NHPC is India’s largest hydro energy generator with a wholesome portfolio of seven.2GW throughout 28 websites and a robust working observe file. It’s prone to fee giant hydro-capacities of two.8GW (Subansiri 2GW and Parbarti 800MW) over the following 12 months. The tasks are anticipated to offer incremental regulated fairness of ~Rs 110 billion.
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ICICI Securities Report
NHPC Ltd. has reported a gradual lead to This autumn FY25 – standalone income grew 15% YoY to Rs 21 billion, Ebitda grew 4% YoY to Rs 9.4 billion whereas adjusted PAT, at Rs 8 billion, grew 14% YoY. Progress was primarily resulting from a reversal of water expenses within the base quarter. Plant availability for FY25 stood at 73.9% vs 77.6% in FY24; the decrease availability was resulting from harm to Teesta-V energy station resulting from flash floods in H1 FY25.
Teesta-V remains to be inoperative and NHPC expects it to renew operations in This autumn FY26. In the meantime, the under-recovery thereon (estimated at Rs 4 billion yearly) shall affect earnings for the following three–4 quarters.
NHPC has commissioned all 4 items of Parbati II (800 MW) and 107 MW of photo voltaic capability in April 2025.
Subansiri (2000MW) is anticipated to be commissioned in phases by Q1 FY27. We downgrade the inventory to Promote, from Maintain, given the current run within the inventory worth, with a revised goal worth of Rs 72 (Rs 76 earlier).
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