NHPC Shares Soar: CLSA Predicts 42% Rally, 2026 a 'Transformative Year'

• CLSA gives NHPC a 'high conviction outperform' rating with a target price of ₹117, a 42% upside.
• 2026 is expected to be a transformative year, with a 64% increase in installed capacity and 90% EPS growth (FY25-FY27).
• Key drivers include tariff finalization for Parbati II, full commissioning of Subansiri Lower Hydro Electric Project by Q4 2026.
• Potential commissioning of 4 hydro and 1 pumped storage project in 2026 to boost earnings visibility until FY35.
• NHPC's board approved raising ₹2,000 crore via non-convertible bonds for FY26 borrowing plan.

Why It Matters: CLSA forecasts a significant 42% surge for NHPC shares, driven by major project completions and capacity expansion by 2026.