NHPC’s bond push lifts stock, but debt, execution risks stay

NHPC's sales and margin performance has been volatile.

- Ananya Roy [e-mail]

India’s largest hydropower generator and distributor, NHPC Ltd, last week announced plans to raise ₹2,000 crore through a private placement of bonds— part of a ₹10,000 crore fundraising for FY26.

The stock is up 8% since the announcement on 1 September.

The rally, however, comes after a choppy stretch, even as industry tailwinds promise potential. Its long operating track record and market leadership position NHPC as a key beneficiary of the government's ambition to build 55GW of hydropower capacity by 2030. It has also strategically diversified into solar and wind power.