NHPC Ltd (BOM:533098)

The Economic Times  Mar 6  Comment 
Buy NHPC Ltd. at a price target of Rs 30.0 and a stop loss at Rs 26.5 from entry point.
Reuters  Nov 17  Comment 
Indian power company NHPC Ltd could bid for a $2.5 billion hyrdropower project in Nepal, its chairman told Reuters, after Kathmandu cancelled a deal with China Gezhouba Group Corp.
The Economic Times  Jun 12  Comment 
Buy NHPC Ltd. at a price target of Rs 36.0 and a stop loss at Rs 31.0 from entry point
The Economic Times  May 18  Comment 
Some of the blue-chip firms which will make their presentations include ONGC Ltd., NMDC Ltd. NHPC Ltd, Cochin Shipyard Ltd and RITES Ltd.
The Hindu Business Line  Feb 2  Comment 
State-run hydro power generator NHPC Ltd’s board of directors may consider a proposal for buyback of shares at a meeting on Tuesday. At “board meeting scheduled on February 7, 2017...the board of ...
Reuters  Apr 27  Comment 
State-owned hydropower producer NHPC Ltd's $421 million share sale was subscribed 1.5 times at 1235 India time (0705 GMT) on Wednesday, according to stock exchange data.
The Times of India  Apr 26  Comment 
The government is set to sell 11.36 per cent equity shares in electricity generator NHPC Ltd at Rs 21.75 apiece to raise about Rs 2,700 crore. The issue price of Rs 21.75 a share is at a discount of 5.6 per cent to NHPC's closing price of Rs 23.05...
The Hindu Business Line  Feb 10  Comment 
Public sector hydro power generator NHPC Ltd’s net profit for the third quarter ended December has more than doubled against the same quarter last year. The company’s net profit stood at ₹388.02 cror...
The Hindu Business Line  Feb 10  Comment 
The Hindu Business Line  Jul 29  Comment 
Public sector hydro power generator NHPC Ltd has reported a 24 per cent increase in net profit for the fiscal 2015-16 first quarter at ₹ 767.17 crore. In the same quarter last year, the company ha...
The Economic Times  Jan 15  Comment 
NHPC Ltd is a 'BUY' call with a target of Rs 21.60 and a stop loss of Rs 19.


Company Overview

Incorporated in 1975, NHPC Limited, formerly known as National Hydroelectric Power Corporation Ltd, is the largest hydro power company in India. It has developed and constructed 14 power stations and its current total installed capacity is 5,295 MW with a major presence in the Northern and Eastern parts of the country. Its 51 per cent subsidiary, NHDC, has 1,520 MW under operation and is also considering development of a 1,320 MW thermal power project in Madhya Pradesh. The company has 4.6 GW capacity under construction, while 6.7 GW is under different stages of planning and awaiting clearances.

Key Business Highlights

Established track record in implementing hydroelectric projects

NHPC has vast experience in the development and execution of hydroelectric projects. The company has managed the development and implementation of 12 hydroelectric projects, and two thermal power projects through its subsidiary, NHDC. The two hydro power projects ‐ Chamera‐II and Dhauliganga‐I were completed ahead of schedule.

New tariff order for FY10‐14

New tariff norms will provide incentives for early commissioning of projects, while the ROE has also improved to 15.5 per cent from 14 per cent. NHPC is entitled to receive incentives for achieving a plant availability factor greater than the Normative Annual Plant Availability Factor (NAPAF) as well as for generating energy in excess of the design energy level of the plant. Long term PPA (power purchase agreements) with the customers At the time of making investment decisions on new capacity or expansion of existing capacity, NHPC typically has commitments for the purchase of the output. In FY09, NHPC derived 84.81 per cent of its consolidated total income from the sale of energy to State Electricity Boards (SEB) and their successor entities, pursuant to long term power purchase agreements. These billings to state entities are currently secured through letters of credit generally entered into through tripartite agreements among the GoI, the RBI and respective state governments.

Capacity expansion by 80 per cent by 2013

NHPC is set to increase capacity by 80 per cent from 5.1 GW in FY09 to 9.4 GW by FY13. The company has 4.6 GW capacity under construction, while 6.7 GW is under different stages of planning and awaiting clearances from CCEA. Further 7.6 GW is under survey and investigation.

Key Risks

• Hydro‐power projects typically require a long gestation period thus posing a risk of delay in execution.

• Border dispute with China over Arunachal Pradesh can hamper the future prospects of projects planned in that region by NHPC.


The stock is currently trading at a P/E multiple of 17.1x on its FY10 EPS of Rs. 1.8 and 11.9x EV/EBITDA multiple based on FY10 EBITDA of Rs. 4,129 crores

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