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State-owned Indian hydroelectric power generation company operating dams and hydro plants mainly in the Himalayan region.
State-owned Indian hydroelectric power generation company operating dams and hydro plants mainly in the Himalayan region.
Sells nearly all its electricity to state distribution companies under long-term power purchase agreements, with tariffs set by the central regulator to give a fixed return on invested capital, so earnings follow plant capacity and availability rather than market power prices. New dams take many years to build and are often delayed by terrain and clearances.
In one line: A state-owned US hydro utility.
Moat: wide (regulatory licence, state ownership, installed base). State ownership with exclusive access to major Himalayan hydro sites and long-term government-backed PPAs.
Headquarters: Faridabad, India · Founded: 1975 · Employees: 12,468
Size NHPC (NHPC.NS) is an India Utilities company (Electric Utilities) with a market value of $8.72B, the 138th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹82.08 on 6 Nov 2026.
Performance Over six months the shares gained 0.6%, against -5.9% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 12.0% over the last twelve months (peer median +7.6%); the operating margin is 30.2% (peer median 14.9%).
Valuation It trades at 19.4× forward earnings against a peer median of 15.2× (7th most expensive of 19).
Capital Return on invested capital runs 8.8 points below its cost of capital (11.5% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹122B | ₹102B | ₹94.8B | ₹84.6B | ₹93.5B |
| Revenue growth | — | +7% | +12% | -10% | — |
| Gross profit | ₹77.9B | ₹54.3B | ₹53.5B | ₹47.8B | ₹55.3B |
| EBITDA | ₹58.3B | ₹43.2B | ₹50.2B | ₹53.0B | ₹54.0B |
| Net income | ₹38.0B | ₹37.7B | ₹30.1B | ₹36.0B | ₹39.0B |
| Free cash flow | n/a | -₹108B | -₹66.0B | -₹17.8B | -₹16.4B |
| Capital expenditure | n/a | ₹116B | ₹88.5B | ₹69.7B | ₹49.8B |
| Total debt | n/a | ₹523B | ₹416B | ₹346B | ₹316B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NHPC NHPC.NS | $8.72B | +1% | +12% | 30% | 19.4× | n/a |
| SJVN SJVN.NS | $2.38B | -28% | +99% | 48% | 15.9× | n/a |
| Tata Power TATAPOWER.NS | $11.9B | -20% | -4% | 13% | 25.0× | n/a |
| NTPC NTPC.NS | $33.2B | -19% | +7% | 20% | 12.3× | n/a |
| JSW Energy JSWENERGY.NS | $10.1B | -9% | +26% | 36% | 39.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NHPC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.2% | +0.5% | highest of 21 |
| 6-month return | +0.6% | -5.9% | 8th highest of 21 |
| Distance from 52-week high | -5.5% | -19.3% | 4th highest of 21 |
| Revenue growth (TTM) | +12.0% | +7.6% | 9th highest of 21 |
| Operating margin | 30.2% | 14.9% | 4th highest of 21 |
| Forward P/E | 19.4× | 15.2× | 7th most expensive of 19 |
| ROIC minus cost of capital | -8.8 pp | -0.4 pp | lowest of 20 |
| EV / EBITDA | 24.4× | 11.4× | 2nd most expensive of 16 |
| Net debt / EBITDA | 8.3× | 5.2× | 3rd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NHPC NHPC.NS | India | $8.72B | +1% | +12% | 30% | 19.4× | n/a | n/a |
| Huadian Power International 1071.HK | Hong Kong | $8.73B | 0% | +13% | 8% | 9.6× | n/a | n/a |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |
| A2A A2A.MI | Italy | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% | +15.6% |
| PGE Polska Grupa Energetyczna PGE.WA | Poland | $9.02B | +47% | -2% | 12% | 5.5× | n/a | n/a |
| Bkw BKW.SW | Switzerland | $8.12B | -17% | -5% | 11% | 14.1× | 1.6% | +7.4% |
| Brookfield Renewable Partners LP BEP-UN.TO | Canada | $9.41B | -7% | +7% | 11% | n/a | n/a | n/a |
| Redeia Corporacion RED.MC | Spain | $9.47B | +8% | +15% | 43% | 16.7× | n/a | n/a |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
| Sembcorp Industries U96.SI | Singapore | $7.91B | -8% | +8% | 11% | 11.5× | n/a | n/a |
| Edison EDNR.MI | Italy | $9.87B | -12% | +6% | 3% | n/a | n/a | n/a |
| Hikari Tsushin 9435.T | Japan | $10.0B | -5% | +7% | 15% | 12.5× | 6.7% | +5.6% |
| JSW Energy JSWENERGY.NS | India | $10.1B | -9% | +26% | 36% | 39.7× | n/a | n/a |
| Jiangsu Eastern Shenghong 000301.SZ | China | $10.3B | -22% | +4% | 7% | 12.4× | -2.1% | +28.4% |
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | China | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% | +6.5% |
| OGE Energy OGE | United States | $10.5B | +7% | +2% | 26% | 21.6× | 8.1% | +9.0% |
| SPIC Hydropower 600292.SS | China | $7.26B | -34% | +301% | 28% | 72.6× | -6.8% | +27.0% |
| AES AES | United States | $10.6B | +4% | +12% | 20% | 6.8× | n/a | n/a |
| Capital Power CPX.TO | Canada | $7.13B | -4% | +25% | 10% | 19.5× | 18.9% | +11.8% |
| Guangxi Guiguan Electric Power 600236.SS | China | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% | +3.0% |
| Datang International Power Generation 0991.HK | Hong Kong | $10.7B | -20% | +3% | 15% | 5.5× | 4.0% | +4.1% |