Buy NHPC: target of Rs 45: ICICI Securities

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26 Aug, 2025 12:21

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ICICI Securities research report on NHPC

We visited NHPC’s Subansiri Lower hydroelectric project, India’s largest hydro plant under construction with a generation capacity of 2,000MW situated at the Arunachal Pradesh - Assam border in the North-East. With both the states completely on board and strict monitoring with monthly visits by board level officials of NHPC and senior power ministry officials, the project is progressing at a rapid pace. Overall progress of work up to 7 th Apr’22 is 82%. Post our visit, we believe, while the first two units may be commissioned by Q4FY23E, the remaining units will go on-stream over FY24E. We have revised our estimates accordingly. FY25 will be the first full year of operations, although the plant will partly operate (50-60%) in FY24 too. Another positive outcome of the progress at Subansiri is that GoI is now working to fast-track other large hydro projects including Dibang (2,880MW), and revive Upper Subansiri (2,000MW) and Middle Subansiri (1,800MW).

Outlook

NHPC aims to become a 50GW company in the next 15 years, with 6GW HEPs under construction, and in-pipeline capacities of 26GW HEPs, 8GW PSPs and >12GW RE. Maintain BUY.

More Info

At 13:24 hrs NHPC was quoting at Rs 33.75, up Rs 0.70, or 2.12 percent.

It has touched an intraday high of Rs 34.00 and an intraday low of Rs 33.05.

It was trading with volumes of 2,015,596 shares, compared to its thirty day average of 1,305,603 shares, an increase of 54.38 percent.

In the previous trading session, the share closed up 4.92 percent or Rs 1.55 at Rs 33.05.

The share touched its 52-week high Rs 37.00 and 52-week low Rs 23.40 on 18 October, 2021 and 19 April, 2021, respectively.

Currently, it is trading 8.78 percent below its 52-week high and 44.23 percent above its 52-week low.

Market capitalisation stands at Rs 33,901.99 crore.
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