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Swing Capital

NHPC Ltd

NSE: NHPC BSE: 533098Energy

NHPC, a Navratna Ratna public sector utility, is Government of India’s flagship hydroelectric generation company. The company is primarily involved in the generation and sale of bulk power to various Power Utilities. Its other business includes providing project management / construction contracts/ consultancy assignment services and trading of power. [1][2]

₹77.8
52W: ₹68.7 — ₹92.3
PE 21.5 · Book ₹39.6 · +96% vs book
Market Cap₹78,100 Cr
Stock P/E21.5Price to Earnings
ROCE6.4%Return on Capital
ROE9.43%Return on Equity
Div. Yield2.48%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 52.7%

Weaknesses

  • −The company has delivered a poor sales growth of 3.96% over past five years.
  • −Tax rate seems low
  • −Company has a low return on equity of 9.49% over last 3 years.
  • −Company might be capitalizing the interest cost
  • −Earnings include an other income of Rs.2,283 Cr.
  • −Company has high debtors of 156 days.
  • −Promoter holding has decreased over last 3 years: -3.55%

Shareholding Pattern

Promoters67.4%
FIIs10.34%
DIIs10.78%
Public10.36%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters67.4%67.4%67.4%67.4%67.4%67.4%67.4%67.4%
FIIs8.96%9.38%▲0.48.77%▼0.68.81%▲0.09.31%▲0.510.05%▲0.710.39%▲0.310.34%▼0.1
DIIs10.27%9.76%▼0.510.04%▲0.310.62%▲0.610.63%▲0.010.54%▼0.110.31%▼0.210.78%▲0.5
Public12.08%12.31%▲0.212.65%▲0.312.05%▼0.611.52%▼0.510.88%▼0.610.77%▼0.110.36%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,6951,6492,4162,5491,9702,0592,9772,7321,8772,741
Expenses1,2266551,0011,1181,1811,0251,3321,2141,9101,956
Operating Profit4699941,4151,4317901,0341,6461,518-32785
OPM %28%60%59%56%40%50%55%56%-2%29%
Net Profit5426931,0188982748941,0729262931,328
EPS ₹0.540.691.010.890.270.891.070.920.291.32

AI Insights

Revenue Trend

Mar 2026 revenue at ₹10,328Cr, up 14.8% YoY. OPM at 42%.

Debt Position

Borrowings at ₹39,489Cr. Debt-to-equity ratio: 1.33x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹30,149Cr (92% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 10.78% (-3.45pp change). FIIs: 10.34% (+2.77pp change). Promoters hold 67.4%.

Margin & Efficiency

ROCE declining from 8% (Mar 2015) to 0% (Mar 2026). Working capital days: 0.

Valuation

PE 21.5x with 6.4% ROCE. Price is 96% above book value of ₹39.6. Dividend yield: 2.48%.

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