Company Valuation: NHPC Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 279,252 403,810 901,040 825,702 740,520 765,934 - -
Change - 44.6% 123.13% -8.36% -10.32% 3.43% - -
Enterprise Value (EV) 1 520,469 672,112 1,189,743 1,192,534 1,225,349 1,401,152 1,497,671 1,540,686
Change - 29.14% 77.02% 0.23% 2.75% 14.35% 6.89% 2.87%
P/E 7.92x 10.4x 24.8x 30.2x 19.7x 17.7x 13.8x 10.7x
PBR 0.8x 1.09x 2.33x 2.08x 1.79x 1.69x 1.57x 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 4.28x 3.44x 3.22x
EV / Revenue 5.66x 6.34x 12.4x 11.5x 10.5x 7.83x 6.73x 6.48x
EV / EBITDA 10x 10.7x 26.1x 21.6x 23.4x 14.3x 11.7x 9.81x
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 -29.7x -319x 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% 2.52% 3.12% 3.84%
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 91,888 106,074 96,322 103,799 116,153 179,000 222,414 237,940
EBITDA 1 51,874 62,681 45,640 55,199 52,359 97,807 128,111 157,023
EBIT 1 39,970 50,534 34,530 43,269 32,601 69,088 97,078 129,071
Net income 1 35,236 38,900 36,244 30,067 37,657 44,368 56,783 73,705
Net Debt 1 241,217 268,302 288,703 366,832 484,829 635,218 731,737 774,752
Reference price 2 27.80 40.20 89.70 82.20 73.72 76.25 76.25 76.25
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 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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
19.22x10.99x14.19x3.71% 104B
15.92x4.69x7.24x5.46% 30.94B
-22.4x7.84x16.58x4.99% 21.51B
23.63x - - 2.91% 11.6B
15.41x56.7x16.43x3.2% 11.44B
43.08x3.91x14.07x4.42% 8.35B
17.67x7.83x14.33x2.52% 8.11B
19.81x - - 1.52% 5.94B
Average 16.54x 15.33x 13.80x 3.59% 25.18B
Weighted average by Cap. 15.25x 11.94x 13.44x 3.96%

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