NHPCNSE:NHPC +1.54%75 ROC (Joel Greenblatt) % is 4.04% as of Mar. 2026, which is 67% below its 10-year median of 12.41. GuruFocus rates NSE:NHPC with a GF Score™ of 75/100 and a GF Value™ of ₹106.47 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 436 Utilities - Independent Power Producers companies, NHPC ranks worse than 53.44% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. NHPC's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 4.04%.
The historical rank and industry rank for NHPC's ROC (Joel Greenblatt) % or its related term are showing as below:
NSE:NHPC'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 5.45 Med: 12.41 Max: 14.02
Current: 5.46
During the past 13 years, NHPC's highest ROC (Joel Greenblatt) % was 14.02%. The lowest was 5.45%. And the median was 12.41%.
NSE:NHPC's ROC (Joel Greenblatt) % is ranked worse than 53.44% of 436
companies
in the Utilities - Independent Power Producers industry
Industry Median: 6.525
vs NSE:NHPC: 5.46
NHPC's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -15.90% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
The historical data trend for NHPC's ROC (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Utilities - Renewable subindustry, NHPC's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
NHPC ROC (Joel Greenblatt) % vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, NHPC's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where NHPC's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a ROC (Joel Greenblatt) % of 4.04% mean?
NHPC (NSE:NHPC) has a ROC (Joel Greenblatt) % of 4.04% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on NHPC and its competitors. This is 67% below median its historical median of 12.41. Over the past decade, NHPC's ROC (Joel Greenblatt) % has ranged from 5.45 to 14.02. According to the industry distribution chart, NHPC ranks #233 out of 436 companies in the Utilities - Independent Power Producers industry, placing it in the top 53.4%.
Is NHPC's ROC (Joel Greenblatt) % too high?
NHPC's current ROC (Joel Greenblatt) % of 4.04% is 67% below median its 10-year median of 12.41. Over the past 10 years, this metric has ranged from a low of 5.45 to a high of 14.02. The Utilities - Independent Power Producers industry median ROC (Joel Greenblatt) % is 6.53. NHPC's value of 4.04% is 38.1% below this industry median. Based on the distribution chart, NHPC ranks #233 out of 436 companies in the Utilities - Independent Power Producers industry, which is below the industry midpoint. Overall, NHPC has a GF Score™ of 75/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does NHPC's ROC (Joel Greenblatt) % compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, NHPC ranks #233 out of 436 companies for ROC (Joel Greenblatt) %. This places NHPC in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 6.53. NHPC's value of 4.04% is 38.1% below this benchmark. Historically, NHPC's own ROC (Joel Greenblatt) % has ranged from 5.45 to 14.02 over the past decade. While the company's 10-year median is 12.41 vs. the industry median of 6.53, NHPC has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for an Utilities - Independent Power Producers company?
The median ROC (Joel Greenblatt) % among Utilities - Independent Power Producers companies is 6.53, based on 436 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. NHPC's current ROC (Joel Greenblatt) % of 4.04% is 38.1% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on NHPC and its competitors. For the Utilities - Independent Power Producers industry, the median ROC (Joel Greenblatt) % is 6.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NHPC's current ROC (Joel Greenblatt) % is 4.04%, which is 67% below median its own 10-year median of 12.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NHPC stock overvalued right now?
Based on GuruFocus' analysis, NHPC (NSE:NHPC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹106.47, compared to a current price of ₹79.82 — trading 25% below its estimated fair value. The current ROC (Joel Greenblatt) % is 4.04%, which is 67% below median its 10-year median of 12.41 and 38.1% below the Utilities - Independent Power Producers industry median of 6.53. NHPC's overall GF Score™ is 75/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For NHPC (NSE:NHPC), the current ROC (Joel Greenblatt) % is 4.04% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is NHPC (NSE:NHPC) Overvalued in 2026?
Based on GuruFocus' analysis, NHPC stock appears to be undervalued.
The current stock price of ₹79.82 is trading 25% below its estimated GF Value™ of ₹106.47.
GuruFocus considers NHPC to be Modestly Undervalued.
Key valuation signals for NSE:NHPC:
ROC (Joel Greenblatt) %: 4.04% (67% below median its 10-year median of 12.41)
GF Value™: ₹106.47 vs. price of ₹79.82 (25% below fair value)
Industry Position: 38.1% below the Utilities - Independent Power Producers median (#233 of 436)
No single metric tells the full story. See the NSE:NHPC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NHPC Ltd is an electric utility company, of which the Indian government owns the vast majority of shares. The company produces electricity through the operation of its portfolio of hydroelectric power plants located across India. Electricity generation (including income from embedded Finance/ Operating leases) is the principal business activity of the Company. NHPC generates a majority of its revenue from the sale of energy to state electricity boards, state energy departments, and their successor companies via long-term agreements. The company has made efforts to expand its electric production capacity with thermal, wind, and solar power generating facilities. NHPC operates its power development and secondary consulting businesses exclusively in India.
75GF Score
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