NHPC Limited

Who owns NHPC?
NHPC Limited is a state-owned public sector undertaking. The Government of India holds approximately 71% of the company's shares through the Ministry of Power. State governments also hold a small portion of the promoter shares. The remaining approximately 29% is held by public shareholders, including foreign institutional investors, domestic institutional investors, and individual investors. NHPC is classified as a Navratna enterprise.

Is NHPC publicly traded?
Yes, NHPC is publicly traded on the National Stock Exchange of India (NSE: NHPC) and the Bombay Stock Exchange (BSE: 533098). The company was listed in September 2009 through an initial public offering in which the Government of India divested a portion of its stake. The company's market capitalization is approximately INR 83,000 crore as of late 2025.

When was NHPC founded?
NHPC was incorporated on November 7, 1975, as National Hydroelectric Power Corporation Limited. The company was established by the Government of India under the Ministry of Power to plan, promote, and organize the integrated development of hydroelectric power across India. On incorporation, NHPC took over three hydroelectric projects from the Central Hydroelectric Projects Control Board.

What is NHPC's installed capacity?
NHPC has approximately 7,144 MW of total installed capacity, primarily from hydropower. The company operates 22 hydroelectric projects with approximately 6,717 MW on an ownership basis, plus a 50 MW wind project in Rajasthan and solar projects including the 107.14 MW Karnisar solar plant. The commissioning of the 800 MW Parbati-II project in April 2025 brought total capacity to approximately 8,000 MW. NHPC is constructing projects totaling approximately 10,493 MW.

What is NHPC's revenue?
NHPC reported total income of approximately INR 117.29 billion for fiscal year 2025, up 6.69% from INR 109.94 billion in fiscal year 2024. Revenue from operations was INR 89.94 billion. Standalone net profit was INR 34.12 billion, down 14.68% from the prior year due to one-time provisions and arbitration-related expenses. The company's fiscal year ends March 31.

What are NHPC's main projects under construction?
NHPC is engaged in the construction of projects totaling approximately 10,493 MW. The flagship project is the 2,000 MW Subansiri Lower hydroelectric project in Assam and Arunachal Pradesh, one of India's largest hydroelectric projects. The 2,880 MW Dibang Multi-purpose project in Arunachal Pradesh is also under development. NHPC leads approximately 60% of all hydro projects under construction in India and is working on more than 50,000 MW of capacity in various stages of development.

What is NHPC's target capacity?
NHPC has set targets of 23,000 MW of installed capacity by 2032 and 50,000 MW by 2047. This trajectory would place NHPC among the world's top 10 hydropower companies. The company is expanding into solar and wind energy through its subsidiary NHPC Renewable Energy Limited to diversify beyond pure hydropower and align with the Government of India's clean energy transition objectives.

NHPC was incorporated on November 7, 1975, as National Hydroelectric Power Corporation Limited, a government-owned entity under the Ministry of Power. The company was established to plan, promote, and organize the integrated development of hydroelectric power across India, at a time when the country's power sector was dominated by state electricity boards and thermal power generation.

On incorporation, NHPC took over the execution of three hydroelectric projects from the Central Hydroelectric Projects Control Board: Salal Stage-I in Jammu and Kashmir, Bairasiul in Himachal Pradesh, and Loktak in Manipur. The Baira Siul Power Station in Chamba district of Himachal Pradesh, commissioned in 1981 with a capacity of 180 MW, was the first project undertaken and completed by NHPC.

Through the 1980s and 1990s, NHPC built a portfolio of hydropower projects across India. The Loktak project in Manipur (105 MW) was commissioned in 1983, followed by the Salal project in Jammu and Kashmir (690 MW) in 1987, Tanakpur in Uttarakhand (120 MW) in 1992, and Chamera-I in Himachal Pradesh (540 MW) in 1994. The Uri-I project in Jammu and Kashmir (480 MW) was commissioned in 1997, and the Rangit Dam project in Sikkim (60 MW) was completed in 1999.

The 2000s saw continued expansion. Chamera-II (300 MW) was commissioned in 2004, followed by Indira Sagar in Madhya Pradesh (1,000 MW) and Dhauliganga-I in Uttarakhand (280 MW) in 2005. The Dul Hasti project in Jammu and Kashmir (390 MW) and Omkareshwar in Madhya Pradesh (520 MW) were commissioned in 2007. The Teesta-V project in Sikkim (510 MW) followed in 2008.

NHPC was listed on the National Stock Exchange and Bombay Stock Exchange on September 1, 2009, through an initial public offering. The Government of India divested a portion of its stake, reducing its holding while retaining majority ownership. As of 2025, the Government of India holds approximately 71% of NHPC's shares, with the remainder held by institutional and retail investors.

The company continued commissioning projects through the 2010s. Sewa-II in Jammu and Kashmir (120 MW) and Chamera-III in Himachal Pradesh (231 MW) were commissioned in 2010 and 2012 respectively. Teesta Low Dam-III in West Bengal (132 MW), Nimmo Bazgo in Ladakh (45 MW), Chutak in Ladakh (44 MW), and Uri-II in Jammu and Kashmir (240 MW) were commissioned in 2012-2013. Parbati-III in Himachal Pradesh (520 MW) was commissioned in 2014.

In October 2016, NHPC commissioned its first wind power project, a 50 MW facility in Jaisalmer, Rajasthan, marking the company's entry into non-hydro renewable energy. The company has since been developing solar projects, including the 107.14 MW Karnisar solar plant.

On April 16, 2025, NHPC fully commissioned the 800 MW Parbati-II Hydroelectric Project in Himachal Pradesh, with all four units coming online. This brought the company's total installed capacity to approximately 8,000 MW. In April 2025, the company also initiated the 107.14 MW Karnisar solar energy project.

For fiscal year 2025, NHPC reported total income of approximately INR 117.29 billion, a 6.69% increase from the previous year. However, net profit declined 14.68% to INR 34.12 billion due to one-time provisions and arbitration-related expenses. The company declared a total dividend of INR 1.91 per share for the fiscal year.

NHPC's core business is hydropower generation, which produces electricity without direct greenhouse gas emissions during operation. The company describes itself as a green energy company with minimal carbon footprint. Hydropower provides dispatchable, renewable electricity that supports the national grid and integrates variable renewable sources like solar and wind.

The company is expanding into solar and wind energy through NHPC Renewable Energy Limited (NREL) and the Bundelkhand Saur Urja Limited joint venture. NHPC's targets of 23,000 MW by 2032 and 50,000 MW by 2047 reflect a commitment to expanding clean energy capacity. The company is working towards aligning with the Government of India's clean energy transition objectives.

NHPC undertakes corporate social responsibility initiatives through its CSR programs, which focus on socio-economic development in project-affected areas. The company's CSR activities include education, health, infrastructure development, and skill development in communities near its project sites. These programs aim to address the social impacts of large hydropower projects, which often require land acquisition and community resettlement.

Large hydropower projects face environmental and social challenges, including displacement of communities, submergence of forest land, and impacts on river ecosystems. NHPC's projects are subject to environmental clearance from the Ministry of Environment, Forest and Climate Change. The company is required to implement resettlement and rehabilitation plans for project-affected persons under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013.

NHPC has been recognized as a Navratna enterprise by the Government of India, a status granted to select central public sector enterprises that demonstrate strong financial performance and operational autonomy. The company is among the top 10 companies in India in terms of investment base. NHPC has been awarded consistently as a great place to work in the public sector undertaking category.

The company's projects have received recognition within India's power sector. The 2,000 MW Subansiri Lower project and the 2,880 MW Dibang Multi-purpose project are recognized as among India's largest hydroelectric infrastructure projects. NHPC's commissioning of the Parbati-II project (800 MW) in April 2025, with all four units coming online, was noted as a significant capacity addition milestone.

NHPC has faced controversy and regulatory challenges typical of large hydropower developers in India. Large hydropower projects require substantial land acquisition, often in rural or tribal areas, leading to community displacement and opposition. The Subansiri Lower project, under construction since 2003, has faced repeated delays due to protests in Assam over downstream impacts, including concerns about flooding, erosion, and effects on agriculture and fisheries. The project has been delayed by over a decade from its original commissioning schedule.

The Dibang Multi-purpose project in Arunachal Pradesh has faced environmental scrutiny due to its location in a biodiversity-rich area. Environmental groups have raised concerns about the impact of large dams on river ecosystems, forest submergence, and seismic risks in the Himalayan region. NHPC's projects in the Himalayan states of Himachal Pradesh, Uttarakhand, Jammu and Kashmir, and Sikkim face geological and seismic risks that can affect construction timelines and project costs.

For fiscal year 2025, NHPC's net profit declined 14.68% due to one-time provisions and arbitration-related expenses. The company has faced arbitration proceedings related to project contracts and cost overruns. Hydropower projects in India frequently experience cost and time overruns due to geological surprises, land acquisition delays, environmental clearance processes, and contractual disputes.

The company's Q3 FY2025 results showed a 47% year-on-year decline in net profit to INR 330 crore, impacted by higher operational and tax expenses. Seasonal variation in hydropower generation, with lower output during winter months, affects quarterly financial performance. Floods in previous years have damaged some NHPC facilities, leading to generation losses and repair costs.