NHPC

NHPC is trading at ₹82.08, positioned near the upper end of its recent ranges (+90.2% in the 20-day and 50-day bands). The daily trend is established and bullish, supported by an ADX of 29.85 and price action above all key moving averages (EMA/SMA 20/50/200) and the Supertrend. Momentum has accelerated recently, highlighted by an extreme volume-price anomaly on 2026-11-05 (+6.0% range, 5.25x volume ratio) following a gap-up on 2026-10-27. However, conviction is mixed across timeframes: while the weekly trend is also bullish, the monthly trend remains weak (ADX 4.81) with the price below the monthly Supertrend, suggesting the current rally may be a short-to-medium-term correction within a longer-term consolidation or downtrend. Immediate resistance lies at ₹83.15 (1.30% above), with further levels at ₹85.26 and ₹85.69. Support is found at ₹80.98 (pivot) and ₹79.66. The stock carries an annualized volatility of +27.0% and is currently -9.7% from its available high.

NHPC reported strong operational momentum in early November 2026, marked by a significant partnership with Essar Renewables and positive analyst sentiment. On November 4, NHPC signed a Power Purchase Agreement for a 300 MW Firm and Dispatchable Renewable Energy (FDRE) project in Andhra Pradesh. Essar Power committed ₹4,500 crore to develop the facility, which integrates solar, wind, and Battery Energy Storage Systems to ensure reliable power delivery. This collaboration supports NHPC’s role in expanding India’s non-fossil fuel capacity targets. Following these developments, global brokerage CLSA reiterated its 'High Conviction Outperform' rating on November 5, citing robust September-quarter earnings where recurring profit after tax rose 74% year-on-year to ₹1,780 crore. The brokerage attributed this growth to new capacity additions and the restart of hydroelectric projects including Parbati II, Parbati III, and Teesta V. CLSA also projected renewable energy earnings to grow at a 90% CAGR over FY26-30, identifying 14 potential catalysts over the next year.

NHPC has initiated a special window for the transfer and dematerialization of physical shares, with the related newspaper publication filed on November 6, 2026. This corporate action aims to facilitate the conversion of physical holdings into electronic form. Concurrently, the company disclosed the audio recording of its Analyst/Investor Meet on November 5, 2026, which concluded at 12:05:00 IST. Prior intimation for this earnings call was provided on November 2, 2026. As of the observation date of November 6, 2026, NHPC’s share price stood at ₹82.08, reflecting an increase from the previous recorded level of ₹80.6.

NHPC Limited’s Board approved unaudited financial results for the quarter and half-year ended September 30, 2026, on November 4, 2026. A key operational update is the commissioning of the fifth 250 MW unit at the Subansiri Lower Project on October 23, 2026, raising the project's total installed capacity to 1,250 MW. The company reported no deviations in the use of proceeds from non-convertible securities and confirmed no payment defaults on outstanding loans or debt securities during the period. Regarding corporate actions, the amalgamation scheme with Jalpower Corporation Limited remains awaited following a hearing on September 28, 2026. Additionally, NHPC announced a special window for the transfer and dematerialization of physical shares.

NHPC’s operating trajectory is strengthening, with Q2 FY2026-27 revenue rising to ₹4,483 crore and net profit increasing to ₹1,658 crore. This follows a strong TTM net profit of ₹4,267 crore and a 24% compounded profit growth rate over the trailing twelve months. However, earnings quality faces pressure from rising interest costs; annual interest expenses climbed to ₹1,423 crore in Mar 2026, up from ₹1,189 crore in Mar 2025, while CFO/EBITDA conversion has declined to 102%. The balance sheet reflects this leverage, with borrowings rising to ₹52,327 crore by Mar 2026 and ROCE falling to 6%. Capital expenditure remains active, evidenced by a decrease in CWIP to ₹38,890 crore as of Sep 2026, suggesting asset capitalization. Shareholding patterns show promoters reducing stakes to 61.39%, while DIIs and FIIs have increased their holdings to 14.26% and 13.17% respectively.

NHPC presents a conditional upside case anchored by accelerating earnings growth and strategic expansion into firm renewable capacity. In the September quarter, recurring profit after tax surged 74% year-on-year to ₹1,780 crore, driven by new capacity additions and the restart of hydroelectric projects including Parbati II, Parbati III, and Teesta V. This operational momentum is supported by a major capital commitment from Essar Renewables, which has signed a Power Purchase Agreement for a 300 MW Firm and Dispatchable Renewable Energy (FDRE) project in Andhra Pradesh. The partnership involves an investment of ₹4,500 crore, integrating solar, wind, and Battery Energy Storage Systems to enhance grid reliability.

Technically, the stock shows short-term strength with a daily Supertrend signal remaining bullish as of November 6, 2026, despite a bearish monthly trend. The share price closed at ₹82.08, reflecting recent positive momentum with a 10-day return of +17.5% and a 1-month return of +12.3%. While the stock faces resistance near ₹83.15 and carries a current drawdown of -9.7%, the combination of strong quarterly profitability, significant joint-venture funding for dispatchable renewables, and short-term technical support provides a constructive foundation, contingent on the successful execution of these capacity expansions.

NHPC faces notable downside risk as evidenced by its technical setup and recent price performance. Despite a short-term bullish daily trend, the monthly chart signals a bearish direction, indicating a longer-term weakening of momentum. The stock is currently trading at ₹82.08, sitting just below immediate resistance levels at ₹83.15 and ₹85.26, which may cap near-term upside. More critically, the stock has experienced a maximum drawdown of -23.2% from its peak, with a current drawdown of -9.7%, reflecting significant volatility and investor losses over the past year. Annualized volatility stands at +27.0%, suggesting high price fluctuation risk. While the one-month return is positive at +12.3%, the one-year return remains negative at -0.9%, and the six-month return is down -1.9%, highlighting persistent underperformance relative to longer time horizons. These metrics suggest that while short-term sentiment may be improving, the broader trend and historical volatility present substantial risks for investors.