NHPC Limited (NHPC)
Mid CapPower stocks · Mid cap · NSE
NHPC is a Navratna PSU (since Aug-24) involved in the entire chain of hydro power project development, from concept to commissioning. As of May 2026, it operates 31 power stations with an installed capacity of 9333 MW (8771 MW Hydro & 562 MW Renewable Energy), holding a 16.57% share of India's installed hydro-electric capacity. The company also engages in consultancy and power trading.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 65/100Rev +18% YoY · PAT +4% YoY · margin expansion · +35% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,808 Cr | +18.5% | +35.2% |
| EBITDA | ₹2,352 Cr | +30.5% | +269.2% |
| Operating margin | 62.0% | +600 bps | +3900 bps |
| PAT | ₹1,178 Cr | +4.2% | -23.9% |
| PAT margin | 30.9% | -426 bps | -2408 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
NHPC reports strong FY26 performance with 25.25% YoY PAT growth and 11.90% YoY revenue increase, driven by significant capacity additions including 1800 MW from Parbati-II and Subansiri Lower projects. However, PAF declined and debt-equity ratio rose.
The thesis remains intact due to robust financial growth, substantial capacity commissioning, and a strong pipeline of projects under construction and clearance. While the debt-equity ratio has increased and PAF declined, the company's strategic expansion into hydro, solar, and pumped storage schemes, coupled with its intermediary procurer role, provides clear growth visibility.
Installed Capacity by Source (May 2026)
Latest issuer-disclosed distribution across 2 reported categories.
Projects Under Construction
9204 MW total capacity under construction (8014 MW Hydro, 1190 MW Solar).
Projects Awaiting Clearances
10263 MW total capacity awaiting clearances (10118 MW Hydro, 145 MW Solar).
Pumped Storage Schemes (PSP)
15 PSPs with 17930 MW capacity under Survey & Investigation across multiple states.
Intermediary Procurer Role
6400 MW solar projects commissioned/under commissioning, and 14280 MW solar/hybrid/FDRE projects under PPA/PSA.
Parbati-II Hydroelectric Project (800 MW)
Fully commissioned on 15.04.2025.
Subansiri Lower Hydroelectric Project (1000 MW)
4 units (1000 MW) commissioned between Dec 2025 and May 2026. Next 4 units (1000 MW) expected in Q4 FY26-27.
Karnisar Solar Power Project (300 MW)
Fully commissioned with Commercial Operation Date (COD) from 16.10.2025.
Kamala Hydroelectric Project (1720 MW)
Cabinet Committee of Economic Affairs (CCEA) accorded investment approval on 08.04.2026.
Government Support for Hydro Projects
CCEA accorded investment approval for 1720 MW Kamala Hydroelectric Project. NHPC is a Navratna PSU.
Strategic Diversification into Renewables
Expansion into solar and pumped storage schemes, with 1190 MW solar under construction and 17930 MW PSPs under S&I.
Intermediary Procurer Business Model
Significant pipeline of 14280 MW solar/hybrid/FDRE projects under PPA/PSA, indicating future revenue streams.
Decline in Plant Availability Factor
Consolidated PAF decreased from 78.87% in FY25 to 74.75% in FY26.
Increase in Other Expenses
Other Expenses increased by 91.30% YoY in FY26 to 4060.30 Cr.
Project Clearance Delays
Teesta-IV awaits forest clearance (stage-II); Mirzapur Solar Park faces cancellation risk due to land issues.
Local Law and Order Issues
Survey & Investigation for Kuppa PSP (Gujarat) held up due to local law and order problems.
Project Execution and Clearance Risks
Delays in obtaining statutory clearances (e.g., forest clearance for Teesta-IV) and local issues (e.g., Kuppa PSP) could impact commissioning schedules and costs.
Increasing Debt Levels
Long-term borrowings increased by 29.39% YoY, leading to a consolidated Debt Equity Ratio of 1.31 in FY26, indicating higher financial leverage.
Regulatory and Legal Challenges
A writ petition has been filed against the withdrawal of concessions for the Dugar project, and the Mirzapur Solar project faces potential cancellation.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Power generation is often seasonal, and the impact of new capacity additions is best assessed over a full year. YoY comparison provides a clearer picture of operational and financial growth trends.
Installed Capacity
Current installed capacity (May,26) of 9333 MW (8771 MW Hydro & 562 MW Renewable Energy) through 31 power stations.
Consolidated Generation Volume
FY26: 29600 MU (vs FY25: 25532 MU), a 15.9% YoY increase.
Revenue from Operation
FY26: 11615.29 Cr (vs FY25: 10379.86 Cr), an 11.90% YoY increase.
Profit After Tax (NHPC Share)
FY26: 3765.74 Cr (vs FY25: 3006.67 Cr), a 25.25% YoY increase.
Sustainable Development of Clean Power
Company's vision is to be a global leading organization for sustainable development of clean power.
Aggressive Capacity Expansion
Significant pipeline of 9204 MW under construction and 10263 MW awaiting clearances, alongside 17930 MW PSPs under S&I.
Diversification and International Opportunities
Expanding into solar and pumped storage, with exposure to international business opportunities like projects in Nepal.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capacity Commissioning Schedule | Next 4 units of Subansiri Lower (1000 MW) in Q4 FY26-27; Rangit-IV, Kiru, Pakal Dul by Q4 FY26-27. | Timely commissioning of projects under construction, especially Subansiri Lower, Rangit-IV, Kiru, and Pakal Dul, to drive future generation and revenue. |
| Debt-to-Equity Ratio | 1.31 (Consolidated FY26). | Trend in debt accumulation and its impact on financial health, given the ambitious capex targets for FY27. |
| Plant Availability Factor (PAF) | 74.75% (Consolidated FY26). | Improvement in PAF to optimize generation, maximize incentives, and enhance operational efficiency. |
| Status of Key Project Clearances | Teesta-IV (forest clearance), Dugar (legal challenge), Mirzapur Solar (cancellation risk), Kuppa PSP (local issues). | Resolution of clearance and local issues for projects under clearance to unlock future growth capacity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
38BearishSMA20 -3.3% / mo · MACD +
Technical chart
NHPCdaily · 1Y · AUTO+2.8%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 46. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~3.4% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 15% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 1.8% of the 30-week proxy.
- The 30-week proxy changed -0.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 17 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 17 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Cash flow contributes 4/10 to the score.
- Growth contributes 6/25 to the score.
- Balance sheet contributes 3/15 to the score.
Main drags
- Altman Z is 1.3, in distress territory.
- Fair-value margin of safety is negative at -127.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 24th percentile within Power. Main check: balance sheet trust is weak at 35/100.
Mixed Trust Lite: Promoter holding is 61.4%. Key concern: Promoter holding fell 6%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 24th pctile, median 65 · Mid: 12th pctile, median 76
61 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.4%.
- ▸Promoter pledge is zero.
- ▸10 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 6%.
- ▸Altman Z is 1.32.
- ▸Debt/equity is 1.26.
- ▸ROCE is low at 5.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 20.20
- P/B
- 1.85
- EV/EBITDA
- 17.50
- Market Cap
- 76593.00Cr
Profitability
- ROE
- 9.32%
- ROCE
- 5.75%
- ROA
- 3.56%
- Dividend Y
- 2.11%
Growth (CAGR)
- Revenue 5Y
- 4.00%
- EPS 5Y
- 2.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 1.26
- Interest Coverage
- 2.96×
- Altman Z
- 1.32
- Book Value
- 41.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 10/5
- OCF
- 3294.00 Cr
- EPS TTM
- 3.78
Shareholding
- Promoter Hold
- 61.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 37%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.