NHPC Ltd (NHPC) is primarily involved in the generation and sale of electricity. The company's main business activity is electricity generation, with other operations including contracts, project management, consultancy works, and power trading. As of March 2024, NHPC's total cumulative generation across all power stations reached 27,590 MUs with an overall annual Plant Availability Factor (PAF) of 73.94%. The company operates in the energy sector, serving bulk customers, mainly electricity utilities owned by state governments. Services are rendered in various areas, including design and engineering, procurement, project management and supervision, construction management, operation and maintenance of power plants, rural road projects, and rural electrification projects. Additionally, NHPC purchases power from Generating Companies and sells it to Discoms.

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NHPC focuses its R&D activities on technological advancements in the execution and operation of hydroelectric projects. The company's R&D initiatives include preventive measures against silt erosion of underwater components, the development of hydro suction, and the adoption of energy-efficient technologies. NHPC has also been undertaking collaborative research for the overall growth of the power sector, in line with the Ministry of Power's recommendations. The company has signed Memorandums of Agreement with multiple institutions for education, training, research and development, and advisory services in various areas of expertise. NHPC has also initiated several R&D pilot projects, including Green Hydrogen Mobility Stations in Chamba and Kargil, and a Green Hydrogen Fuel-Cell Microgrid at the NBPS Guest House in Leh. The company has also completed several R&D projects. In FY2025, the company spent INR129.8 million on R&D, which as a percentage of total revenue stood at 0.01%, which grew 246.1% YoY.