NHPC (NHPC) Q2 26/27 earnings summary

Executive summary

• H1 FY'27 generation rose 14% YoY to 23,741 MUs; consolidated revenue from operations increased 26.02% to ₹8,290.86 crore, while consolidated PAT rose 20.64% to ₹2,835.66 crore.

• Installed capacity reached 9,583 MW, with 8,954 MW under construction; five 250 MW Subansiri Lower units had been commissioned by Oct. 23, 2026.

Financial highlights

• Q2 consolidated revenue from operations rose 33.20% YoY to ₹4,482.55 crore and PAT increased 35.95% to ₹1,657.57 crore.

• H1 PAT attributable to the parent was ₹2,644.96 crore, up 26.77% YoY; consolidated H1 total income rose 22.01% to ₹8,629.30 crore.

• H1 consolidated EBITDA was ₹6,119 crore with a 65% margin; finance costs rose 115.78% to ₹1,161.93 crore and depreciation and amortisation increased 37.90% to ₹1,209.68 crore.

• Other income fell 31% in H1 to ₹338 crore and 29% in Q2 to ₹187 crore, mainly because the prior-year periods included an insurance claim.

• H1 other expenses rose ₹308 crore to ₹1,717 crore, including a ₹231 crore Teesta-IV provision; adjusted Q2 PAT excludes the provision.

Outlook and guidance

• FY'27 consolidated capex target is ₹15,000 crore; ₹5,232 crore was spent in H1. Management expects annual capex of ₹14,000–15,000 crore from next year.

• Subansiri Lower's remaining three units are scheduled for Q1 FY'27-28; the full 2,000 MW project is targeted for completion by June 2027.

• Planned hydro additions are 1,244 MW in FY'27-28, 1,390 MW in FY'28-29 and 1,000 MW in FY'29-30.

• Management expects EBITDA to reach ₹10,000 crore after planned commissioning; Subansiri Lower is projected to generate annual AFC of ₹5,500 crore and PAT of ₹1,500–1,600 crore at full commissioning.

• Internal resources are expected to meet equity needs, with no fresh equity considered necessary for planned capex.