Arthneeti

NHPC Q1 FY27 Share Price & Earnings Call Analysis

₹77.20+3.71% today
Market cap
₹77,504 Cr
P/E
20.42
ROE
9.32%
PEG
-18.91
Price to sales
6.35
Debt to equity
1.26
52W high / low
₹87.0 / ₹69.8
Sales growth (5Y)
3.78%
EBITDA margin
42.81%
Net profit margin
36.45%
Promoter holding
61.39%
Sales (last year)
₹12,210 Cr

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]

Guidance scorecard · Q1 FY27 call

What NHPC Ltd's management guided
and where it ranks in Power

#9of 24 in
Power
Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ4 FY26 call

20–40%
  • NHPC expects significant capacity addition of 2,994 MW hydro assets in FY’27, including 1,250 MW from Subansiri (balance 1,000 MW), 120 MW Rangit-IV, 1,000 MW Pakal Dul, and 624 MW Kiru.
  • Additionally, 1,190 MW of solar assets are planned to be commissioned in the current fiscal.
  • Subansiri Lower is expected to generate 5,000 to 5,500 million units annually going forward (against 506 million units generated last fiscal).
  • The company is targeting commissioning of five hydropower projects into construction stage this fiscal, including Uri-I Stage-II, Dulhasti Stage-II, Etalin, Sawalkot, and Kamala.
  • Generation volumes grew 16% in FY’26, with PAF around 80% excluding Teesta-V.

2 more points from NHPC Ltd's call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Flat

See what NHPC Ltd said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • NHPC is progressing with key under-construction hydro projects like Pakal Dul (1,000 MW, 80% progress), Kiru (624 MW, 82% progress), Kwar (540 MW, 33% progress), Ratle (850 MW, 29% progress), and Teesta-VI (500 MW, 72% progress).
  • Estimated costs include Pakal Dul (Rs. 12,728 Crore), Kiru (Rs. 5,409 Crore), Kwar (Rs. 4,526 Crore), Ratle (Rs. 5,282 Crore), and Teesta-VI (Rs. 9,167 Crore).
  • NHPC plans to start construction of Indira Sagar-Omkareshwar Pumped Storage Project (640 MW) in FY’27 and aims to bring five hydro projects into the construction stage this fiscal, including Etalin, Sawalkot, Kamala, Uri-I Stage-II, and Dulhasti Stage-II.
  • Kamala HE Project (1,720 MW) in Arunachal Pradesh approved with investment of Rs. 26,070 Crore; JV formation and clearances in progress.
  • Solar projects under CPSU Scheme (1,000 MW capacity) are underway with staggered commissioning through FY’26-27.

2 more points from NHPC Ltd's call on capex

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Full Q4 FY26 analysis

FundraisingQ4 FY26 call

See what NHPC Ltd said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

  • NHPC is targeting to bring five hydro projects into the construction stage in the current fiscal year.
  • Two projects, Uri-I Stage-II and Dulhasti Stage-II, have already been awarded.
  • Three more projects likely to move to the construction stage this fiscal are Etalin, Sawalkot, and Kamala.
  • Subansiri Upper project is expected to advance next year, not in the current fiscal.
  • No recent tendering in renewable segments but around 23 GW capacity tendered earlier, with approximately 7 GW already signed via PPAs.

2 more points from NHPC Ltd's call on the order book

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Full Q4 FY26 analysis
Full Power ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Power
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does NHPC Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Power companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹1,624 Cr8.3
240%+Flat₹28,982 Cr48.7
340%+Flat₹15,130 Cr573.5
440%+Flat₹15,007 Cr95.7
520–40%Flat₹3.78L Cr26.5
620–40%Flat₹1.95L Cr100.7

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NHPC Ltd announcements

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Financials of NHPC Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of NHPC Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +2,0292,7572,9312,0561,8872,6943,0522,2872,3473,2143,3652,2212,816
Expenses +1,1411,2531,1631,3037351,0851,2471,2721,1421,4121,3382,0092,179
Operating Profit8881,5051,7687521,1521,6091,8051,0151,2051,8022,027212637
OPM %44%55%60%37%61%60%59%44%51%56%60%10%23%
Other Income +4252922615876234314543652654134481,449306
Interest111109116133365244308649-12261278310574
Depreciation304294295296299296285297315436441457642
Profit before tax8981,3941,6189091,1111,5001,6664341,1671,5181,755894-274
Tax %17%21%-5%31%46%27%36%24%21%26%31%64%-666%
Net Profit +7451,0951,6936236051,1021,0603309201,1311,2193211,549
EPS in Rs0.651.031.540.480.541.020.900.230.851.061.020.221.45

Financials of NHPC Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +8,2218,3548,6237,7558,98310,0089,6489,14410,6079,63110,38011,615
Expenses +3,0873,5713,7393,5084,0025,1524,3715,1314,4234,6954,9576,379
Operating Profit5,1344,7834,8844,2484,9814,8565,2774,0136,1844,9365,4235,236
OPM %62%57%57%55%55%49%55%44%58%51%52%45%
Other Income +1,5971,1742,2451,1851,7339011,0879817432,0301,7262,057
Interest1,2961,1601,1339248968775775864757671,1891,423
Depreciation1,7151,4321,4621,4691,6581,6141,2921,1901,2151,1841,1931,976
Profit before tax3,7183,3654,5353,0404,1593,2664,4953,2175,2375,0154,7673,894
Tax %25%30%23%8%32%-2%20%-17%19%20%28%-8%
Net Profit +2,7982,3653,4802,7852,8363,3453,6003,7744,2614,0003,4124,220
EPS in Rs2.251.852.952.452.582.873.263.513.893.582.993.75
Dividend Payout %27%81%61%57%56%52%49%52%48%53%64%43%

Financials of NHPC Ltd

Balance Sheet

Capital structure and asset base

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
Borrowings +20,58419,93819,22718,60219,06623,22623,36526,09629,54032,56139,55752,327
Other Liabilities +10,09411,24211,94614,29016,87016,66916,71716,27119,71021,03723,45526,247
Total Liabilities61,43662,82360,18762,93366,73471,27773,13677,28886,21192,267102,680120,011
Fixed Assets +27,91622,61022,22721,20124,97724,40221,99321,82522,13721,47422,16850,494
CWIP16,37816,74217,58819,08715,03717,18019,16722,52231,35739,79850,60134,744
Investments1,0206061,0201,1251,2831,3981,8422,386499479444440
Other Assets +16,12322,86619,35221,52025,43728,29730,13330,55432,21830,51629,46734,333
Total Assets61,43662,82360,18762,93366,73471,27773,13677,28886,21192,267102,680120,011

Financials of NHPC Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +4,0615,9718,3294,6963,8242,9935,0704,5904,7057,2525,0263,294
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%109%80%

Financials of NHPC Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days12983786311513119420721216816983
Inventory Days
Days Payable
Cash Conversion Cycle12983786311513119420721216816983
Working Capital Days-1109-29-120-18573611-1-51-58-97
ROCE %9%8%11%8%10%8%9%6%8%8%7%6%

Guidance history

How NHPC Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →20–40%FlatPlanned——
Q3 FY26 call →10–20%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

24out of 100

Momentum score · price trend

24 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−11.2%48%
Last 6 months−7.2%41%
Last 3 months−1.1%62%

The price is 31.7% below its all-time high of ₹113.02 (12 Jul 2024). Stocks more than 20% below their peak have their score halved, so 48 became 24.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For NHPC Ltd: 0.4 × 48 + 0.4 × 41 + 0.2 × 62 = 48, halved to 24 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What NHPC Ltd's management said in earlier quarters

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