CLSA's 'Outperform' Call on NHPC: 42% Upside Seen by FY26 Capacity Jump

• CLSA issues 'high-conviction outperform' call on NHPC, setting a target price of Rs 117, implying over 42% upside.
• Bullish view driven by expected 64% capacity rise in FY26 and nearly 90% EPS growth over FY25-27.
• Full commissioning of Subansiri Lower Hydro Project by Q4 FY26 is a key operational catalyst.
• NHPC's board approved Rs 2,000 crore fund-raising via bonds, strengthening financial flexibility.
• CLSA sees NHPC as a scale-up and execution-led opportunity despite muted recent stock performance.

Why It Matters: CLSA predicts significant growth for NHPC stock, driven by capacity expansion and strong earnings.