With 91 hydropower companies listed on NEPSE, ranking "the top 10" can mean very different things depending on what you're optimizing for. A company with the highest EPS this quarter might pay zero dividends. A company with three decades of dividend history might trade at a valuation that prices in very little future growth. This guide doesn't pick one definition — it walks through 10 genuinely notable hydropower stocks across both categories, with their actual dividend history and current valuation metrics side by side, so you can judge which profile fits what you're actually looking for.
How to Read This List: Two Very Different Kinds of "Top" Hydropower Stock
Before the rankings, it's worth understanding why this list mixes two distinct company profiles:
🏛️ Established Dividend Payers
Older, larger-capacity companies with paid-off or maturing debt and years of dividend distribution history. Lower growth, higher income reliability.
🚀 High-EPS Growth Names
Often newer listings with strong current earnings but limited or no dividend history yet, since profits are still being used to service project debt.
1. Chilime Hydropower Company (CHCL)
| Metric | Value |
|---|---|
| Capacity | 22.1 MW (plus subsidiary projects totaling 270.3 MW combined) |
| Recent LTP | ~Rs 549 |
| Dividend history | Paying dividends since FY 2060/61; 12% for FY 2081/82, 12% for FY 2080/81, 15% for FY 2079/80; historical average ~29% with a peak of 70% |
CHCL is the closest thing the hydropower sector has to a true blue chip. It's majority-owned by Nepal Electricity Authority (51%) and has the longest, most consistent dividend record in the sector — though payouts have moderated in recent years as bonus share issuance has expanded its capital base.
2. Upper Tamakoshi Hydropower Ltd (UPPER)
| Metric | Value |
|---|---|
| Capacity | 456 MW — one of the largest domestically developed plants in Nepal |
| Recent LTP / Market Cap | ~Rs 206 / ~Rs 43.8 Arba |
| EPS / P/E / Book Value | 1.81 / ~114x / 46.69 |
| All-time high | Rs 962.5 (August 2021) vs. current price around one-fifth of that peak |
UPPER's sheer scale makes it one of the most-tracked names in the sector, but its current P/E of over 100x reflects a recent EPS print that's thin relative to the share price — likely tied to a specific reporting quarter rather than its full annual earning power. Worth checking the latest quarterly results directly before treating the current multiple as representative.
3. Hydroelectricity Investment and Development Company (HIDCL)
| Metric | Value |
|---|---|
| Business model | Investment vehicle holding equity stakes across multiple hydropower projects, not a single-plant operator |
| Dividend history | Has a track record of cash dividends (e.g., 12% cash dividend in past AGM cycles) |
HIDCL is the closest thing to a diversified hydropower "fund" available on NEPSE — its returns depend on a portfolio of underlying projects rather than any single plant's performance, generally giving it lower single-project risk than the rest of this list.
4. Arun Hydropower (AHPC)
| Metric | Value |
|---|---|
| Recent LTP | ~Rs 288 |
AHPC is consistently cited as one of the more commercially established private hydropower names on NEPSE, with an active development pipeline beyond its current operating capacity — generally framed as a medium-to-long-term growth holding within the sector.
5. Sahas Urja Limited (SAHAS)
| Metric | Value |
|---|---|
| EPS / Book Value | 34.48 (sector-leading) / 176.74 |
| Ownership structure | 100% public shares — no promoter holding |
SAHAS currently posts the highest EPS in the entire hydropower sector. Combined with a strong book value, it's one of the names fundamental screens flag most consistently for quality — and unlike many high-EPS names, it has shown actual dividend capacity in recent AGM cycles.
6. Mandu Hydropower Limited (MANDU)
| Metric | Value |
|---|---|
| Capacity | 22 MW, a joint venture with Sichuan Hechuan Co. Ltd. (China) |
| EPS / Book Value | 24.27 (sector rank #2) / 159.45 |
MANDU's joint-venture structure and strong EPS make it a name worth watching, though its smaller market cap means lower liquidity than the bigger names on this list — position size accordingly.
7. Radhi Bidyut Company Ltd (RADHI)
| Metric | Value |
|---|---|
| EPS / Book Value | 23.49 (sector rank #3) / 176.26 |
RADHI's book value rivals SAHAS's, and its EPS sits close behind — a name regularly grouped alongside the sector's other high-quality smaller caps in fundamental rankings.
8. Mountain Energy Nepal Limited (MEN)
| Metric | Value |
|---|---|
| Capacity | 42 MW (Mistri Khola), plus a survey license for Mistri Khola 2 |
MEN regularly ranks among the highest-EPS hydropower names overall, and its follow-on project license gives it a clearer near-term growth path than many single-project peers.
9. Green Ventures Limited (GVL)
| Metric | Value |
|---|---|
| Capacity | 52.4 MW planned (Likhu-IV, Okhaldhunga/Ramechhap) |
| EPS / Book Value | 19.18 (sector rank #6) / 125.77 |
GVL's larger planned capacity relative to several peers on this list gives it more long-term scale potential, though as with most names in this tier, dividend history is still thin compared to established players like CHCL.
10. United IDI Mardi RB Hydropower Limited (UMRH)
| Metric | Value |
|---|---|
| EPS / Book Value | 19.15 (sector rank #7) / 114.84 |
UMRH rounds out the list as another consistently high-EPS performer — a name worth tracking for its earnings quality, though as with the rest of this growth-oriented tier, confirm its current dividend status directly before assuming income potential.
Side-by-Side Snapshot
| Company | Profile | Standout Metric |
|---|---|---|
| CHCL | Dividend blue chip | ~29% avg. dividend since 2003/04 |
| UPPER | Scale leader | 456 MW capacity |
| HIDCL | Diversified exposure | Multi-project portfolio |
| AHPC | Growth-oriented private | Active development pipeline |
| SAHAS | Highest EPS | EPS 34.48 |
| MANDU | JV-backed growth | EPS 24.27 |
| RADHI | High book value | Book value 176.26 |
| MEN | Expansion-ready | Follow-on project license |
| GVL | Larger planned capacity | 52.4 MW planned |
| UMRH | Consistent earner | EPS 19.15 |
Key Risks Across This List
- Hydrological seasonality — nearly all of these are run-of-river plants, meaning dry-season generation drops show up directly in quarterly earnings.
- P/E distortion from thin recent EPS — as seen with UPPER, a single weak quarter can make valuation multiples look extreme even for a large, established plant.
- Dividend capacity vs. EPS mismatch — several high-EPS names on this list still have limited dividend history since profits are being retained for debt service or expansion.
- Liquidity differences — smaller-cap names like MANDU and RADHI trade with less daily volume than CHCL or UPPER, affecting ease of entry and exit.
Frequently Asked Questions
Which NEPSE hydropower stock has the longest dividend track record?
Chilime Hydropower (CHCL) has one of the longest and most consistent dividend histories in the sector, having distributed dividends nearly every year since FY 2060/61, with an average payout around 29% and a peak of 70% in FY 2067/68. It is widely regarded as the sector's blue-chip benchmark for dividend reliability.
Why do some high-EPS hydropower stocks pay little or no dividend?
Many high-EPS hydropower companies are relatively newly listed or still servicing project debt, so retained earnings are often used to pay down loans or fund additional capacity rather than distributed as dividends. As debt reduces and operations mature, dividend capacity for these companies often increases over time.
Why does Upper Tamakoshi (UPPER) trade at such a high P/E ratio despite being a major operating plant?
Upper Tamakoshi's P/E ratio has been elevated partly because its current EPS reflects a specific reporting period with relatively thin recent earnings relative to its share price, rather than the company's full long-term earning power from its 456 MW operating capacity. Investors should check the most recent quarterly EPS rather than relying on a single historical figure.
Is HIDCL a good way to get diversified hydropower exposure?
HIDCL (Hydroelectricity Investment and Development Company) holds equity stakes across multiple hydropower projects rather than operating a single plant, which spreads single-project risk across its portfolio. This generally makes it a lower-volatility, more diversified way to gain hydropower sector exposure compared to a single-project company.
Final Thoughts
There's no single "best" hydropower stock on NEPSE — there's a spectrum from CHCL's three-decade dividend reliability to SAHAS's current earnings leadership to smaller, debt-servicing growth names that may become tomorrow's dividend payers. Match the pick to what you're actually optimizing for: income now, or growth later. Either way, treat every figure in this post as a starting point for your own verification, not a final answer — hydropower fundamentals shift every quarter as new results land.
Figures in this post reflect data available as of mid-2026 (FY 2082/83) and are illustrative of relative positioning, not live prices. Always verify current LTP, EPS, and dividend status before investing. This article is for educational purposes only and is not financial advice.
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