Upper Syange Hydropower Limited

HydroPowerLow Cap

NPR 525.00

NPR +5+0.96%

09:12 AM NPT · Sep 15, 2026

Est. 2065-10-12 B.S. (registered as private company; converted to public limited company on 2073-12-17 and later listed on NEPSE in 2080) · Lamjung District, Nepal (Corporate operations via registered office) · CEO: Bir Bahadur Ghale (Managing Director)

Upper Syange Hydropower Limited is a Nepali independent power producer (IPP) focused on small-scale hydropower generation, established with the aim of harnessing river water resources for electricity generation and contributing to Nepal’s energy supply.The company is registered under the Office of Company Registrar with registration number 166426. Its flagship project is the 2.40 MW run-of-river Upper Syange Hydropower Project (USHP), located on Syange Khola in Lamjung District.The scheme leverages a gross head of ~450.5 m, with a net head around 439 m, and is expected to generate about 14.616 GWh annually.The project was initially incorporated on 26 January 2009 as a private limited company and later converted to a public limited company on 30 March 2017. After successful execution, USHP started commercial operations and the company got listed on the stock exchange on 10 August 2023 under the ticker symbol “USHL.” As a listed hydropower company, USHL aims not only to operate its current plant but also has the ambition to develop further hydropower projects using local technical and financial resources. Despite its small scale, USHL represents an important example of grassroots hydropower development integrating local resource utilization, public-market financing (IPO/listing), and contributing to Nepal’s renewable energy mix. As with most hydropower ventures, the company navigates typical sector challenges: hydrology variability (river flow changes), dependence on power evacuation infrastructure, and ensuring consistent generation and offtake under a long-term Power Purchase Agreement (PPA).Financially, USHL is publicly traded: as of late 2025, it shows a paid-up capital base of NPR 220,000,000 (face value Rs 100 per share, 2.2 million shares outstanding).The stock’s recent market data indicates a share price that reflects the risks and growth potential typical of small-scale hydro IPPs.

uppersyange.com/

Trading

Open

530.00

High

539.00

Low

510.00

Prev Close

520.00

Volume

4,924

Turnover

Rs 2,564,658.5

Txns

Valuation · Q4 FY25/26

EPS Ann.

0.87

EPS TTM

0.87

BVPS

100.10

P/E Ann.

603.45

P/E TTM

603.45

Graham #

44.27

Capital

Mkt Cap

1.16 Arab

Total

22.0 Lakh

Public

6.5 Lakh

Promoter

15.5 Lakh

NEPSE Chart

Technical Analysis

Indicator Signals

MACD

Sell

RSI

Neutral

SuperTrend

Strong Sell

Trend Analysis

Direction

Uptrend

Strength

Weak

Momentum

RSI (14)

42.01

ADX

12.26

Overall Score

Below Line

Technical Score

Moving Averages

SMA 20

526.12

SMA 50

525.64

Bands & Channels

BB Width %

10.12%

Volume & Flow

OBV

841,271

Flow Analysis

[ Live 2026-09-14 ]

Total Buy

6,506

Shares Bought

Total Sell

6,506

Shares Sold

Net Flow

Net Accumulation

Active Brokers

Participating

ACCUM/DIST

Accumulation 48%

Distribution 52%

Accumulators

Quantity

2,037

Amount

1,032,999

Avg Rate

507.12

Rank

#106

Brokers

#16#51

Distributors

Quantity

2,187

Amount

1,098,443

Avg Rate

502.26

Rank

#107

Brokers

#94#52

Net Flow Impact:

-150units

(Rs. -65,444)

Net Flow by Timeframe

USHL — Broker Breakdown (7D)

15 Buyers15 Sellers

[ Vol: 10,292 ]

Buy Side

Total: 5,231

Broker

QTY

AVG

NET

1,276

500.00

+1,276

19.6%

905

506.94

+105

13.9%

761

519.05

+761

11.7%

510

508.80

+410

7.8%

380

507.98

+89

5.8%

258

508.51

+105

4.0%

247

493.00

+247

3.8%

190

515.83

+190

2.9%

170

507.41

+170

2.6%

124

507.31

+84

1.9%

122

505.83

+81

1.9%

100

503.00

+100

1.5%

516.00

+86

1.3%

508.27

+82

1.3%

513.50

+20

0.3%

Sell Side

Total: 5,061

Broker

QTY

AVG

NET

1,264

507.36

-148

19.4%

1,100

500.00

-1,100

16.9%

1,087

504.55

-1,037

16.7%

970

511.18

-960

14.9%

196

514.47

-146

3.0%

121

517.97

-111

1.9%

509.98

-71

1.3%

511.07

-61

0.9%

502.85

-59

0.9%

510.00

-22

0.6%

512.50

-40

0.6%

525.00

-11

0.2%

508.20

-10

0.1%

517.00

-10

0.1%

518.00

-10

0.1%

Financial Fundamentals

Financial Metric	FY25/26 Q4	FY24/25 Q4	FY23/24 Q4	FY22/23 Q4	Growth %
Sources of Fund
Equity
Paid up Capital	220,000	220,000	220,000	0	0.00%
Reserves and Surplus	217.85	-14049.28	-91496.65	0	+101.55%
Other Equity	0.00	0.00	0.00	0	-
Total Equity	220,218	205,951	128,503	0	+6.93%
Non Current Liabilities
Financial Liabilities	323,700	337,301	341,700	0	-4.03%
Other Non Current Liabilities	9,032	1,477	2,269	0	+511.37%
Total Non Current Liabilities	332,732	338,778	343,969	0	-1.78%
Application of Fund
Non Current Assets
Property Plant and Equipment (Net)	1,526	1,939	1,203	0	-21.28%
Capital Work In Progress	0.00	0.00	21619.18	0	-
Intangible Assets	437,678	454,568	471,459	0	-3.72%
Financial Assets (Investments)	0.00	103337.50	0.00	0	-100.00%
Other Non Current Assets	0.00	0.00	0.00	0	-
Total Non Current Assets	439,204	559,844	494,281	0	-21.55%
Current Assets
Receivables	22,479	54,299	18,562	0	-58.60%
Inventories	0.00	0.00	1400.82	0	-
Cash and Cash Equivalent	21,771	11,596	7,140	0	+87.74%
Financial Assets	125,038	0	10,200	0	-
Other Current Assets	0.00	0.00	0.00	0	-
Total Current Assets (A)	169,289	65,895	37,303	0	+156.91%
Current Liabilities
Financial Liabilities	323,700	337,301	341,700	0	-4.03%
Payables	3,001	5,352	15,693	0	-43.92%
Other Current Liabilities	0.00	32595.67	2855.42	0	-100.00%
Total Current Liabilities (B)	55,543	81,010	59,111	0	-31.44%
Net Current Assets (A-B)	113,746	-15,115	-21,808	0	+852.51%

Sector Peers — HydroPower (30)

Peer Comparison

HydroPower SECTOR — NEPAL

2025/2026 Q4

NPR/Millions

Statement

Highlight

TICKER	Market				Key Ratios
	Price	Chg	Chg%	Mkt Cap (M)	Asset Turnover	Book Value Per Share	Current Ratio	Debt to Equity	EPS (Annualized)	EPS (TTM)	Graham's Number	Interest Coverage	Net Profit Margin	P/B	P/E (Annualized)	P/E (TTM)	P/S	Quick Ratio	ROA (Annualized)	ROA (TTM)%	ROCE	ROE (Annualized)	ROE (TTM)%	Tax Burden
AHL	379	+21.01	+5.87%	0	0.06	68.43	0.28	4.81	-17.41	-17.41	-	-	-72.65	6.05	-23.78	-22.75	17.28	0.28	-4.43	-4.43%	0.3	-22.42	-22.42%	-
AHPC	273	+7	+2.63%	0.01	0.06	109.71	47.9	0.07	3.41	3.41	91.75	8.49	48.03	2.39	76.86	76.51	36.92	47.9	2.91	2.91%	5.9	3.15	3.15%	87.4
AKJCL	352.5	+8.6	+2.5%	0.01	0.09	93.69	3.15	0.37	3.18	3.18	81.88	45.61	28.35	3.6	105.97	109.72	30.06	3.12	2.45	2.45%	7.6	3.45	3.45%	100
AKPL	260	+3.31	+1.29%	0.01	0.06	101.77	0.7	0.85	1.02	1.02	48.33	79.07	12.99	2.45	244.12	244.12	31.64	0.7	0.75	0.75%	3.93	1.34	1.34%	109.6
APHL	707	+9.97	+1.43%	0	0.04	102.41	0.51	2.26	-4.12	-	-	-	-28.49	8	-198.79	-	56.64	0.48	-1.23	-	-0.11	-4.02	-	-
API	344	+4.01	+1.18%	0.02	0.12	119.51	0.41	1.05	15.06	15.06	201.24	38.4	54.37	2.68	21.29	22.24	11.58	0.41	6.48	6.48%	11.25	13.36	13.36%	85.19
APPOLO	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
BARUN	332	+12.8	+4.01%	0	0.09	108.19	6.74	0.23	2.08	2.08	71.16	40.72	21.39	2.96	153.8	153.89	32.88	6.74	1.91	1.91%	5.63	2.54	2.54%	85.88
BEDC	309	+4.99	+1.64%	0	0.07	46.28	4.95	2.24	-1.7	-1.7	-	218.78	-14.77	6.66	-181.18	-181.18	26.83	4.95	-1.1	-1.1%	6.83	-3.59	-3.59%	-
BENI	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
BGWT	502	+5.02	+1.01%	0	0.16	113.3	6.45	0.28	9.01	9.01	151.55	10.83	39.64	4.82	60.6	57.76	24.03	6.45	6.53	6.53%	11.28	8.22	8.22%	88.19
BHCL	530	+6.49	+1.24%	0	0.15	112.53	2.14	0.16	10.81	10.81	165.44	15.96	51.47	4	41.63	50.05	21.43	2.14	7.51	7.51%	13.6	10.08	10.08%	96.98
BHDC	431.5	+6.59	+1.55%	0.01	0.15	118.32	2.69	1.28	11.79	11.79	177.16	49.43	30.69	3.58	35.88	36.05	11.01	2.69	4.6	4.6%	12.4	10.59	10.59%	97.41
BHL	215.9	+4.9	+2.32%	0.01	0.13	81.22	1.8	1.96	7.72	7.72	118.78	62.35	24.48	2.51	26.42	26.81	6.47	1.72	3.23	3.23%	12.25	9.91	9.91%	83.13
BHPL	470	+10.12	+2.2%	0	0.08	50.03	1.14	1.86	-0.3	-0.3	-	133.02	-2.63	9.16	-1,527.67	-1,593.33	40.59	1.04	-0.2	-0.2%	8.83	-0.57	-0.57%	-
BJHL	665	+15.01	+2.31%	0.01	0.09	88.95	2.57	1.05	-2.6	-	-	233.82	-15.28	7.66	-261.92	-	40.04	2.57	-1.42	-	6.85	-2.92	-	-
BNHC	279	+3.01	+1.09%	0	0.13	100.59	7.62	0.97	1.49	1.49	58.07	111.02	6.46	2.76	186.58	186.98	12.02	7.62	0.8	0.8%	9.68	2.14	2.14%	97.01
BPCL	670	+16.09	+2.46%	0.02	0.1	210.87	7.05	0.09	9.84	9.84	216.07	3.19	41.84	3.17	67.89	67.07	28.41	6.52	4.18	4.18%	5.36	4.69	4.69%	80.94
BUNGAL	530	+7.01	+1.34%	0	0.09	81.42	0.21	3.4	-3.84	-	-	-	-11.28	7.18	-152.34	-	17.19	0.21	-1.07	-	4.34	-4.71	-	-
CHCL	360	+1.29	+0.36%	0.04	0.1	123.9	25.95	0.04	7.59	7.59	145.46	-	61.66	3.83	62.6	63.82	38.59	24.62	5.98	5.98%	7.15	6.2	6.2%	78.75
CHL	265.3	+4.79	+1.84%	0	0.13	84.29	2.08	1.03	1.72	1.72	57.11	92.02	7.56	3.04	148.84	154.65	11.25	2.03	1	1%	9.26	3.12	3.12%	101.74
CKHL	590.2	+0.18	+0.03%	0	0.11	100.19	0.83	1.96	13.25	13.25	172.83	77.7	40.33	6.37	48.15	44.93	19.42	0.83	4.44	4.44%	9.73	13.85	13.85%	100
DHEL	575	+5.02	+0.88%	0.01	0.04	118.14	0.45	1.37	-9.88	-	-	-	-89.33	4.57	-54.67	-	48.83	0.45	-3.52	-	2.24	-8.36	-	-
DHPL	278.1	+3.11	+1.13%	0	0.14	8.38	0.23	33.09	5.51	5.51	32.23	-	13.93	32.82	49.91	50.82	6.95	0.23	1.89	1.89%	14.84	93.63	93.63%	100
DOLTI	311.9	+4.91	+1.6%	0	0.1	59.87	1.11	2.2	0.87	0.87	34.23	125.13	4.65	5.31	365.4	351.84	17.08	1.11	0.45	0.45%	9.33	1.48	1.48%	100
DORDI	257	+6	+2.39%	0.01	0.07	106.3	1.83	0.91	1.42	1.42	58.28	57.15	10.91	2.32	173.94	173.73	18.97	1.81	0.76	0.76%	5.94	1.35	1.35%	106.79
EHPL	333	+7.01	+2.15%	0	0.13	76.3	2.47	1.28	3.39	3.39	76.29	69.82	14.32	4.3	96.84	94.75	13.86	2.47	1.93	1.93%	11.58	4.54	4.54%	98
GHL	246	+1.1	+0.45%	0	0.06	95.05	4.74	0.45	-1.33	-1.33	-	154.32	-15.98	2.26	-161.65	-173.68	25.9	4.74	-0.94	-0.94%	3.92	-1.38	-1.38%	-
GLH	264	+6.79	+2.64%	0	0.1	112.05	0.03	4.81	2.33	2.33	76.64	0.32	3.68	2.17	104.29	108.28	3.84	0.03	0.37	0.37%	0.39	2.09	2.09%	100
GVL	498.7	+4.69	+0.95%	0.02	0.14	124.33	1.4	1.52	12.94	12.94	190.26	82.6	29.87	3.86	37.09	37.33	11.09	1.24	4.07	4.07%	8.29	10.94	10.94%	97.08

AVG	401.04	6.81	1.8%	0.01	0.1	97	4.91	2.56	2.97	4.32	111.24	77.72	10.58	5.374	-16.21	5.85	23.6	4.83	1.73	2.32%	7.45	5.67	7.45%	94.7
MED	348.25	5.51	1.58%	0	0.1	101.18	1.96	1.17	2.21	3.29	86.82	66.09	13.46	3.845	49.03	60.79	20.425	1.92	1.44	1.92%	7.38	2.83	3.3%	97.25
MAX	707	21.01	5.87%	0.04	0.16	210.87	47.9	33.09	15.06	15.06	216.07	233.82	61.66	32.82	365.4	351.84	56.64	47.9	7.51	7.51%	14.84	93.63	93.63%	109.6
MIN	215.9	0.18	0.03%	0	0.04	8.38	0.03	0.04	-17.41	-17.41	32.23	0.32	-89.33	2.17	-1,527.67	-1,593.33	3.84	0.03	-4.43	-4.43%	-0.11	-22.42	-22.42%	78.75