CLSA Predicts 43% Upside for NHPC Stock: 3 Key Growth Triggers Identified

• CLSA rates state-run NHPC Ltd. with 'High conviction outperform', setting a ₹117 price target, indicating a 43% upside.
• Brokerage expects NHPC's installed capacity to grow 64% YoY and EPS by 90% from FY25-FY27, strengthening its decade-long expansion.
• Key catalysts include finalisation of tariffs for the Parbati II project, accounting for 25% of regulated equity.
• Full commissioning of the Subansiri Lower Hydro Electric Project by Q4 2026 is another major trigger.
• The likely award of four hydro power and one pumped storage project in 2026 could improve earnings and growth visibility until FY35.

Why It Matters: CLSA sees NHPC stock soaring 43% to ₹117, driven by major project milestones and capacity expansion.