NHPC Limited (NHPC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-286.3%

-₹147.57

vs ₹79.20 price

Levered DCF

-₹463.07

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	19.66×	27.47×	25.28×	10.33×	7.92×	7.5×	6.95×	9.86×
P/B	1.79×	2.08×	2.35×	1.09×	0.8×	0.74×	0.64×	0.83×
P/S	6.37×	7.96×	9.82×	3.85×	3.08×	2.59×	2.04×	2.86×
EV / EBITDA	19.45×	13.7×	15.08×	8.59×	7.33×	6.88×	6.23×	7.45×
Gross margin	63.0%	87.5%	86.9%	87.4%	86.9%	85.4%	125.3%	126.0%
Operating margin	35.1%	43.7%	43.3%	50.1%	46.1%	42.8%	40.1%	38.6%
Net margin	24.0%	29.0%	38.9%	37.2%	38.9%	34.5%	29.3%	29.0%
Current ratio	1.04×	1.11×	1.13×	1.36×	1.34×	1.51×	1.52×	1.29×
Debt / equity	1.26×	1.05×	0.89×	0.86×	0.75×	0.77×	0.74×	0.68×
Interest coverage	2.87×	18.24×	8.88×	13.45×	8.9×	7.89×	5.47×	3.88×
Dividend yield	3.2%	2.8%	2.6%	5.6%	7.0%	7.5%	11.7%	6.0%
Payout ratio	84.6%	76.8%	64.7%	58.0%	55.3%	56.5%	81.0%	58.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.7%	7.6%	9.3%	10.6%	10.1%	9.9%	9.2%	8.4%
Return on invested capital	3.6%	3.3%	3.6%	5.3%	5.7%	4.7%	5.9%	3.3%
Return on assets	2.3%	2.9%	3.9%	4.5%	4.6%	4.5%	4.0%	3.9%
Free cash flow yield	-14.5%	-4.6%	-0.1%	-0.7%	5.2%	12.6%	-1.9%	9.6%
Earnings yield	3.8%	3.6%	4.0%	9.7%	12.6%	13.3%	14.4%	10.1%
Enterprise value	₹1.2T	₹1.2T	₹1.2T	₹709B	₹527.1B	₹495B	₹432.2B	₹466.4B
Net debt / EBITDA	7.72×	4.52×	4.02×	3.7×	3.45×	3.47×	3.34×	3.36×
Cash conversion cycle (days)	90	151	208	196	227	229	301	115