Company Valuation: NHPC Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 245,601 279,252 403,810 901,040 825,702 792,654 - -
Change - 13.7% 44.6% 123.13% -8.36% -4% - -
Enterprise Value (EV) 1 442,726 520,469 672,112 1,189,743 1,192,534 1,225,349 1,439,298 1,552,276
Change - 17.56% 29.14% 77.02% 0.23% 2.75% 14.46% 7.85%
P/E 7.55x 7.92x 10.4x 24.8x 30.2x 19.7x 19.2x 13.5x
PBR 0.74x 0.8x 1.09x 2.33x 2.08x 1.79x 1.81x 1.67x
PEG - 0.95x 1x -3.69x -1.2x 0.5x 1.2x 0.3x
Capitalization / Revenue 2.55x 3.04x 3.81x 9.35x 7.95x 6.38x 4.24x 3.84x
EV / Revenue 4.59x 5.66x 6.34x 12.4x 11.5x 10.5x 7.71x 7.52x
EV / EBITDA 10.3x 10x 10.7x 26.1x 21.6x 23.4x 13x 12.7x
EV / EBIT 10.9x 13x 13.3x 34.5x 27.6x 37.6x 18.9x 15.9x
EV / FCF 14.3x 35.7x -251x -1,995x -31.2x -14.8x -24.9x -86.3x
FCF Yield 6.98% 2.8% -0.4% -0.05% -3.21% -6.75% -4.02% -1.16%
Dividend per Share 2 1.6 1.81 1.85 1.9 1.91 1.61 2.206 2.272
Rate of return 6.54% 6.51% 4.6% 2.12% 2.32% 2.18% 2.8% 2.88%
EPS 2 3.24 3.51 3.87 3.61 2.72 3.75 4.101 5.867
Distribution rate 49.4% 51.6% 47.8% 52.6% 70.2% 42.9% 53.8% 38.7%
Net sales 1 96,479 91,888 106,074 96,322 103,799 116,153 186,787 206,553
EBITDA 1 42,852 51,874 62,681 45,640 55,199 52,359 110,406 122,540
EBIT 1 40,490 39,970 50,534 34,530 43,269 32,601 76,327 97,724
Net income 1 32,570 35,236 38,900 36,244 30,067 37,657 48,957 59,538
Net Debt 1 197,125 241,217 268,302 288,703 366,832 484,829 646,644 759,622
Reference price 2 24.45 27.80 40.20 89.70 82.20 78.91 78.91 78.91
Nbr of stocks (in thousands) 10,045,035 10,045,035 10,045,035 10,045,035 10,045,035 10,045,035 - -
Announcement Date 6/10/21 5/25/22 5/29/23 5/17/24 5/20/25 5/15/26 - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.35x9.73x18.14x2.25% 8.26B
19.19x10.96x14.11x3.69% 104B
11.24x4.15x6.21x8.24% 28.01B
-23.74x8.2x17.9x4.82% 22.23B
24.39x - - 2.87% 11.64B
15.48x52.76x15.56x3.01% 11.25B
48.65x3.84x15.62x3.95% 8.66B
20.49x - - 1.49% 5.71B
22.14x - - - 1.73B
Average 17.80x 14.94x 14.59x 3.79% 22.35B
Weighted average by Cap. 14.89x 11.76x 13.70x 4.26%

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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