NHPC (NHPC) Q2 25/26 earnings summary

Executive summary

• Achieved full commissioning of Parbati-II Hydroelectric Project (800 MW) and Karnisar Solar Power Project (300 MW) in FY 25-26, expanding renewable portfolio.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, with review by the Audit Committee and statutory auditors.

• Holds 16% share of India's installed hydro capacity, with 8,333 MW operational and 9,704 MW under construction.

• Signed multiple MoUs for new pumped storage and renewable projects across several states.

• No defaults on loans or debt securities; all covenants for listed debt securities fully complied with.

Financial highlights

• H1 FY'26 consolidated revenue from operations: ₹6,579 crore, up 14.5% year-over-year; total income: ₹7,073 crore, up 9.8%.

• Consolidated net profit for H1 FY26: ₹2,350.44 crore, up 8.7% year-over-year.

• Standalone revenue from operations for Q2 FY26: ₹2,732.11 crore; total income: ₹2,977.43 crore.

• Interim dividend payout at 14% and final dividend at 5.1% for FY'25; final dividend of ₹0.51 per share paid in September 2025.

• Consolidated net worth as of H1 FY'26: ₹41,240 crore; long-term debt: ₹40,589 crore.

Outlook and guidance

• Targeting consolidated capex of ₹13,052 crore for FY 25-26, up from ₹11,596 crore in FY 24-25.

• Progressive capacity addition planned, with major hydro and solar projects scheduled for commissioning through FY 30-31.

• Tariff petitions for 2019-24 true-up and 2024-29 period filed; unbilled sales recognized pending approval.

• Commissioned 800 MW Parbati-II and 214.28 MW Karnisar Solar Power Project in H1 FY26, with additional capacity commissioned in October 2025.