NHPC (NHPC) investor relations material

Executive summary

• Power generation rose 16% year-over-year to 29,619 million units, driven by new hydro and solar capacity additions, including Parbati-II, Subansiri Lower, and Karnisar Solar stations; operational capacity reached 9,333 MW as of May 2026.

• Revenue from operations increased 12% year-over-year to INR 11,615 crore, while PAT grew 25% to INR 3,766 crore; consolidated net profit for FY 2025-26 was INR 4,220.46 crore.

• Four units of Subansiri Lower (250 MW each) commissioned; Parbati-II (800 MW) and Karnisar Solar (300 MW) also commissioned, with remaining Subansiri Lower units expected by March 2027.

• Major hydro and solar projects are progressing on schedule, with significant investments and clearances obtained for future capacity; Board and CCEA approved new projects including Kamala, Uri-I Stage-II, and Dulhasti Stage-II.

• Audited standalone and consolidated financial results for FY 2025-26 were approved, with auditors issuing an unmodified opinion.

Financial highlights

• Q4 FY26 revenue from operations was INR 2,816 crore, up 20% year-over-year; PAT for Q4 was INR 1,460 crore, up 71%.

• Consolidated revenue from operations for FY 2025-26 was INR 11,615.29 crore, up from INR 10,379.86 crore year-over-year; consolidated net profit was INR 4,220.46 crore.

• EBITDA margin stood at 59%, with consolidated net profit margin at 36.34%.

• Net worth increased to INR 41,437 crore; long-term debt rose to INR 46,174 crore.

• EPS improved to INR 3.75 (consolidated), up from INR 2.99 in FY'25.

Outlook and guidance

• Remaining Subansiri Lower units to be commissioned by March 2027; several other hydro and solar projects scheduled for completion through FY27.

• CapEx for FY26 was INR 13,689 crore, with a targeted consolidated CapEx of INR 15,000 crore for FY27 and continued high investment planned for ongoing and new projects.

• Targeting five new hydro projects to reach construction stage in FY27, including Etalin, Sawalkot, Kamala, and a PSP.

• Petitions for tariff truing up (2019-24) and fixation (2024-29) have been filed with CERC; revenue recognized provisionally for new projects pending final approval.

• Board approved fund-raising plan for FY 2026-27 to support ongoing and future projects.