Company Valuation: NHPC Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 2,79,252 4,03,810 9,01,040 8,25,702 7,40,520 7,63,824 - -
Change - 44.6% 123.13% -8.36% -10.32% 3.15% - -
Enterprise Value (EV) 1 5,20,469 6,72,112 11,89,743 11,92,534 12,25,349 13,99,043 14,95,561 15,38,576
Change - 29.14% 77.02% 0.23% 2.75% 14.18% 6.9% 2.88%
P/E 7.92x 10.4x 24.8x 30.2x 19.7x 17.6x 13.8x 10.7x
PBR 0.8x 1.09x 2.33x 2.08x 1.79x 1.68x 1.56x 1.49x
PEG - 1x -3.69x -1.2x 0.5x 1.2x 0.5x 0.4x
Capitalization / Revenue 3.04x 3.81x 9.35x 7.95x 6.38x 4.27x 3.43x 3.21x
EV / Revenue 5.66x 6.34x 12.4x 11.5x 10.5x 7.82x 6.72x 6.47x
EV / EBITDA 10x 10.7x 26.1x 21.6x 23.4x 14.3x 11.7x 9.8x
EV / EBIT 13x 13.3x 34.5x 27.6x 37.6x 20.3x 15.4x 11.9x
EV / FCF 35.7x -251x -1,995x -31.2x -14.8x -29.6x -318x 167x
FCF Yield 2.8% -0.4% -0.05% -3.21% -6.75% -3.37% -0.31% 0.6%
Dividend per Share 2 1.81 1.85 1.9 1.91 1.61 1.921 2.376 2.924
Rate of return 6.51% 4.6% 2.12% 2.32% 2.18% 2.53% 3.12% 3.85%
EPS 2 3.51 3.87 3.61 2.72 3.75 4.316 5.528 7.137
Distribution rate 51.6% 47.8% 52.6% 70.2% 42.9% 44.5% 43% 41%
Net sales 1 91,888 1,06,074 96,322 1,03,799 1,16,153 1,79,000 2,22,414 2,37,940
EBITDA 1 51,874 62,681 45,640 55,199 52,359 97,807 1,28,111 1,57,023
EBIT 1 39,970 50,534 34,530 43,269 32,601 69,088 97,078 1,29,071
Net income 1 35,236 38,900 36,244 30,067 37,657 44,368 56,783 73,705
Net Debt 1 2,41,217 2,68,302 2,88,703 3,66,832 4,84,829 6,35,218 7,31,737 7,74,752
Reference price 2 27.80 40.20 89.70 82.20 73.72 76.04 76.04 76.04
Nbr of stocks (in thousands) 1,00,45,035 1,00,45,035 1,00,45,035 1,00,45,035 1,00,45,035 1,00,45,035 - -
Announcement Date 25/05/22 29/05/23 17/05/24 20/05/25 15/05/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.24x10.89x14.21x3.67% 10TCr
15.82x4.64x7.21x5.5% 3.06TCr
-20.49x7.56x15.99x5.45% 1.97TCr
23.35x - - 2.94% 1.15TCr
15.72x57.57x16.68x3.14% 1.17TCr
42.36x3.85x13.88x4.49% 802.37Cr
17.62x7.82x14.3x2.53% 796.27Cr
19.97x - - 1.55% 584.44Cr
Average 16.70x 15.39x 13.71x 3.66% 2.49TCr
Weighted average by Cap. 15.71x 12.03x 13.37x 3.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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