What THDC India does

THDC India Limited is a state-owned Schedule-A Mini Ratna public sector enterprise, incorporated in July 1988 and headquartered in Rishikesh, Uttarakhand. The company operates as a diversified power generation utility with an installed capacity of 3,907 MW across hydroelectric, pumped storage, thermal, solar, and wind assets, anchored by the 2,400 MW Tehri Hydro Power Complex. Equity is held 75% by NTPC Limited and 25% by the Government of Uttar Pradesh. THDC is currently executing a major capacity expansion pipeline including the 444 MW Vishnugad-Pipalkoti HEP, the 1,320 MW Khurja Super Thermal Power Project, the recently approved 2,920 MW Kalai-II and Kamala hydroelectric projects in Arunachal Pradesh (Rs 40,175 crore sanction), and 10,000 MW of planned renewable energy parks in Rajasthan through a 74:26 SPV with RRECL (Rs 40,000 crore projected investment).

THDC generates revenue primarily through long-term power purchase agreements with state electricity boards and distribution companies, with tariffs determined by CERC and JERC regulatory processes. Secondary revenue streams include technical consultancy services for slope stabilization and landslide mitigation under an MoU with the Ministry of Road Transport and Highways, and debt market issuances (Rs 763 crore Series-VIII bonds oversubscribed 9x at AA Stable, plus Rs 600 crore NCDs at 7.45%). The company pioneered India's first variable-speed pumped storage plant at Tehri, with GE Vernova-supplied 250 MW units enabling grid balancing for renewable energy integration. FY2026 sales reached Rs 7,061 crore with net profit of Rs 1,030.84 crore, and the company is preparing for a stock exchange listing by FY27 as part of the National Monetisation Pipeline under parent NTPC.

THDC's technology stack centers on large-scale hydroelectric and pumped storage infrastructure with SCADA-monitored operations, AI-based anomaly detection on hydro asset sensor data, and a Metaverse-based digital twin of the Tehri Power Plant for training and visualization. The customer base is concentrated entirely in the public sector, including KSEB, UPNEDA, Uttarakhand DISCOMs, and central/state government ministries, with no disclosed private-sector offtake. Geographic footprint spans Uttarakhand, Uttar Pradesh, Rajasthan, Gujarat, Kerala, Arunachal Pradesh, Himachal Pradesh, Jharkhand, and Bhutan, with new project expansion targeting the Brahmaputra valley. The company is also a Mini Ratna Category-I PSU granted that status in October 2009 and upgraded to Schedule-A in July 2010, and operates subsidiaries including TUSCO, TREDCO, and TUECO.

Name

THDC India

Legal name

THDC India Limited

Website

https://thdc.co.in

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

THDC India Limited is a state-owned Mini Ratna power generation PSU (75% NTPC, 25% UP Government) operating 3,907 MW of diversified hydroelectric, pumped storage, thermal, solar, and wind capacity, selling electricity to state utilities through regulated long-term PPAs.

Ownership category

akta.pro rank

Product category

Electric Power Generation

NAICS

Hydroelectric Power Generation (221111), Fossil Fuel Electric Power Generation (221112), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Utility-Scale Power Generation Asset Management (EUAEAMAA)

akta.pro secondary industry

Utility-Scale Generator PPAs (Project Offtake) (EUAGADAB)

Keywords

• Hydroelectric power generation
• Pumped storage hydropower
• Renewable energy generation
• Thermal power projects
• Power purchase agreements

Headquarters

HQ city

Rishikesh

HQ country

India

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Power Generation and Sale: THDC India generates electricity from hydroelectric, thermal, solar, and wind power projects and sells it to state electricity utilities and distribution companies through long-term power purchase agreements (PPAs). The company reported Q4 March 2026 sales of Rs 2765.87 crore and full year sales of Rs 7061.00 crore with net profit of Rs 1030.84 crore.
2. Technical Consultancy Services: THDC India provides technical consultancy services to government agencies including slope stabilization studies, landslide mitigation, and geotechnical assessments for infrastructure projects.
3. Bond Issuance: THDC India raises funds through corporate bond issuance in debt markets. Successfully raised Rs 763 crore through Series-VIII bonds with AA Stable credit rating, oversubscribed 9 times.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

THDC India develops, operates, and maintains a diversified portfolio of power generation assets spanning hydroelectric, pumped storage, thermal, solar, and wind energy with an installed capacity of 3,907 MW. The company sells electricity in bulk to state electricity boards and distribution companies through long-term Power Purchase Agreements (PPAs) under regulatory tariff frameworks. It also provides technical consultancy services for slope stabilization, landslide mitigation, and geotechnical assessments to government agencies.

Product overview

THDC India Limited operates as a diversified power generation company with a portfolio spanning hydroelectric, pumped storage, thermal, solar, and wind power. The company manages major hydroelectric assets including the 2,400 MW Tehri Power Complex (Tehri Dam HPP 1,000 MW, Tehri Pumped Storage 1,000 MW, and Koteshwar HEP 400 MW), with operational projects totaling over 3,900 MW capacity. Under construction projects include the 444 MW Vishnugad-Pipalkoti HEP and 1,320 MW Khurja Super Thermal Power Project. The company is also developing large-scale pumped storage, solar, and new hydroelectric projects (Kalai-II 1,200 MW, Kamala 1,720 MW) across multiple Indian states, supported by joint ventures including TUSCO for renewable energy parks. THDCIL also provides technical consultancy services for slope stabilization and landslide mitigation.

Differentiator

Problem solved

Functional benefit

Products and services

• Tehri Dam & Hydro Power Project (HPP) A 1,000 MW hydroelectric power project located in Uttarakhand, India, forming the core of the 2,400 MW Tehri Power Complex. Generates electricity through a major dam and powerhouse structure for sale to state electricity utilities under PPAs.
• Koteshwar Hydro Electric Project (HEP) A 400 MW hydroelectric project integrated with the Tehri Power Complex in Uttarakhand, generating power through a dam-based facility and selling electricity to the state grid.
• Tehri Pumped Storage Project (PSP) A 1,000 MW variable-speed pumped storage hydropower facility at Tehri providing peaking power and grid stability by recycling water between reservoirs during peak and off-peak hours. India's first variable speed pumped storage plant, supporting renewable energy integration.
• Vishnugad-Pipalkoti Hydro Electric Project (VPHEP) A 444 MW run-of-river hydroelectric project under construction in Uttarakhand, featuring tunnel construction and underground powerhouse for sale of generated power to state utilities.
• Dhukwan Small Hydro Project A 24 MW small hydroelectric power project located in Jhansi, Uttar Pradesh, generating power for sale to the state grid.
• Khurja Super Thermal Power Project (STPP) A 1,320 MW (2x660 MW) ultra-super critical coal-based thermal power project in Bulandshahr, Uttar Pradesh, equipped with advanced emission control systems. THDC's first thermal power venture.
• Patan Wind Farm A 50 MW wind power project located in Patan, Gujarat, generating renewable electricity for sale to the state grid.
• Devbhumi Dwarka Wind Farm A 63 MW wind power project located in Dwarka, Gujarat, generating renewable electricity for sale to the state grid.
• Kasaragod Solar Power Project A 50 MW solar power project located in Kasaragod, Kerala, supplying solar power to the state grid under a PPA with KSEB.
• TUSCO Ultra Mega Renewable Energy Parks (2,000 MW) A joint venture with UPNEDA developing 2,000 MW Ultra Mega Renewable Energy Parks in Uttar Pradesh, including 600 MW at Jhansi, 600 MW at Lalitpur, and 800 MW at Chittarkoot districts, for sale of solar power to state utilities.
• Kalai-II Hydroelectric Project A 1,200 MW hydroelectric project on the Lohit River in Arunachal Pradesh, developed through joint venture with NHPC and the Arunachal Pradesh government for power supply to the national grid.
• Kamala Hydroelectric Project A 1,720 MW hydroelectric project in Arunachal Pradesh, developed through joint venture with NHPC and the state government for sale of generated power to the national grid.
• THDCIL Technical Consultancy Services Specialized technical consultancy services including slope stabilization studies, landslide treatment, rockfall protection, and geotechnical assessments for infrastructure projects. Offered to government agencies, with MoU with Ministry of Road Transport and Highways for Himalayan highway projects.

Quantifiable outcome

• 163.20% rise in annual sales to Rs 7,061 crore in FY2026
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core, flagship and minor.

• Ministry of Road Transport and HighwayscoreStrategic or Co-development Partner · 30 April 2026THDC India provides specialized landslide treatment and slope stabilization consultancy in Uttarakhand and Arunachal Pradesh, with MoUs signed for geo-hazard mitigation on Himalayan highways including the Chardham route.
• CSPGCL (Chhattisgarh State Power Generation Company)coreStrategic or Co-development Partner · 26 April 2026Joint venture discussions for development of 18 GW pumped storage projects in Chhattisgarh, with THDC among NTPC, NHPC, and SJVN as project developers under MoUs.
• NHPC LimitedcoreStrategic or Co-development Partner · 8 April 2026Joint venture between NHPC Ltd, THDC India Ltd, and Arunachal Pradesh government for development of Kamala Hydro Electric Project (1,720 MW) with investment of approximately Rs 26,000 crore, expected to be completed within 96 months.
• Arunachal Pradesh GovernmentcoreStrategic or Co-development Partner · 8 April 2026State government partnership for Kalai-II and Kamala hydroelectric projects, providing project support and environmental clearances for development in the Brahmaputra valley.
• POWERGRID (Power Grid Corporation of India Limited)coreChannel Partner/ Reseller/ Distributor · 21 June 2023Agreement for implementation of Internal Power Evacuation System for 600 MW Jhansi Solar Power Park, with power evacuated through 33/220 kV and 220/400 kV grid substations.
• RRECL (Rajasthan Renewable Energy Corporation Limited)flagshipStrategic or Co-development Partner · 15 April 2022MoU signed for development of 10,000 MW renewable energy parks through Special Purpose Vehicle as JV Company, contributing to India's 500 GW renewable energy target by 2030.
• INCOLD (International Commission on Large Dams, India)minorStrategic or Co-development Partner · 7 April 2022Co-organizer of International Conference on Hydropower and Dams Development for Water and Energy Security, hosting 350+ participants from India and overseas with papers from 15 countries.
• CBIP (Central Board of Irrigation and Power)minorStrategic or Co-development Partner · 7 April 2022Co-organizer of international conference on hydropower development alongside INCOLD and THDC India.
• RRECL (Rajasthan Renewable Energy Corporation Limited)flagshipStrategic or Co-development Partner · 9 February 2022THDC India signed LOI for Rs 40,000 crore investment to establish 10,000 MW Renewable Energy Parks/Projects in Rajasthan through JV company with 74:26 equity ratio, expected to create 10,000 jobs.
• UPNEDA (Uttar Pradesh New and Renewable Energy Development Agency)flagshipStrategic or Co-development Partner · 9 February 2022Joint venture through TUSCO for development of 2000 MW Ultra Mega Solar Parks in Uttar Pradesh (600 MW each at Jhansi and Lalitpur, 800 MW at Chittarkoot).
• BHEL (Bharat Heavy Electricals Limited)coreTechnology or Integration · 9 March 2019BHEL awarded contract for Turbine Generator and associated packages for 1320 MW Khurja Super Thermal Power Project, progressing on multiple fronts.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• NHPC Limited: NHPC is India's largest hydropower generation company with 7+ GW operational capacity and a similar PSU structure. Both operate large hydro assets, sell through long-term PPAs with state utilities, and are jointly developing the Kamala Hydro Electric Project (1,720 MW) in Arunachal Pradesh through JV partnerships.
• SJVN Limited: SJVN is a hydropower-focused PSU with similar portfolio of hydro, solar, and wind projects across India. Both companies operate under the Ministry of Power, sell generation through long-term PPAs, and pursue diversification into pumped storage and renewables.
• NEEPCO (North Eastern Electric Power Corporation): NEEPCO is a hydro-focused PSU sibling also under NTPC that operates hydro plants in India's northeast. NTPC plans to list both THDC and NEEPCO on stock exchanges by FY27, making them direct peers in scale, business model, and strategic positioning.

Broad incumbents

• NTPC Limited: NTPC is THDC's 75% parent and India's largest power generator with 89,378 MW capacity across thermal, hydro, solar, and wind. As a broad incumbent, NTPC offers overlapping generation capabilities but at much greater scale and with significant coal-thermal focus, providing strategic direction and resources to THDC.
• Tata Power Company: Tata Power is a diversified private-sector power generation and distribution company with hydro, thermal, solar, and wind assets across India. While operating across the full energy value chain including distribution and EV charging, its generation portfolio has significant overlap with THDC's diversified energy mix.
• JSW Energy Limited: JSW Energy is a private-sector power generator with thermal, hydro, solar, and wind assets totaling 10+ GW operational and under-construction capacity. Its diversified renewable portfolio and similar pursuit of pumped storage projects makes it a comparable incumbent.
• Adani Power Limited: Adani Power is one of India's largest private thermal power generators and is expanding into renewables including solar and pumped storage. Its large-scale project execution capabilities and PPAs with state utilities make it a comparable broad incumbent in the Indian power generation space.
• Reliance Power Limited: Reliance Power operates large thermal, hydro, and renewable power generation assets across India. As a major private-sector generator with diversified energy portfolio and PPA-based business model, it competes for similar state utility contracts.

Others

• Power Grid Corporation of India: POWERGRID operates India's interstate and inter-regional electricity transmission network. THDC has a partnership with POWERGRID for power evacuation infrastructure at the 600 MW Jhansi Solar Power Park, making POWERGRID an adjacent infrastructure provider rather than direct competitor.
• BHEL (Bharat Heavy Electricals Limited): BHEL is a key equipment supplier that won the Turbine Generator package contract for THDC's 1320 MW Khurja Super Thermal Power Project. As an equipment OEM and EPC contractor for thermal and hydro projects, BHEL is an ecosystem enabler rather than direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/THDCIL_MOP
• YouTubeyoutube.com/channel/UC-gsdU1yJp1pD2r5wF1dXAQ
• Facebookfacebook.com/THDCIL.24X7
• LinkedInlinkedin.com/company/thdc-india-limited-official
• Instagraminstagram.com/thdcil

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about THDC India