Research & Analysis
Our Research
Fundamental analysis of Nepal's industries and companies. Each sector starts with an industry overview, followed by individual company deep-dives.
8 of 43 reports
Sector & Industry Reports
2 reportsNepal Electricity Sector: NEA Health Monitor & Industry Report
Nepal Electricity Authority (NEA) crossed into net-exporter territory in FY 2023/24 and widened the surplus in FY 2024/25. This report works through NEA's six-year financial trajectory, the spread compression, the IPP commissioning wave, and the cross-border trade picture using NEA Annual Reports FY 2019/20–FY 2024/25 as the primary source.
Nepal Hydropower Sector — Glossary of Terms
A plain-English reference guide to every term used in our hydropower research — from PPA structures and take-or-pay mechanics to NEA's role as sole offtaker and the difference between run-of-river and storage projects. Written for serious investors who want to understand the sector without the jargon.
Company Research
6 reportsChilime Hydropower Company Limited (NEPSE: CHCL) — Investment Report
Chilime Hydropower's 22.1 MW plant holds Nepal's best legacy power tariff, but a frozen NPR 8.17 rate, a 2047 licence expiry and a NPR 41 billion guarantee to affiliated projects complicate the growth story.
Butwal Power Company Limited (NEPSE: BPCL) — Investment Report
Butwal Power Company's attributable operating hydropower capacity is roughly 55 MW, not the 894 MW headline often cited — a holding company whose economics lag peer hydro IPPs on a per-megawatt basis.
Sanima Middle Tamor Hydropower Limited (NEPSE: TAMOR) — Investment Report
Sanima Middle Tamor operates a 73 MW run-of-river plant financed 76% with debt on a 28-year concession with zero terminal value — a finite, leveraged annuity, not the growth story its rising EPS implies.
Sanima Mai Hydropower Limited (NEPSE: SHPC) — Investment Report
Sanima Mai Hydropower (NEPSE: SHPC) runs 29 MW in Ilam and holds stakes in four Sanima Group hydro projects. FY2081/82 PAT fell 20.6% on flood-related outages; borrowings fell 41.7% the same year.
Sahas Urja Limited (NEPSE: SAHAS) — Investment Report
Sahas Urja operates the 86 MW Solu Khola run-of-river plant in Solukhumbu under a 30-year take-or-pay PPA and holds 56.67% of Times Energy, developer of the 341 MW Budhi Gandaki project. At NPR 662, approximately 57% of market cap reflects what the crowd is already paying for Budhi Gandaki — a plant 5–6 years from first generation.
Nepal Electricity Authority (NEA) — Company Analysis
NEA is not an investable security — it is 100% government owned and unlisted. But it is the single counterparty on every PPA that underpins every hydro IPP in Nepal. This analysis asks one question: is NEA solvent and payment-disciplined enough to anchor a long-horizon hydro IPP portfolio?