NHPC
NHPC share price & financials
- Price
- ₹75.82
- Market cap
- ₹76.7k Cr
- Sector
- Power
- Calls analysed
- 3
NHPC Ltd Q4 FY26
What went well
- Revenue from Operations for FY26 increased by 12% to ₹11,615 crores, driven by commissioning of new power stations.
- Profit After Tax for FY26 grew by 25% to ₹3,766 crores, and for Q4 FY26 by 71% to ₹1,460 crores.
- Power generation for FY26 increased by 16% to 29,619 million units, primarily due to new project commissioning.
What to watch
- Plant Availability Factor (PAF) for FY26 decreased to 74.75% from 78.87% in the previous year, a 4% decline.
- Other income for FY26 decreased by 13% to ₹1,071 crores, mainly due to a decrease in business interruption loss realization against insurance claims.
What NHPC Ltd does
NHPC is a Navratna central public sector enterprise engaged in the entire chain of hydroelectric project development, from concept to commissioning, and now also builds solar and wind assets. It earns primarily by selling generated electricity to state utilities and distribution companies under long-term power purchase arrangements, supplemented by a power-trading business and a consultancy/project-management business that executes work for other developers. Its plants are spread across the Himalayan and northeastern river systems as well as newer solar sites in states such as Madhya Pradesh, Rajasthan, Gujarat, Karnataka and Tamil Nadu. It also operates through subsidiaries such as NHDC Ltd (51:49 with the Government of Madhya Pradesh) and joint ventures for specific hydro projects.
Segments
- Power Generation (Hydro)
- Power Generation (Solar & Wind)
- Power Trading
- Consultancy & Project Management
- Installed capacity
- 9,333 MW (8,771 MW hydro + 562 MW solar & wind) as of May 2026
- Operating power stations
- 31 (24 hydro, 7 solar & wind)
- Share of India's installed hydro-electric capacity
- 16.57% as on 31.03.2026
- Geographic footprint
- Presence across 15 states and 2 union territories
- Projects under construction
- 17 projects totalling 9,204 MW (10 hydro, 7 solar)
- Projects awaiting clearance/approval
- 9 projects totalling 10,263 MW (7 hydro, 2 solar)
Guidance record · Q4 FY26
what the last two calls moved 12 tracked 4 delivered 1 missed 7 open- Subansiri Lower Commissioning (Units in FY26) delivered, diluted said Q4 FY25 Promised: We are very hopeful of commissioning 5 units of the project in the current financial year [FY26]. Q4 FY26: Management confirms they have commissioned four units of the Subansiri Lower Project by the end of FY26, meeting the revised target set in Q3.
- Solar PPA Signing Volume went quiet said Q3 FY26 Promised: hopeful that in next 2 to 3 months, we may sign PPA of around 2,000 to 3,000 MW Q4 FY26: The target to sign 2-3 GW of solar PPAs by May 2026 was not mentioned in the Q4 earnings call. The deadline has passed with no update provided.
- Khavda Solar Stage-3 (200 MW) Commissioning delayed said Q4 FY25 Promised: The project is expected to be commissioned by March'26. Q4 FY26: The commissioning timeline for Khavda Stage-III has been pushed from March'26 to December'26.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 18.5%, net profit up 4.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,052 | 2,287 | 2,347 | 3,214 | 3,365 +10% | 2,221 −3% | 2,816 +20% | 3,808 +18% |
| EBITDA | 1,805 | 1,015 | 1,205 | 1,802 | 2,027 +12% | 212 −79% | 637 −47% | 2,352 +31% |
| Net profit | 1,060 | 330 | 920 | 1,131 | 1,219 +15% | 321 −3% | 1,549 +68% | 1,178 +4% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −4.0% 1Y
1Y: ₹79.56 on 10 Sept 2025 → ₹76.38. High ₹88.61 (16 Sept 2025), low ₹72.13 (11 Jun 2026).
How the price took the results
close before → close after
- Q4 FY26
- +1.2%
- 18 May
- Q3 FY26
- −0.7%
- 6 Feb
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 2.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 40.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹10.8k Cr | ₹9.6k Cr | ₹10.4k Cr | ₹11.6k Cr |
| Operating profit | ₹5.8k Cr | ₹5.2k Cr | ₹5.6k Cr | ₹4.7k Cr |
| Operating margin | 53.5% | 53.8% | 54.3% | 40.3% |
| Interest | ₹475 Cr | ₹723 Cr | ₹1.2k Cr | ₹1.4k Cr |
| Depreciation | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹2.0k Cr |
| Net profit | ₹4.3k Cr | ₹4.0k Cr | ₹3.4k Cr | ₹4.2k Cr |
| Net margin | 39.6% | 41.7% | 32.9% | 36.3% |
| Cash from operations | ₹4.7k Cr | ₹7.3k Cr | ₹5.0k Cr | ₹3.3k Cr |
| Free cash flow | ₹-269 Cr | ₹285 Cr | ₹-3.8k Cr | ₹-8.3k Cr |
| ROCE | 8.0% | 8.0% | 7.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10.0k Cr | ₹10.0k Cr | ₹10.0k Cr | ₹10.0k Cr | ₹10.0k Cr | ₹10.0k Cr |
| Reserves | ₹23.0k Cr | ₹24.9k Cr | ₹26.9k Cr | ₹28.6k Cr | ₹31.2k Cr | ₹31.4k Cr |
| Borrowings | ₹23.4k Cr | ₹26.1k Cr | ₹29.5k Cr | ₹32.6k Cr | ₹44.9k Cr | ₹52.3k Cr |
| Other liabilities | ₹16.7k Cr | ₹16.3k Cr | ₹19.7k Cr | ₹21.0k Cr | ₹25.4k Cr | ₹26.2k Cr |
| Total liabilities | ₹73.1k Cr | ₹77.3k Cr | ₹86.2k Cr | ₹92.3k Cr | ₹111.6k Cr | ₹120.0k Cr |
| Fixed assets | ₹22.0k Cr | ₹21.8k Cr | ₹22.1k Cr | ₹21.5k Cr | ₹35.7k Cr | ₹50.3k Cr |
| Capital work in progress | ₹19.2k Cr | ₹22.5k Cr | ₹31.4k Cr | ₹39.8k Cr | ₹43.0k Cr | ₹34.9k Cr |
| Investments | ₹1.8k Cr | ₹2.4k Cr | ₹499 Cr | ₹479 Cr | ₹448 Cr | ₹440 Cr |
| Other assets | ₹30.1k Cr | ₹30.6k Cr | ₹32.2k Cr | ₹30.5k Cr | ₹32.5k Cr | ₹34.3k Cr |
| Total assets | ₹73.1k Cr | ₹77.3k Cr | ₹86.2k Cr | ₹92.3k Cr | ₹111.6k Cr | ₹120.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −6.01 pp while DIIs added +3.91 pp. The shareholder count shrank 12% to 33,05,630.
- Promoters
- 61.4%
- FIIs
- 12.3%
- DIIs
- 14.5%
- Government
- 1.1%
- Public
- 10.6%
Since Jun 2025
- Promoters −6.01 pp
- DIIs +3.91 pp
- FIIs +2.98 pp
How it drifted, 12 quarters
Over this window promoters fell from 71.0% to 61.4% — −9.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 71.0%, FIIs 7.6%, DIIs 12.9%, Government 1.5%, Public 7.0%.Dec '23: Promoters 71.0%, FIIs 7.4%, DIIs 13.4%, Government 1.5%, Public 6.7%.Mar '24: Promoters 67.4%, FIIs 6.8%, DIIs 11.3%, Government 1.3%, Public 13.2%.Jun '24: Promoters 67.4%, FIIs 9.0%, DIIs 10.3%, Government 1.3%, Public 12.1%.Sep '24: Promoters 67.4%, FIIs 9.4%, DIIs 9.8%, Government 1.1%, Public 12.3%.Dec '24: Promoters 67.4%, FIIs 8.8%, DIIs 10.0%, Government 1.1%, Public 12.7%.Mar '25: Promoters 67.4%, FIIs 8.8%, DIIs 10.6%, Government 1.1%, Public 12.1%.Jun '25: Promoters 67.4%, FIIs 9.3%, DIIs 10.6%, Government 1.1%, Public 11.5%.Sep '25: Promoters 67.4%, FIIs 10.1%, DIIs 10.5%, Government 1.1%, Public 10.9%.Dec '25: Promoters 67.4%, FIIs 10.4%, DIIs 10.3%, Government 1.1%, Public 10.8%.Mar '26: Promoters 67.4%, FIIs 10.3%, DIIs 10.8%, Government 1.1%, Public 10.4%.Jun '26: Promoters 61.4%, FIIs 12.3%, DIIs 14.5%, Government 1.1%, Public 10.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Nifty Midcap 150 ETF Mutual fund newly disclosed 2.84% held
- Bharat 22 ETF Mutual fund newly disclosed 1.25% held
- New World Fund Inc Global fund house newly disclosed 1.19% held
- Cpse Exchange Traded Scheme (Cpse ETF) Mutual fund newly disclosed 1.09% held
- Life Insurance Corporation Of India - Ulif00420091 Insurer +0.64 pp 5.68% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of NHPC Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 61.39% | −6.01 pp |
| Life Insurance Corporation Of India - Ulif00420091 Insurer | 5.68% | +0.64 pp |
| SBI Nifty Midcap 150 ETF Mutual fund | 2.84% | newly disclosed |
| Bharat 22 ETF Mutual fund | 1.25% | newly disclosed |
| New World Fund Inc Global fund house | 1.19% | newly disclosed |
| Cpse Exchange Traded Scheme (Cpse ETF) Mutual fund | 1.09% | newly disclosed |
| Power Finance Corporation Ltd NBFC / DFI | 1.02% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in NHPC
Filings to Aug 2026
0 new, 6 added, 3 trimmed, 0 sold out — net −36.11 L shares (−0.8%).
- Held by funds
- ₹3.5k Cr
- 21 schemes
- Biggest holder
- SBI Smallcap Fund
- ₹844 Cr · 2.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Smallcap Fund SBI Mutual Fund | ₹844 Cr | held | Jun '26 |
| CPSE ETF Nippon India Mutual Fund | ₹822 Cr | +1.21 L | Jan '20 |
| SBI Contra Fund SBI Mutual Fund | ₹514 Cr | held | Jun '26 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹445 Cr | held | Jun '26 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹235 Cr | held | Dec '22 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹175 Cr | held | Mar '26 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹121 Cr | held | Dec '24 |
| SBI PSU Fund SBI Mutual Fund | ₹100 Cr | −40.31 L | Jun '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
6 added, 3 trimmed — net −36.11 L shares (−0.8%)
- Funds are sitting on
- +12%
- vs est. average cost
- Held by funds
- ₹3.5k Cr
- 21 schemes · ≈ 4.5% of the company
- Biggest holder
- SBI Smallcap Fund
- ₹844 Cr · 2.0% of that fund
- Longest holder
- CPSE ETF
- 6y 8m · since Jan '20
Shares held by these funds −13%
Aug '23 46.34 cr shares Jul '26
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse NHPC Ltd
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