NHPC Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹63.67Overvalued by 16.88%vs CMP ₹76.60

P/E (20.3) × ROE (9.3%) × BV (₹41.20) × DY (2.10%)

₹44.09Overvalued by 42.44%vs CMP ₹76.60

MoS: -73.7% (Negative)Confidence: 63/100 (Moderate)Models: All 7: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹62.31	30%	Over (-18.7%)
Graham Number	Earnings	₹54.04	22%	Over (-29.5%)
Net Asset Value	Assets	₹41.22	10%	Over (-46.2%)
EV/EBITDA	Enterprise	₹0.60	12%	Over (-99.2%)
Earnings Yield	Earnings	₹31.50	10%	Over (-58.9%)
ROCE Capital	Returns	₹59.93	10%	Over (-21.8%)
Revenue Multiple	Revenue	₹10.33	7%	Over (-86.5%)
Consensus (7 models)		₹44.09	100%	Overvalued

Key Drivers: Wide model spread (₹1–₹62) — 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

Analysis summary

Data coverage: Price-data record updated 25 August 2026, 7:32 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹10,380.00 Cr, versus ₹9,631.00 Cr in Mar 2024 (7.8% year on year). Net profit for Mar 2025 was ₹3,412.00 Cr, versus ₹4,000.00 Cr in Mar 2024 (-14.7% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹5,026.00 Cr against net profit of ₹3,412.00 Cr. Cash flow covered 1.47 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹52,327.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

NHPC Ltd scores 67/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health60/100 · Moderate

ROCE 5.8% WeakROE 9.3% AverageD/E 0.99 ModerateInterest Coverage 5.8x StrongProfitable 5/5 available years Reported history

Smart Money70/100 · Strong

FII holding up 2.24% (6mo) AccumulatingDII holding up 4.00% MF buyingPromoter decreased by 6.01% Caution

Earnings Quality85/100 · Strong

CFO/NP ratio: 1.46x Cash-backed earningsOPM 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 20.3 vs industry 174.9 Lower P/EROCE 5.8% vs industry 8.7% Average3Y sales CAGR: 4% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: August 25, 2026, 7:32 am

Market Cap	76,995 Cr.
Current Price	76.6
Intrinsic Value	₹44.09
High / Low	89.2/68.7
Stock P/E	20.3
Book Value	41.2
Dividend Yield	2.10 %
ROCE	5.75 %
ROE	9.32 %
Face Value	10.0
PEG Ratio	-9.48

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

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

Stock P/E Current Price Intrinsic Value

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	76,995 Cr.	76.6	89.2/68.7	20.3	41.2	2.10 %	5.75 %	9.32 %	10.0
JSW Energy Ltd	99,870 Cr.	545	617/428	49.8	175	0.37 %	8.16 %	7.51 %	10.0
NLC India Ltd	37,869 Cr.	273	388/222	11.8	155	1.32 %	10.4 %	17.5 %	10.0
Tata Power Company Ltd	1,19,346 Cr.	374	465/342	30.5	124	0.67 %	10.5 %	10.2 %	1.00
SJVN Ltd	26,007 Cr.	66.2	95.6/63.0	40.7	36.2	2.27 %	5.73 %	4.58 %	10.0
Industry Average	68,170.65 Cr	169.10		174.87	96.59	1.26%	8.65%	9.25%	7.77

All Competitor Stocks of NHPC Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	2,583	2,029	2,757	2,931	2,056	1,887	2,694	3,052	2,287	2,347	3,214	3,365	2,221
Expenses	1,383	1,141	1,253	1,163	1,303	735	1,085	1,247	1,272	1,257	1,412	1,338	2,009
Operating Profit	1,200	888	1,505	1,768	752	1,152	1,609	1,805	1,015	1,090	1,802	2,027	212
OPM %	46%	44%	55%	60%	37%	61%	60%	59%	44%	46%	56%	60%	10%
Other Income	111	425	292	261	587	623	431	454	365	379	413	448	1,449
Interest	120	111	109	116	133	365	244	308	649	-12	261	278	310
Depreciation	306	304	294	295	296	299	296	285	297	315	436	441	457
Profit before tax	885	898	1,394	1,618	909	1,111	1,500	1,666	434	1,167	1,518	1,755	894
Tax %	12%	17%	21%	-5%	31%	46%	27%	36%	24%	21%	26%	31%	64%
Net Profit	776	745	1,095	1,693	623	605	1,102	1,060	330	920	1,131	1,219	321
EPS in Rs	0.67	0.65	1.03	1.54	0.48	0.54	1.02	0.90	0.23	0.85	1.06	1.02	0.22

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

Quarterly Chart

Profit & Loss - Annual Report

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

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	7,389	8,221	8,354	8,623	7,755	8,983	10,008	9,648	9,189	10,607	9,631	10,380	11,147
Expenses	3,047	3,087	3,571	3,739	3,508	4,002	5,152	4,397	5,176	4,401	4,695	4,957	6,017
Operating Profit	4,342	5,134	4,783	4,884	4,248	4,981	4,856	5,251	4,013	6,206	4,936	5,423	5,130
OPM %	59%	62%	57%	57%	55%	55%	49%	54%	44%	59%	51%	52%	46%
Other Income	889	1,597	1,174	2,245	1,185	1,733	901	1,185	981	743	2,030	1,726	2,689
Interest	1,203	1,296	1,160	1,133	924	896	877	654	586	523	767	1,189	837
Depreciation	1,499	1,715	1,432	1,462	1,469	1,658	1,614	1,298	1,190	1,215	1,184	1,193	1,649
Profit before tax	2,529	3,718	3,365	4,535	3,040	4,159	3,266	4,483	3,217	5,211	5,015	4,767	5,334
Tax %	35%	25%	30%	23%	8%	32%	-2%	20%	-17%	19%	20%	28%
Net Profit	1,633	2,798	2,365	3,480	2,785	2,836	3,345	3,582	3,774	4,235	4,000	3,412	3,591
EPS in Rs	1.10	2.25	1.85	2.95	2.45	2.58	2.87	3.24	3.51	3.87	3.58	2.99	3.15
Dividend Payout %	27%	27%	81%	61%	57%	56%	52%	49%	52%	48%	53%	64%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
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: September 21, 2026, 3:30 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	11,071	11,071	10,259	10,259	10,045	10,045	10,045	10,045	10,045	10,045	10,045	10,045
Reserves	19,687	20,572	18,756	19,782	20,753	21,336	23,008	24,876	26,916	28,624	29,623	31,392
Borrowings	20,584	19,938	19,227	18,602	19,066	23,226	23,365	26,096	29,540	32,561	39,557	52,327
Other Liabilities	10,094	11,242	11,946	14,290	16,870	16,669	16,717	16,271	19,710	21,037	23,455	26,243
Total Liabilities	61,436	62,823	60,187	62,933	66,734	71,277	73,136	77,288	86,211	92,267	102,680	120,007
Fixed Assets	27,916	22,610	22,227	21,201	24,977	24,402	21,993	21,825	22,137	21,474	22,168	50,290
CWIP	16,378	16,742	17,588	19,087	15,037	17,180	19,167	22,522	31,357	39,798	50,601	34,948
Investments	1,020	606	1,020	1,125	1,283	1,398	1,842	2,386	499	479	444	440
Other Assets	16,123	22,866	19,352	21,520	25,437	28,297	30,133	30,554	32,218	30,516	29,467	34,329
Total Assets	61,436	62,823	60,187	62,933	66,734	71,277	73,136	77,288	86,211	92,267	102,680	120,007

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	4,061	5,971	8,329	4,696	3,824	2,993	5,070	4,590	4,705	7,252	5,026	3,294
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	-2,637	12	-3,058	-638	-795	-924	1,904	8,928
Net Cash Flow	798	1,224	-1,347	-53	5	17	405	867	-281	388	-620	1,082
Free Cash Flow	2,335	3,824	6,742	3,133	2,464	-639	3,012	888	-269	285	-3,823	-8,274
CFO/OP	95%	143%	193%	130%	94%	79%	110%	135%	92%	165%	107%	102%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	2,335.00	3,824.00	6,742.00	3,133.00	2,464.00	-639.00	3,012.00	888.00	-269.00	285.00	-3,823.00	-8,274.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	120	129	83	78	63	115	131	194	207	212	168	169
Inventory Days
Days Payable
Cash Conversion Cycle	120	129	83	78	63	115	131	194	207	212	168	169
Working Capital Days	-12	-1	109	-29	-120	-18	57	36	11	-1	-51	-58
ROCE %	8%	9%	8%	11%	8%	10%	9%	9%	6%	8%	8%	7%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	70.95%	70.95%	67.40%	67.40%	67.40%	67.40%	67.40%	67.40%	67.40%	67.40%	67.40%	61.39%
FIIs	7.59%	7.38%	6.80%	8.96%	9.38%	8.77%	8.81%	9.31%	10.05%	10.39%	10.34%	12.29%
DIIs	12.93%	13.42%	11.31%	10.27%	9.76%	10.04%	10.62%	10.63%	10.54%	10.31%	10.78%	14.54%
Government	1.53%	1.53%	1.28%	1.28%	1.13%	1.13%	1.13%	1.13%	1.13%	1.13%	1.13%	1.13%
Public	7.00%	6.73%	13.22%	12.08%	12.31%	12.65%	12.05%	11.52%	10.88%	10.77%	10.36%	10.64%
No. of Shareholders	9,57,445	10,32,824	33,35,566	36,28,673	39,06,734	40,65,442	39,90,215	37,73,352	36,07,898	34,71,413	33,67,954	33,05,630

Shareholding Pattern Chart

No. of Shareholders

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

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Balanced Advantage Fund	29,879,361	0.22	233.66	N/A	N/A	N/A
ICICI Prudential Large Cap Fund	25,728,676	0.26	201.2	N/A	N/A	N/A
Sundaram Mid Cap Fund	13,548,970	0.82	105.95	13,035,894	2026-01-26 01:51:09	3.94%
ICICI Prudential Business Cycle Fund	12,585,952	0.62	98.42	N/A	N/A	N/A
SBI Energy Opportunities Fund	10,964,983	1	85.75	N/A	N/A	N/A
HDFC Large and Mid Cap Fund	10,000,000	0.28	78.2	N/A	N/A	N/A
Tata Large & Mid Cap Fund	7,944,472	0.76	62.13	N/A	N/A	N/A
Bandhan Large & Mid Cap Fund	7,613,092	0.43	59.53	5,096,896	2026-02-23 01:22:08	49.37%
Franklin India Dividend Yield Fund	7,600,000	2.46	59.43	7,750,000	2026-02-23 01:22:08	-1.94%
Canara Robeco Mid Cap Fund	6,914,359	1.33	54.07	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	2.72	3.61	3.87	4.71	3.24
Diluted EPS (Rs.)	2.99	3.61	3.87	3.51	3.24
Cash EPS (Rs.)	4.58	5.18	5.43	4.94	4.86
Book Value[Excl.RevalReserv]/Share (Rs.)	39.49	38.53	41.53	37.61	35.76
Book Value[Incl.RevalReserv]/Share (Rs.)	39.49	38.53	41.53	37.61	35.76
Revenue From Operations / Share (Rs.)	10.33	9.59	10.56	9.15	9.60
PBDIT / Share (Rs.)	6.84	6.20	6.91	6.12	6.38
PBIT / Share (Rs.)	5.65	5.02	5.71	4.94	5.08
PBT / Share (Rs.)	4.74	5.02	5.19	3.20	4.47
Net Profit / Share (Rs.)	3.39	4.00	4.22	3.76	3.57
NP After MI And SOA / Share (Rs.)	2.99	3.61	3.87	3.51	3.24
PBDIT Margin (%)	66.17	64.67	65.47	66.94	66.38
PBIT Margin (%)	54.68	52.38	54.02	53.99	52.92
PBT Margin (%)	45.90	52.31	49.17	35.02	46.52
Net Profit Margin (%)	32.84	41.77	39.97	41.09	37.18
NP After MI And SOA Margin (%)	28.96	37.62	36.67	38.34	33.75
Return on Networth / Equity (%)	7.57	9.36	10.54	10.09	9.84
Return on Capital Employeed (%)	6.21	6.12	7.47	7.22	7.71
Return On Assets (%)	2.92	3.88	4.51	4.55	4.45
Long Term Debt / Equity (X)	0.89	0.75	0.72	0.66	0.64
Total Debt / Equity (X)	0.99	0.83	0.79	0.74	0.66
Asset Turnover Ratio (%)	0.10	0.10	0.12	0.11	0.12
Current Ratio (X)	1.62	1.64	1.85	1.87	2.40
Quick Ratio (X)	1.60	1.62	1.83	1.85	2.38
Inventory Turnover Ratio (X)	46.42	54.84	0.00	0.00	0.00
Dividend Payout Ratio (NP) (%)	63.47	51.27	49.06	47.32	48.42
Dividend Payout Ratio (CP) (%)	45.44	38.64	37.38	35.37	34.62
Earning Retention Ratio (%)	36.53	48.73	50.94	52.68	51.58
Cash Earning Retention Ratio (%)	54.56	61.36	62.62	64.63	65.38
Interest Coverage Ratio (X)	5.78	15.48	14.65	11.56	9.85
Interest Coverage Ratio (Post Tax) (X)	3.63	10.02	10.03	10.37	6.47
Enterprise Value (Cr.)	124798.50	124093.86	71990.36	54905.07	47100.98
EV / Net Operating Revenue (X)	12.02	12.88	6.79	5.98	4.88
EV / EBITDA (X)	18.17	19.92	10.36	8.93	7.35
MarketCap / Net Operating Revenue (X)	7.96	9.35	3.81	3.04	2.55
Retention Ratios (%)	36.52	48.72	50.93	52.67	51.57
Price / BV (X)	2.08	2.33	1.09	0.79	0.74
Price / Net Operating Revenue (X)	7.96	9.35	3.81	3.04	2.55
EarningsYield	0.03	0.04	0.09	0.12	0.13

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

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

NHPC Ltd: the stored intrinsic value estimate is ₹44.09, compared with a stored share price of ₹76.60. The model value is 42.4% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for NHPC Ltd?

The stored share price is ₹76.60. Price-data record updated: 25 August 2026, 7:32 am +05:30. This is not a live quote. The stored 52-week high / low is 89.2/68.7; this is a rolling range, not a financial-year range.

How have NHPC Ltd's revenue and profit changed?

Does NHPC Ltd's profit convert into cash?

What should I check in NHPC Ltd's balance sheet?

Reported borrowings were ₹52,327.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare NHPC Ltd's P/E with other stocks?

The stored P/E is 20.30. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change NHPC Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.