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NHPC · NSE · Power Generation

NHPC Ltd

What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Mid Cap · AMFI list Jan-Jun 2026 · Vendor sector: Utilities
cheap low confidence No valuation within 120 days; P/E 20.7 vs peers 32.3 (5th of 14); P/B 1.9 vs peers 2.1 (5th of 14).
Cheap for a reason: Profit -1.2% a year over 3 years.
Statements through FY2026Prices adjusted for corporate actionsNot yet reviewed by the adversarial model

What is NHPC's share price today?

NHPC last traded at ₹73.40 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.6% on the day, down 15.6% over a year. Its 52-week range is ₹70 to ₹88. The live price is in the app.

₹73.40 +0.6% today
−15.6% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range18% of the way up
Low ₹70High ₹88

What is NHPC's market cap?

NHPC's market capitalisation is about ₹73,319 crore: what it would cost to buy every share at today's price. That makes it the 47th largest mid cap company we cover.

₹73,319 Cr Mid Cap47th largest mid cap company
Mid Cap means the companies ranked 101 to 250 by size, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: NHPC
ISIN
INE848E01016
Cap bucket
Mid Cap, 47th largest by market cap
Industry (NSE)
Utilities › Power › Power Generation
Listed since
2009
Futures and options
Traded

Is NHPC overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 20.7 vs peers 32.3 (5th of 14); P/B 1.9 vs peers 2.1 (5th of 14). Cheap for a reason: profit -1.2% a year over 3 years.

Valuation

Latest price and trailing 12 months
P/E 20.68
vs peers 32.3 · 5th of 14
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 1.85
vs peers 2.1 · 5th of 14
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹73,319 Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield 2.2%
vs peers 1.6% · 3rd of 6
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) 42.20
vs peers 3.0 · 7th of 7
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth Not available
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
3 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is NHPC a quality business?

Quality score 60.8, 5th of 16 in its peer set; CAUTION on 26 of 30 flags judged.

Quality and risk

Data as of 12 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score 60.8
vs peers 50.4 · 5th of 16
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level CAUTION
26 of 30 flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Profitability

ROE 12.8%
vs peers 5.3% · 4th of 15
Return on equity: profit as a share of shareholders' money. Learn more →
ROCE 7.6%
vs peers 7.1% · 8th of 15
Return on capital employed: operating profit as a share of all the capital in the business, debt and equity. Learn more →
Profit margin 25.6%
vs peers 12.3% · 1st of 15
Profit after everything, as a share of revenue. Learn more →
EPS ₹4.20
Trailing 12 months
Profit for each share over the last 12 months.

Scorecard

🔒 Pro
Health scores and red flags with their values and history: in the app.
See the scorecard →
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Has NHPC made money for shareholders?

Mixed: −15.6% over one year and +19.5% a year over five years.

Shareholder returns

1-year return −15.6%
Price only
What the share price did over the last 12 months. Learn more →
5-year return +19.5% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer No
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
+1.4%
1M
−4.0%
3M
−8.1%
6M
−6.0%
1Y
−15.6%
3Y
+13.2%
5Y
+19.5%

Does NHPC pay a dividend?

Yes. NHPC's dividend yield is 2.19% at the latest price; the last payout was ₹0.21 a share, ex-dividend 12 Aug 2026.

Dividends

Per share, by ex-dividend date
Dividend yield2.19%
The past 12 months' dividends as a share of today's price.
12 Aug 2026 · Final₹0.21
10 Feb 2026 · Interim₹1.40
14 Aug 2025 · Final₹0.51
13 Feb 2025 · Interim₹1.40
12 Aug 2024 · Final₹0.50
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is NHPC growing?

Revenue 3 years 9.3% a year; profit 3 years -1.2% a year; revenue 5 years 7.8% a year.

Growth

Statements through FY2026 (Mar-26)
Revenue 3 years 9.3% a year
vs peers 10.4% · 9th of 16
Compound annual growth of revenue over three years. Learn more →
Profit 3 years -1.2% a year
vs peers 15.9% · 8th of 11
Compound annual growth of net profit over three years. Learn more →
Revenue 5 years 7.8% a year
Compound annual growth of revenue over five years. Learn more →
Profit 5 years 1.5% a year
Compound annual growth of net profit over five years. Learn more →
EPS 3 years -1.2% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
EPS 5 years 2.9% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
P/E vs own history -4.1%
vs peers -9.7% · 6th of 9
Today's P/E against its own 5-year median; negative is cheaper than its history. Learn more →

How did NHPC do last quarter?

NHPC reported revenue of ₹3,808 Cr, up 11.9% on a year earlier and a net profit of ₹1,178 Cr, up 23.7% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Revenue, latest quarter₹3,808 Cr
+11.9% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹1,178 Cr
+23.7% on a year earlier
What was left for shareholders after every cost and tax.

How does NHPC compare with its peers?

Compared with 15 Power Generation; 5th of 14 on P/E; 5th of 16 on quality score.

Compared with 15 Power Generation

15 companies

NHPC against its peers

Largest 10 of 15 peers, by market cap
CompanyMarket capP/EP/BROEROCE1YQuality 🔒Rank 🔒
NHPC Ltd₹73,319 Cr20.71.912.8%7.6%−15.6%
Adani Power Ltd₹3.6 L Cr25.65.722.1%18.0%+22.4%
NTPC Ltd₹3.0 L Cr10.92.113.8%8.3%−8.7%
Adani Green Energy Ltd₹2.1 L Cr120.38.97.0%5.5%+19.4%
JSW Energy Ltd₹84,762 Cr41.23.53.7%4.8%−15.1%
NTPC Green Energy Ltd₹78,028 Cr130.44.12.2%4.1%−6.2%
NLC India Ltd₹33,772 Cr12.11.97.2%8.8%−9.8%
ACME Solar Holdings Ltd₹29,554 Cr42.73.23.6%7.8%+47.4%
SJVN Ltd₹21,720 Cr32.31.77.0%9.8%−38.6%
Juniper Green Energy Ltd₹15,662 Cr128.0—-0.6%3.2%+6.0%
Nava Ltd₹15,557 Cr20.63.510.9%16.5%−11.8%
Peer median—32.32.15.3%7.1%−9.8%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

🔒 Pro
Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns NHPC?

NHPC is held by promoters 61.4%, foreign institutions 12.3%, domestic institutions 14.6%.

Shareholding pattern

Latest filing, percent of shares
Promoters61.4%
The founders and controlling group.
Foreign institutions12.3%
Overseas funds investing through the FPI route.
Domestic institutions14.6%
Indian insurers, banks, pension and mutual funds together.
Mutual funds6.8%
Indian mutual fund schemes; part of domestic institutions.
Retail and others8.2%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What do analysts say about NHPC?

8 analysts cover NHPC, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Analyst consensus

8 analysts
ConsensusBuy
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.

What does NHPC do and what is it sensitive to?

NHPC Limited generates hydropower and sells electricity in bulk, mainly to state-government and private DISCOMs under long-term PPAs. Sensitive to: interest rates.

Business-model card

FY2025 · 34 verified
4Revenue
3Channels
3Regulators
4Reg. dependencies
4Sensitivities
4Costs
3Geographies

NHPC Limited generates hydropower and sells electricity in bulk, mainly to state-government and private DISCOMs under long-term PPAs. It also earns from consultancy, construction and O&M services for hydropower projects, and from power trading in its consolidated Group.

Revenue engine

4 verified
Sale of power (principal business)
Electricity generation is the principal business. Tariff is set by CERC on a cost-of-service basis: allowable costs plus a stipulated return. Interpretation: revenue therefore moves with CERC-approved cost allowances and return rules rather than market prices.
Sale of power tariff structure
The tariff is based on allowable costs like interest costs, depreciation, operation and maintenance charges plus a stipulated return.
Consultancy, construction and project management services
Other operations (contracts, project management, consultancy works and power trading) are not a reportable segment. Interpretation: these are smaller lines reported outside the power segment.
1 more statement
Power trading (consolidated Group)
The Group purchases power from Generating Companies and sells it to DISCOMs, accounting for revenue as agent or principal depending on contract risk and reward.

Customers & channels

3 verified
State utilities and private DISCOMs as bulk power buyers
Power is sold to bulk customers, mainly state-owned electricity utilities and private DISCOMs, generally under long-term PPAs with the beneficiaries.
Three beneficiaries with more than 10% of revenue each (42.9%)
Uttar Pradesh Power Corporation (17.53%), J&K Power Development Department/JKPCL (15.34%) and Punjab State Power Corporation (10.04%). Interpretation: the three together form 42.91% of revenue per the table total.
Long-term power purchase agreements with beneficiaries
Sale of power is made under long-term PPAs, which fixes the buyer relationship and billing terms.

Regulators

3 verified
Central Electricity Regulatory Commission (CERC)
Determines the tariff through Annual Fixed Charges with five components, including RoE, depreciation, interest and O&M, recoverable from beneficiaries.
Ministry of Power (late payment surcharge rules)
Notifies the Electricity (Late Payment Surcharge and Related Matters) Rules that govern DISCOM payment discipline toward the company.
Appellate Tribunal for Electricity
Its orders modify the CERC tariff regulations as applied to the company's revenue from sale of power.

Regulatory dependencies

4 verified
CERC cost-of-service tariff binding on beneficiaries
Tariff determined by CERC is recovered from beneficiaries. A change in CERC allowable cost or return rules moves revenue directly. Interpretation: no revenue beyond CERC-allowed components is earned from this mechanism.
Depreciation rate set by CERC
Depreciation is charged to 90% of cost following CERC-notified rates and methodology. A change in these rates changes depreciation expense and the depreciation component of tariff.
Late payment surcharge rules for DISCOM dues
The LPS Rules aim at timely realisation of dues from beneficiary DISCOMs. Interpretation: weaker enforcement would raise receivable days and reduce cash collection.
1 more statement
Tariff periods and PPA duration
CERC approves tariff for 5-year periods under PPAs of 40 years for hydro and 25 years for renewables, so revenue is fixed for long periods subject to CERC orders.

Sensitivities

4 verified
Interest rates
Long-term borrowings are mostly at fixed rate, with floating-rate exposure. Interest variation is recoverable through tariff. Interpretation: a rate rise raises finance cost, recovered later through the tariff.
Foreign exchange and taxes
Foreign exchange rate variations and taxes are recoverable from beneficiaries under the tariff regulations, so currency moves are passed through.
Finance cost from arbitration and court settlements
Finance cost rose 57.98% to Rs 1,147 crore, mainly due to interest on arbitration/court cases. A rise in such cases lifts finance cost without a matching tariff recovery stated in the excerpt.
1 more statement
Contingent claim provisions
Management recognised a provision for claims. Interpretation: the outcome of these claims affects reported profit and cash outflow.

Cost inputs

4 verified
Finance costs on bonds and term loans (17.1%)
Finance cost is interest on bonds and term loans, including guarantee fees to the Government of India on foreign-market loans. Finance cost is 17.08% of total expenditure in FY2025.
Power purchased from generating companies (trading)
Trading purchases come from Generating Companies and are resold to DISCOMs.
Related-party purchases (13.0%)
Purchases from related parties form part of total purchases, stated as 12.97% in FY2025 and 11.24% in FY2024.
1 more statement
Trade payables days
Accounts payable days were 81.03 in FY2025 against 82.25 in FY2024, indicating supplier credit terms.

Geographies

3 verified
India (single geographical segment)
All power stations and generating units are in India, so the company reports one geographical segment.
Nepal (small export and survey projects)
Revenue from external customers in Nepal was 0.40 crore in FY2025. Projects in Nepal are at survey and investigation stage.
Exports
Contribution of exports to total turnover is negligible.
Each statement is checked word for word against the FY2025 annual report; the passages are in the app.

What changed recently?

Dividend - Re 0.21 Per Sh (12 Aug 2026).

Change log

8 entries · newest first
  1. Corporate actionDividend - Re 0.21 Per Sh.
  2. Results filedQ1 FY2027 results filed.
  3. Results filedQ4 FY2026 results filed.
  4. Corporate actionInterim Dividend - Rs 1.40 Per Share.
  5. Results filedQ3 FY2026 results filed.
  6. Results filedQ2 FY2026 results filed.
  7. Corporate actionDividend - Rs 0.51 Per Share.
  8. Results filedQ1 FY2026 results filed.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
  • FlagsCAUTION on 26 of 30 flags judged; 3 red; 4 could not be judged.
  • Data gapsPEG on our 3-year EPS growth, Business quality: not available yet.
Not applicable to this company · 1
  • Altman ZAltman Z is a manufacturing model; a service business has no inventory or plant turnover for it to read.

What this page rests on

✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓205 months of month-end prices, adjusted for bonuses and splits○no valuation of ours yet✓business-model card FY2025 · 34 verified

Questions people ask

What is NHPC's share price today?

NHPC last traded at ₹73.40 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.6% on the day, down 15.6% over a year. Its 52-week range is ₹70 to ₹88. The live price is in the app.

What is NHPC's market cap?

NHPC's market capitalisation is about ₹73,319 crore: what it would cost to buy every share at today's price. That makes it the 47th largest mid cap company we cover.

Is NHPC Ltd a large cap, mid cap or small cap?

NHPC Ltd (NHPC) is a mid cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is NHPC Ltd's P/E ratio?

20.68, vs peers 32.3 · 5th of 14. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is NHPC Ltd overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 20.7 vs peers 32.3 (5th of 14); P/B 1.9 vs peers 2.1 (5th of 14). Cheap for a reason: profit -1.2% a year over 3 years.

How does NHPC Ltd make money?

NHPC Limited generates hydropower and sells electricity in bulk, mainly to state-government and private DISCOMs under long-term PPAs. It also earns from consultancy, construction and O&M services for hydropower projects, and from power trading in its consolidated Group.

Who are NHPC Ltd's peers?

Compared with 15 Power Generation: Adani Power Ltd, NTPC Ltd, Adani Green Energy Ltd, JSW Energy Ltd, NTPC Green Energy Ltd and 10 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did NHPC do last quarter?

NHPC reported revenue of ₹3,808 Cr, up 11.9% on a year earlier and a net profit of ₹1,178 Cr, up 23.7% in the Jun 2026 quarter.

Who owns NHPC?

NHPC is held by promoters 61.4%, foreign institutions 12.3%, domestic institutions 14.6%.

Does NHPC pay a dividend?

Yes. NHPC's dividend yield is 2.19% at the latest price; the last payout was ₹0.21 a share, ex-dividend 12 Aug 2026.

What do analysts say about NHPC?

8 analysts cover NHPC, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

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