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Last Updated: April 2, 2026, 3:24 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 533098 | NSE: NHPC

NHPC Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹60.78Overvalued by 19.39%vs CMP ₹75.40

P/E (24.0) × ROE (7.5%) × BV (₹41.00) × DY (2.53%)

₹43.62Overvalued by 42.15%vs CMP ₹75.40
MoS: -72.9% (Negative)Confidence: 63/100 (Moderate)Models: All 7: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹59.4730%Over (-21.1%)
Graham NumberEarnings₹53.9122%Over (-28.5%)
Net Asset ValueAssets₹41.0610%Over (-45.5%)
EV/EBITDAEnterprise₹7.9712%Over (-89.4%)
Earnings YieldEarnings₹31.5010%Over (-58.2%)
ROCE CapitalReturns₹55.1210%Over (-26.9%)
Revenue MultipleRevenue₹10.337%Over (-86.3%)
Consensus (7 models)₹43.62100%Overvalued
Key Drivers: Wide model spread (₹8–₹59) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -2.1%

*Investments are subject to market risks

Investment Snapshot

58
NHPC Ltd scores 58/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health52/100 · Moderate
ROCE 7.4% WeakROE 7.5% AverageD/E 0.66 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money70/100 · Strong
FII holding up 1.58% (6mo) AccumulatingPromoter holding at 67.4% Stable
Earnings Quality60/100 · Moderate
OPM stable around 52% SteadyWorking capital: -58 days (improving) Efficient
Quarterly Momentum58/100 · Moderate
Revenue (4Q): +12% YoY GrowingProfit (4Q): +16% YoY PositiveOPM: 10.0% (down 34.0% YoY) Margin pressure
Industry Rank60/100 · Moderate
P/E 24.0 vs industry 41.9 Cheaper than peersROCE 7.4% vs industry 9.0% Average3Y sales CAGR: 4% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

NHPC Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
90/100
High
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 24.0 vs Ind 41.9 | ROCE 7.4% | ROE 7.5% | CFO/NP N/A
Balance Sheet Stress
30/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.66x | IntCov 0.0x | Current 2.40x | Borrow/Reserve 1.44x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹3,412 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII +0.34 pp | DII -0.23 pp | Prom 0.00 pp
Business Momentum
-100
Early weakness
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -34.0% | Q NP -73.7% | Q OPM -50.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-42.1%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves1.44xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change+0.34 ppLatest FII% minus previous FII%
DII Change-0.23 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-136,485Latest shareholder count minus previous count
Quarterly Sales Change-34.0%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-73.7%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change-50.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:24 am

Market Cap 75,730 Cr.
Current Price 75.4
Intrinsic Value₹43.62
High / Low 92.3/68.7
Stock P/E24.0
Book Value 41.0
Dividend Yield2.53 %
ROCE7.42 %
ROE7.53 %
Face Value 10.0
PEG Ratio-11.21

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for NHPC Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
NHPC Ltd 75,730 Cr. 75.4 92.3/68.724.0 41.02.53 %7.42 %7.53 % 10.0
JSW Energy Ltd 85,079 Cr. 484 557/42836.8 1670.41 %6.49 %7.41 % 10.0
NLC India Ltd 39,270 Cr. 283 292/20215.0 1441.27 %10.5 %14.5 % 10.0
Tata Power Company Ltd 1,21,487 Cr. 380 418/33232.1 1180.59 %10.8 %11.0 % 1.00
SJVN Ltd 26,432 Cr. 67.3 108/63.041.8 37.12.17 %4.91 %5.81 % 10.0
Industry Average60,447.10 Cr156.8041.9494.050.95%8.95%11.73%7.77

All Competitor Stocks of NHPC Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 2,5832,0292,7572,9312,0561,8872,6943,0522,2872,3473,2143,3652,221
Expenses 1,3831,1411,2531,1631,3037351,0851,2471,2721,2571,4121,3382,009
Operating Profit 1,2008881,5051,7687521,1521,6091,8051,0151,0901,8022,027212
OPM % 46%44%55%60%37%61%60%59%44%46%56%60%10%
Other Income 1114252922615876234314543653794134481,449
Interest 120111109116133365244308649-12261278310
Depreciation 306304294295296299296285297315436441457
Profit before tax 8858981,3941,6189091,1111,5001,6664341,1671,5181,755894
Tax % 12%17%21%-5%31%46%27%36%24%21%26%31%64%
Net Profit 7767451,0951,6936236051,1021,0603309201,1311,219321
EPS in Rs 0.670.651.031.540.480.541.020.900.230.851.061.020.22

Last Updated: February 4, 2026, 8:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 5:03 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 7,3898,2218,3548,6237,7558,98310,0089,6489,18910,6079,63110,38011,147
Expenses 3,0473,0873,5713,7393,5084,0025,1524,3975,1764,4014,6954,9576,017
Operating Profit 4,3425,1344,7834,8844,2484,9814,8565,2514,0136,2064,9365,4235,130
OPM % 59%62%57%57%55%55%49%54%44%59%51%52%46%
Other Income 8891,5971,1742,2451,1851,7339011,1859817432,0301,7262,689
Interest 1,2031,2961,1601,1339248968776545865237671,189837
Depreciation 1,4991,7151,4321,4621,4691,6581,6141,2981,1901,2151,1841,1931,649
Profit before tax 2,5293,7183,3654,5353,0404,1593,2664,4833,2175,2115,0154,7675,334
Tax % 35%25%30%23%8%32%-2%20%-17%19%20%28%
Net Profit 1,6332,7982,3653,4802,7852,8363,3453,5823,7744,2354,0003,4123,591
EPS in Rs 1.102.251.852.952.452.582.873.243.513.873.582.993.15
Dividend Payout % 27%27%81%61%57%56%52%49%52%48%53%64%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)71.34%-15.48%47.15%-19.97%1.83%17.95%7.09%5.36%12.22%-5.55%-14.70%
Change in YoY Net Profit Growth (%)0.00%-86.82%62.62%-67.12%21.80%16.12%-10.86%-1.73%6.86%-17.76%-9.15%

NHPC Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:2%
5 Years:1%
3 Years:4%
TTM:14%
Compounded Profit Growth
10 Years:2%
5 Years:-2%
3 Years:-6%
TTM:-15%
Stock Price CAGR
10 Years:17%
5 Years:30%
3 Years:27%
1 Year:-20%
Return on Equity
10 Years:9%
5 Years:10%
3 Years:9%
Last Year:8%

Last Updated: September 5, 2025, 11:40 am

Balance Sheet

Last Updated: December 4, 2025, 1:43 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 11,07111,07111,07110,25910,25910,04510,04510,04510,04510,04510,04510,04510,045
Reserves 17,17519,68720,57218,75619,78220,75321,33623,00824,87626,91628,62429,62331,195
Borrowings 20,81920,58419,93819,22718,60219,06623,22623,36526,09629,54032,56139,55744,923
Other Liabilities 12,36210,09411,24211,94614,29016,87016,66916,71716,27119,71021,03723,45525,400
Total Liabilities 61,42761,43662,82360,18762,93366,73471,27773,13677,28886,21192,267102,680111,563
Fixed Assets 29,58727,91622,61022,22721,20124,97724,40221,99321,82522,13721,47422,16835,690
CWIP 14,92416,37816,74217,58819,08715,03717,18019,16722,52231,35739,79850,60142,975
Investments 1,2731,0206061,0201,1251,2831,3981,8422,386499479444448
Other Assets 15,64316,12322,86619,35221,52025,43728,29730,13330,55432,21830,51629,46732,450
Total Assets 61,42761,43662,82360,18762,93366,73471,27773,13677,28886,21192,267102,680111,563

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 3,8244,0615,9718,3294,6963,8242,9935,0736,4724,6927,2525,026
Cash from Investing Activity + -1,122-768-746-1,864-886-1,182-2,987-1,530-4,966-4,191-5,940-7,550
Cash from Financing Activity + -4,536-2,494-4,000-7,812-3,863-2,63712-3,138-638-796-9241,904
Net Cash Flow -1,8347981,224-1,347-53517405867-295388-620
Free Cash Flow 1,5742,3353,8246,7423,1332,464-6393,0911,457-268285-3,823
CFO/OP 106%95%143%193%130%94%79%110%182%91%165%109%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-16.00-15.00-15.00-15.00-14.00-15.00-19.00-18.00-22.00-23.00-28.00-34.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 120129837863115131194207212168169
Inventory Days
Days Payable
Cash Conversion Cycle 120129837863115131194207212168169
Working Capital Days -12-1109-29-120-18573611-1-51-58
ROCE %8%9%8%11%8%10%9%9%6%8%8%7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 70.95%70.95%70.95%70.95%67.40%67.40%67.40%67.40%67.40%67.40%67.40%67.40%
FIIs 7.37%7.57%7.59%7.38%6.80%8.96%9.38%8.77%8.81%9.31%10.05%10.39%
DIIs 14.20%14.23%12.93%13.42%11.31%10.27%9.76%10.04%10.62%10.63%10.54%10.31%
Government 1.71%1.53%1.53%1.53%1.28%1.28%1.13%1.13%1.13%1.13%1.13%1.13%
Public 5.77%5.71%7.00%6.73%13.22%12.08%12.31%12.65%12.05%11.52%10.88%10.77%
No. of Shareholders 8,35,5048,37,8229,57,44510,32,82433,35,56636,28,67339,06,73440,65,44239,90,21537,73,35236,07,89834,71,413

Shareholding Pattern Chart

No. of Shareholders

NHPC Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Balanced Advantage Fund 29,879,361 0.22 233.66N/AN/AN/A
ICICI Prudential Large Cap Fund 25,728,676 0.26 201.2N/AN/AN/A
Sundaram Mid Cap Fund 13,548,970 0.82 105.9513,035,8942026-01-26 01:51:093.94%
ICICI Prudential Business Cycle Fund 12,585,952 0.62 98.42N/AN/AN/A
SBI Energy Opportunities Fund 10,964,983 1 85.75N/AN/AN/A
HDFC Large and Mid Cap Fund 10,000,000 0.28 78.2N/AN/AN/A
Tata Large & Mid Cap Fund 7,944,472 0.76 62.13N/AN/AN/A
Bandhan Large & Mid Cap Fund 7,613,092 0.43 59.535,096,8962026-02-23 01:22:0849.37%
Franklin India Dividend Yield Fund 7,600,000 2.46 59.437,750,0002026-02-23 01:22:08-1.94%
Canara Robeco Mid Cap Fund 6,914,359 1.33 54.07N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 2.723.613.874.713.24
Diluted EPS (Rs.) 2.993.613.873.513.24
Cash EPS (Rs.) 4.585.185.434.944.86
Book Value[Excl.RevalReserv]/Share (Rs.) 39.4938.5341.5337.6135.76
Book Value[Incl.RevalReserv]/Share (Rs.) 39.4938.5341.5337.6135.76
Revenue From Operations / Share (Rs.) 10.339.5910.569.159.60
PBDIT / Share (Rs.) 6.846.206.916.126.38
PBIT / Share (Rs.) 5.655.025.714.945.08
PBT / Share (Rs.) 4.745.025.193.204.47
Net Profit / Share (Rs.) 3.394.004.223.763.57
NP After MI And SOA / Share (Rs.) 2.993.613.873.513.24
PBDIT Margin (%) 66.1764.6765.4766.9466.38
PBIT Margin (%) 54.6852.3854.0253.9952.92
PBT Margin (%) 45.9052.3149.1735.0246.52
Net Profit Margin (%) 32.8441.7739.9741.0937.18
NP After MI And SOA Margin (%) 28.9637.6236.6738.3433.75
Return on Networth / Equity (%) 7.579.3610.5410.099.84
Return on Capital Employeed (%) 6.216.127.477.227.71
Return On Assets (%) 2.923.884.514.554.45
Long Term Debt / Equity (X) 0.890.750.720.660.64
Total Debt / Equity (X) 0.990.830.790.740.66
Asset Turnover Ratio (%) 0.100.100.120.110.12
Current Ratio (X) 1.621.641.851.872.40
Quick Ratio (X) 1.601.621.831.852.38
Inventory Turnover Ratio (X) 46.4254.840.000.000.00
Dividend Payout Ratio (NP) (%) 63.4751.2749.0647.3248.42
Dividend Payout Ratio (CP) (%) 45.4438.6437.3835.3734.62
Earning Retention Ratio (%) 36.5348.7350.9452.6851.58
Cash Earning Retention Ratio (%) 54.5661.3662.6264.6365.38
Interest Coverage Ratio (X) 5.7815.4814.6511.569.85
Interest Coverage Ratio (Post Tax) (X) 3.6310.0210.0310.376.47
Enterprise Value (Cr.) 124798.50124093.8671990.3654905.0747100.98
EV / Net Operating Revenue (X) 12.0212.886.795.984.88
EV / EBITDA (X) 18.1719.9210.368.937.35
MarketCap / Net Operating Revenue (X) 7.969.353.813.042.55
Retention Ratios (%) 36.5248.7250.9352.6751.57
Price / BV (X) 2.082.331.090.790.74
Price / Net Operating Revenue (X) 7.969.353.813.042.55
EarningsYield 0.030.040.090.120.13

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

NHPC Ltd. is a Public Limited Listed company incorporated on 07/11/1975 and has its registered office in the State of Haryana, India. Company's Corporate Identification Number(CIN) is L40101HR1975GOI032564 and registration number is 032564. Currently Company is involved in the business activities of Electric power generation, transmission and distribution. Company's Total Operating Revenue is Rs. 8994.26 Cr. and Equity Capital is Rs. 10045.03 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Power - Generation/DistributionNHPC Office Complex, Faridabad Haryana 121003Contact not found
Management
NamePosition Held
Mr. Rajendra Prasad GoyalChairman & Managing Director
Mr. Sanjay Kumar SinghDirector - Projects
Mr. Suprakash AdhikariDirector - Technical
Mr. Uttam LalDirector - Personnel
Mr. Uday Sakharam NirgudkarIndependent Director
Mr. Jiji JosephIndependent Director
Mr. Premkumar GoverthananIndependent Director
Mr. Anil Kumar SoodIndependent Director
Mr. Mohammad AfzalGovernment Nominee Director

FAQ

What is the intrinsic value of NHPC Ltd and is it undervalued?

As of 05 April 2026, NHPC Ltd's intrinsic value is ₹43.62, which is 42.15% lower than the current market price of ₹75.40, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (7.53 %), book value (₹41.0), dividend yield (2.53 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of NHPC Ltd?

NHPC Ltd is trading at ₹75.40 as of 05 April 2026, with a FY2026-2027 high of ₹92.3 and low of ₹68.7. The stock is currently in the middle of its 52-week range. Market cap stands at ₹75,730 Cr..

How does NHPC Ltd's P/E ratio compare to its industry?

NHPC Ltd has a P/E ratio of 24.0, which is below the industry average of 41.94. This is broadly in line with or below the industry average.

Is NHPC Ltd financially healthy?

Key indicators for NHPC Ltd: ROCE of 7.42 % is on the lower side compared to the industry average of 8.95%; ROE of 7.53 % is below ideal levels (industry average: 11.73%). Dividend yield is 2.53 %.

Is NHPC Ltd profitable and how is the profit trend?

NHPC Ltd reported a net profit of ₹3,412 Cr in Mar 2025 on revenue of ₹10,380 Cr. Compared to ₹3,774 Cr in Mar 2022, the net profit shows a declining trend.

Does NHPC Ltd pay dividends?

NHPC Ltd has a dividend yield of 2.53 % at the current price of ₹75.40. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in NHPC Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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