Neutral NHPC; target of Rs 23: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal 's research report on NHPC

NHPC’s 1QFY21 results highlight the impact of INR1.85b rebate to DISCOMs. Accordingly, reported standalone PAT dropped 18% YoY to INR7.2b (in-line). Capex run-rate should increase on account of investment in new projects. However, their commissioning remains 4-5 years away, which implies a drag in FCF/RoEs in the near-term. Maintain Neutral with TP of INR23/share.

Outlook

NHPC’s regulated equity growth – a key driver of earnings – should remain muted over the next few years. We maintain Neutral with a DCF-based TP of INR23/share.

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