Company Valuation: NHPC Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 279,252 403,810 901,040 825,702 740,520 751,570 - -
Change - 44.6% 123.13% -8.36% -10.32% 1.49% - -
Enterprise Value (EV) 1 520,469 672,112 1,189,743 1,192,534 1,225,349 1,399,647 1,511,560 1,584,689
Change - 29.14% 77.02% 0.23% 2.75% 14.22% 8% 4.84%
P/E 7.92x 10.4x 24.8x 30.2x 19.7x 17.1x 13.1x 9.78x
PBR 0.8x 1.09x 2.33x 2.08x 1.79x 1.64x 1.52x 1.45x
PEG - 1x -3.69x -1.2x 0.5x 1x 0.4x 0.3x
Capitalization / Revenue 3.04x 3.81x 9.35x 7.95x 6.38x 4.13x 3.31x 3.14x
EV / Revenue 5.66x 6.34x 12.4x 11.5x 10.5x 7.69x 6.65x 6.62x
EV / EBITDA 10x 10.7x 26.1x 21.6x 23.4x 14.2x 11.8x 10.1x
EV / EBIT 13x 13.3x 34.5x 27.6x 37.6x 19.7x 15.1x 11.5x
EV / FCF 35.7x -251x -1,995x -31.2x -14.8x -43.8x 545x -1,120x
FCF Yield 2.8% -0.4% -0.05% -3.21% -6.75% -2.28% 0.18% -0.09%
Dividend per Share 2 1.81 1.85 1.9 1.91 1.61 1.901 2.345 3.066
Rate of return 6.51% 4.6% 2.12% 2.32% 2.18% 2.54% 3.13% 4.1%
EPS 2 3.51 3.87 3.61 2.72 3.75 4.375 5.7 7.65
Distribution rate 51.6% 47.8% 52.6% 70.2% 42.9% 43.5% 41.1% 40.1%
Net sales 1 91,888 106,074 96,322 103,799 116,153 181,934 227,403 239,511
EBITDA 1 51,874 62,681 45,640 55,199 52,359 98,699 128,196 157,436
EBIT 1 39,970 50,534 34,530 43,269 32,601 71,111 100,090 138,022
Net income 1 35,236 38,900 36,244 30,067 37,657 45,052 58,405 77,805
Net Debt 1 241,217 268,302 288,703 366,832 484,829 648,078 759,991 833,119
Reference price 2 27.80 40.20 89.70 82.20 73.72 74.82 74.82 74.82
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 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.($)
17.1x7.69x14.18x2.54% 7.86B
18.72x10.65x13.81x3.75% 102B
15.29x4.54x7.01x5.69% 29.18B
-22.6x7.87x16.63x4.95% 21.7B
23.68x - - 2.9% 11.6B
15.05x55.67x16.13x3.28% 11.15B
42.28x3.84x13.83x4.5% 8.24B
19.98x - - 1.51% 5.98B
22.64x - - - 1.78B
Average 16.91x 15.04x 13.60x 3.64% 22.17B
Weighted average by Cap. 14.79x 11.67x 13.21x 4.01%

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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