NHPC (NHPC) Q1 25/26 earnings summary

Executive summary

• Consolidated revenue from operations for Q1 FY'26 was ₹3,213.77 crore, up 19.3% year-over-year from ₹2,694.20 crore in Q1 FY'25.

• Profit after tax rose to ₹1,131.16 crore in Q1 FY'26, a 2.7% increase year-over-year.

• Standalone and consolidated unaudited financial results for the quarter ended 30 June 2025 were reviewed and approved by the Board and auditors, with no material misstatements identified.

• Installed capacity reached 8,247 MW (7,771 MW hydro, 476 MW renewables) across 30 power stations, with 9,897 MW under construction.

• Parbati-II Hydroelectric Project (800 MW) fully commissioned in April 2025, now the largest operating station.

Financial highlights

• Total income for Q1 FY'26 was ₹3,442.76 crore, up 13.3% year-over-year.

• Standalone revenue from operations for Q1 FY26 was ₹2,977.43 crore, up from ₹2,416.12 crore in Q1 FY25.

• EBITDA for Q1 FY'26 stood at ₹2,032 crore, with an EBITDA margin of 59%.

• Dividend payout ratio for FY'25 was 64%, with a dividend per share of ₹1.91.

• EPS (consolidated, including regulatory deferral) for the quarter was ₹1.06, compared to ₹1.02 in Q1 FY25.

Outlook and guidance

• Targeted consolidated CAPEX for FY'25-26 is ₹13,052 crore, up from ₹11,596 crore in FY'24-25.

• Full commissioning of the 300 MW Bikaner Solar Project expected by September 2025.

• Petitions for tariff truing up (2019-24) and fixation (2024-29) have been filed; unbilled sales recognized pending approval.

• Major hydro and solar projects under construction and clearance, with significant capacity additions planned through FY'30-31.

• New projects commissioned: 800 MW Parbati-II and 214.28 MW Karnisar Solar Power Project (partial) in Q1 FY26.