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NHPC (NHPC) investor relations material

NHPC Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary6 Feb, 2026

Executive summary

  • Power generation rose 15% year-over-year to 25,849 million units for the nine months ended December 2025, driven by new capacity additions and improved water availability.

  • Major projects commissioned include Parvati-II (800 MW), Subansiri Lower (2x250 MW), and Karnisar Solar (300 MW), with further units and projects scheduled for completion through 2026-2029.

  • Operating 8,833 MW (8,271 MW hydro, 562 MW renewables) across 31 power stations, with 9,204 MW under construction and over 10,000 MW of new hydro and solar projects in the pipeline.

  • Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and declared an interim dividend of ₹1.40 per share for FY 2025-26.

  • Interim dividend of 14% and final dividend of 5.1% declared for FY26.

Financial highlights

  • Consolidated revenue from operations for nine months FY26 was ₹8,799.76 crore, up 9.55% year-over-year; PAT at ₹2,671.04 crore, up 7.18%.

  • Q3 FY26 consolidated revenue was ₹2,220.73 crore, down from ₹2,286.76 crore in Q3 FY25; standalone Q3 FY26 revenue was ₹1,877.47 crore.

  • Other income for nine months fell 25% to INR 766 crore, mainly due to lower insurance claim realizations.

  • EBITDA for 9M FY26 was ₹4,810 crore; EBITDA margin at 50%.

  • CapEx for nine months FY26 was INR 8,844 crore, up from INR 7,405 crore year-over-year.

Outlook and guidance

  • CapEx guidance: FY26 at INR 13,300 crore, FY27 at INR 15,000 crore, and INR 12,000–13,000 crore annually thereafter.

  • Capacity addition targets: 2,100 MW by March 2026, 2,744 MW hydro in FY27, and 1,190 MW solar under construction to be added by end of next financial year.

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

  • Multiple large hydro and solar projects are expected to commence construction in FY27, with pumped storage projects (2,000 MW+) to start within the calendar year.

  • Progressive capacity addition planned with major hydro and solar projects scheduled for commissioning through FY30-31.

Impact of Subansiri ATS charges on Q3 profit
Rationale for exiting Odisha solar JV and PTC
New projects' impact on future revenue streams
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