NHPC (NHPC) Q4 25/26 earnings summary

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, expanding operational capacity to 9,333 MW as of May 2026.

• Revenue from operations increased 12% year-over-year to ₹11,615 crore, with consolidated PAT rising 25% to ₹3,766 crore; auditors issued an unmodified opinion on the results.

• Four units of Subansiri Lower (1,000 MW), Parbati-II (800 MW), and Karnisar Solar (300 MW) commissioned; remaining Subansiri Lower units expected by March 2027.

• Major new hydro projects, including Kamala, Uri-I Stage-II, and Dulhasti Stage-II, received board and CCEA approvals.

• Final dividend of ₹1.61 per share for FY 2025-26, including interim and final payouts.

Financial highlights

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

• Consolidated revenue for FY 2025-26 was ₹11,615.29 crore, with consolidated net profit at ₹4,220.46 crore.

• EBITDA margin stood at 59%, profit margin at 36%, and consolidated operating margin at 39.68%.

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

• Dividend payout ratio was 16.1% for FY'26.

Outlook and guidance

• Remaining Subansiri Lower units to be commissioned by March 2027; several major hydro and solar projects scheduled for completion through FY29.

• Targeted consolidated CAPEX of ₹15,000 crore for FY'27, following ₹13,689 crore in FY'26.

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

• Regulated equity expected to rise to ₹30,627 crore by end-FY27 with new capacity additions.