NHPC (NHPC) Q4 24/25 earnings summary

Executive summary

• Power generation for FY 2025 was 19,862 million units, down 9% year-over-year due to flash floods and plant outages, notably at Teesta-V.

• Standalone income for FY 2025 was ₹10,573 crore, up 5.77% year-over-year; PAT at ₹3,084 crore, down 17.14% year-over-year.

• EBITDA margin stood at 58% and profit margin at 34% for FY 2025.

• Major projects like Parbati-II (800 MW) and 107.14 MW of Bikaner solar plant were commissioned, with significant progress on Subansiri and Dibang projects.

• Audited standalone and consolidated financial results for FY 2025 were approved, with an unmodified audit opinion issued by the statutory auditors.

Financial highlights

• Revenue from operations for FY 2025 increased by 7.12% to ₹8,994 crore; total income up 5.77%.

• PAT for FY 2025 was ₹3,084 crore, down 17% year-over-year, mainly due to lower generation, higher employee costs, and one-off items.

• Q4 FY 2025 revenue rose 25% year-over-year to ₹2,059 crore, with PAT up 29% to ₹894 crore.

• CapEx for FY 2025 was ₹11,596 crore against a target of ₹11,762 crore; targeted consolidated CapEx for FY 2026 is ₹13,052 crore.

• Dividend per share for FY 2025 is ₹1.91, with a payout ratio of 62% and yield at 2.13%.

Outlook and guidance

• Restoration of Teesta-V expected by January 2026.

• Five units of Subansiri to be commissioned in FY 2026, full commissioning by May 2026; incremental annual revenue expected at ₹4,500 crore.

• Full commissioning of Parbati-II and Bikaner solar (300 MW) by August 2025; further solar and pumped storage projects in pipeline.

• Multiple hydro and solar projects under construction, with significant capacity additions planned through FY 2032.

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