 | |
| Operating Profit | 1,505 | 1,768 | 752 | 1,152 | 1,609 | 1,805 | 1,015 | 1,205 | 1,802 | 2,027 | 212 | 1,196 | 1,147 |
| OPM % | 54.57% | 60.32% | 36.59% | 61.03% | 59.74% | 59.15% | 44.39% | 51.34% | 56.06% | 60.23% | 9.53% | 42.48% | 30.11% |
| 253 | 183 | 494 | 433 | 344 | 350 | 330 | 211 | 229 | 265 | 272 | 305 | 151 | |
| Interest | 109 | 116 | 133 | 365 | 244 | 308 | 649 | -12 | 261 | 278 | 310 | 574 | 606 |
| Depreciation | 294 | 295 | 296 | 299 | 296 | 285 | 297 | 315 | 436 | 441 | 457 | 642 | 600 |
| Profit before Tax | 1,355 | 1,540 | 817 | 921 | 1,413 | 1,562 | 399 | 1,113 | 1,334 | 1,572 | -283 | 285 | 1,299 |
| Tax % | 22.05% | -4.87% | 35.00% | 54.93% | 28.23% | 38.74% | 26.10% | 22.21% | 29.02% | 34.09% | -202.46% | -640.55% | 28.91% |
| Net Profit | 1,095 | 1,693 | 0 | 0 | 1,108 | 1,069 | 330 | 920 | 1,131 | 1,219 | 3,206 | 1,549 | 1,178 |
| 1.03 | 1.54 | 0.48 | 0.54 | 1.02 | 0.90 | 0.23 | 0.85 | 1.06 | 1.02 | 0.22 | 1.45 | 1.09 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,623 | 7,755 | 8,983 | 10,008 | 9,648 | 9,144 | 10,607 | 9,631 | 10,380 | 11,615 | 12,210 | |
| 3,724 | 3,517 | 3,983 | 4,469 | 4,444 | 4,324 | 4,741 | 4,694 | 5,050 | 6,531 | 7,629 | |
| Operating Profit | 4,899 | 4,238 | 5,000 | 5,539 | 5,204 | 4,820 | 5,866 | 4,937 | 5,330 | 5,084 | 4,581 |
| OPM % | 56.81% | 54.64% | 55.66% | 55.34% | 53.94% | 52.71% | 55.30% | 51.26% | 51.35% | 43.77% | 37.52% |
| 2,227 | 1,195 | 1,750 | 216 | 1,165 | 175 | 1,113 | 2,003 | 1,817 | 2,206 | 993 | |
| Interest | 1,133 | 924 | 938 | 878 | 577 | 586 | 523 | 745 | 1,189 | 1,423 | 1,768 |
| Depreciation | 1,462 | 1,469 | 1,658 | 1,614 | 1,292 | 1,190 | 1,215 | 1,184 | 1,193 | 1,976 | 2,140 |
| Profit before Tax | 4,535 | 3,040 | 4,159 | 3,266 | 4,495 | 3,217 | 5,237 | 5,015 | 4,767 | 3,894 | 2,873 |
| Tax % | 23.25% | 8.39% | 31.82% | -2.43% | 19.91% | -17.31% | 18.64% | 20.25% | 28.43% | -8.39% | -11.77% |
| Net Profit | 3,480 | 2,785 | 2,836 | 3,345 | 3,600 | 3,774 | 4,261 | 4,000 | 3,412 | 4,220 | 3,212 |
| EPS | 2.74 | 2.45 | 2.54 | 2.87 | 3.26 | 3.51 | 3.89 | 3.58 | 2.99 | 3.75 | — |
| Dividend Payout % | 60.96% | 57.13% | 56.50% | 52.23% | 49.12% | 51.60% | 47.61% | 53.08% | 63.81% | 42.95% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 3%
- 5 Years:
- 4%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 4%
- 5 Years:
- 3%
- 3 Years:
- -1%
STOCK PRICE CAGR
- 10 Years:
- 12%
- 5 Years:
- 23%
- 3 Years:
- 15%
- 1 Year:
- -7%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 11%
- 3 Years:
- 10%
- Last Year:
- 10%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10,259 | 10,259 | 10,045 | 10,045 | 10,045 | 10,045 | 10,045 | 10,045 | 10,045 | 10,045 |
| Minority Interest | 3,382 | 2,935 | 2,868 | 2,774 | 2,835 | 2,863 | 4,874 | 5,190 | 5,495 | 6,968 |
| 18,756 | 19,782 | 20,753 | 21,336 | 23,008 | 24,876 | 26,916 | 28,624 | 29,623 | 31,392 | |
| 21,828 | 21,258 | 23,985 | 28,345 | 28,383 | 31,025 | 35,091 | 37,438 | 45,447 | 57,959 | |
| Trade Payables | 158 | 200 | 196 | 317 | 210 | 214 | 235 | 282 | 321 | 387 |
| 8,356 | 10,457 | 11,863 | 10,002 | 13,167 | 12,211 | 13,351 | 14,129 | 14,239 | 16,391 | |
| Total Liabilities | 62,739 | 64,891 | 69,710 | 72,818 | 77,648 | 81,234 | 90,511 | 95,707 | 1,05,171 | 1,23,142 |
| 22,223 | 21,196 | 24,972 | 24,397 | 21,989 | 21,821 | 22,133 | 21,469 | 22,164 | 50,286 | |
| Capital Work in Progress | 17,588 | 19,087 | 15,037 | 17,180 | 19,167 | 22,522 | 31,350 | 39,616 | 50,398 | 34,744 |
| 1,020 | 1,125 | 1,283 | 1,398 | 1,842 | 2,386 | 499 | 479 | 444 | 440 | |
| 101 | 105 | 125 | 127 | 134 | 140 | 161 | 190 | 257 | 294 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,420 | 2,573 | 2,629 | |
| Cash & Bank | 3,472 | 3,319 | 2,245 | 1,693 | 2,257 | 1,958 | 2,694 | 3,622 | 2,751 | 3,651 |
| 18,335 | 20,059 | 26,048 | 28,023 | 32,260 | 32,406 | 33,674 | 25,910 | 26,584 | 31,099 | |
| Total Assets | 62,739 | 64,891 | 69,710 | 72,818 | 77,648 | 81,234 | 90,511 | 95,707 | 1,05,171 | 1,23,142 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 9,411 | 5,526 | 4,701 | 3,837 | 5,798 | 5,426 | 5,683 | 7,252 | 5,026 | 3,294 | |
| Cash from Investing | -1,864 | -886 | -1,182 | -2,987 | -1,607 | -3,084 | -4,246 | -5,940 | -7,550 | -11,139 |
| Cash from Financing | -7,812 | -3,863 | -2,637 | 12 | -3,058 | -638 | -795 | -924 | 1,904 | 8,928 |
| -1,347 | -53 | 5 | 17 | 405 | 867 | -336 | 388 | -620 | 1,082 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - NHPC Limited has informed the Exchange about Copy of Newspaper Publication regarding special window for transfer and dematerialization of physical shares is submitted.
2026-09-09 - In continuation to earlier letter dated 23.03.2026 and in compliance to Regulation 30 of SEBI LODR, intimation regarding receipt of ESG Score from M/s ESG Risk Assessments & Insights Limited is submitted. The other details are given in the attached letter.
2026-09-08 - NHPC Limited has informed the Exchange regarding Change in Auditors of the company.
2026-09-02 - NHPC Limited has informed the Exchange that in continuation to our earlier letter dated 14.08.2023 and in compliance to Regulation 30 of SEBI LODR, disclosure regarding arbitral award pronounced by AT in the matter of M/s BGS-SGS SOMA and NHPC Limited is submitted. The details given in the attached letter.
2026-08-29 - NHPC Limited has informed the Exchange about General Updates-Revision in ESG Score of NHPC by S&P Global
2026-08-28 - NHPC Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 28, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-28 - NHPC Limited has informed the Exchange about Schedule for participation of investors conference
2026-08-28 - NHPC Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 28, 2026
2026-08-28 - NHPC Limited has informed the Exchange about appointment of Cost Auditors of Company for FY 2026-27. The other details given in the attached letter.
News
Recent coverage and analyst commentary for NHPC
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