NHPC financials and balance sheet

NSE: NHPCBSE: 533098PowerMid Cap

₹69.84₹2.54 (3.51%)BSE ₹70.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹72.38.

52-week range of traded prices to 23 Oct 2026

₹69.03Low, 23 Oct 2026₹87.29High, 23 Oct 2025

Next results date: the board meets on 4 Nov 2026 to consider: financial results.

Market cap: ₹70,155 Cr137th largest listed
P/E: 18.5
P/B: 1.7
Dividend yield: 2.31%
ROE: 9.4%
ROCE: 3.6%
Debt to equity: 1.08
Volume, NSE: 1,36,59,03751.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.NHPC annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.1% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2023, the company's revenue for that year, ₹10,607 Cr, differs from its quarters added, ₹10,763 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue11,615
Employee costs−1,498
Other expenses−4,881
Operating profit5,236
Depreciation−1,976
Other income+1,071
One-off items0.0
Finance costs−1,423
Profit before tax2,908
Joint ventures+2.5
Net profit4,220

What the company owns

Plant, investments and other assets₹1,13,426 Cr
Cash and bank₹3,651 Cr
Receivables₹2,629 Cr
Inventory₹294 Cr
Current investments₹11 Cr

What pays for it: net worth and liabilities

Borrowings₹52,134 Cr
Net worth₹48,405 Cr
Other liabilities₹19,085 Cr
Owed to suppliers₹387 Cr

Profit and loss

Consolidated, ₹ crore, years to March.NHPC quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 27 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 26 May	Mar 2023Filed 30 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue from operations	8,623	7,751	8,983	10,008	9,648	9,189	10,607	9,632	10,380	11,615
	–	3,549	3,983	4,514	4,301	4,001	4,339	4,764	4,860	6,379
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	–	–	1,850	1,676	1,540	1,555	1,435	1,418	1,824	1,498
Other expenses	–	–	2,133	2,838	2,760	2,447	2,904	3,346	3,036	4,881
Operating profit before depreciation	–	4,202	5,000	5,494	5,347	5,187	6,268	4,868	5,520	5,236
Operating margin	–	54.2%	55.7%	54.9%	55.4%	56.5%	59.1%	50.5%	53.2%	45.1%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	20.6%	16.7%	16.0%	16.9%	13.5%	14.7%	17.6%	12.9%
Other expenses, % of revenue	–	–	23.7%	28.4%	28.6%	26.6%	27.4%	34.7%	29.3%	42.0%
Depreciation and amortisation	–	1,479	1,658	1,614	1,298	1,190	1,215	1,184	1,193	1,976
Operating profit after depreciation	–	2,723	3,342	3,880	4,049	3,997	5,053	3,684	4,327	3,260
Other income	1,504	1,101	864	769	1,057	964	678	1,362	1,349	1,071
Finance costs	1,073	923	895	796	650	532	474	402	1,189	1,423
Profit before one-off items and tax	3,812	2,901	3,311	3,853	4,456	4,429	5,257	4,644	4,487	2,908
One-off items	0	0	0	0	−185	0	0	0	0	0
Profit before tax	3,812	2,901	3,311	3,853	4,271	4,429	5,257	4,644	4,487	2,908
	1,053	863	–	–	–	–	976	–	–	–
Current tax	–	–	–	–	–	–	947	–	–	–
Deferred tax	–	–	–	–	–	–	29	–	–	–
Share of profit of joint ventures and associates	3	0	5	3	−5	−1	−5	4	2	2
	3,480	2,775	2,836	3,325	3,582	3,774	4,235	4,028	3,412	4,220
Belonging to the company's shareholders	2,811	–	2,596	2,875	3,257	3,524	3,890	3,624	3,007	3,766
Belonging to outside owners of subsidiaries	–	–	240	450	325	251	345	404	405	455
Other comprehensive income	–	–	−13	−3	8	11	−5	−26	−106	−77
Total comprehensive income	–	–	2,823	3,322	3,590	3,785	4,230	4,002	3,306	4,143
Net margin	40.4%	35.8%	31.6%	33.2%	37.1%	41.1%	39.9%	41.8%	32.9%	36.3%
Net margin without joint ventures and associates	40.3%	35.8%	31.5%	33.2%	37.2%	41.1%	40.0%	41.8%	32.8%	36.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Tax is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2024, Mar 2025 and Mar 2026: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 27 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 26 May	Mar 2023Filed 30 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	33,666	34,134	35,919	37,784	41,714	43,892	45,163	48,405
	30,798	31,371	33,090	34,921	36,899	38,702	39,668	41,437
Share capital	10,045	10,045	10,045	10,045	10,045	10,045	10,045	10,045
Reserves	20,753	21,326	23,045	24,876	26,854	28,657	29,623	31,392
Belonging to outside owners of subsidiaries	2,868	2,764	2,828	2,863	4,815	5,190	5,495	6,968
	17,461	21,606	21,969	26,075	29,488	32,493	39,434	52,134
Repayable after a year	17,045	20,892	21,243	23,227	26,602	29,382	35,682	46,174
Repayable within a year	416	714	726	2,849	2,886	3,111	3,752	5,960
	6,201	6,300	6,203	6,606	7,942	9,612	10,176	14,106
Trade payables	196	317	213	214	235	282	321	387
Other financial liabilities	2,897	2,923	2,973	1,580	1,903	2,611	2,757	4,663
Other liabilities	1,158	903	682	608	850	780	884	951
Provisions	1,534	1,443	1,574	1,341	2,069	2,769	2,453	2,145
Tax owed	–	–	35	15	0	59	8	0
	26,858	30,436	30,277	30,878	34,947	38,443	46,124	56,058
Other financial liabilities	2,059	2,060	2,055	2,116	2,246	2,288	2,351	2,600
Other liabilities	2,986	3,199	3,097	3,038	3,565	4,227	5,093	5,439
Provisions	47	56	30	54	70	81	93	100
Deferred tax	4,721	4,229	3,852	2,442	2,464	2,465	2,904	1,745
	66,725	71,345	73,157	77,285	86,087	93,295	1,02,678	1,20,011
Held for sale or for a demerger	–	–	–	–	–	1	–	4
	51,761	54,559	56,423	61,190	68,640	75,331	84,211	96,924
Plant in use, after depreciation	23,116	21,630	19,327	19,191	22,129	21,467	22,157	50,276
Plant being built	15,037	17,180	19,068	22,522	31,351	39,650	50,398	34,744
Intangible assets	1,856	2,767	2,651	2,630	3	3	6	10
Intangible assets being developed	–	–	0	1	6	181	202	204
Property held to earn rent	4	4	4	4	4	4	4	4
Investments	490	464	515	510	347	454	427	405
Stakes in joint ventures and associates	793	934	1,327	1,876	0	12	17	24
Loans given	770	821	969	1,044	1,118	1,229	1,272	964
Other financial assets	7,454	7,567	8,958	9,389	8,614	7,898	8,106	8,611
Deferred tax	146	–	–	0	0	3	4	8
Trade receivables	62	–	–	0	474	33	1	0
Other assets	2,034	3,191	3,603	4,022	4,593	4,396	1,614	1,674
	7,985	9,572	9,370	8,846	10,765	10,902	11,261	14,667
Inventories	125	127	134	140	161	190	257	294
Trade receivables	2,838	3,816	3,410	5,176	6,161	4,420	4,793	2,629
Cash and cash equivalents	44	42	447	1,315	1,020	1,422	802	1,961
Other bank balances	2,202	1,651	1,810	644	1,674	2,200	1,949	1,690
Current investments	0	0	0	0	151	12	0	11
Loans given	49	51	53	61	61	69	129	483
Other financial assets	2,243	3,302	2,941	902	942	1,695	1,992	6,067
Tax paid in advance	112	84	188	146	133	118	70	134
Other assets	373	499	387	463	462	775	1,268	1,399
Net debt	15,215	19,913	19,712	24,117	26,643	28,858	36,683	48,472

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 11 Jun	Mar 2022Filed 26 May	Mar 2023Filed 30 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	5,073	6,472	4,692	6,938	5,026	3,294
	6,611	7,308	5,669	7,808	5,903	4,190
	455	1,756	−932	2,152	−432	−1,813
Receivables	962	−42	−1,527	2,236	−328	−65
Inventories	−7	−7	−21	−29	−67	−37
Other working capital	−499	1,805	616	−55	−37	−1,711
Tax paid	−725	−837	−977	−870	−877	−896
Capital spending	1,982	5,014	4,960	6,997	8,851	11,572
Free cash flow	3,091	1,457	−268	−60	−3,825	−8,279
	−1,530	−4,966	−4,246	−5,968	−7,550	−11,139
Plant and property sold	0	3	1	2	2	5
Interest received	862	470	326	364	457	369
Dividends received	9	9	7	9	9	18
	−3,138	−638	−741	−581	1,904	8,928
Borrowings raised	2,327	4,174	4,875	6,282	10,347	16,122
Borrowings repaid	−2,116	−1,398	−1,899	−2,816	−3,189	−3,403
Interest paid	−1,496	−1,521	−1,704	−2,095	−3,241	−2,871
Lease payments	−4	−5	−6	−9	−12	−19
Dividends paid	1,849	1,948	2,263	2,326	2,310	2,355
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	200	382	309	1,453
Net change in cash	405	867	−295	388	−620	1,082

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.NHPC dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 27 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 26 May	Mar 2023Filed 30 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Earnings per share	₹2.74	₹1.72	₹2.54	₹2.86	₹3.24	₹3.51	₹3.87	₹3.61	₹2.99	₹3.75
Diluted earnings per share	₹2.74	₹1.72	₹2.54	₹2.86	₹3.24	₹3.51	₹3.87	₹3.61	₹2.99	₹3.75
Dividend per share	₹1.80	₹1.40	₹1.46	₹1.50	₹1.60	₹1.81	₹1.85	₹1.90	₹1.91	₹1.61
Book value per share	–	–	₹30.66	₹31.23	₹32.94	₹34.76	₹36.73	₹38.53	₹39.49	₹41.25
Dividend payout	65.7%	–	56.5%	52.4%	49.3%	51.6%	47.8%	52.7%	63.8%	42.9%
Shareholder yield	–	–	–	–	7.5%	7.0%	5.1%	2.2%	2.4%	1.2%
Market cap at the year end (₹ crore)	35,648	28,418	25,341	20,040	24,560	27,925	40,381	90,104	82,570	74,052

Ratios

Consolidated, years to March.NHPC PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 27 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 26 May	Mar 2023Filed 30 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue growth	−0.1%	−10.1%	15.9%	11.4%	−3.6%	−4.8%	–	−9.2%	7.8%	11.9%
Operating profit growth	–	–	19.0%	9.9%	−2.7%	−3.0%	–	−22.3%	13.4%	−5.1%
Net profit growth	29.5%	−20.3%	2.2%	17.2%	7.7%	5.4%	12.2%	−4.9%	−15.3%	23.7%
Earnings per share growth	–	−37.2%	47.7%	12.6%	13.3%	8.3%	10.3%	−6.7%	−17.2%	25.4%
	–	–	8.4%	9.2%	10.1%	10.4%	10.8%	9.6%	7.7%	9.3%
	–	–	–	0.8 pts	0.9 pts	0.3 pts	0.5 pts	−1.2 pts	−1.9 pts	1.6 pts
From the net margin	–	–	–	−0.1 pts	1.6 pts	1.4 pts	−0.5 pts	0.3 pts	−2.2 pts	0.9 pts
From asset turnover	–	–	–	0.6 pts	−0.9 pts	−1.0 pts	0.6 pts	−1.9 pts	−0.1 pts	−0.1 pts
From borrowing	–	–	–	0.2 pts	0.1 pts	−0.1 pts	0.3 pts	0.4 pts	0.4 pts	0.8 pts
Return on capital employed	–	–	6.5%	7.0%	7.0%	6.3%	7.1%	4.8%	5.1%	3.2%
Cash conversion	–	–	–	–	141.6%	171.5%	110.8%	172.2%	147.3%	78.0%
Interest cover	–	3.0	3.7	4.9	6.2	7.5	10.7	9.2	3.6	2.3
Debt to equity	–	–	0.52	0.63	0.61	0.69	0.71	0.74	0.87	1.08
Receivable days	–	–	115	139	129	206	212	167	169	83
Working capital days	–	–	−2	84	62	124	99	29	73	90
Asset turnover	–	–	0.13	0.15	0.13	0.12	0.13	0.11	0.11	0.10
Assets per rupee of net worth	–	–	2.17	2.22	2.24	2.21	2.27	2.37	2.50	2.75
Sales per rupee of plant	–	–	0.39	0.46	0.50	0.48	0.48	0.45	0.47	0.23
Capital spending to depreciation	–	–	–	–	1.53	4.21	4.08	5.91	7.42	5.86
Plant being built, % of plant in use	–	–	65.0%	79.4%	98.7%	117.4%	141.7%	184.7%	227.5%	69.1%

Revenue growth and operating profit growth are left blank for the year to Mar 2023: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.4%
Cash from operations against operating profit: 62.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	3.0%	3.8%	3.1%
Profit growth, yearly rate	3.4%	2.9%	−1.1%
Return on equity, average	–	9.5%	8.8%
Return on capital employed, average	–	5.3%	4.4%
Operating margin, average	53.8%	52.9%	49.6%
Net margin, average	37.0%	38.4%	37.0%
Asset turnover, average	–	0.11	0.11
Interest cover, average	5.7	6.7	5.0
Debt to equity, average	–	0.82	0.90

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	26,421	15,257	3,294
Cash from investing	−33,869	−24,657	−11,139
Cash from financing	8,870	10,250	8,928
Capital spending	37,395	27,421	11,572
Dividends paid	11,201	6,990	2,355
Shares bought back	0	0	0
Shares issued for cash	2,343	2,143	1,453
Borrowings raised	41,800	32,750	16,122
Borrowings repaid	12,704	9,407	3,403

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	5	7	4	4	5
Altman Z-scorePublished threshold 1.1	–	–	2.68	2.68	2.78	2.68	2.67	2.39	2.21	1.84
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.62	−2.14	−2.33	−2.93	−2.48	−2.97
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	0.05	3.02	4.64	3.41	6.06	10.84
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.40	1.50	1.43	1.31
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	23.06	−7.05	56.55	3.59	−19.06	0.68	−57.04
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	11.56	−3.82	−21.83	0.26	10.90	7.16	36.75
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	134.09	–	21.37	7.55	76.08	26.75	1.15
Effective tax ratePublished threshold 17.16 per cent	27.63	29.74	39.98	7.54	21.09	−12.58	18.57	21.87	30.21	−11.24
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−31.47	−0.02	3.13	10.66	−42.07

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
14 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bond	WDReview, Other		300
14 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AAA; IND A1+Review, Re-affirm	Stable	22,811
14 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bond	IND AAAReview, Re-affirm	Stable	200
14 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bond	New, New		3,700
14 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AAAReview, Re-affirm	Stable
1 Jul 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AAAReview, Re-affirm	Stable	89.20
22 May 2026	CARE Ratings Limited (opens in a new tab)	Bonds-Tax Free Bonds	CARE AAAReview, Re-affirm	Stable	213.12
22 May 2026	CARE Ratings Limited (opens in a new tab)	Bonds	CARE AAAReview, Re-affirm	Stable	105.50
22 May 2026	CARE Ratings Limited (opens in a new tab)	Bonds-GOI Fully Serviced bonds	CARE AAAReview, Re-affirm	Stable	2,017.20
20 Feb 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AAANew, New	Stable	2,000

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.