NHPC ka ₹8,000 Cr Ka Plan, Lekin Profit Ka Kya? Margins Girne Se Investors Chintit

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AuthorIshaan Verma|Published at:
NHPC ka ₹8,000 Cr Ka Plan, Lekin Profit Ka Kya? Margins Girne Se Investors Chintit
Overview

Socho, NHPC ne FY27 tak ₹8,000 crore tak borrow karne ka plan approve kar liya hai. Yeh news tab aayi hai jab company ke Q3 results mein profit margins kaafi gir gaye hain, jisse investors thoda soch mein pad gaye hain.

Achanak Profit Pressure Mein Kaise Aa Gaya?

Dekho, NHPC ne fy2027 tak ₹8,000 crore tak ka paisa uthane ka plan banaya hai, mostly hydropower aur renewable energy projects ke liye. Lekin, recent Q3 results ne sabko thoda hila diya hai. Interest, taxes, depreciation, aur amortization se pehle ka profit (EBITDA) pichhle saal ke ₹1,014 crore se 79.2% gir kar sirf ₹210 crore reh gaya hai. Aur margins? Woh toh 44.4% se crash kar ke 9.5% par aa gaye hain!

Net profit bhi 5.2% kam ho kar ₹219 crore raha aur revenue 2.9% gir kar ₹2,220 crore hua.

Share Price Aur Valuation Ka Kya Scene Hai?

Itne bure results ke baad bhi, NHPC ka share 0.86% badh kar ₹77.20 par close hua. Aisa lag raha hai ki investors future growth ko dekh rahe hain, haalanki abhi financial pressure toh hai. Company ka TTM P/E ratio 23.76 se 38.58 ke beech hai. Agar competitors se compare karein, toh Tata Power ka TTM P/E lagbhag 33.29, JSW Energy ka 37.52 hai, aur Adani Green Energy toh kaafi upar 103.4 par hai.

Sector Ke Liye Kya Khabar Hai?

Overall Indian power sector toh mast chal raha hai, especially data centers, EVs, aur urbanization ki wajah se demand badh rahi hai. Government bhi non-fossil fuel capacity ko 2036 tak 70% tak pahunchane ke mood mein hai, jo NHPC jaise companies ke liye acchi baat hai.

Risk Factor?

Sabse bada risk toh ye hai ki operational margins itni tezi se kyun gir rahe hain. Lagta hai costs badh rahi hain ya efficiency kam ho rahi hai. Aur upar se yeh ₹8,000 crore ka naya loan, toh debt bhi badhega aur interest expenses bhi. Investors ko ab dhyaan rakhna hoga ki yeh debt company ki performance par aur pressure na dale.

Analysts Kya Kehte Hain?

Bahut zyada pareshan hone ki baat nahi hai, analysts abhi bhi positive hain. Unka average target price ₹85.83 se ₹89.57 ke beech hai, aur rating zyadaatar 'Buy' ya 'Hold' hai. Forecasts ke mutabik, earnings aur revenue mein next few years mein 27.3% aur 26% ki growth aa sakti hai. Company ne FY25-26 ke liye 14% ka interim dividend bhi declare kiya hai.

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