HIDCL — Nepal's Hydropower Development Finance Institution

Business Profile

(Source: HIDCL 14th Annual Report FY 2081/82 ("AR 8182"), Note 1.1 p. 43; Balance Sheet p. 37; Merolagani, May 2026.)

Business Description

Hydroelectricity Investment and Development Company Limited ("HIDCL") is a Development Finance Institution (DFI) incorporated under the Nepal Companies Act 2063, recognized as a financial institution by Nepal Rastra Bank, and listed on NEPSE. It was initially named Jalvidhyut Lagani Tatha Vikas Company Limited before renaming in 2018. In Mangsir 2078, HIDCL was formally designated by the Government of Nepal as lead financier for priority hydropower projects. In Kartik 2078, its mandate was expanded from hydropower to include all renewable energy, including solar. (Source: AR 8182, Note 1.1 corporate timeline, p. 43.)

Mission: Mobilize domestic and international capital to finance middle-to-mega hydroelectricity generation, transmission, and distribution projects, and renewable energy projects. HIDCL envisions becoming Nepal's top investment company in hydropower and renewable energy. (Source: AR 8182, Note 1.1.)

How the Business Model Works

HIDCL is equity-funded with no external borrowings. It deploys capital through three mechanisms:

1. Loans to hydropower projects — the primary intended income generator; loans disbursed at NRB-regulated interest rates (benchmark + margin). (Source: AR 8182, Income Statement.)

2. Equity investments in project companies — shares held in hydro companies; income through dividends; fair value gains and losses flow through Other Comprehensive Income. (Source: AR 8182, Balance Sheet Note 5.)

3. Bank fixed deposits — idle capital placed in commercial bank FDs generating interest income. As of FY 81/82, this constitutes 52% of total assets — the single largest asset category. (Source: AR 8182, Balance Sheet Note 9.)

The structural constraint — FD dependency: Since FY 77/78, external auditors have flagged that the majority of HIDCL's interest income derives from bank fixed deposits rather than project loans. In FY 78/79, auditors confirmed that 70% of interest income came from FDs, not project loans. In FY 79/80, the confirmed split was 61% FDs / 39% project loans. This pattern — a hydropower DFI earning most of its income from passive bank deposits — persists through FY 81/82. (Source: AR 7879, Auditor Report "Emphasis of Matter — Investment in Fixed Deposit" p. 28; AR 7980, Auditor Report EoM item 3, p. 26.)

Until Magh 2078 (February 2022), HIDCL could only lend through syndicated arrangements with other financial institutions. NRB removed this co-financing restriction in Magh 2078, enabling HIDCL to lend independently — a pivotal regulatory change that expanded the lending pipeline. (Source: AR 8081, Directors' Report, "Key Business Risks" section.)

Subsidiaries: HIDCL holds two subsidiaries — Remit Hydro Limited (Ghunsa Khola HEP, 77.5 MW, Taplejung) and Simbhuwa Remit Hydro Limited (Simbhuwa Khola HEP, 70.3 MW, Taplejung) — both in pre-construction phase. Despite a 2022 MOU reducing HIDCL's stated equity from 51% to 15%, the share register as at FY 81/82 still showed HIDCL holding 81% in Remit Hydro and 78% in Simbhuwa Remit; both remain consolidated. (Source: AR 8182, Note 1.1 Consolidation clause p. 46; Auditor Report pp. 28–29.)

Ownership and Governance

Shareholding Structure (FY 81/82)

(Source: AR 8182, share structure pie chart p. 6. Individual institution breakdown within the promoter block is not disclosed in AR 8182.)

Promoter shares trade on NEPSE under the separate HIDCLP ticker. The auditor noted a lock-in period of 1.43 years applicable to some quoted investments as at 32 Ashad 2082. (Source: AR 8182, Auditor Report "Emphasis of Matter" p. 28.)

Board of Directors (FY 81/82)

(Source: AR 8182, Directors' Report, Board section pp. 7–8.)

23 board meetings held in FY 81/82 (meetings 299–321 per board meeting register). (Source: AR 8182, p. 14.)

Chairman Turnover — Three Chairmen in One Fiscal Year

The AR 8182 Directors' Report explicitly records that the chairmanship changed three times in FY 81/82: from Gopal Prasad Sigdel to Sushil Chandra Tiwari (Ashadh 30, 2080) to Suresh Acharya (Shrawan 29, 2081) to Chiranjeewee Chataut (Ashwin 20, 2081). This level of leadership churn is highly unusual and reflects ongoing political appointments at the institution's top. (Source: AR 8082, Directors' Report "Changes in Board" section p. 15.)

FY 80/81 also saw a CEO change — from Arjun Kumar Gautam (multi-year incumbent) to Prajesh Bikram Thapa, with both appearing in the FY 81/82 KMP compensation table indicating an overlapping transition. (Source: AR 8182, Note 5.1.3 p. 57.)

Documented Governance Concerns

ALMC inactivity (two consecutive years): The Asset and Liabilities Management Committee — critical for an investment company managing Rs 2,854 crore with 52% of assets in fixed-rate bank deposits during a rate-cutting cycle — held zero meetings in FY 80/81 and again in FY 81/82. (Source: AR 8081 and AR 8182 Auditor Reports.)

Subsidiary restructuring without due diligence: Auditors stated that the restructuring of Remit Hydro and Simbhuwa Remit from 51% to 15% stakes occurred "at Face Value without the execution of Due Diligence Procedures" and indicated "opportunity loss to the company." (Source: AR 8081 and AR 8182 Auditor Reports p. 34.)

Non-compliance with Hydropower Monitoring Guidelines 2079: The auditor flagged in both FY 80/81 and FY 81/82 that "actual presentation of equity invested projects lacked substantially" and the "gap between required presentation and actual presentation is quite big" relative to NRB-mandated monitoring requirements. (Source: AR 8081 and AR 8182 Auditor Reports.)

Office lease from CIT (a promoter shareholder): HIDCL leases its registered office from Citizen Investment Trust — a promoter — paying Rs 1.23 crore in FY 81/82. The FY 78/79 auditor flagged this arrangement as violating SEBON's Corporate Governance Directives Rule 30(3), which prohibits listed companies from entering rental agreements with parties having a financial interest. (Source: AR 7879 Auditor Report "Emphasis of Matter — Rental Agreement with CIT" p. 27; AR 8182, Note 5.1.1 p. 56.)

Five-Year Financial Summary

All figures are HIDCL standalone (unconsolidated) in NPR crore, fully audited.

Income Statement (HIDCL Standalone)

(Sources: FY 77/78 — AR 7778 (10th AR) P&L, audited by B. & S. Associates, CA Sristi Koirala, report date 2078-07-15. FY 78/79 — AR 7879 (11th AR), same auditor, report date 2079-08-29. FY 79/80 — AR 7980 (12th AR), same auditor, report date Poush 04, 2080. FY 80/81 — AR 8182 comparative column. FY 81/82 — AR 8182 Income Statement p. 38. Investment write-off of Rs 3.86 crore in FY 79/80 relates to Madi Reservoir HEP (156 MW) whose survey permit was not renewed — confirmed in AR 7980 Auditor Report EoM item 4, p. 26. Tax for FY 81/82 is Derived: PBT Rs 132.89 crore – PAT Rs 93.43 crore = Rs 39.46 crore.)

Note on FY 81/82 PAT collapse: PAT fell 35.7% from Rs 145.26 crore to Rs 93.43 crore. The primary driver was interest income declining from Rs 208.62 crore to Rs 139.51 crore — a fall of Rs 69.11 crore — driven by lower FD interest rates in the market (commercial bank weighted average deposit rate fell from 5.77% to 4.19%) and a reduced effective loan book. Impairment charges also rose from Rs 0.07 crore to Rs 5.42 crore.

FD income as percentage of total interest income (confirmed from primary sources):

• FY 78/79: 70% from FDs, 30% from project loans (Source: AR 7879 Auditor Report EoM, p. 28)
• FY 79/80: 61% from FDs, 39% from project loans (Source: AR 7980 Auditor Report EoM item 3, p. 26)
• FY 81/82: Exact split not disclosed; estimated at ~60% FDs / 40% loans based on relative asset sizes (Estimate)

Balance Sheet Summary (HIDCL Standalone)

(Sources: Balance sheet data from AR 7778, AR 7879, AR 7980, AR 8081, AR 8182 — all fully audited standalone figures. FY 79/80 detail confirmed from AR 7980 Notes: FDs Note 9 Rs 1,236.90 cr; loans Note 6.2 net Rs 895.06 cr + Note 10 current Rs 25.99 cr = Rs 921.05 cr; FVTOCI Note 5 Rs 222.28 cr; subsidiary Note 4 Rs 101.00 cr; total equity from balance sheet totals. FY 77/78 FD figure Derived from AR 7778 Directors' Report financial summary.)

Key Ratios (Standalone)

(Sources: EPS from P&L above. ROE Derived: PAT / average equity from balance sheet endpoints. FD%, loans%, equity/assets Derived from balance sheet figures. Dividend from annual AGM notices confirmed per AR 7778 p. 5, AR 7879 p. 3, AR 7980 p. 1, AR 8182 "Proposed Dividend" note.)

Dividend trend: Total dividend has been cut more than half — from 8.421% in FY 77/78 to 3.50% in FY 81/82 — as earnings have declined. The FY 81/82 cash dividend payout ratio was approximately 92% of PAT (Rs 49.12 crore cash + Rs 36.84 crore bonus shares = Rs 85.96 crore total vs PAT Rs 93.43 crore). This is an unsustainably high payout ratio for an institution with a large undisbursed pipeline. (Derived from AR 8182 financial statements.)

Quarterly Performance — FY 82/83

Source: HIDCL Q3 FY 82/83 Unaudited Financial Report (Chaitra end 2082, March 31, 2026).

Q3 FY 82/83 Income Statement (Unaudited, Standalone)

(Source: Q3 FY 82/83 quarterly financial report image; Merolagani annualized EPS figure of Rs 2.93, May 2026.)

Q3 FY 82/83 Balance Sheet Highlights (Unaudited)

(Source: Q3 FY 82/83 quarterly report image.)

Key observations: The annualized EPS of Rs 2.93 for Q3 FY 82/83 is below both the FY 81/82 full-year EPS (Rs 3.84) and the FY 80/81 EPS (~Rs 6.40), indicating earnings are still declining, not recovering. The loan book grew modestly from Rs 693 crore to Rs 752 crore (+8.5%) in nine months — growth is occurring but remains slow relative to the Rs 6,164 crore committed portfolio. Share investments grew from Rs 322 crore to Rs 435 crore, largely reflecting fair value gains on listed equity holdings rather than new disbursements.

Project Portfolio

Scale of Commitment vs Disbursement (FY 81/82)

The gap between commitment and disbursement is the defining structural issue for HIDCL's earnings. Of Rs 6,164 crore committed across 4,210 MW, only approximately Rs 1,116 crore has been deployed as actual project loans and equity. The remaining Rs 1,485 crore in bank FDs earns approximately 7–8%, while project loans yield approximately 10–12% — a yield gap of 300–400 bps on idle capital that has persisted for multiple years. (Source: AR 8182, Balance Sheet and Note 11; yield estimates are Derived from interest income analysis.)

FY 79/80 Loan Portfolio — Most Recent Granular Disclosure

The FY 79/80 Annual Report (12th AR) contains the most detailed public per-project portfolio table available from the sources reviewed. As at Ashwin end 2080 (Q1 FY 80/81 snapshot):

(Source: AR 7980, Directors' Report project loan table, pp. 8–9. The four largest undisbursed commitments — Upper Arun, Upper Tamor, Jagdulla, Jum Khola — together represent Rs 3,134 crore in committed but undeployed capital as at that disclosure date.)

The AR 8182 does not reproduce the same granular per-project disclosure — the detailed project table in FY 80/81 and earlier is not replicated in the FY 81/82 report in the pages reviewed.

Major Equity Investments (FY 81/82)

(Source: AR 8182, Note 11 Equity Commitment table p. 60; subsidiary data from Note 5.1 p. 57.)

Capital Allocation History

Dividend History

(Sources: AR 7778 10th AGM notice p. 5; AR 7879 11th AGM notice p. 3; AR 7980 12th AGM notice p. 1; AR 8182 "Proposed Dividend" note.)

Total dividend on par value has been cut from 8.421% (FY 77/78) to 3.50% (FY 81/82) — a reduction of more than half — tracking the decline in earnings. The FY 81/82 payout ratio of approximately 92% of PAT is unsustainably high and will mechanically decline if earnings continue to fall.

Operating Cash Flow vs Profit

(Source: AR 8182, Cash Flow Statement p. 40.)

In FY 81/82, HIDCL generated Rs 93.43 crore in net profit but consumed Rs 1.97 crore in operating cash flow. The divergence reflects the growing loan book and receivables being treated as operating outflows. The structural earnings quality of a financial institution that grows its loan book is best assessed through income statement trends — cash flow classification in this context does not indicate illusory earnings — but it does illustrate how thin the free-cash-flow conversion is.

Regulatory Framework

Enabling legislation:

• Nepal Companies Act 2063: Incorporated as a public limited company (Source: AR 8182, Note 2.)
• Nepal Rastra Bank Act 2058: Recognised as financial institution on 2 Shrawan 2068 (Source: AR 8182, corporate timeline.)
• NRB Unified Directive: Governed the co-financing requirement (removed Magh 2078); loan pricing guidelines (base + margin caps); provisioning methodology. (Source: AR 8081, Directors' Report.)

Mandate expansion (Kartik 2078): HIDCL's scope was expanded from hydropower to all renewable energy. First solar equity investments were made in FY 80/81 (Pashupati Renewables' Dharamnagar Solar Farm, 20 MW total). (Source: AR 8182, corporate timeline.)

Lead financier designation (Mangsir 2078): HIDCL was designated as lead financier for priority hydropower projects, enabling independent (non-syndicated) lending for the first time. (Source: AR 8182, corporate timeline.)

Hydropower Monitoring Guidelines 2079: NRB issued detailed reporting requirements for equity-invested projects. HIDCL has been flagged for non-compliance in two consecutive years (FY 80/81 and FY 81/82). (Source: AR 8081 and AR 8182 Auditor Reports.)

NPA classification: HIDCL does not follow the commercial bank NPA classification framework. Impairment is calculated on an expected credit loss basis under NFRS 9. Specific NPA ratio is not disclosed. The FY 81/82 impairment charge was Rs 5.42 crore; loan loss reserve was Rs 31.02 crore. (Source: AR 8182, Note 4.5.)

Related-Party Transactions (FY 81/82)

(Source: AR 8182, Note 5.1.1 "Transactions with Promoters" p. 56.)

The office lease from CIT — a promoter shareholder — has been flagged by auditors since FY 78/79 as a governance concern. The pricing of the lease at arms-length rates relative to the Baneshwar office market is not confirmed in available disclosures.

Key Opportunities

Analytical framing only — these represent potential business developments, not investment recommendations.

1. DFI mandate with a captive project pipeline. Nepal's national energy plan targets 28,500 MW of hydropower by 2035. HIDCL is the only purpose-built DFI with an explicit GoN mandate to finance mid-to-mega projects. Its Rs 6,164 crore committed portfolio across 4,210 MW represents a fraction of the national target — a structural pipeline that existing commercial banks are not positioned to finance alone. (Source: secondary sources on Nepal energy plan; committed portfolio from AR 8182.)

2. Zero external debt — structural resilience. HIDCL carries no external borrowings as at 32 Ashad 2082. (Source: AR 8182, Balance Sheet.) This means no refinancing risk, no interest expense on liabilities, and no credit covenant pressure. If hydropower projects face construction delays — as they chronically do in Nepal — HIDCL's own solvency is not threatened. No comparable DFI in Nepal carries this structure.

3. Large FD pool converts to higher-yielding loans over time. Of Rs 2,853 crore in total assets, approximately Rs 1,485 crore (52%) sits in bank FDs. As projects progress from study to construction to commercial operations, this capital migrates into project loans earning 10–12% versus FD yields of 7–8%. A 300–400 bps yield differential on migration of even 20% of the FD base (Rs 297 crore) would add approximately Rs 10 crore to pre-tax income annually — a meaningful uplift on FY 81/82 PAT of Rs 93 crore. (Derived from balance sheet and estimated yield differentials.)

4. NRB scope expansion to renewables and solar opens new sectors. HIDCL's first solar investments (FY 80/81) represent a diversification beyond run-of-river hydro. Solar projects have shorter construction timelines and therefore faster disbursement cycles — which could help close the commitment-vs-disbursement gap more quickly than reservoir projects. (Source: AR 8182, project portfolio.)

Key Risks

1. Interest income structurally tied to falling bank deposit rates. HIDCL earns approximately 52–60% of its interest income from bank FDs. NRB has been cutting the policy rate; commercial bank weighted average deposit rate fell from 5.77% to 4.19% in FY 81/82. As FD maturities roll over at lower rates, FD income compresses. This mechanism was already visible in FY 81/82 — total revenue fell 33% and PAT fell 36% year-on-year. Each additional 100 basis-point fall in FD rates costs approximately Rs 14.85 crore in annual pre-tax income on the current Rs 1,485 crore FD base. (Source: AR 8182 Income Statement; NRB published deposit rate data.)

2. Chronic disbursement lag — commitment does not become deployment. Of Rs 6,567 crore in cumulative equity commitments, Rs 3,135 crore remains undisbursed as at 32 Ashad 2082. (Source: AR 8182, Note 11.) The pattern of large commitments to reservoir projects (Upper Arun 1,063 MW, Upper Tamor 285 MW) that remain in study or pre-construction for years is well-documented across five annual reports. FY 81/82 loan book growth of 8.5% in nine months (Q3 FY 82/83) shows the pipeline is moving — but slowly.

3. Governance dysfunction creates execution risk. Three chairman changes in one fiscal year; two consecutive auditor findings on Hydropower Monitoring Guidelines non-compliance; subsidiary restructuring at face value without due diligence (auditor's explicit language: "indicated opportunity loss to the company"); ALMC not meeting for two consecutive years — taken together, these documented failures represent systemic governance deficit. The revolving-door structure at the top is a function of HIDCL's political nature (all senior appointments are GoN nominations). (Source: AR 8081 and AR 8182 Auditor Reports and Directors' Reports.)

4. Siwa Khola RCOD risk. The FY 80/81 auditor flagged that Siwa Khola project — which provides water diversion critical to HIDCL's Middle Mewa capacity enhancement investment — was likely to miss its Required Commercial Operations Date (RCOD) of 27th Jestha 2082 (June 2025). The FY 81/82 report and Q3 82/83 report do not confirm resolution. If Siwa Khola misses RCOD, HIDCL's Rs 92.60 crore equity investment in Middle Mewa Developers loses the capacity enhancement benefit. (Source: AR 8081 Auditor Report p. 29.)

Valuation Context

Price at analysis: Rs 274 (Sharesansar, May 27, 2026) | 52-week range: Rs 245 – Rs 330.30

(Sources: EPS and book value from Merolagani, May 2026; price from Sharesansar, May 27, 2026; market cap Derived: Rs 274 × 249,282,106 shares = Rs 6,830 crore.)

Forward-looking fair value ranges — Estimate (clearly labeled as such):

Scenario A — Earnings recovery: If Q3 82/83 annualized EPS of Rs 2.93 holds for the full year, and the stock is valued at 20x P/E (a generous multiple given ROE of 3.4%), fair value would be approximately Rs 58–65. At 30x P/E (very generous given peer fundamentals), fair value would be Rs 88–99. Inputs: annualized EPS range Rs 2.93–3.30; P/E range 20–30x. This estimate would be invalidated by large loan disbursements in Q4 82/83 or a significant upward revision in NRB-mandated loan interest rates.

Scenario B — Strategic recovery over 3–5 years: If the loan book reaches Rs 2,000 crore within four years (from Rs 693 crore) at a 10% yield, combined with reduced FD income (as FDs convert), normalized PAT could reach Rs 182–196 crore (~Rs 7–7.5 EPS on 260 million shares). At 15x P/E, fair value would be approximately Rs 105–112. Assumptions: strategic plan execution succeeds at 50% of stated targets; FD rates stabilize; no NPL events; management continuity improves. Each assumption could fail — particularly management continuity and disbursement velocity.

These ranges are labeled as Estimates and are provided for analytical context only. They do not constitute price targets or trading recommendations.

What We Are Watching

1. Loan book disbursement velocity. The most important operational variable. The loan book stood at Rs 693 crore (FY 81/82 year-end) and grew to Rs 752 crore (+8.5%) by Q3 FY 82/83. This is the metric to track quarterly — it appears on the balance sheet. Meaningful earnings recovery requires the loan book to reach Rs 1,200–1,500 crore range to shift the income mix toward loans and away from FDs.

2. Auditor findings remediation. The two-year streak of non-compliance with Hydropower Monitoring Guidelines and the ALMC inactivity are documented governance failures. Whether the FY 82/83 audit report clears these findings — or adds new ones — is a key signal of institutional improvement.

3. Management continuity. Three chairmen in one fiscal year and two CEO transitions in two years create execution risk. A new CEO (Prajesh Bikram Thapa) took over in FY 81/82. Whether he remains in post and delivers on the 4-year strategic plan through FY 82/83 is a signal of whether political churn at the board level has stabilized.

4. Siwa Khola / Middle Mewa resolution. The auditor's flagged RCOD risk for Siwa Khola (capacity enhancement to Middle Mewa, where HIDCL has Rs 92.60 crore invested) needs resolution disclosure. This would appear either in the FY 82/83 annual report or in auditor disclosures.

5. HIDCL–NIFRA merger signals. No active merger process is documented in FY 81/82 annual reports from either institution. If NRB policy re-activates this discussion, it is a catalyst that would significantly alter HIDCL's investment case — the terms of any merger (exchange ratio, governance structure of the combined entity) would determine whether the outcome is value-additive or dilutive for HIDCL shareholders.

Information Gaps

1. Individual promoter institution stake breakdown within the 79.68% promoter block — GoN vs EPF vs CIT vs Rastriya Beema vs others not disclosed individually in AR 8182.

2. Loan-by-loan NPL status and days past due. HIDCL does not publish per-project NPL data. The aggregate impairment charge of Rs 5.42 crore (FY 81/82) is disclosed; individual impaired loans are not named.

3. Interest rates on individual project loans. The pricing methodology is described (base + margin) but exact rates per borrower are not disclosed.

4. Weighted average FD interest rate earned. Despite FDs being 52% of assets, the rate earned on the FD portfolio is not disclosed in the notes reviewed.

5. Siwa Khola RCOD outcome. Material project risk flagged in FY 80/81; not confirmed resolved in available FY 81/82 and Q3 82/83 disclosures.

6. NEA and VUCL capital injection into Remit Hydro and Simbhuwa Remit. The auditor flagged in two consecutive years that NEA and VUCL have not fulfilled their MOU capital injection obligations. Exact amounts outstanding and any updated timeline not disclosed.

References and Sources

1. HIDCL 14th Annual Report FY 2081/82 (AR 8182), HIDCL, published Mangshir 2082 (December 2025). Auditor: TP Adhikari & Associates. Note 1.1 corporate timeline; Balance Sheet p. 37; Income Statement p. 38; Cash Flow p. 40; Auditor Report pp. 28–34; Note 5 "Equity Investments" p. 57; Note 11 "Commitments" p. 60. Primary source.

2. HIDCL 13th Annual Report FY 2080/81 (AR 8081), HIDCL, December 2024. Income Statement; Balance Sheet; Auditor Report pp. 28–29 (ALMC findings, Siwa Khola risk, subsidiary restructuring); project loan table. Primary source.

3. HIDCL 12th Annual Report FY 2079/80 (AR 7980), HIDCL, Poush 04, 2080 (December 20, 2023). Audited by B. & S. Associates, CA Sristi Koirala. P&L (PAT Rs 137.52 cr); Balance Sheet (FDs Rs 1,236.90 cr, loans Rs 921.05 cr); 8 Emphasis of Matter findings including FD dependency (61% of income), Madi HEP write-off, subsidiary restructuring, Mewa Developers equity infusion. Project portfolio table pp. 8–11 (20 loan projects, 9 equity projects). Primary source.

4. HIDCL 11th Annual Report FY 2078/79 (AR 7879), HIDCL, Mangsir 2079. Audited by B. & S. Associates. 3 Emphasis of Matter including CIT rental agreement violation, FD dependency (70% of income from FDs confirmed). Primary source.

5. HIDCL 10th Annual Report FY 2077/78 (AR 7778), HIDCL, Mangsir 2078. Audited by B. & S. Associates. Qualified Opinion on consolidated statements; improper payment to MoF shareholder; excess advance tax payment. First granular project portfolio tables. Primary source.

6. HIDCL Q3 FY 82/83 Unaudited Financial Report (Chaitra end 2082). Q3 EPS Rs 2.93 annualized; loan book Rs 752 crore; FDs Rs 1,555 crore. Primary source (unaudited).

7. Sharesansar — HIDCL company page. Current price Rs 274; 52-week range Rs 245–330.30. Accessed May 27, 2026. Secondary source.

8. Merolagani — HIDCL company detail. P/E 93.52, P/B 2.43, book value Rs 112.61, annualized EPS Rs 2.93. Accessed May 2026. Secondary source.

9. Fiscal Nepal — HIDCL awaits govt's approval for NIFRA merger, August 1, 2022. Merger context (2022 background only). Secondary source.

Report compiled: May 31, 2026.