NHPC, a Navratna Ratna public sector utility, is Government of India’s flagship hydroelectric generation company. The company is primarily involved in the generation and sale of bulk power to various Power Utilities. Its other business includes providing project management / construction contracts/ consultancy assignment services and trading of power.[1][2]
Power CapacityAs of Q3 FY25, the company has an installed capacity of 7,233 MW, including hydro and renewables. It isone of India's largest hydropower producers, with 6,971 MW of hydropower (~15% of the country's total). It operates 28 power stations across 15 states and 2 UTs.[1][2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | NTPC | 348.85 | 14.24 | 338219.99 | 2.39 | 5225.30 | -3.94 | 44785.82 | 0.18 | 9.95 | 186754.31 | 28.64 | 23751.11 | 5066.78 | 1.76 | 4.26 | 1.33 |
| 2. | Adani Green | 1019.20 | 76.68 | 168003.80 | 0.00 | 644.00 | 102.55 | 3008.00 | 0.10 | 8.70 | 12221.00 | 81.16 | 2190.88 | 658.14 | 8.60 | 2.32 | 4.52 |
| 3. | JSW Energy | 512.60 | 44.28 | 89608.02 | 0.39 | 824.27 | -17.41 | 5177.42 | 59.91 | 6.49 | 15949.06 | 49.55 | 2023.68 | 704.68 | 3.08 | 2.46 | 2.37 |
| 4. | NHPC Ltd | 83.66 | 26.56 | 84046.83 | 2.28 | 925.52 | 3.06 | 2732.11 | 7.17 | 7.44 | 9738.42 | 50.01 | 3164.91 | 925.52 | 2.11 | 3.81 | 0.99 |
| 5. | NTPC Green Ene. | 94.07 | 130.62 | 79274.92 | 0.00 | 86.38 | 130.26 | 612.29 | 21.52 | 4.89 | 2419.85 | 87.48 | 606.90 | 87.59 | 4.23 | 1.31 | 1.16 |
| 6. | NLC India | 269.65 | 14.31 | 37383.84 | 1.11 | 724.80 | -27.06 | 4178.41 | 14.25 | 10.51 | 16251.48 | 26.03 | 2612.76 | 665.12 | 1.87 | 4.68 | 1.22 |
| 7. | SJVN | 83.01 | 58.58 | 32636.70 | 1.76 | 307.80 | -30.20 | 1032.40 | 0.60 | 4.91 | 3125.24 | 72.70 | 557.11 | 307.91 | 2.24 | 1.92 | 2.03 |
| – | Median: 25 Co. | 128.44 | 27.09 | 7718.07 | 0.0 | 86.38 | 0.0 | 634.3 | 13.21 | 7.44 | 2265.01 | 31.76 | 187.7 | 80.07 | 2.17 | 2.32 | 0.89 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2,272 | 1,695 | 1,970 | 2,571 | 2,416 | 2,977 | 1,717 | 1,649 | 2,059 | 2,888 | 2,485 | 2,549 | 2,732 |
Expenses | 1,345 | 1,226 | 1,181 | 1,185 | 1,001 | 1,332 | 1,055 | 655 | 1,142 | 1,061 | 1,062 | 1,118 | 1,214 |
Operating Profit | 927 | 469 | 790 | 1,386 | 1,415 | 1,646 | 662 | 994 | 916 | 1,827 | 1,423 | 1,431 | 1,518 |
Other Income | 249 | 641 | 479 | 301 | 422 | 412 | 469 | 752 | 423 | 275 | 153 | 396 | 380 |
Profit before tax | 768 | 700 | 338 | 1,296 | 1,327 | 1,391 | 733 | 1,117 | 1,077 | 1,711 | 1,174 | 1,258 | 1,209 |
Tax % | -2% | 22% | 19% | 19% | 23% | 23% | 22% | 38% | 17% | 16% | -23% | 29% | 23% |
Net Profit | 782 | 542 | 274 | 1,053 | 1,018 | 1,072 | 569 | 693 | 894 | 1,433 | 1,447 | 898 | 926 |
EPS in Rs | 0.78 | 0.54 | 0.27 | 1.05 | 1.01 | 1.07 | 0.57 | 0.69 | 0.89 | 1.43 | 1.44 | 0.89 | 0.92 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 5,522 | 6,790 | 7,353 | 7,271 | 6,938 | 8,161 | 8,735 | 8,507 | 8,309 | 9,316 | 8,396 | 8,994 | 9,738 |
Expenses | 2,701 | 2,879 | 3,322 | 3,466 | 3,174 | 2,877 | 4,216 | 3,709 | 4,876 | 4,060 | 4,090 | 4,353 | 4,868 |
Operating Profit | 2,822 | 3,911 | 4,031 | 3,805 | 3,764 | 5,285 | 4,519 | 4,798 | 3,433 | 5,256 | 4,306 | 4,642 | 4,870 |
Other Income | 1,017 | 1,521 | 1,072 | 2,191 | 1,453 | 945 | 1,510 | 931 | 1,035 | 853 | 1,827 | 1,631 | 1,694 |
Interest | 1,045 | 1,180 | 1,114 | 1,132 | 943 | 895 | 876 | 575 | 566 | 525 | 749 | 1,147 | 1,143 |
Depreciation | 1,211 | 1,426 | 1,359 | 1,388 | 1,396 | 1,590 | 1,545 | 1,229 | 1,126 | 1,145 | 1,111 | 1,125 | 1,406 |
Profit before tax | 1,583 | 2,826 | 2,630 | 3,475 | 2,879 | 3,745 | 3,608 | 3,925 | 2,776 | 4,439 | 4,273 | 4,000 | 4,015 |
Net Profit | 979 | 2,124 | 1,879 | 2,796 | 2,769 | 2,631 | 3,007 | 3,245 | 3,538 | 3,834 | 3,722 | 3,084 | 3,165 |
EPS in Rs | 0.88 | 1.92 | 1.70 | 2.72 | 2.70 | 2.62 | 2.99 | 3.23 | 3.52 | 3.82 | 3.71 | 3.07 | 3.15 |
Dividend Payout % | 34% | 31% | 88% | 66% | 52% | 56% | 50% | 50% | 51% | 48% | 51% | 62% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 11,071 | 11,071 | 11,071 | 10,259 | 10,259 | 10,045 | 10,045 | 10,045 | 10,045 | 10,045 | 10,045 | 10,045 | 10,045 |
Reserves | 14,997 | 17,216 | 18,690 | 16,683 | 18,092 | 19,170 | 19,939 | 21,558 | 23,441 | 25,363 | 27,231 | 28,303 | 29,786 |
Borrowings | 19,866 | 19,836 | 19,938 | 19,227 | 18,602 | 19,056 | 23,224 | 23,363 | 26,031 | 28,154 | 31,002 | 36,002 | 39,489 |
Other Liabilities | 8,068 | 6,189 | 5,720 | 6,148 | 8,623 | 11,347 | 11,414 | 11,300 | 10,787 | 11,156 | 11,363 | 12,777 | 14,250 |
Total Liabilities | 54,002 | 54,312 | 55,419 | 52,317 | 55,577 | 59,617 | 64,621 | 66,266 | 70,303 | 74,718 | 79,641 | 87,127 | 93,570 |
Fixed Assets | 24,077 | 22,695 | 21,299 | 20,977 | 20,018 | 23,852 | 23,296 | 20,936 | 20,815 | 20,068 | 19,248 | 19,285 | 32,849 |
Gross Block | 32,929 | 32,982 | 22,672 | 23,752 | 24,195 | 29,609 | 30,657 | 28,969 | 30,003 | 30,379 | 30,631 | 31,779 | – |
Accumulated Depreciation | 8,851 | 10,287 | 1,373 | 2,774 | 4,177 | 5,757 | 7,361 | 8,034 | 9,188 | 10,311 | 11,383 | 12,493 | – |
CWIP | 14,657 | 16,055 | 16,579 | 17,350 | 18,814 | 14,898 | 16,098 | 17,853 | 20,574 | 25,315 | 33,043 | 40,037 | 30,149 |
Investments | 2,479 | 2,235 | 1,689 | 2,100 | 2,210 | 2,362 | 3,401 | 3,922 | 5,414 | 5,698 | 4,644 | 5,926 | 6,207 |
Other Assets | 12,789 | 13,326 | 15,852 | 11,889 | 14,535 | 18,506 | 21,827 | 23,557 | 23,500 | 23,637 | 22,706 | 21,879 | 24,364 |
Total Assets | 54,002 | 54,312 | 55,419 | 52,317 | 55,577 | 59,617 | 64,621 | 66,266 | 70,303 | 74,718 | 79,641 | 87,127 | 93,570 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 3,646 | 3,055 | 4,900 | 7,843 | 3,721 | 3,440 | 2,214 | 4,527 | 4,259 | 3,907 | 6,128 | 4,160 |
Cash from Investing Activity | -480 | -789 | -799 | -1,430 | -763 | -1,165 | -2,897 | -1,605 | -2,990 | -2,929 | -3,797 | -4,412 |
Cash from Financing Activity | -3,478 | -2,148 | -3,092 | -7,547 | -3,011 | -2,270 | 680 | -2,785 | -476 | -1,520 | -1,845 | -87 |
Net Cash Flow | -312 | 118 | 1,009 | -1,134 | -53 | 5 | -3 | 137 | 792 | -542 | 487 | -339 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 123 | 134 | 77 | 75 | 58 | 117 | 150 | 194 | 203 | 215 | 173 | 179 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 123 | 134 | 77 | 75 | 58 | 117 | 150 | 194 | 203 | 215 | 173 | 179 |
Working Capital Days | -42 | -27 | -30 | -59 | -141 | -28 | 53 | 26 | 2 | -6 | -45 | -54 |
ROCE % | 7% | 8% | 8% | 10% | 8% | 11% | 8% | 9% | 6% | 8% | 8% | 7% |
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Stock Analysis
NHPC Limited is India's flagship hydroelectric generation company, primarily involved in generating and selling bulk power. It also provides project management and consultancy services. The company is a significant player in the Indian power sector, operating numerous power stations across the country.
The approval for issuing bonds up to ₹2,000 crore demonstrates proactive financial management, securing capital for the FY 2025-26 borrowing plan, which is crucial for funding future projects and expansion.
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