NHPC Ltd - Stock Valuation and Financial Performance

BSE: 533098 | NSE: NHPC | Power Generation/Distribution | Large Cap

NHPC Share Price

90.62 0.18 0.20%
as on 08-Oct'24 16:01

DeciZen - make an informed investing decision on NHPC

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

NHPC stock performance -

mw4me loader
P/E Ratio (CD):
28.63
Market Cap:
90,847.3 Cr.
52-wk low:
48.5
52-wk high:
118.5

Is NHPC Ltd an attractive stock to invest in?

1. Is NHPC Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that NHPC Ltd is a average quality company.

2. Is NHPC Ltd undervalued or overvalued?

The key valuation ratios of NHPC Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is NHPC Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of NHPC Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of NHPC:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
NHPC Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 10%10.2%11.4%8.2%10.4%7.9%9.1%6.5%9%8.4%-
Value Creation
Index
-0.1-0.10.0-0.3-0.1-0.3-0.2-0.4-0.2-0.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 8,2448,3548,6237,7558,98310,0089,6489,14410,6079,6329,569
Sales YoY Gr.-1.3%3.2%-10.1%15.8%11.4%-3.6%-5.2%16%-9.2%-
Adj EPS 1.91.92.52.423.33.24.3433.2
YoY Gr.--2.6%31.7%-3.7%-15.7%65.8%-3%34.7%-7.2%-24.5%-
BVPS (₹) 27.828.528.229.330.731.232.934.836.838.539.6
Adj Net
Profit
2,1132,0552,5142,4191,9993,3163,2194,3314,0193,0333,174
Cash Flow from Ops. 4,0615,9718,3294,6963,8242,9935,0704,5904,7056,938-
Debt/CF from Ops. 5.13.32.3457.84.65.76.34.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 1.7%1.4%-0.1%-9.2%
Adj EPS 5.2%8.7%-1.9%-24.5%
BVPS3.7%4.7%5.4%4.7%
Share Price 16.8% 31.7% 43.6% 70.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
7.26.68.38.26.610.71012.711.288.1
Op. Profit
Mgn %
62.358.156.854.755.755.954.252.956.951.450.4
Net Profit
Mgn %
29.428.434.434.724.937.736.850.141.335.733.2
Debt to
Equity
0.70.60.70.60.60.70.70.80.80.8-
Working Cap
Days
4656347599079419901,1451,2961,1421,234221
Cash Conv.
Cycle
1059672657510314919318218533

Recent Performance Summary

Debt to equity has declined versus last 3 years average to 0.84

Return on Equity has declined versus last 3 years average to 8.10%

Sales growth has been subdued in last 3 years -0.05%

Net Profit has been subdued in last 3 years -1.91%

Sales growth is not so good in last 4 quarters at -10.30%

Latest Financials - NHPC Ltd.

Standalone Consolidated
TTM EPS (₹) 3.4 3.2
TTM Sales (₹ Cr.) 8,252 9,569
BVPS (₹.) 38.1 39.6
Reserves (₹ Cr.) 28,189 29,678
P/BV 2.38 2.29
PE 26.37 28.63
From the Market
52 Week Low / High (₹) 48.48 / 118.45
All Time Low / High (₹) 14.65 / 118.45
Market Cap (₹ Cr.) 90,847
Equity (₹ Cr.) 10,045
Face Value (₹) 10
Industry PE 26.9

Management X-Ray of NHPC:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of NHPC

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales8,2448,3548,6237,7558,98310,0089,6489,14410,6079,632
Operating Expenses 3,1133,5043,7243,5173,9834,4694,4444,3244,7414,708
Manufacturing Costs1,0801,1481,2071,1251,2411,5531,4771,2811,4251,330
Material Costs0000000000
Employee Cost 1,2251,2421,6781,6581,8501,6761,5201,5551,4351,418
Other Costs 8081,1148397348921,2401,4461,4891,8811,959
Operating Profit 5,1314,8504,8994,2385,0005,5395,2044,8205,8664,925
Operating Profit Margin (%) 62.2%58.1%56.8%54.6%55.7%55.3%53.9%52.7%55.3%51.1%
Other Income 1,0771,2861,5071,0679068061,2381,3851,1281,606
Interest 1,2971,3401,133924938878577586523703
Depreciation 1,7151,4321,4621,4691,6581,6141,2921,1901,2151,184
Exceptional Items 522551720128843-590-73-1,210-15396
Profit Before Tax 3,7183,9164,5353,0404,1593,2664,4953,2175,2375,043
Tax 9201,0001,0542551,324-79895-5579761,015
Profit After Tax 2,7982,9163,4802,7852,8363,3453,6003,7744,2614,028
PAT Margin (%) 33.9%34.9%40.4%35.9%31.6%33.4%37.3%41.3%40.2%41.8%
Adjusted EPS (₹)2.32.43.02.52.62.93.33.53.93.6
Dividend Payout Ratio (%)27%64%61%57%57%52%49%52%48%53%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 30,75731,64329,01530,04130,79831,38133,05334,92136,96138,702
Share Capital 11,07111,07110,25910,25910,04510,04510,04510,04510,04510,045
Reserves 19,68720,57218,75619,78220,75321,33623,00824,87626,91628,657
Minority Interest3326316833822935286827742835286348745190
Debt18,72418,18117,54817,00817,46121,60621,95724,55127,55029,616
Long Term Debt18,72418,18117,24616,72817,04520,89221,23123,22726,60229,382
Short Term Debt003032804167147261,324948234
Trade Payables165130158200196317210214235282
Others Liabilities 10,81811,68312,63614,70618,38716,74119,59318,68520,89122,947
Total Liabilities 63,79064,80562,73964,89169,71072,81877,64881,23490,51196,738

Fixed Assets

Gross Block40,57624,05525,14425,59331,01732,07330,44431,49533,08633,583
Accumulated Depreciation12,6601,4462,9214,3976,0457,6768,4559,67510,95412,114
Net Fixed Assets27,91622,61022,22321,19624,97224,39721,98921,82122,13321,469
CWIP 10,30416,74217,58819,08715,03717,18019,16722,52231,35739,831
Investments 1,0206011,0201,1251,2831,3981,8422,387499479
Inventories9193101105125127134140161190
Trade Receivables2,9051,9051,8541,3462,8383,5835,1335,1766,1614,420
Cash Equivalents 6,9417,2843,4723,3192,2451,6932,2571,9582,6943,622
Others Assets14,61415,57216,48118,71323,21024,44027,12727,22927,50726,726
Total Assets 63,79064,80562,73964,89169,71072,81877,64881,23490,51196,738

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 4,0615,9718,3294,6963,8242,9935,0704,5904,7056,938
PBT 3,7183,9164,5353,0404,1593,2624,4953,2175,2375,043
Adjustment 1,8381,8131,5921,8501,4682,5631,1442,3321,537509
Changes in Working Capital -68611133285637-926-1989159-123-10922256
Tax Paid -809-872-1,082-830-877-845-728-837-978-870
Cash Flow From Investing Activity -767-746-1,864-886-1,182-2,987-1,607-3,084-4,246-5,968
Capex -1,726-2,147-1,587-1,564-1,359-3,631-2,058-3,699-4,974-6,995
Net Investments 240781-632261-135113-420135379246
Others 719620355417312531871479349781
Cash Flow From Financing Activity -2,494-4,000-7,812-3,863-2,63712-3,058-638-795-581
Net Proceeds from Shares 8000000000
Net Proceeds from Borrowing 0000002,3153,5764,8756,137
Interest Paid -1,654-1,502-1,391-1,144-1,215-1,333-1,415-1,522-1,705-2,099
Dividend Paid -848-1,895-3,274-2,231-1,527-2,897-1,849-1,948-2,263-2,326
Others 1-603-3,147-4881054,242-2,109-744-1,702-2,294
Net Cash Flow 7991,224-1,347-53517405867-336388
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)9.489.3611.59.449.3210.7611.1711.1111.8610.65
ROCE (%)9.9910.2211.378.1910.357.939.146.489.048.35
Asset Turnover Ratio0.130.130.140.120.130.140.130.120.120.1
PAT to CFO Conversion(x)1.452.052.391.691.350.891.411.221.11.72
Working Capital Days
Receivable Days118105807585117165206195200
Inventory Days4445555557
Payable Days0000000000

NHPC Ltd Stock News

NHPC Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of NHPC on 08-Oct-2024 16:01 is ₹90.62.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 08-Oct-2024 16:01 the market cap of NHPC stood at ₹90,847.3.
The latest P/E ratio of NHPC as of 08-Oct-2024 16:01 is 26.37.
The latest P/B ratio of NHPC as of 08-Oct-2024 16:01 is 2.38.
The 52-week high of NHPC is ₹118.5 and the 52-week low is ₹48.48.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of NHPC is ₹8,252 ( Cr.) .

About NHPC Ltd

NHPC was incorporated on November 7, 1975 under the Companies Act as a private limited company under the name National Hydro Electric Power Corporation Private Limited. The company was converted to a public limited company with effect from April 2, 1986. The promoter of the company is the President of India acting through the MoP, GoI and currently holds 100% of the paid-up share capital of the company.

NHPC Limited has become the largest organisation for hydropower development in India, with capabilities to undertake all the activities from conceptualization to commissioning in relation to setting up of hydro projects. NHPC has also diversified in the field of Solar & Wind power.

Business area of the company:

NHPC is principally engaged in the construction and operation of hydroelectric power projects.

Awards/ Recognition

  • 2005: Solar Energy Society of India Business Leadership Award for Hydropower for the year 2004.
  • 2006: Enterprise Excellence Award (Certificate of Merit) by the Indian Institution of Industrial Engineering for Financial and Operational Strength for the year 2004-05, Golden Peacock Award to Chamera Power Station I for Environment Management for the year 2006 by the World Environment Foundation
  • 2007: Annual Greentech Environment Excellence Silver Award in Hydropower Sector by-Greentech Foundation, New Delhi for Environment Management in Hydropower stations/projects for the Dhauliganga Power Station for the year 2006
  • 2007: Golden Peacock Award to Region II, Banikhet by World Environment Foundation, New-Delhi for Excellence in Environment Management for the year 2007
  • 2008: B.M.L. Munjal Award for Excellence in Learning and Development for the year 2007-Golden Peacock Award to Chamera Power Station I for Occupational Health and Safety for the year 2008 by the World Environment Foundation-Performance Excellence Award (Certificate of Merit) by the Indian Institution of Industrial Engineering for Financial and Operational Strength for the year 2006-07-Special Jury Award at Asia Pacific Human Resource Management Congress for Innovative Human Resources Practices for 2007-08
  • 2009: TERI Corporate Environmental Award 2009-Performance Excellance Award by the Indian Institution of Industrial Engineering-Gold Medal for Outstanding Contribution in Enhancing the Image of India by the Institute of Economic Development-Amity Award for Best Corporate Social Responsibility for 2008
  • 2013: NHPC Conferred Indira Gandhi Rajbhasha Award
  • 2016: NHPC got Corporate Governance Excellence Award
  • 2016: NHPC awarded as Winner under category ‘Power Generation - Renewable’ at Dun & Bradstreet Infra Awards 2016.
  • 2016: NHPC wins Best Miniratna Award
  • 2016: NHPC bagged Best Hydropower Enterprise Award
  • 2016: CMD, NHPC conferred Power & Energy Persona’s Award for Individual Excellence
  • 2016: CMD, NHPC conferred CBIP Award for Outstanding contribution in Hydropower Development
  • 2017: NHPC honoured by Hon’ble Minister of State for Power (Independent Charge) for Implementation of Rajbhasha
  • 2017: GRIHA four star rating for Neer Shakti Sadan
  • 2017: NHPC awarded CIDC Partner in Progress Trophy 2017
  • 2017: CMD, NHPC conferred ‘Industry Doyen’ award
  • 2017: NHPC conferred Water Digest Water Award for Best Water Management in Power Generation
  • 2017: NHPC honored with the award for ‘Best Risk Management Practices, Frameworks and Systems’ at 3rd India Risk Management Awards
  • 2017: NHPC bags award for ‘Excellence in CSR/Environment Protection and Conservation’ at India Pride Awards 2016-17.
  • 2019: NHPC has been conferred with ‘Recognition of WIPS Activities Award, a tribute to Excellence in Public Enterprise Management under Mini Ratna & other category’ by Forum of Women in Public Sector (WIPS).
  • 2020: NHPC has been conferred the CBIP Award 2020 for ‘Outstanding performing utility in hydro power sector’ at a glittering function held at New Delhi on February 19, 2020.

Milestones

  • 1975-76:  Incorporation of the company.
  • 1976-77:  Transfer of the Loktak hydroelectric project (105 MW) from GoI to the company.
  • 1977-78:  Transfer of the Baira Siul hydroelectric project (180 MW) from GoI to the company.
  • 1982-83:  Baira Siul power station (180 MW) in Himachal Pradesh commissioned.
  • 1983-84: All units of Devighat power station in Nepal commissioned ahead of schedule-Loktak power station (105 MW) in Manipur commissioned.
  • 1985-86: Hydro Power Training Institute set up at the Baira Siul hydroelectric project to train operators and supervisory staff.
  • 1986- 87: First issue of 14% 7 years, redeemable secured non convertible bonds amounting to Rs.143.64 crore Nuwakot Rural Electrification project in Nepal completed ahead of schedule.
  • 1987-88: Establishment of a satellite telecommunication network taken up to link various projects of the company.
  • 1989-90: GoI upgraded the company from a Schedule ‘B’ to a Schedule ‘A’ corporation.
  • 1992-93: A consultancy wing set up to provide a range of specialised services in the investigation, design, construction and operation of hydel projects-Tanakpur power station (120 MW) in Uttarakhand commissioned.
  • 1994-95: Awarded the lining work of Jawahar Tunnel in Jammu & Kashmir -The company declared its maiden dividend of Rs. 5 crore for the year ending March 31.
  • 1994: The company’s registered office started operating from its present building in Faridabad-Chamera I power station (540 MW) in Himachal Pradesh commissioned.
  • 1995-96: Agreement signed for execution of Kurichhu hydroelectric project (45 MW) in Bhutan
  • 1997-98: Uri power station (480 MW) in Jammu & Kashmir commissioned.
  • 1999-2000:  Rangit power station (60 MW) in Sikkim commissioned.
  • 2000-01: Three units of 45 MW Kurichhu power station in Bhutan commissioned by the company ahead of schedule-The company and the government of Madhya Pradesh entered into an MoU to exploit the hydro electric potential of the Narmada basin by completing the Indira Sagar and Omkareshwar projects The company and the government of Jammu & Kashmir entered into an MoU to exploit the power potential of the state.
  • 2002-03: A line of credit for a tenor of 19 years taken from LIC for an amount of Rs. 2,500 crore, the company was accorded ‘AAA’ credit rating for domestic borrowing and ‘BB’ credit rating at par with sovereign rating of international borrowings by Fitch Ratings.
  • 2003-04: Chamera- II power station (300 MW) in Himachal Pradesh commissioned.
  • 2004-05: Indira Sagar hydroelectric project (1,000 MW) of NHDC, a joint venture of the company and the government of Madhya Pradesh in Madhya Pradesh commissioned.
  • 2005-06: ERP initiated under the name Project Kiran.
  • 2006-07: The company entered into an agreement with Government of Bhutan for preparation of DPR of Mangdechhu project (672 MW) in Bhutan.
  • 2007-08: The name of the company changed to its present name NHPC Limited-Dulhasti power station (390 MW) commissioned-Teesta-V power station (510 MW) commissioned-Omkareshwar hydroelectric project (520 MW) of NHDC, a joint venture of the company and the government of Madhya Pradesh, commissioned-The company entered into an MoA with the government of Arunachal Pradesh to execute the Dibang multipurpose hydroelectric project-The company entered into an MoU with the government of Manipur to exploit the hydro electric potential of the tailrace discharge of Loktak Downstream Hydroelectric Project.
  • 2008-09: The company conferred Mini Ratna Category I status by the GoI-The company entered into an MoU with the government of Jammu & Kashmir, JKSPDC and PTC to incorporate a joint venture to develop the Pakal Dul and other hydro projects in the Chenab River Basin-Incorporation of joint venture company, National Power Exchange Limited, along with NTPC, PFC and Tata Consultancy Services Limited.
  • 2009-10: Incorporation of a joint venture company, National High Power Test Laboratory Private Limited, along with NTPC, Powergrid Corporation of India Limited and Damodar Valley Corporation.
  • 2013: A Memorandum of Understanding has been signed between NHPC Limited and Uttar Pradesh New & Renewable Energy Development Agency, Department of Additional Sources of Energy, Govt. of Uttar Pradesh on August 08, 2013 at Lucknow for implementation of Solar Power Project in Uttar Pradesh.
  • 2013: NHPC has signed an agreement with Government of Odisha and Odisha Hydro Power Corporation Limited (OHPC) for formation of a Joint Venture company for implementation of six hydroelectric projects with an aggregate installed capacity of 1020 MW.
  • 2013: NHPC has inked a Memorandum of Understanding (MoU) with the Chhattisgarh State Power Holding Company Limited (CSPHCL) and Indian Farmers Fertiliser Cooperative Limited (IFFCO Limited).
  • 2014: NHPC Conferred Indira Gandhi Rajbhasha Award.
  • 2014: NHPC Signing of MoU with Government of Kerala for setting up of Solar Power Project.
  • 2014: NHPC has been successfully completed the 14.73 Kms Head Race Tunneling of Kishanganga HE Project through TBM.
  • 2015: NHPC has signed a Memorandum of Understanding (MOU) with Ministry of Power, Government of India.
  • 2015: NHPC has received environmental clearance for Dibang project, in Arunachal Pradesh.
  • 2015: NHPC has been signed agreement for the development of four Hydroelectric Projects in Teesta Basin.
  • 2015: Rays Power Experts has bagged Rs 300 crore order from NHPC Ltd for setting up a 50 MW solar power project at Sattur in Virudhunagar district of Tamil Nadu.
  • 2015: NHPC has signed a Memorandum of Understanding with Solar Energy Corporation of India (SECI).
  • 2016: NHPC signs MoU with Maharashtra for solar projects.
  • 2016: NHPC starts commercial operation of Teesta project.
  • 2016: NHPC plans 600 MW solar project at Koyna dam in Maharashtra.
  • 2016: NHPC enters into pact with BHEL for hydro projects.
  • 2016: NHPC commences operation of power project.
  • 2016: NHPC signs power pact with Inox.
  • 2016: NHPC signs Power Purchase Agreement (PPA) for 50 MW wind power project2016: NHPC Signs Contract Agreement with BHEL for Renovation & Modernization of 180 MW Baira Siul Power Station.
  • 2019: NHPC signs letter of Intent with NEA Engineering.
  • 2019: NHPC commission Unit 2 of Bairasiul Power Station in Himachal Pradesh.
  • 2020: NHPC gets ISMS certification for IT&C Division.
  • 2020: NHPC signs MoU with ALIMCO.
  • 2020: NHPC has signed a Memorandum of Understanding (MoU) with Power Grid Corporation of India for Turnkey Execution of Dedicated Transmission lines / Construction Power Supply lines for future NHPC hydropower projects in India.
  • 2020: NHPC has signed Memorandum of Understanding (MoU) with Hydropower Investment and Development Company (HIDCL), the premier organization for jointly developing hydropower projects in Nepal.
  • 2020: NHPC has signed Memorandum of Understanding (MoU) with Green Energy Development Corporation of Odisha (GEDCOL).
  • 2020: NHPC has signed Power Purchase Agreement (PPA) with Eden Renewable Passy for 300 MW and with Altra Xergi Power (SPV of O2 Power SG PTE) for 380 MW for procurement of solar power at the tariff of Rs 2.55/kWh at NHPC corporate office for 25 years on long term basis.
  • 2020: NHPC has signed a Memorandum of Understanding (MoU) with the Ministry of Power, Government of India for 2020-21.
  • 2020: NHPC has signed a Power Sale Agreement (PSA) with Chhattisgarh State Power Distribution Company (CSPDCL) at Raipur (Chhattishgarh) for supply of 400 MW Solar Power at the tariff of Rs. 2.55/kWh for 25 years on long term basis.
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