NHPC

Listed Utility / PSU — per-stock model.

As of 21 Aug 2026

Utility / PSU—

CMP ₹76NSE: NHPC

Latest concall

Q4 FY26 · 18 May 2026

Q4 standalone PAT ₹1,460cr (+71%); FY26 PAT ₹3,689cr (+24.6%); revenue ₹11,615cr.
Subansiri Lower: 4 of 8 units (1,000 MW) commissioned; +250 MW unit on 8 May 2026.
Parbati-II (800 MW) commissioned Apr-2025 lifted FY26 generation.
Karnisar 300 MW solar commissioned in FY26 (revenue ₹86.5cr).

Order-book execution

Subansiri Lower's remaining 1,000 MW commissions unit-by-unit through March 2027; broader hydro pipeline is long-gestation.

Management guidance

Remaining four Subansiri units (1,000 MW) commission one-by-one till March 2027.
Expanding solar/RE alongside hydro; regulated equity grows as projects capitalize.

Q4 FY26 earnings call, May 18 2026

Revenue FY26E

11,615₹ cr

EBITDA margin

45%

P/E

20.2×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	8,221	5,134	62.0%	2,798	—	—	—	—	—	2.3	—
FY16	8,354	4,783	57.0%	2,365	—	—	—	—	—	1.9	—
FY17	8,623	4,884	57.0%	3,480	—	—	—	—	—	3.0	—
FY18	7,755	4,248	55.0%	2,785	—	—	—	—	—	2.5	—
FY19	8,983	4,981	55.0%	2,836	—	—	—	—	—	2.6	—
FY20	10,008	4,856	49.0%	3,345	—	—	—	—	—	2.9	—
FY21	9,648	5,277	55.0%	3,600	—	—	—	—	—	3.3	—
FY22	9,144	4,013	44.0%	3,774	—	—	—	—	—	3.5	—
FY23	10,607	6,184	58.0%	4,261	—	—	—	—	—	3.9	—
FY24	9,631	4,936	51.0%	4,000	—	—	—	—	—	3.6	—
FY25	10,380	5,423	52.0%	3,412	—	—	—	—	—	3.0	—
FY26	11,615	5,236	45.0%	4,220	—	—	—	—	—	3.8	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY23	2,029	888	44.0%	745	36.7%
Q1FY24	2,757	1,505	55.0%	1,095	39.7%
Q2FY24	2,931	1,768	60.0%	1,693	57.8%
Q3FY24	2,056	752	37.0%	623	30.3%
Q4FY24	1,887	1,152	61.0%	605	32.1%
Q1FY25	2,694	1,609	60.0%	1,102	40.9%
Q2FY25	3,052	1,805	59.0%	1,060	34.7%
Q3FY25	2,287	1,015	44.0%	330	14.4%
Q4FY25	2,347	1,205	51.0%	920	39.2%
Q1FY26	3,214	1,802	56.0%	1,131	35.2%
Q2FY26	3,365	2,027	60.0%	1,219	36.2%
Q3FY26	2,221	212	10.0%	321	14.4%
Q4FY26	2,816	637	23.0%	1,549	55.0%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

20.2×

EV / EBITDA

24.7×

P/B

1.9×

Operating metrics

What the rest of the dashboard tracks for NHPC — capacity, auctions, offtake, manufacturing and returns.

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
Karnisar 300 MW solar (Bikaner)	0.3 GW	Q2 FY26	Q3 FY26	+1Q	commissioned
N.P. Kunta 100 MW solar (AP) Guided COD ~June 2026, pushed from the earlier 'within FY2025-26' schedule; unconfirmed as of mid-2026.	0.1 GW	Q4 FY26	Q1 FY27	+1Q	delayed
Khavda 600 MW solar (Gujarat)	0.6 GW	Q3 FY27	Q3 FY27	—	on track

Policy exposure

Schemes whose impact note names this company

Policy

CPSU Scheme Phase-II (Government Producer)ManufacturingActive
Directs guaranteed orders to state producers — NTPC, SJVN, NHPC, NLC India — and, through the DCR rule, to the domestic module makers supplying them.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026