Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Sep - Publication in newspapers regarding special window for transfer and dematerialization of physical shares is submitted.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result05 Aug, 01:39 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
18Strong Bearfull bear SMA stack · SMA20 -3.4% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NHPCD candles · FIT view-12.3%Latest close ₹70.70 on 2026-10-19
Bar
-1.0%
RSI
33
MACD hist
-0.11
52W pos
3%
2026-10-19O ₹71.39H ₹71.93L ₹70.56C ₹70.70Vol 88.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NHPCNifty PowerNifty 500
- NHPC
- -12.7%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- -7.1 pp
Chart stats
19 Oct 2026- From 52W high
- -19.5%
- 52W range position
- 3%
- ATR (14)
- 2.0%
- Volume vs 20D
- 1.04x
- Avg traded value
- ₹59.2 Cr
- 20D price channel
- ₹70.3 - ₹76.9
₹87.8
₹70.3 - ₹87.8
₹1.4
Latest completed session
20-session average
17.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED17
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good65
Revenue +18.5% · PAT +4.2% YoY
Technical
Strong Bear18
Price trend and sector-relative-strength timing.
Valuation
Legacy model-111.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 65/100Rev +18% YoY · PAT +4% YoY · margin expansion · +35% QoQ
Filed 04 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 19.20
- P/B
- 1.76
- EV/EBITDA
- 17.02
- Market Cap
- 73027.00Cr
Profitability
- ROE
- 9.32%
- ROCE
- 5.75%
- ROA
- 3.56%
- Dividend Y
- 2.21%
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
- 1.29
- 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
- 21%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 11.6k+11.9% vs prev
Net Profit
₹ CrLatest: 4,220+23.7% vs prev
Return on Equity
%Latest: 10.2+18.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.6% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
31
RS percentile
Stage 1 Base / Transition
1M return
-8.1%
3M return
-12.7%
6M return
-14.4%
1Y return
-16.5%
RS 1D
-2
RS 20D
-3
Sector rank
#17
Industry rank
#25
Stage evidence
- Price is 8.7% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 84.94-0.01%
RS vs Nifty 50085
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth6/25
Quality0/20
Balance Sheet3/15
Cash Flow4/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
17
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
17/100 · legacy band OVERVALUED
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 -111.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
19.2
PB
1.8
EV/EBITDA
17.0
ROE
9.3%
ROCE
5.8%
FCF Yield
—
Debt/Equity
1.3
MoS
-111.3%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
17
Previous: 17
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-111.3%
Previous: -111.3%
Score history
12 stored score snapshots. Latest stored move: -1 points.
21 Oct 2026
v4.3-runtime-valuation
19
19
19
19
18
18
17
17
17
17
18
17
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹59.2
-19.4% MoS
Growth-justified P/E
8.8
Growth-justified Value
₹33.45
-111.3% MoS
PEG
9.60
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JSWENERGY
Mid
JSW Energy Limited
Power Generation
match 165
23
44.1
7.5%
-73%
OVERVALUED
TORNTPOWER
Large
Torrent Power Limited
Power Generation
match 159
36
26.2
12.5%
+13%
WATCHLIST
TATAPOWER
Large
Tata Power Company Limited
Power Generation
match 156
26
28.6
10.2%
-16%
OVERVALUED
SJVN
Large
SJVN Limited
Power Generation
match 155
17
31.4
4.6%
-1167%
OVERVALUED
NLCINDIA
Large
NLC India Limited
Power Generation
match 154
52
11.1
11.9%
+58%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-04T07:09:58.468Z
Management commentary snapshot
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.
Current business mix
Installed Capacity by Source (May 2026)
Latest issuer-disclosed distribution across 2 reported categories.
Hydro94.0%
Renewable Energy (Solar & Wind)6.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
57Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 25th percentile within Power. Main check: balance sheet trust is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
64 docs text-extracted · 19 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Power: 25th pctile, median 65 · Mid: 12th pctile, median 76
Evidence depth
Financial-only
64 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
48
watch · capital discipline
Results
64
acceptable · quarterly consistency
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 1.29.
- ▸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.
Continue researching NHPC Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 8 Sep - CAG appointed three joint statutory auditors for FY 2026-27; two auditors continue from last year.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Aug - In compliance to Regulation 30 of SEBI LODR, newspaper advertisement published on 06.08.2026 for 50th AGM is submitted.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.