NHPC Ltd(NHPC)

NSE: NHPCBSE: 533098

₹ 70-3.18%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 70,315 crNext results: 4 Nov 2026Website: www.nhpcindia.comUpdated: 24 Oct 2026

About

NHPC Ltd is India's largest hydroelectric power generator. It runs 31 power stations with 9,333 MW of consolidated installed capacity and holds a 16% share of India's installed hydroelectric capacity, across 15 states and 2 Union Territories. In FY26 its consolidated revenue was ₹11,615.29 Cr. It had 9,454 MW across 16 projects under construction, and it aims to become a 50,000 MW company by 2047.^[1][2][3]

Business segments

Hydroelectric power generation contributed 94.18% of turnover in FY26. Solar contributed 0.35%, wind 0.13%, power trading 0.17% and consultancy 0.50%.^[1]
Electricity generation is NHPC's single reportable segment, with revenue from operations of ₹10,328.26 Cr in FY26 vs ₹8,994.26 Cr in FY25.^[1]
Power is sold to DISCOMs under long-term PPAs at tariffs set by CERC. Exports were 0.0027% of total turnover in FY26.^[1]

Installed capacity and generation

Consolidated installed capacity was 9,333 MW from 31 power stations as of Q1 FY27, up from 8,833 MW in Q3 FY26.^[2]
In FY26 NHPC added 1,550 MW of hydro (Parbati-II 800 MW and 750 MW of Subansiri Lower) and the 300 MW Karnisar solar project.^[1]
Beyond hydro, the renewable portfolio in FY26 was 50 MW of wind at Jaisalmer and 515.78 MW of solar (including JV and subsidiary companies), a total of 565.78 MW.^[1]
Standalone generation was 23,306.92 MUs in FY26 vs 19,878 MUs in FY25. Consolidated generation was 29,619 MUs in FY26 vs 25,548 MUs in FY25.^[1]
FY26 generation was 29,617.29 MU against an MoU target of 32,738 MU.^[1]
Consolidated hydro generation was 9,486 MUs in Q1 FY27 vs 8,813 MUs in Q1 FY26. NHPC's share of India's hydro generation rose from 22% to 26%.^[2]

Key operating metrics

Standalone plant availability factor was 69.50% in FY26 vs 73.94% in FY25. Consolidated plant availability factor was 80.79% in Q1 FY27 vs 83.66% in Q1 FY26.^[1]
Regulated equity was ₹18,309 Cr in FY26 (including Parbati-II). It is projected to reach ₹30,672 Cr by the end of FY27.^[4]
Incentives earned were ₹913 Cr in FY26 vs ₹865 Cr in FY25, and ₹44.42 Cr in Q1 FY27 vs ₹11.57 Cr in Q1 FY26.^[4]
Trade receivables were ₹4,354 Cr at June 2026 (including ₹2,425 Cr unbilled), up from ₹2,630 Cr at March 2026. The largest debtors are UP, J&K and Rajasthan.^[2]

Customers

Three customers accounted for 38.66% of revenue (₹4,490.68 Cr) in FY26.^[1]
12,832 MW of renewable energy projects were awaiting the signing of power sale and purchase agreements as of FY26. NHPC reports difficulty selling power from new projects under long-term PPAs.^[1]

Projects under construction

As of FY26, 9,454 MW across 16 projects were under construction: 10 hydro and 6 solar.^[1]
Subansiri Lower (2,000 MW, Arunachal Pradesh) has 8 units. 750 MW was commissioned in FY26, a further 250 MW in May 2026, and Unit 5 (250 MW) started commercial operation on 23.10.2026.^[1][5]
Subansiri Lower's remaining units are expected by March 2027. The project costs ₹30,072 Cr, of which ₹26,092 Cr had been spent by March 2026.^[1][4]
Pakal Dul (1,000 MW) and Kiru (624 MW), both CVPP projects in J&K, are targeted for commissioning in Q4 FY27.^[2]
Ratle (850 MW, J&K) is targeted for Q3 FY28-29, Kwar (540 MW) for Q4 FY27-28, and Teesta-VI (500 MW) for Q2 FY29-30.^[2]
Dibang (2,880 MW) had reached 17.25% physical progress by March 2026, with commissioning anticipated in February 2032. Its dam package of ₹14,446 Cr was awarded in April 2026, and the estimated project cost is ₹31,876 Cr.^[1][4]
Rangit-IV (120 MW, JPCL) is targeted for Q3 FY27. The merger of JPCL into NHPC is pending, with the second motion application filed with the MCA on October 6, 2025.^[2][1]

Solar, storage and new pipeline

Khavda Stage-1 (200 MW, Gujarat) was targeted for September 2026 and Andhra Pradesh solar (100 MW) for October 2026. Gujarat CPSU (600 MW) and Khavda Stage-3 (200 MW) were deferred to 2027-28.^[2]
NHPC Renewable Energy Limited, a wholly owned subsidiary incorporated in February 2022, handles solar, wind, small hydro and green hydrogen.^[1]
NHPC is developing a pumped storage pipeline of about 21 GW. Indira Sagar-Omkareshwar PSP (640 MW) has been tendered, with construction targeted to start in FY27.^[1][2]
Etalin (3,097 MW, Arunachal Pradesh): the MoA was signed on 16 June 2026, and a revised PIB memo of ₹30,037 Cr was submitted to the Ministry of Power on 2 July 2026.^[2]
Uri-I Stage-II (240 MW) and Dulhasti Stage-II (260 MW) in J&K: civil contracts were awarded in March 2026, with both targeted for November 2029.^[4]
Targets: 3,000 MW of additional hydro and 1,200 MW of other renewables by 2030, 38,500 MW of capacity by FY2033-34, and 50,000 MW by 2047.^[1]

Capex and funding

Consolidated capex was ₹14,571.43 Cr in FY26 against an MoU target of ₹13,300 Cr.^[1]
The FY27 consolidated capex target is ₹15,000 Cr.^[2]
NHPC needs about ₹67,500 Cr of debt over five years. Its borrowing limit is to rise from ₹60,000 Cr to ₹70,000 Cr.^[1]
Return on equity from Chamera-III and Parbati-III was monetised with SBI for ₹1,854.33 Cr to fund capex.^[1]
Remaining capital commitments were ₹14,732.73 Cr at FY26 vs ₹19,339.19 Cr at FY25.^[1]

Recent developments

Unit 5 (250 MW) of the 2,000 MW Subansiri Lower project was declared in commercial operation from 23.10.2026.^[5]
Teesta-V (510 MW) restarted commercial operation in July 2026 after the outage caused by the October 2023 flash flood.^[2]
The Himachal Pradesh government's decision to take over the Bairasiul station has been stayed by the Shimla High Court. A writ on the Dugar project is pending after the state withdrew agreed concessions.^[1]
NHPC will adopt the new lower income-tax regime from FY2026-27.^[1]
NHPC had 4,634 employees as of March 31, 2026.^[1]

Market Cap

₹70,315 Cr

High / Low

₹87 / 69

Stock P/E

18.5

Price / Book

1.7

Book Value

₹41

EPS

₹3.8

No. of Shares

1,004.5 Cr

ROCE

4.6%

ROE

9.3%

OPM

34.1%

Debt / Equity

1.26

Sales

₹11,615 Cr

Net Profit

₹4,220 Cr

Promoter holding

61.4%

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