NHPC Ltd
NHPCNHPC Ltd's earnings have outrun its stock. EPS grew +25.4% in a year against a −9.0% price move.
The sharpest disagreement: annual EPS moved +25.4% against a −9.0% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (1 weeks in) while the P/E sits at the 78th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +68.4% year on year, and 134% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
NHPC Ltd trades at ₹79.2, in a downtrend and 1 weeks into that stage. That is +0.0% against its own 200-day average. It sits at 43% of a 52-week range of ₹73 to ₹88. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).
Today the stock is in a downtrend — week 1 of stage 4, confirmed. At ₹79.2 it trades +0.0% versus its 200-day average and sits at 43% of its 52-week range (₹73–₹88).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +277% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 78th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
NHPC Ltd trades at 21.2× P/E, at the pricey end of its own range (78th percentile). Its long-run median P/E is 10.7×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 21.2× is at the pricey end of its own range (78th percentile), against a long-run median of 10.7× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +25.4% against a −9.0% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +25.1%/yr price move, ~+2.0%/yr came from earnings growth and ~+23.1 pp from the multiple (expanding); over 10y, of the +12.1%/yr price move, ~+5.4%/yr came from earnings growth and ~+6.7 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
NHPC Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −21.3% at the trough to +23.7%, a 5-quarter improving streak, ROCE holding at 5.4%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +11.9% | +3.1% | +3.8% | +3.4% |
| Profit | +23.7% | −0.3% | +3.2% | +6.0% |
| EPS | +25.4% | −1.2% | +2.8% | +7.3% |
| Share price | −9.0% | +19.9% | +25.1% | +12.1% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
45.9/100 — rank 12 of 20 in Power - Generation/Distribution · 96% evidence confidence
NHPC Ltd scores 45.9 out of 100 against the 20 companies it is compared with in Power - Generation/Distribution, ranking 12. Price leads the evidence: RS versus the benchmark is -1.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 17.4 + 9.4 + 4.4 + 14.7 = 45.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
NHPC Ltd reported ₹2,816 Cr of revenue in the Mar 26 quarter, +20.0% year on year. Over 10 years it has compounded at 3.4% a year. The last full year, FY26, came in at ₹11,615 Cr. The last four reported quarters add to ₹11,616 Cr.
NHPC Ltd reported ₹2,816 Cr of revenue in the Mar 26 quarter, +20.0% year on year. Over 10 years it has compounded at 3.4% a year. The last full year, FY26, came in at ₹11,615 Cr. The last four reported quarters add to ₹11,616 Cr.
FY26 revenue came in at ₹11,615 Cr (+11.9% on the year), capping 10 years at 3.4% compound. The latest quarter (Mar 26) printed ₹2,816 Cr, +20.0% year on year.
Pace check: the last four quarters averaged +11.7% growth against the decade's 3.4% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +11.9% over the last 4 quarters against +9.8%/yr over the last 8 — stabilising; TTM profit +23.7% vs +2.5%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 23.0% this quarter (−28.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
NHPC Ltd's operating margin is 23.0% in the Mar 26 quarter, −28.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 44.0% to 62.0%. The current quarter is running below every full year in that window.
NHPC Ltd's operating margin is 23.0% in the Mar 26 quarter, −28.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 44.0% to 62.0%. The current quarter is running below every full year in that window.
The latest quarter's operating margin is 23.0%, −28.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 44.0%–62.0%.
🚨 Why the margin moved: operating margin went −28.7 pp year on year while gross margin went +0.5 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins slipped — did that reach the bottom line? Next: profit +68.4% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
NHPC Ltd earned ₹1,549 Cr of net profit in the Mar 26 quarter, +68.4% year on year. Full-year FY26 profit was ₹4,220 Cr. The 10-year compound rate is 6.0%. That is 55.0% of the quarter's revenue. The same quarter a year earlier earned ₹920 Cr.
NHPC Ltd earned ₹1,549 Cr of net profit in the Mar 26 quarter, +68.4% year on year. Full-year FY26 profit was ₹4,220 Cr. The 10-year compound rate is 6.0%. That is 55.0% of the quarter's revenue. The same quarter a year earlier earned ₹920 Cr.
Mar 26 profit was ₹1,549 Cr, +68.4% year on year. On the full year, FY26 printed ₹4,220 Cr (+23.7%), and the 10-year compound rate is 6.0%.
Why profit moved: revenue contributed +20.0% and the margin −28.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +20.8% vs revenue +11.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 134% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 134% of NHPC Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹3,294 Cr of operating cash against ₹4,220 Cr of profit. After ₹14,445 Cr of capital spending, ₹−11,151 Cr was left as free cash.
FY26: operating cash of ₹3,294 Cr against reported profit of ₹4,220 Cr, leaving free cash of ₹−11,151 Cr after ₹14,445 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 134% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 134%: the cash cycle tightened 111 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 8.3× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹36,097 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
NHPC Ltd's cash conversion cycle runs 83 days in FY26, down from 194 days in FY21. Capital spending ran ₹36,097 Cr over the last 3 years. At FY26 sales of ₹11,615 Cr each day of that cycle holds about ₹31.8 Cr, so roughly ₹2,641 Cr sits inside the business at any moment.
FY26: debtors at 83 days (an asset-light business — no inventory to speak of) — for a full cycle of 83 days, tighter than FY21's 194.
In money terms: at FY26 sales of ₹11,615 Cr, each day of the cycle holds about ₹31.8 Cr — so the 83-day loop keeps roughly ₹2,641 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹36,097 Cr over the last 3 fiscal years against ₹4,353 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹34,744 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 6% and the ROIC − WACC spread is −9.9 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
NHPC Ltd earns a ROCE of 6% in FY26. That is up from a trough of 6% in FY22. Return on invested capital clears the cost of that capital by −9.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 36.3% net margin on 0.10× asset turns.
FY26 ROCE is 6%, recovered from a FY22 trough of 6% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 36.3% net margin × 0.10× asset turns × 2.90× balance-sheet leverage ≈ 10.5% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 2.1% − 12.0% = a −9.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.26.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
NHPC Ltd carries total debt of ₹54,751 Cr against shareholder equity of ₹48,405 Cr as of Mar 26, a debt-to-equity of 1.13. On the annual view that ratio went from 0.74 in FY22 to 1.13 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹54,751 Cr against shareholder equity of ₹48,405 Cr — a debt-to-equity of 1.13. On the annual view, debt-to-equity went from 0.74 (FY22) to 1.13 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Promoters cut 6.0 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters cut 6.0 points of NHPC Ltd over 8 quarters, the biggest move on the register. That takes promoters to 61.4% of the company. Domestic institutions moved +4.3 points over the same window, to 14.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −6.0 points over 8 quarters to 61.4%; Domestic institutions: +4.3 points over 8 quarters to 14.5%; Foreign institutions: +3.3 points over 8 quarters to 12.3%.
🚨 Why the register moved: promoters drove it (−6.0 points), absorbed on the other side by domestic institutions (+4.3 points) — distribution into the market’s bid.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
NHPC Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| NHPC Ltd this page | 21.2× | ₹79,748 Cr | Turning around | |||
| Adani Power Ltd | 28.9× | ₹4.1L Cr | Improving | |||
| NTPC Ltd | 12.1× | ₹3.4L Cr | Mixed | |||
| Adani Green Energy Ltd | 119.0× | ₹2.3L Cr | Mixed | |||
| Tata Power Company Ltd | 31.1× | ₹1.2L Cr | Mixed | |||
| JSW Energy Ltd | 50.4× | ₹1L Cr | Mixed | |||
| NTPC Green Energy Ltd | 134.0× | ₹81,162 Cr | No read | |||
| Torrent Power Ltd | 31.6× | ₹72,265 Cr | Mixed | |||
| NLC India Ltd | 11.5× | ₹40,601 Cr | Improving | |||
| SJVN Ltd | 41.4× | ₹26,558 Cr | Improving | |||
| CESC Ltd | 14.0× | ₹21,631 Cr | Mixed | |||
| Jaiprakash Power Ventures Ltd | 13.9× | ₹11,617 Cr | Turning around | |||
| Reliance Power Ltd | — | ₹9,951 Cr | No read | |||
| KPI Green Energy Ltd | 16.2× | ₹7,713 Cr | Mixed | |||
| RattanIndia Power Ltd | 41.6× | ₹4,634 Cr | No read | |||
| Gujarat Industries Power Co Ltd | 6.1× | ₹2,440 Cr | No read | |||
| BF Utilities Ltd | 14.3× | ₹2,186 Cr | Consistent | |||
| Orient Green Power Company Ltd | 22.0× | ₹1,177 Cr | Mixed | |||
| Mac Charles (India) Ltd | — | ₹938 Cr | No read | |||
| India Power Corporation Ltd | 54.5× | ₹698 Cr | Mixed |
Frequently asked questions
What is NHPC Ltd's share price today?
NHPC Ltd trades at ₹79.2, −9.0% over the past year. The company is valued at ₹79,748 Cr. The stock sits at 43% of its 52-week range of ₹73–₹88, +0.0% versus its 200-day average. On the tape, the price is in a downtrend, 1 weeks in. — as of 24 July 2026.
What were NHPC Ltd's latest quarterly results?
NHPC Ltd reported revenue of ₹2,816 Cr and net profit of ₹1,549 Cr for the Mar 26 quarter. Revenue rose 20.0% and profit rose 68.4% year on year. Earnings per share were ₹1.45. The operating margin was 23.0%, 28.0 pp lower than a year earlier. — as of 24 July 2026.
What is NHPC Ltd's revenue?
NHPC Ltd reported revenue of ₹2,816 Cr in the Mar 26 quarter, +20.0% year on year. For the full FY26 fiscal year, revenue was ₹11,615 Cr (+11.9%). Over the last 10 years revenue compounded at 3.4% a year. — as of 24 July 2026.
What is NHPC Ltd's profit?
NHPC Ltd earned ₹1,549 Cr of net profit in the Mar 26 quarter, +68.4% year on year. Full-year FY26 profit was ₹4,220 Cr. The operating margin ran 23.0% in the latest quarter. — as of 24 July 2026.
What is NHPC Ltd's market cap?
NHPC Ltd's market capitalisation is ₹79,748 Cr at a share price of ₹79.2. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is NHPC Ltd's P/E ratio?
NHPC Ltd trades at a P/E of 21.2×, at the 78th percentile of its own 10-year range, against a long-run median of 10.7×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does NHPC Ltd pay a dividend?
Yes — NHPC Ltd's dividend payout was 43% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is NHPC Ltd overvalued?
On its own history, NHPC Ltd looks expensive against its own history: its P/E of 21.2× sits at the 78th percentile of its 10-year range (long-run median 10.7×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is NHPC Ltd growing?
Yes — NHPC Ltd is growing: latest-quarter revenue +20.0% year on year, profit +68.4%, and the margin −28.0 pp at 23.0%. The 10-year compound rates are 3.4% (revenue) and 6.0% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is NHPC Ltd performing?
NHPC Ltd is in a downtrend, 1 weeks in. Its latest quarter's revenue rose 20.0% and profit rose 68.4% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is NHPC Ltd in?
Turning around — profit growth swung from −21.3% at the trough to +23.7%, a 5-quarter improving streak, ROCE holding at 5.4%. The read comes from the last 12 quarters of growth (revenue growth +11.9% latest, profit growth +23.7% latest, eps growth +25.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is NHPC Ltd in an uptrend?
No — the price is in a downtrend (week 1 of stage 4), trading +0.0% versus its 200-day average and at 43% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is NHPC Ltd beating the market?
Not lately — on a trailing-13-week view NHPC Ltd is currently behind the NIFTY 500 (1 week and counting; last ahead the week of 2026-07-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +277% against the NIFTY 500's +274% — ahead of the index over the full window. — as of 24 July 2026.
Will NHPC Ltd's share price go up?
This page publishes no price forecast for NHPC Ltd. What it measures instead: the share price is ₹79.2, the price is in a downtrend 1 weeks in. Its P/E of 21.2× sits at the 78th percentile of its own 10-year range. Direction is not something this site claims to know. — as of 24 July 2026.
Who owns NHPC Ltd?
Promoters hold 61.4% of NHPC Ltd, foreign institutions 12.3%, domestic institutions 14.5% and the public 10.6% (latest quarter). The biggest move on the register over the last two years: Promoters cut 6.0 points over 8 quarters. — as of 24 July 2026.
Does NHPC Ltd have too much debt?
It carries real leverage — NHPC Ltd's debt-to-equity is 1.26, and operating profit covers the interest bill 4×. FY26 borrowings were ₹52,327 Cr against equity of ₹41,437 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is NHPC Ltd's capex?
NHPC Ltd spent ₹36,097 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹14,445 Cr, with ₹34,744 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is NHPC Ltd's cash flow?
NHPC Ltd generated ₹3,294 Cr of operating cash flow in FY26 and ₹−11,151 Cr of free cash flow after ₹14,445 Cr of capital spending. Reported profit that year was ₹4,220 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is NHPC Ltd's profit real cash?
Yes — over the last 3 fiscal years, 134% of NHPC Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹3,294 Cr against reported profit of ₹4,220 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is NHPC Ltd in its business cycle?
NHPC Ltd's FY26 operating margin was 45.0%, against a 13-year band of 44.0%–62.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 23.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the NHPC Ltd story?
The sharpest disagreement: annual EPS moved +25.4% against a −9.0% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is NHPC Ltd a stock worth studying right now?
This is not investment advice. The machine read: NHPC Ltd's earnings have outrun its stock. EPS grew +25.4% in a year against a −9.0% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.