NHPC OFS today: Stock reaction likely as floor price set at 8% discount

Shares of NHPC are in focus on Tuesday, as the two-day offer for sale (OFS) kicked off, with the government looking to offload 3 per cent stake, keeping an option to sell an additional 3 per cent, in case of oversubscription. The NHPC stock is likely to react as the floor price for the OFS has been fixed at Rs 71 per share, which was at a 7.85 per cent discount to Monday’s closing price of Rs 77.05 apiece on NSE.

NHPC OFS: Non-retail, employee bids today, retail bids on Wednesday

On Tuesday, only employees and non-retail investors will be allowed to bid. Retail investors, individuals who place bids for offer shares of total value of not more than Rs 2,00,000, will be able to participate in the OFS on Wednesday, June 3, 2026, the PSU said in a stock exchange filing. Recently, the government offloaded stakes in Coal India and Central Bank of India. It owned 67.40 per cent stake in NHPC as of March 31, 2026. 

NHPC OFS: Employee participation

“Up to 45,20,265 equity shares may be offered to the eligible employees of the company, in accordance with the terms and conditions provided in the OFS guidelines, or any other limit as may be approved by the competent authority (the “Employee Offer”). The eligible employees may apply for equity shares up to Rs 5,00,000. However, any bids by eligible employees will be considered for allocation, in the first instance, for an amount up to Rs 200,000 only,” NHPC said.

On Tuesday, non-retail investors may indicate their willingness to carry forward their un-allotted bids to T+1 Day for allocation to them in the unsubscribed portion of retail category.

“Only retail investors shall be allowed to place their bids only on T+1 Day. Further, those employees and non-Retail investors who have placed their bids on T Day and have chosen to carry forward their unallotted bids to T+1 Day, shall be allowed to revise their bids on T+1 Day as per the SEBI OFS Circular,” NHPC said.

NHPC: Strong FY26

The OFS comes at a time NHPC reported strong FY26 performance, driven by the commissioning of Parbati-II, and part-commissioning of Subansiri Lower and Karnisar Solar projects, with revenue rising 33.2 per cent YoY for the year and Ebitda increasing 35 per cent YoY. 

Analysts noted generation grew 16 per cent YoY in FY26, aided by new capacity addition. 

“The management highlighted under-recovery of Rs 450 crore across Subansiri Lower and Parbati-II due to provisional tariff booking at 80 per cent of expected AFC, with final tariff orders expected by Q1FY27. The restoration of Teesta-V is underway with restart expected from June ’26 and under-recovery estimated at Rs 400 crore. NHPC plans to bring five new hydro projects under construction in FY27 and scale regulated equity from Rs 18,300 crore currently to Rs 30,600 crore by FY27,” Elara Securities said in a May note.