Key Metrics of NHPC Limited
About NHPC Limited
Sectors
Company details
- Website
- nhpcindia.com
- Registered office
- Nhpc Office Complex Sector- 33 Faridabad Haryana, Faridabad, In-hr, 121003
- Listed
- NSE: NHPC · ₹73.20
Operational Areas of NHPC Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 22 May 2026 | CARE | Reaffirmed | AAA | — | Stable | ₹22,512 Cr | View |
| 20 Feb 2026 | CARE | Reaffirmed | AAA | — | Stable | ₹21,168 Cr | View |
| 28 Jul 2025 | CARE | Reaffirmed | AAA | — | Stable | ₹19,843 Cr | View |
| 30 Apr 2025 | CARE | Reaffirmed | AAA | — | Stable | ₹17,843 Cr | View |
| 17 Jan 2025 | CARE | Reaffirmed | AAA | — | Stable | ₹15,843 Cr | View |
| 20 Aug 2024 | CARE | Reaffirmed | AAA | — | Stable | ₹13,243 Cr | View |
| 21 Aug 2023 | CARE | Reaffirmed | AAA | — | Stable | ₹14,334 Cr | View |
| 09 Feb 2023 | CARE | Other | — | — | — | — | View |
| 01 Jul 2022 | CARE | Reaffirmed | AAA | — | Stable | ₹15,012 Cr | View |
| 02 Jul 2021 | CARE | Other | — | — | — | — | View |
| 08 Feb 2021 | CARE | Other | — | — | — | — | View |
| 06 Jul 2020 | CARE | Other | — | — | — | — | View |
| 03 Apr 2020 | CARE | Other | — | — | — | — | View |
| 06 Feb 2020 | CARE | Other | — | — | — | — | View |
| 04 Jul 2019 | CARE | Reaffirmed | AAA | — | Stable | ₹25,900 Cr | View |
| 19 Mar 2019 | CARE | Assigned | AAA | — | Stable | ₹2,017 Cr | View |
| 05 Feb 2019 | CARE | Assigned | AAA | — | Stable | ₹2,000 Cr | View |
Credit strengths (CARE, May 2026)
+ Healthy operational performance
NHPC’s plants achieved an aggregate PAF of 74.7% in FY26 (PY: 78.7%). The company reported generation of 29,600 MUs in FY26 (PY: 25,532 MUs). This increase in generation is primarily attributable to commissioning of 800-MW Parbati II Hydroelectric project, which achieved COD in April 2025. NHPC booked incentive income of ₹913 crore in FY26 (PY: ₹865 crore) driven by availability-based incentives on capacity charges, generation being higher than design energy and deviation charges on a
+ Comfortable leverage and coverage metrics
NHPC’s overall financial risk profile continued to remain comfortable characterised by low overall gearing despite large capex and dividend payout. Overall gearing remained low at 1.07x in FY26 (PY: 0.88x), while interest cover stood at 4.43x in FY26 (PY: 4.55x) on a consolidated basis. The company has significant capital expenditure plans in hydro and renewable,which will lead to moderation in debt coverage indicators in the medium term.
+ Government support and majority ownership by GoI
NHPC benefits from its strong linkages with the GoI, with the GoI holding a majority stake (67.40% as on March 31, 2026). The GoI has provided support in the form of longer tenure subordinated debt to fund strategically important projects at concessional interest rates. The GoI has guaranteed certain loans of the company. NHPC benefits from supportive policy frameworks such as hydro purchase obligations and budgetary support for hydro power projects among others.
Credit challenges
− Execution risks pertaining to projects under implementation
The expansion plans of NHPC expose the company to project execution and funding-related risks considering large capital expenditure plans in hydro and renewable segments on a consolidated basis. NHPC has faced cost and time overrun for 2000 - MW Subansiri Lower and 800 -MW Parbati II projects in the past. While Parbati II has been commissioned in April 2025, four units of Subansiri Lower have been successfully commissioned with entire plant expected to achieve COD by March 2027. The final
− Counterparty credit risk
The company is exposed to counter party credit risk considering exposure to state distribution utilities and departments which have moderate to weak credit profile. In the past, there has been accumulation of debtors, especially from Jammu & Kashmir Power Corporation Limited and Uttar Pradesh Power Corporation Limited ( UPPCL). However, several liquidity measures rolled out by the Ministry of Power (MoP) has aided in reduction in overdue receivable of the company. Overdue receivables, which were
Could lead to a downgrade
• Significant decrease in the GoI’s shareholding, leading to reduction in financial and strategic importance of NHPC for GoI. • Significant build up in the receivables on a sustained basis, adversely impacting the company’s
Agency-reported financials (CARE, 20 Feb 2026)
| Metric | 9MFY26 |
|---|---|
| Total operating income | ₹9,566 Cr |
| PBILDT | ₹4,806 Cr |
| PAT | ₹2,671 Cr |
| Overall gearing (times) | — |
| Interest coverage (times) | 5.66× |
| EBITDA margin | 50.2% |
| Implied interest cost (EBITDA ÷ coverage) | ₹849 Cr |
| PAT margin | 27.9% |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Bonds | Debentures & bonds | — | ₹106 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹888 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹220 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹615 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹900 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹885 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹300 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹1,286 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹2,017 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹1,600 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹600 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹1,500 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹2,600 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹2,000 Cr | — | AAA | Reaffirmed | CARE |
| Bonds | Debentures & bonds | — | ₹2,000 Cr | — | AAA | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹2,000 Cr | — | AAA | Assigned | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹2,000 Cr | — | AAA | Reaffirmed | CARE |
| Redeemable Non-convertible Unsecured Taxable Bonds | Debentures & bonds | — | ₹996 Cr | — | AAA | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE848E08144 | — | Debentures & bonds | 7.59% | 20 Feb 2023 | 20 Feb 2027 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08375 | Bonds AG Series | Debentures & bonds | 6.40% | 12 Aug 2025 | 12 Aug 2027 | ₹2,000 Cr | AAA | Outstanding |
| INE848E08151 | — | Debentures & bonds | 7.59% | 20 Feb 2023 | 19 Feb 2028 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08169 | — | Debentures & bonds | 7.59% | 20 Feb 2023 | 20 Feb 2029 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08177 | — | Debentures & bonds | 7.59% | 20 Feb 2023 | 20 Feb 2030 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08185 | Bonds AD Series | Debentures & bonds | 7.59% | 20 Feb 2023 | 20 Feb 2031 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08367 | — | Debentures & bonds | 6.86% | 06 May 2025 | 06 May 2031 | ₹195 Cr | AAA | Outstanding |
| INE848E08193 | — | Debentures & bonds | 7.59% | 20 Feb 2023 | 20 Feb 2032 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08359 | — | Debentures & bonds | 6.86% | 06 May 2025 | 06 May 2032 | ₹195 Cr | AAA | Outstanding |
| INE848E08201 | — | Debentures & bonds | 7.59% | 20 Feb 2023 | 19 Feb 2033 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08391 | — | Debentures & bonds | 7.29% | 27 Feb 2026 | 25 Feb 2033 | ₹200 Cr | AAA | Outstanding |
| INE848E08342 | — | Debentures & bonds | 6.86% | 06 May 2025 | 06 May 2033 | ₹195 Cr | AAA | Outstanding |
| INE848E08219 | — | Debentures & bonds | 7.59% | 20 Feb 2023 | 20 Feb 2034 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08409 | — | Debentures & bonds | 7.29% | 27 Feb 2026 | 27 Feb 2034 | ₹200 Cr | AAA | Outstanding |
| INE848E08284 | — | Debentures & bonds | 6.86% | 06 May 2025 | 06 May 2034 | ₹195 Cr | AAA | Outstanding |
| INE848E08268 | Bonds AE Series | Debentures & bonds | 7.20% | 27 Jan 2025 | 27 Jan 2035 | ₹2,489 Cr | AAA | Outstanding |
| INE848E08227 | — | Debentures & bonds | 7.59% | 20 Feb 2023 | 20 Feb 2035 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08417 | — | Debentures & bonds | 7.29% | 27 Feb 2026 | 27 Feb 2035 | ₹200 Cr | AAA | Outstanding |
| INE848E08292 | — | Debentures & bonds | 6.86% | 06 May 2025 | 06 May 2035 | ₹195 Cr | AAA | Outstanding |
| INE848E08235 | — | Debentures & bonds | 7.59% | 20 Feb 2023 | 20 Feb 2036 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08425 | — | Debentures & bonds | 7.29% | 27 Feb 2026 | 27 Feb 2036 | ₹200 Cr | AAA | Outstanding |
| INE848E08300 | — | Debentures & bonds | 6.86% | 06 May 2025 | 06 May 2036 | ₹195 Cr | AAA | Outstanding |
| INE848E08243 | — | Debentures & bonds | 7.59% | 20 Feb 2023 | 20 Feb 2037 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08433 | — | Debentures & bonds | 7.29% | 27 Feb 2026 | 27 Feb 2037 | ₹200 Cr | AAA | Outstanding |
| INE848E08318 | — | Debentures & bonds | 6.86% | 06 May 2025 | 06 May 2037 | ₹195 Cr | AAA | Outstanding |
| INE848E08250 | — | Debentures & bonds | 7.59% | 20 Feb 2023 | 20 Feb 2038 | ₹83.0 Cr | AAA | Outstanding |
| INE848E08441 | — | Debentures & bonds | 7.29% | 27 Feb 2026 | 26 Feb 2038 | ₹200 Cr | AAA | Outstanding |
| INE848E08326 | — | Debentures & bonds | 6.86% | 06 May 2025 | 06 May 2038 | ₹195 Cr | AAA | Outstanding |
| INE848E08458 | — | Debentures & bonds | 7.29% | 27 Feb 2026 | 25 Feb 2039 | ₹200 Cr | AAA | Outstanding |
| INE848E08334 | — | Debentures & bonds | 6.86% | 06 May 2025 | 06 May 2039 | ₹195 Cr | AAA | Outstanding |
| INE848E08466 | — | Debentures & bonds | 7.29% | 27 Feb 2026 | 27 Feb 2040 | ₹200 Cr | AAA | Outstanding |
| INE848E08276 | — | Debentures & bonds | 6.86% | 06 May 2025 | 06 May 2040 | ₹195 Cr | AAA | Outstanding |
| INE848E08474 | — | Debentures & bonds | 7.29% | 27 Feb 2026 | 27 Feb 2041 | ₹200 Cr | AAA | Outstanding |
| INE848E07161 | Bonds Q Series . . | Debentures & bonds | 9.25% | — | — | ₹106 Cr | AAA | Not stated |
| INE848E07757 | — | Debentures & bonds | 8.54% | — | — | ₹55.0 Cr | AAA | Not stated |
| INE848E07765 | — | Debentures & bonds | 8.54% | — | — | ₹55.0 Cr | AAA | Not stated |
| INE848E07773 | — | Debentures & bonds | 8.54% | — | — | ₹55.0 Cr | AAA | Not stated |
| INE848E07781 | — | Debentures & bonds | 8.54% | — | — | ₹55.0 Cr | AAA | Not stated |
| INE848E07864 | — | Debentures & bonds | 8.50% | — | — | ₹123 Cr | AAA | Not stated |
| INE848E07872 | — | Debentures & bonds | 8.50% | — | — | ₹123 Cr | AAA | Not stated |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bonds | — | Withdrawn |
| Bonds | ₹17,516 Cr | CARE AAA; Stable |
| Non Convertible Debentures | ₹4,000 Cr | CARE AAA; Stable |
| Redeemable Non Convertible Unsecured Taxable Bonds | ₹996 Cr | CARE AAA; Stable |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 89% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 70% chance the next rating action is stable or better
- Current rating AAA (investment grade)
Rated limits by facility
Timeline
From the report
The company’s cash and bank balance stood at ~₹3,651 crore as on March 31, 2026, on a consolidated level.
From the report
The company’s cash and bank balance stood at ~₹ 2,911 crore as on December 31, 2025.
From the report
The company’s cash and bank balance stood at ~₹ 2,750 crore as on March 31, 2025.
From the report
The company’s cash and bank balance stood at ~₹4,420 crore as on December 31, 2024.
From the report
The company also has sanctioned fund-based limits of ₹1,326 crore, which remained largely un-utilised in the last 12 months ended March 2025.
From the report
The company’s cash and bank balance stood at ~₹2,781 crore as on September 30, 2024.
From the report
The company also has sanctioned fund-based limits of ₹1,326 crore, which remained largely un-utilised in the last 12 months ended December 2024.
From the report
The company’s cash and bank balance stood at around ₹3,373 crore as on March 31, 2024.
From the report
The company also has sanctioned fund-based limits of ₹1326 crore, which remained largely un-utilised during the last 12 months ended June 2024.
From the report
The company’s cash and bank balance and liquid investments stood at around ₹2,694 crore as on March 31, 2023.
From the report
The company also has sanctioned fund-based limits of ₹925 crore, which remained largely un-utilised during the last 12 months ended June 2023.
From the report
Liquidity: Strong NHPC’s liquidity profile continued to remain strong during FY23 backed by healthy consolidated cash accruals of around ₹4,700 crore.
From the report
The company’s cash and bank balance and liquid investments stood at around ₹843.89 crore as on January 31, 2023.
From the report
The company also has sanctioned fund- based limits of ₹925 crore, which remained largely unutilised during the last 12 months ended January 2023.
From the report
The company’s cash and bank balance and liquid investments stood at around ₹1,958 crore as on March 31, 2022.
From the report
The company also has sanctioned fund-based limits of ₹925 crore, which remained largely unutilised during the last 12 months ended May 31, 2022.
From the report
Liquidity: Strong NHPC’s liquidity profile continued to remain strong during FY21 backed by healthy cash accruals of around Rs.4,400 crore – a similar quantum is expected for FY22 .
From the report
The company’s cash and bank balance and liquid investments stood at around Rs 518 crore as on May 31, 2021.
From the report
The company also has sanctioned fund-based limits of Rs 475 crore, which remained largely unutilized during the last12 months ended May 2021.
From the report
Liquidity:Strong Liquidity profile of the company continued to remain comfortable backed by healthy cash accruals of ~Rs.4,500 crore expected for FY21.
From the report
NHPC has sanctioned working capital limits of Rs 475 crore as on February 01, 2021, of which Rs 370 crore remain unutilized.
From the report
The company also had cash and bank balance of Rs 61 crore along with liquid investment of around Rs 810 crore as on February 01, 2021.
From the report
Press Release Liquidity: Strong Liquidity profile of the company continued to remain comfortable backed by healthy cash accruals of ~Rs.4,500 crore expected for FY21 against which it has repayment obligations of Rs.1,619 crore.
From the report
Press Release Liquidity: Strong Liquidity profile of the company continued to remain comfortable backed by healthy cash accruals of ~Rs.4,500 crore expected for FY21 against which it has repayment obligations of Rs.1,619 crore.
From the report
NHPC has sanctioned working capital limits of Rs 925 crore as on May 31, 2020, which is 100% available for the company to draw.
From the report
The company’s cash and bank balance and liquid investment stood at around Rs 507 crore a s on June 04, 2020.
From the report
The company is expected to generate gross cash accruals of ~Rs 4500 crore against which it has repayment oblig ations of ~Rs 1608 cr ore during FY20.
From the report
The liquidity profile of the company is also supported by the cash and bank balance of Rs. 471 crore as on December 31, 2019 and largely unutilized working capital limits of Rs 1,375 crore.
From the report
Profit after Tax and cash accruals stood at Rs. 2,174 crore and Rs. 2,472 crore respectively in H1FY20.
From the report
The company is expected to generate gross cash accruals of ~Rs 4500 cr. against which it has repayment obligations of ~Rs 1608 cr. during FY20.
From the report
The company is expected to generate gross cash accruals of ~Rs 4500 cr. against which it has repayment obligations of ~Rs 1608 cr. during FY20.
From the report
The liquidity profile of the company is also supported by the cash and bank balance of Rs. 471 crore as on December 31, 2019 and largely unutilized working capital limits of Rs 925 cr.
From the report
The company is expected to generate gross cash accruals of ~ Rs 4,500 cr. against which it has scheduled repayment obligation of Rs 1,605 cr. during FY20.
From the report
The company is expected to generate gross cash accruals of ~ Rs 4,500 cr. against which it has scheduled repayment obligation of Rs 1,605 cr. during FY20.
From the report
The liquidity profile of the company is also supported by the cash and bank balance of Rs. 390 crore as on March 31, 2019 and largely unutilized working capital limits of Rs 925 cr.
From the report
The company had free cash balance of Rs. 928 crore as on December 31, 2018.
From the report
The company had free cash balance of Rs. 1,309 crore as on September 30, 2018.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of NHPC Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Indian Oil Corporation |
Outlets operated by Indian Oil. | iocl.com | 1964 | Mumbai, India |
 Oil and Natural Gas Corporation |
Oil Refining & Marketing · Oil, Gas & Energy | ongcindia.com | 1955 | New Delhi, India |
 NTPC Limited |
Power Generation & Utilities · Oil, Gas & Energy | ntpc.co.in | 1975 | New Delhi, India |
| Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | coalindia.in | 1975 | Kolkata, India | |
 GAIL (India) |
Outlets operated by GAIL. | gailonline.com | — | New Delhi, India |
 Power Finance Corporation |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | pfc.gov.in | 1986 | New Delhi, India |
| Integrated Steel Producers · Steel, Metals & Pipes | sail.co.in | — | India | |
| Part of Gujarat Urja Vikas Nigam Limited. | getcogujarat.com | — | India | |
| Maharatna & Navratna PSUs · Public Sector (PSU) & Government | guvnl.com | — | India | |
| Gujarat State Electricity Corporation Limited | Maharatna & Navratna PSUs · Public Sector (PSU) & Government | — | — | Gujarat, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Hydro power
Filings
No filings on record yet.