NHPC Limited (NHPC)

Power · Power · NSE · Updated 15 July 2026

₹78.77 ↓ 10.59% (1Y)

🎯 Key Takeaways

NHPC Limited is in a strategic transition phase, shifting from a period of strong operational performance to a more disciplined capital allocation framework amid evolving market conditions. The company has faced sequential declines in revenue and margins over recent quarters, prompting management to emphasize prudent financial management and long-term project execution.
Revenue declined 25.1% QoQ to ₹2,287 in Q3FY25.
⚠️ Persistent decline in revenue and margins over multiple quarters raises concerns about execution risk in the power project pipeline.

Market Cap

₹77,136

P/E Ratio

28.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

NHPC Limited is in a strategic transition phase, shifting from a period of strong operational performance to a more disciplined capital allocation framework amid evolving market conditions. The company has faced sequential declines in revenue and margins over recent quarters, prompting management to emphasize prudent financial management and long-term project execution. While historically a cash-rich public sector entity, recent trends suggest a focus on sustaining project pipelines and optimizing capital deployment rather than aggressive expansion.

📰 What's Happening

In Q3FY25, NHPC reported revenue of ₹2,287 crore with operating profit of ₹1,352 crore and a net profit of ₹330 crore, reflecting ongoing pressure on top-line growth and margins. Management has maintained a neutral tone in filings, focusing on procedural updates such as the upcoming trading window closure post-Q3 results and regulatory disclosures. The President of India filed a SEBI Regulation 31(4) disclosure confirming its shareholding status as of March 31, 2026, with no encumbrances and exemption from PAN requirements. Additionally, NHPC has filed offer documents with NSE on June 1 and June 2, 2026, signaling progress toward public market entry, likely tied to a fresh capital raise or strategic disinvestment initiative.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	2,029	2,757	2,931	2,056	1,888	2,694	3,052	2,287
Operating Profit	1,098	1,757	1,940	1,215	1,317	1,806	2,149	1,352
OPM %	44.3%	54.6%	60.0%	35.1%	46.9%	54.3%	58.9%	44.7%
Net Profit	719	1,095	1,693	628	611	1,108	1,069	330
EPS	₹0.64	₹1.03	₹1.54	₹0.49	₹0.55	₹1.02	₹0.90	₹0.23

The company's financial trajectory shows a clear downward trend in revenue and margins over the past eight quarters, with Q3FY25 marking the latest in a series of declining top-line and profitability metrics. This contrasts sharply with the strong performance seen in FY24, where revenue and operating profits peaked in Q2FY24 at ₹2,931 crore and ₹1,940 crore respectively. Management has not explicitly cited operational headwinds in recent filings, but the consistent decline suggests challenges in project execution or order intake. The focus appears to be on maintaining project momentum rather than accelerating growth, with capital allocation likely prioritizing internal funding and risk mitigation.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue, margins, or growth targets in the latest filings. The absence of commentary on future performance in the Q3FY25 results filing suggests a cautious stance, with emphasis placed on procedural compliance and regulatory updates rather than strategic outlook. The filing for the offer document indicates active engagement with capital market mechanisms, which may inform future funding strategies, but no details on deployment plans or timelines have been disclosed publicly.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Power

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Adani Power Limited	4.27 L Cr	32.9	15.7%	19.8%	0.82
NTPC Limited	3.83 L Cr	15.8	8.8%	13.1%	1.34
Power Grid Corporation of India Limited	2.84 L Cr	18.3	12.2%	16.8%	1.41
Adani Green Energy Limited	2.27 L Cr	105.3	7.6%	11.2%	5.08
Adani Energy Solutions Limited	1.57 L Cr	65.4	10.4%	9.0%	1.92
Tata Power Company Limited	1.30 L Cr	34.1	—	—	—
NTPC Green Energy Limited	90,996	163.8	—	—	—
JSW Energy Limited	90,509	46.8	—	—	—
NHPC Limited	77,136	28.4	—	—	—
Torrent Power Limited	73,872	29.9	—	—	—

🔗 Peer Stock Analyses

ADANIPOWER NTPC POWERGRID ADANIGREEN ADANIENSOL

⚠️ Risk Factors

1. Persistent decline in revenue and margins over multiple quarters raises concerns about execution risk in the power project pipeline. 2. Lack of explicit forward guidance from management on growth or profitability targets introduces uncertainty about near-term performance. 3. Capital market activities, including offer document filings, may lead to dilution or increased leverage if funds are raised under unfavorable terms. 4. Dependence on government orders and regulatory approvals exposes the company to policy and execution risks beyond its control.

📋 Recent Filings

🧠 Analyst's Read

NHPC is navigating a transitional phase marked by weakening financial trends and increasing regulatory activity, with management emphasizing operational continuity over growth initiatives. Investors should monitor upcoming project milestones, capital raise details, and any shift in capital allocation strategy. The company's future trajectory will depend on its ability to stabilize project execution and clarify its funding roadmap.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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