MarketFriction

NHPC Ltd

NSE NHPC · BSE 533098 · Power Generation
₹71.75 -1.46%
NSE close2026-10-01
52 week range71.62 - 88.12
Market cap₹73,650 Cr.
P/E19.4
Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150Nifty EnergyNifty CPSENifty PSENifty Commodities No price band Delivery 43.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,9312,0561,8872,6943,0522,2872,3473,2143,3652,2212,8163,808
Expenses1,1631,3037351,0851,2471,2721,1421,4121,3382,0092,1791,456
Operating Profit1,7687521,1521,6091,8051,0151,2051,8022,0272126372,352
OPM %60%37%61%60%59%44%51%56%60%10%23%62%
Other Income2615876234314543652654134481,449306407
Interest116133365244308649-12261278310574606
Depreciation295296299296285297315436441457642600
Profit before tax1,6189091,1111,5001,6664341,1671,5181,755894-2741,554
Tax %-5%31%46%27%36%24%21%26%31%64%-666%24%
Net Profit1,6936236051,1021,0603309201,1311,2193211,5491,178
EPS in Rs1.540.480.541.020.900.230.851.061.020.221.451.09
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8,3548,6237,7558,98310,0089,6489,14410,6079,63110,38011,61512,210
Expenses3,5713,7393,5084,0025,1524,3715,1314,4234,6954,8577,5196,982
Operating Profit4,7834,8844,2484,9814,8565,2774,0136,1844,9365,5234,0975,227
OPM %57%57%55%55%49%55%44%58%51%53%35%43%
Other Income1,1742,2451,1851,7339011,0879817432,0301,6263,1962,609
Interest1,1601,1339248968775775864757671,1891,4231,768
Depreciation1,4321,4621,4691,6581,6141,2921,1901,2151,1841,1931,9762,140
Profit before tax3,3654,5353,0404,1593,2664,4953,2175,2375,0154,7673,8943,929
Tax %30%23%8%32%-2%20%-17%19%20%28%-8%
Net Profit2,3653,4802,7852,8363,3453,6003,7744,2614,0003,4124,2204,267
EPS in Rs1.852.952.452.582.873.263.513.893.582.993.753.78
Dividend Payout %81%61%57%56%52%49%52%48%53%64%43%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth3%4%3%12%
Compounded Profit Growth6%2%-1%24%
Stock Price CAGR11%20%12%-15%
Return on Equity9%9%9%9%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital11,07111,07110,25910,25910,04510,04510,04510,04510,04510,04510,04510,045
Reserves19,68720,57218,75619,78220,75321,33623,00824,87626,91628,62429,62331,392
Borrowings20,58419,93819,22718,60219,06623,22623,36526,09629,54032,56139,55752,327
Other Liabilities10,09411,24211,94614,29016,87016,66916,71716,27119,71021,03723,45526,243
Total Liabilities61,43662,82360,18762,93366,73471,27773,13677,28886,21192,267102,680120,007
Fixed Assets27,91622,61022,22721,20124,97724,40221,99321,82522,13721,47422,16850,290
CWIP16,37816,74217,58819,08715,03717,18019,16722,52231,35739,79850,60134,948
Investments1,0206061,0201,1251,2831,3981,8422,386499479444440
Other Assets16,12322,86619,35221,52025,43728,29730,13330,55432,21830,51629,46734,329
Total Assets61,43662,82360,18762,93366,73471,27773,13677,28886,21192,267102,680120,007
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity4,0615,9718,3294,6963,8242,9935,0704,5904,7057,2525,0263,294
Cash from Investing Activity-768-746-1,864-886-1,182-2,987-1,607-3,084-4,191-5,940-7,550-11,139
Cash from Financing Activity-2,494-4,000-7,812-3,863-2,63712-3,058-638-795-9241,9048,928
Net Cash Flow7981,224-1,347-53517405867-281388-6201,082
Free Cash Flow2,3353,8246,7423,1332,464-6393,012888-269285-3,823-8,274
CFO/OP95%143%193%130%94%79%110%135%92%165%107%102%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1298378631151311942072121689083
Inventory Days
Days Payable
Cash Conversion Cycle1298378631151311942072121689083
Working Capital Days-1109-29-120-18573611-1-51-58-97
ROCE %9%8%11%8%10%8%9%6%8%8%7%6%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters70.95%70.95%67.40%67.40%67.40%67.40%67.40%67.40%67.40%67.40%67.40%61.39%
FIIs7.59%7.38%6.80%8.96%9.38%8.77%8.81%9.31%10.05%10.39%10.34%12.29%
DIIs12.93%13.42%11.31%10.27%9.76%10.04%10.62%10.63%10.54%10.31%10.78%14.54%
Government1.53%1.53%1.28%1.28%1.13%1.13%1.13%1.13%1.13%1.13%1.13%1.13%
Public7.00%6.73%13.22%12.08%12.31%12.65%12.05%11.52%10.88%10.77%10.36%10.64%
No. of Shareholders9,57,44510,32,82433,35,56636,28,67339,06,73440,65,44239,90,21537,73,35236,07,89834,71,41333,67,95433,05,630

Fundamentals

Market Cap₹ 73,650 Cr.
Current Price₹ 73.3
Stock P/E19.4
Book Value₹ 41.2
ROCE5.75 %
ROE9.32 %
Dividend Yield2.20 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)12%
Compounded Profit Growth (TTM)24%
Consolidated figures.
Valuation
Market capRs 72,073 Cr
Enterprise valueRs 120,749 Cr
P/E (TTM)18.98x
Price to book1.74x
Price to sales5.90x
EV / EBITDA15.41x
EV / EBIT21.20x
EV / sales9.89x
Price to cash flow21.88x
Earnings yield5.27%
Dividend yield2.24%
P/E, 3-year average24.06x
P/B, 3-year average2.07x
P/E, 5-year average18.09x
P/B, 5-year average1.62x
Profitability
Operating margin (excl. other income)35.27%
Operating margin (incl. other income)62.78%
EBITDA margin64.18%
Pre-tax margin32.18%
Net profit margin31.09%
Net margin, latest quarter28.78%
ROE9.29%
ROCE6.15%
ROA3.38%
ROE, 3-year average8.82%
ROCE, 3-year average7.49%
ROA, 3-year average3.50%
ROE, 5-year average9.54%
ROCE, 5-year average7.58%
ROA, 5-year average3.99%
ROIC (approx.)6.85%
Tax rate-8.39%
Other income / net worth7.71%
Growth
Sales growth (latest year)11.90%
Profit growth (latest year)25.25%
Sales CAGR, 3 years3.07%
Sales CAGR, 5 years3.78%
Profit CAGR, 3 years-1.19%
Profit CAGR, 5 years2.85%
Sales growth QoQ35.26%
Profit growth QoQ-24.95%
Sales growth YoY (latest quarter)18.50%
Profit growth YoY (latest quarter)2.90%
Per share
EPS (TTM)Rs 3.78
EPS (latest year)Rs 3.75
EPS (latest quarter)Rs 1.09
EPS, 3-year averageRs 3.44
EPS, 5-year averageRs 3.54
Book value per shareRs 41.25
Sales per shareRs 12.16
Cash flow per shareRs 3.28
Free cash flow per shareRs -8.24
Dividend per share (latest year)Rs 1.61
Dividend per share, 3-year averageRs 1.81
Dividend per share, 5-year averageRs 1.82
Dividends
Dividend payout42.95%
Dividend payout, 3-year average53.28%
Dividend payout, 5-year average51.81%
Efficiency
Asset turnover0.10x
Fixed asset turnover0.23x
Inventory turnover6.00x
Inventory days61 days
Debtor days83 days
Debtors turnover4.42x
Cash conversion cycle83 days
Working capital days-97 days
Leverage
Total debtRs 52,327 Cr
Cash and bankRs 3,651 Cr
Net debtRs 48,676 Cr
Debt to equity1.26x
Net debt / EBITDA6.21x
Interest coverage3.22x
Current ratio (filing 2026-03-31)1.04x
Quick ratio (filing 2026-03-31)1.02x
Trade payables (filing 2026-03-31)Rs 387 Cr
Owners' fund to total sources34.53%
Debt to assets43.60%
Cash flow
Cash from Operating Activity (latest year)Rs 3,294 Cr
Cash from Investing Activity (latest year)Rs -11,139 Cr
Cash from Financing Activity (latest year)Rs 8,928 Cr
Net Cash Flow (latest year)Rs 1,082 Cr
Free cash flow (latest year)Rs -8,274 Cr
FCFE (approx.: FCF + change in debt)Rs 4,496 Cr
Cash from ops / profit, 5 years1.26x
Sales to cash flow3.53x
Statement figures
Net sales (TTM)Rs 12,210 Cr
Net sales (latest year)Rs 11,615 Cr
Sales (latest quarter)Rs 3,808 Cr
Operating profit excl. other income (latest year)Rs 4,097 Cr
Operating profit (latest quarter)Rs 2,352 Cr
Other income (TTM)Rs 2,609 Cr
EBITDA (TTM)Rs 7,837 Cr
PBDT (TTM)Rs 6,069 Cr
Profit before tax (TTM)Rs 3,929 Cr
Tax (latest year)Rs -327 Cr
Net profit (TTM)Rs 3,797 Cr
Net profit (latest year)Rs 3,766 Cr
Net profit (latest quarter)Rs 1,096 Cr
Depreciation (TTM)Rs 2,140 Cr
Depreciation (latest quarter)Rs 600 Cr
Interest (TTM)Rs 1,768 Cr
Cost of goods sold (latest year)Rs 1,788 Cr
Total expenditure (latest year)Rs 7,519 Cr
Total income (latest year)Rs 14,811 Cr
Share capitalRs 10,045 Cr
ReservesRs 31,392 Cr
Shareholders' fundsRs 41,437 Cr
Total assetsRs 120,007 Cr
Net blockRs 50,290 Cr
Capital work in progressRs 34,948 Cr
InvestmentsRs 440 Cr
ReceivablesRs 2,629 Cr
InventoryRs 298 Cr
Other liabilitiesRs 26,243 Cr
Shares outstanding (crore)1,004.50
Ownership
Promoter holding61.39% (-6.01 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 19.0 is at the 70th percentile of its own 9.4-year range (median 10.2, low 6.9, high 31.9).
P/B 1.74 is at the 69th percentile (median 1.01).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodNHPCNifty 50Difference
1 week-5.9%-2.8% -3.1 pts
1 month-6.0%-6.8% +0.8 pts
3 months-10.9%-7.6% -3.3 pts
6 months-2.7%+0.4% -3.1 pts
1 year-17.0%-9.9% -7.1 pts
2 years-23.9%-13.6% -10.3 pts
3 years+35.9%+14.2% +21.7 pts
5 years+146.6%+27.9% +118.7 pts
123 mutual fund schemes hold about ₹4,203 Cr. Over three months 34 bought more and 22 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Small Cap Fund1.98%844 -0%
SBI Contra Fund1.08%514 +5%
SBI Balanced Advantage Fund1.06%450 +5%
ICICI Pru Large Cap Fund0.35%282 -11%
HDFC Balanced Advantage Fund0.21%229 +5%
SBI Multi Asset Allocation Fund(A0.84%175 -2%
SBI Energy Opportunities Fund1.45%121 +11%
SBI PSU Fund1.48%100 -19%
HDFC Large & Mid Cap Fund0.25%77 +3%
ICICI Pru Infrastructure Fund0.90%77 +6%
ICICI Pru Energy Opportunities Fund0.92%76 -37%
ICICI Pru Business Cycle Fund0.48%76 -16%
Canara Rob Mid Cap Fund1.40%73 -2%
Franklin Build India Fund2.19%69 +231%
ICICI Pru Balanced Advantage Fund(M0.08%63 -41%
Tata Large & Mid Cap Fund0.70%54 -15%
Baroda BNP Paribas Balanced Advantage Fund0.94%50 +2%
Franklin India Dividend Yield Fund2.02%46 +6%
Baroda BNP Paribas Multi Cap Fund1.25%44 +1%
ICICI Pru Housing Opp Fund1.47%40 +6%
Nippon India Vision Large & Mid Cap Fund0.48%38 +100%
ICICI Pru PSU Equity Fund1.95%36 -31%
Baroda BNP Paribas Mid Cap Fund1.34%36 +0%
Templeton India Value Fund1.76%35 +169%
Nippon India Power & Infra Fund0.38%30 +100%

Red flags

F-score 4 of 8
lookProfit leans on other income Other income was 82% of pre-tax profit in 2026
lookAuditor change Auditor change 2026-09-08: NHPC Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-12-30Abhishek KumarImmediate relativesell1,900Rs 0.01 CrMarket Sale
2025-12-30Abhishek KumarImmediate relativesell2,000Rs 0.02 CrMarket Sale
2025-12-29Abhishek KumarImmediate relativebuy3,900Rs 0.03 CrMarket Purchase
2025-12-26Abhishek KumarImmediate relativesell3,815Rs 0.03 CrMarket Sale
2025-12-23Abhishek KumarImmediate relativesell3,000Rs 0.02 CrMarket Sale
2025-12-22Abhishek KumarImmediate relativesell7,000Rs 0.05 CrMarket Sale
2025-12-01Abhishek KumarImmediate relativebuy13,000Rs 0.10 CrMarket Purchase
2023-12-28SHALINI MITTALEmployees/Designated Employesell21,000Rs 0.14 CrMarket Sale
2023-06-12VANITA SHEKHARImmediate relativebuy150,000Rs 0.67 CrMarket Purchase
2022-11-16VANITA SHEKHARImmediate relativeother100,000Rs 0.43 CrGift
2022-03-11HIMANSHU SHEKHAREmployees/Designated Employeother100,000Rs 0.28 CrGift
2020-02-03President of India acting through Promotersother217,158,119Rs 518.15 CrOff Market
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹3,808 Cr +18.5% vs Jun 2025. Net profit ₹1,178 Cr +4.2%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-12Dividend - Re 0.21 Per Sh
2026-02-10Interim Dividend - Rs 1.40 Per Share
2025-08-14Dividend - Rs 0.51 Per Share
2025-02-13Interim Dividend - Rs 1.4 Per Share
2024-08-12Dividend - Re 0.50 Per Share
2024-08-12Annual General Meeting
2024-02-22Interim Dividend - Rs 1.40 Per Share
2023-08-22Dividend - Rs 0.45 Per Share
2023-08-22Annual General Meeting
2023-02-17Interim Dividend - Rs 1.40 Per Share
2022-08-10Dividend - Rs 0.50 Per Share
2022-08-10Annual General Meeting
2022-02-22Interim Dividend - Rs 1.31 Per Share
2021-09-16 Dividend - Rs 0.35 Per Share
2021-09-16 Annual General Meeting
2021-02-22 Interim Dividend - Rs 1.25 Per Share
2020-09-17 Dividend - Rs 0.32 Per Share
2020-09-17 Annual General Meeting
2020-02-17 Int Dividend - Rs 1.18 Per Share
2019-09-12 Annual General Meeting/Dividend - Rs 0.75 Per Share
2019-02-18 Int Div - Rs 0.71 Per Sh
2018-11-29 Buyback
2018-09-12 Dividend- Re 0.28 Per Share
2018-02-20 Interim Dividend - Rs 1.12 Per Share (Purpose Revised)
2017-09-13 Dividend - Re 0.10 Per Share
2017-02-17 Buyback
2017-01-19 Interim Dividend Rs 1.70/- Per Share (Purpose Revised)
2016-09-08 Annual General Meeting/Dividend-Re 0.58 Per Share
2016-02-18 Interim Dividend - Re 0.92/- Per Share
2015-09-10 Annual General Meeting/ Dividend - Re 0.40/- Per Share
2015-01-29Interim Dividend - Re 0.20/- Per Share
2014-09-11Annual General Meeting / Final Dividend - Re 0.30/- Per Share
2013-11-07Buy Back-Tender Offer
2013-08-30Annual General Meeting / Final Dividend - Re 0.60/- Per Share
2012-08-31Annual General Meeting/Dividend Re 0.70 Per Share
2011-09-02Annual General Meeting And Dividend Re.0.60 Per Share (Bc Dates Revised)
2010-09-07Annual General Meeting And Dividend Re.0.55 Per Share
DateTypeWhat it says
2026-10-01Change in ManagementChange in Senior Management Personnel (one level below the Board of Directors) of NHPC Limited. The details given in the attached letter.
2026-09-30Change in ManagementIn compliance to Regulation 30 of SEBI LODR, Changes in Senior Management Personnel (one level below the Board of Directors) is submitted. The details...
2026-09-22General UpdatesMCA has fixed 28.09.2026 as hearing date in the matter of scheme of amalgamation between JPCL and NHPC Limited. The other details are given in the att...
2026-09-21General UpdatesGeneral Updates regarding ESG rating as received from M/s Crisil ESG Ratings & Analytics Ltd.
2026-09-16General UpdatesDisclosure under Regulation 30 of SEBI LODR Regulations, 2015- ESG Rating.
2026-09-15UpdatesIntimation under Regulation 8(2) of SEBI PIT Regulations, 2015.
2026-09-09General UpdatesIn 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...
2026-09-08Change in AuditorsChange in Auditors of the company.
2026-09-02LitigationIn continuation to our earlier letter dated 14.08.2023 and in compliance to Regulation 30 of SEBI LODR, disclosure regarding arbitral award pronounced...
2026-08-29General UpdatesGeneral Updates-Revision in ESG Score of NHPC by S&P Global
2026-08-28Shareholder meetingVoting results.
2026-08-28Concall / analyst meetSchedule for participation of investors conference
2026-08-28Shareholder meetingProceedings of Annual General Meeting held on August 28, 2026
2026-08-28General UpdatesAppointment of Cost Auditors of Company for FY 2026-27. The other details given in the attached letter.
2026-08-21UpdatesPostponement of final hearing date in the matter of scheme of amalgamation between Jalpower Corporation Limited and NHPC Limited.
2026-08-07General UpdatesMCA has fixed 25.08.2026 as hearing date in the matter of scheme of amalgamation between JPCL and NHPC Limited.
2026-08-05UpdatesSubmission of BRSR for FY 2025-26.
2026-08-05UpdatesInvestors presentation on unaudited financial results for the quarter ended on June 30, 2026.
2026-08-05Shareholder meetingNotice of 50th Annual General Meeting to be held on August 28, 2026 at 11:30 A.M. (IST) through VC/ OAVM.
2026-08-04Board meeting outcomeNHPC Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-03General UpdatesESG Score as received from M/s Crisil ESG Rating & Analytics Ltd is submitted. The other details are given in the attached letter.
2026-08-03Record DateRecord date for the purpose of Dividend is 12-Aug-2026.
2026-08-03General UpdatesIntimation for Convening of 50Th Annual General Meeting, Closure Of Register Of Members & Share Transfer Books, Fixation Of Record Date.
2026-07-31Change in ManagementChange in Management
2026-07-30AppointmentAppointment of Mr Paresh Rasiklal Ranpara (DIN: 10183476) as Additional Director and Director (Personnel) of the company on July 30, 2026. The other d...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.69
Max pain (expiry 2026-10-27)75
Largest call open interest at80
Largest put open interest at70
Implied volatility, at the money23.6%
Underlying at snapshot71.75
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-3018,507
2026-09-2912,261
2026-09-284,000
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of NHPC Ltd?

NHPC Ltd (NHPC) has a market capitalisation of Rs 73,650 Cr. at the 2026-10-01 close.

What is the P/E ratio of NHPC Ltd?

NHPC Ltd trades at a P/E of 19.4 on trailing twelve-month profit, at the 2026-10-01 close.

What were NHPC Ltd's latest quarterly results?

In the Jun 2026 quarter, NHPC Ltd sales was Rs 3,808 Cr (+18.5% vs Jun 2025) and net profit was Rs 1,178 Cr.

What is the 52-week high and low of NHPC Ltd?

The 52-week high is Rs 88.12 and the 52-week low is Rs 71.62.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03