In Week of Mar 28, 2026, NHPC Ltd (Power - Generation/Distribution) is outperforming Nifty 500 with +9.3% relative strength. Fundamentals: Weak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 (Dec 2025) earnings • Updated Mar 14, 2026
What: Two new hydro units commissioned with full ramp-up expected by Q4 FY26, adding ~₹250 cr/quarter revenue
Impact: +₹250 Cr revenue
“Management confirmed commissioning of new units in Q3 FY26 call”
What: 67% of annual capex target already spent, funding future capacity expansion
“Capex of ₹8,844 cr in 9M FY26 vs annual target of ₹13,300 cr”
What: Higher generation volumes driving operating leverage and margin expansion
Impact: +₹767 Cr revenue
“25,849 MU generation in 9M FY26 vs 22,397 MU YoY”
Earnings deceleration risks from management commentary
Trigger: Monsoon season operations
Impact: -200 bps margin impact
Management view: Management acknowledged 3% decline due to monsoon shutdowns
Monitor: Plant Availability Factor
Trigger: Quarterly revenue comparisons
Impact: -50 bps margin impact
Management view: Management explained Q3 FY26 revenue decline was due to one-time items in prior year
Monitor: Core generation revenue growth
Key quotes from recent conference calls
“I am very pleased and proud to share that we have commissioned and declared the [new units] operational — Mr. Bhupender Gupta”
“CapEx for nine months FY26 is ₹8,844 crore. The current fiscal's CapEx plan is ₹13,300 crore, with ₹15,000 crore planned for next year. Annual CapEx will average ₹12,000 crore to ₹13,000 crore thereafter. — Saroj Kumar Roy”
“During Q3 FY26, company has earned revenue from operations of ₹2,221 cr as against ₹2,287 cr in the corresponding previous period which is about 3% lower... due to decrease in sales pertaining to previous years on accounts of pay anomaly and interest on arbitration accounted in previous corresponding quarter to the extent of ₹500 cr — Transcript”
Forward-looking targets from management for FY26
Capex Plan
₹13300 Cr
Key Milestones
• Complete ₹13,300 cr capex in FY26
• Commission new hydro units
• Maintain generation growth
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | -3% | +4% | Inflection Down |
| PAT (Net Profit) | -3% | -3% | Inflection Down |
| OPM | 10.0% | -3400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Mar 14, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
NHPC Ltd's latest quarterly results (Dec 2025) show
NHPC Ltd's profit is declining with an inflecting downward trend.
NHPC Ltd's revenue growth trend is inflecting downward.
NHPC Ltd's operating margin is volatile.
NHPC Ltd's long-term compounding rates
NHPC Ltd's earnings growth is inflecting downward with weakening on a sequential basis.
NHPC Ltd's trailing twelve month (TTM) performance
NHPC Ltd appears significantly overvalued based on our fair value analysis.
NHPC Ltd's current PE ratio is 24.4x.
NHPC Ltd's current PE is 24.4x.
NHPC Ltd's price-to-book ratio is 1.9x.
NHPC Ltd is rated Weak with a fundamental score of 22/100. This score is calculated from objective financial metrics
NHPC Ltd has a debt-to-equity ratio of N/A.
NHPC Ltd's return ratios over recent years
NHPC Ltd's operating cash flow is positive (FY2025).
NHPC Ltd's current dividend yield is 2.49%.
NHPC Ltd's shareholding pattern (Dec 2025)
NHPC Ltd's promoter holding has remained stable recently.
NHPC Ltd has been outperforming Nifty 500 for 3 consecutive weeks, indicating early-stage outperformance.
NHPC Ltd is an established outperformer with 3 weeks of consecutive Nifty 500 outperformance.
NHPC Ltd has 3 key growth catalysts identified from recent earnings analysis
NHPC Ltd has 2 key risks worth monitoring
In Q3 FY26 (Dec 2025), NHPC Ltd's management highlighted
NHPC Ltd's management has provided the following forward guidance for FY26
Based on quantitative research signals, here is why NHPC Ltd may be worth studying
NHPC Ltd investment thesis summary:
NHPC Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
