Company Valuation: NHPC Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 279,252 403,810 901,040 825,702 740,520 768,947 - -
Change - 44.6% 123.13% -8.36% -10.32% 3.84% - -
Enterprise Value (EV) 1 520,469 672,112 1,189,743 1,192,534 1,225,349 1,417,025 1,528,938 1,602,067
Change - 29.14% 77.02% 0.23% 2.75% 15.64% 7.9% 4.78%
P/E 7.92x 10.4x 24.8x 30.2x 19.7x 17.4x 13.4x 9.97x
PBR 0.8x 1.09x 2.33x 2.08x 1.79x 1.67x 1.55x 1.48x
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 4.23x 3.38x 3.21x
EV / Revenue 5.66x 6.34x 12.4x 11.5x 10.5x 7.79x 6.72x 6.69x
EV / EBITDA 10x 10.7x 26.1x 21.6x 23.4x 14.4x 11.9x 10.2x
EV / EBIT 13x 13.3x 34.5x 27.6x 37.6x 19.9x 15.3x 11.6x
EV / FCF 35.7x -251x -1,995x -31.2x -14.8x -44.4x 552x -1,132x
FCF Yield 2.8% -0.4% -0.05% -3.21% -6.75% -2.25% 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% 2.49% 3.08% 4.02%
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 76.24 76.24 76.24
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 A 5/29/23 A 5/17/24 A 5/20/25 A 5/15/26 A - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.42x7.77x14.33x2.49% 8.03B
18.84x10.7x13.88x3.73% 103B
15.38x4.56x7.04x5.65% 29.63B
-23.07x7.94x16.78x4.84% 22.16B
23.54x - - 2.92% 11.54B
15.3x56.94x16.38x3.25% 11.38B
42.16x4x14.42x4.33% 8.65B
21x - - 1.45% 5.89B
39.74x1x3.72x3.12% 4.19B
Average 18.92x 13.27x 12.36x 3.53% 22.69B
Weighted average by Cap. 15.28x 11.56x 13.10x 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

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