NHPC Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript NHPC Ltd filed with BSE on 25 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
NHPC reported FY26 revenue of Rs. 11,615 Crore, up about 12%, and PAT of Rs. 3,766 Crore, up about 25%, aided by commissioning of Parbati-II, part commissioning of Subansiri Lower, and Karnisar Solar. Generation for the year rose about 16% to 29,619 million units while plant availability factor declined to 74.75% due to shutdowns at Dulhasti, Chamera-III and TLDP-IV for repair works. Management discussed under-recovery of revenue at Parbati-II and Subansiri Lower pending CERC tariff orders, and detailed progress on multiple under-construction hydro and solar projects.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Generation: 29,619 million units (FY26)
p. 4
“During FY’26, our power stations have achieved generation of 29,619 million units as against 25,548 million units generated in corresponding period of the previous year, which is higher by about 16% or 4,071 million units.”
Sanjay Kumar Singh, page 4 of the filed PDF · View the filing
PAF: 74.75% (FY26)
p. 4
“Our PAF for FY’26 stands at 74.75% against the corresponding previous period PAF of 78.87%, which is about 4% lower.”
Sanjay Kumar Singh, page 4 of the filed PDF · View the filing
Revenue from Operations: Rs. 11,615 Crore (FY26)
p. 4
“During FY’26, company has earned revenue from operations of Rs. 11,615 Crore as against Rs. 10,380 Crore in the corresponding previous period, which is about 12% higher.”
Sanjay Kumar Singh, page 4 of the filed PDF · View the filing
PAT: Rs. 3,766 Crore (FY26)
p. 4
“During FY’26, company has earned PAT of Rs. 3,766 Crore as against Rs. 3,007 Crore of corresponding period, which is 25% higher.”
Sanjay Kumar Singh, page 4 of the filed PDF · View the filing
Revenue from Operations: Rs. 2,816 Crore (Q4 FY26)
p. 8
“During Q4 FY’26, company has earned Revenue from Operation of Rs. 2,816 Crore as against Rs. 2,347 Crore in the corresponding previous period which is about 20% higher or by Rs. 469 Crore.”
Mahesh Kumar Sharma, page 8 of the filed PDF · View the filing
PAT: Rs. 1,460 Crore (Q4 FY26)
p. 11
“During Q4 FY’26, we have earned Profit After Tax of Rs. 1,460 Crore as against Rs. 854 Crore of corresponding previous period, which is up by Rs. 606 Crore or 71% approx.”
Mahesh Kumar Sharma, page 11 of the filed PDF · View the filing
CAPEX: Rs. 13,689 Crore (FY26)
p. 12
“CAPEX during FY’26 is Rs. 13,689 Crore as against Rs. 11,596 Crore in the corresponding period of previous year on consolidated basis.”
Mahesh Kumar Sharma, page 12 of the filed PDF · View the filing
Trade receivables: Rs. 2,630 Crore (as on 31st March'26)
p. 12
“Trade receivables as on 31st March’26 stands at Rs. 2,630 Crore as against Rs. 2,573 Crore as on 31st March’25.”
Mahesh Kumar Sharma, page 12 of the filed PDF · View the filing
Parbati-II profit: Rs. 104 Crore (Q4 FY26)
p. 14
“we have earned Rs. 104 Crore profit from Parbati-II in Q4 and Rs. 487 Crore profit from SLP in Q4.”
Saroj Kumar Roy, page 14 of the filed PDF · View the filing
Parbati-II FY26 result: loss of Rs. 150 Crore (FY26)
p. 14
“On yearly basis, Parbati-II has given a loss of Rs. 150 Crore whereas on yearly basis, SLP has given a total profit of Rs. 495 Crore.”
Saroj Kumar Roy, page 14 of the filed PDF · View the filing
Regulated equity: Rs. 18,309 Crore (Current)
p. 19
“Current regulated equity, including Parbati-II, is Rs. 18,309 Crore.”
Saroj Kumar Roy, page 19 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Subansiri Lower Project commissioning — remaining four units · till March'27
stated firmly by Sanjay Kumar Singh
p. 4
“Remaining four units are expected to be commissioned one-by-one till March'27.”
Sanjay Kumar Singh, page 4 of the filed PDF · View the filing
Uri-I Stage-II and Dulhasti Stage-II completion — November'29
stated firmly by Sanjay Kumar Singh
p. 5
“Civil Contracts for these projects have also been awarded in March'26 and scheduled completion of both the projects is November'29.”
Sanjay Kumar Singh, page 5 of the filed PDF · View the filing
Dibang Multipurpose Project completion — February'32
stated firmly by Sanjay Kumar Singh
p. 5
“the scheduled completion of the project is February'32.”
Sanjay Kumar Singh, page 5 of the filed PDF · View the filing
Teesta-VI HE Project commissioning — September'29
stated firmly by Sanjay Kumar Singh
p. 5
“The expected commissioning schedule of the project is September'29.”
Sanjay Kumar Singh, page 5 of the filed PDF · View the filing
Rangit-IV HE Project commissioning — November'26
stated firmly by Sanjay Kumar Singh
p. 5
“The project is expected to be commissioned by November'26.”
Sanjay Kumar Singh, page 5 of the filed PDF · View the filing
Ratle HE project commissioning — November'28
stated firmly by Sanjay Kumar Singh
p. 6
“The project is expected to be commissioned by November'28.”
Sanjay Kumar Singh, page 6 of the filed PDF · View the filing
Pakal Dul HE Project commissioning — Q4 FY'27
stated firmly by Sanjay Kumar Singh
p. 6
“The project is expected to be commissioned by the 4 th quarter of FY'27.”
Sanjay Kumar Singh, page 6 of the filed PDF · View the filing
Kiru HE Project commissioning — Q4 FY'27
stated firmly by Sanjay Kumar Singh
p. 6
“estimated commissioning of the project is 4 th quarter of FY'27.”
Sanjay Kumar Singh, page 6 of the filed PDF · View the filing
Kwar HE Project commissioning — March'28
stated firmly by Sanjay Kumar Singh
p. 6
“the project is scheduled to be commissioned by March'28.”
Sanjay Kumar Singh, page 6 of the filed PDF · View the filing
Teesta-V Power Station restoration — start generation · June'26
stated conditionally by Sanjay Kumar Singh
p. 6
“The restoration work of Teesta-V Power Station is under progress and it is expected that the power station will start generation in June'26.”
Sanjay Kumar Singh, page 6 of the filed PDF · View the filing
Indira Sagar-Omkareshwar PSP construction start — 640 MW project · current financial year
stated as an aspiration by Sanjay Kumar Singh
p. 7
“we are expecting to start construction of Indira Sagar-Omkareshwar PSP of 640 MW in the current financial year.”
Sanjay Kumar Singh, page 7 of the filed PDF · View the filing
Parbati-II CERC tariff order — order reserved/issued · by end of this quarter
stated conditionally by Mahesh Kumar Sharma
p. 15
“We will be expecting the final orders by the end of this quarter.”
Mahesh Kumar Sharma, page 15 of the filed PDF · View the filing
Subansiri Lower interim tariff order — another six months or so
stated conditionally by Mahesh Kumar Sharma
p. 15
“we are expecting in another six months or so after this interim tariff is issued by CERC in respect of Subansiri Lower.”
Mahesh Kumar Sharma, page 15 of the filed PDF · View the filing
Hydro projects into construction stage — five projects · this financial year
stated as an aspiration by Sanjay Kumar Singh
p. 24
“Actually, we have a target to bring five projects of hydro bring into construction stage during this financial year.”
Sanjay Kumar Singh, page 24 of the filed PDF · View the filing
Subansiri Lower expected generation — 5,000 million units to 5,500 million units
stated as an aspiration by Saroj Kumar Roy
p. 20
“If you look at the expected generation of Subansiri Lower, we are expecting somewhere 5,000 million units to 5,500 million units of generation from Subansiri Lower.”
Saroj Kumar Roy, page 20 of the filed PDF · View the filing
Hydro regulated equity — Rs. 30,672 Crore · end of FY'27
stated firmly by Saroj Kumar Roy
p. 19
“So, altogether, if you look at the hydro regulated equity by end of FY'27, it would be Rs. 30,672 Crore.”
Saroj Kumar Roy, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed it to reversal of deferred tax liability being mirrored under the regulated deferral account.
Answered by Saroj Kumar Roy
Asked by Aniket Mittal: What is causing the negative regulated income this quarter?
p. 20
“That is basically, as we have discussed, in our opening remark, there has been reversal of Rs. 1,156 Crore of DTL in the line item of deferred tax liability.”
Saroj Kumar Roy, page 20 of the filed PDF · View the filing
Management said generation is expected to resume from June onward.
Answered by Saroj Kumar Roy
Asked by Aniket Mittal: When will Teesta-V restart operations?
p. 16
“So, by end of June onwards, you can see some top-line activity in Teesta-V also.”
Saroj Kumar Roy, page 16 of the filed PDF · View the filing
Management said cost increases beyond the company's control are passed through under CERC's cost-plus regulation.
Answered by Mahesh Kumar Sharma
Asked by Riya Mehta: How is construction cost increase treated regulatorily?
p. 19
“Whatever cost beyond our control, that is definitely allowed by the CERC.”
Mahesh Kumar Sharma, page 19 of the filed PDF · View the filing
Management attributed it to silt accumulation from the October 2023 flash floods that also impacted Teesta-V.
Answered by Saroj Kumar Roy
Asked by Mohit Kumar: Why did TLDP-III and TLDP-IV show lower PAF this quarter?
p. 24
“A lot of silt issues are there, which we are trying to come out of.”
Saroj Kumar Roy, page 24 of the filed PDF · View the filing
Management explained actual generation was roughly half the design energy due to a cloudburst event, limiting revenue recognition.
Answered by Saroj Kumar Roy
Asked by Murtaza: Why was Parbati-II's full-year profit low relative to project cost?
p. 25
“If your generation is not there, you have not been able to book the entire expected revenue of Parbati-II.”
Saroj Kumar Roy, page 25 of the filed PDF · View the filing
Risks flagged
Lower plant availability factor due to shutdowns for repair works
p. 4
“This is mainly due to shut down for some period in Dulhasti, Chamera-III, TLDP-IV Power Station on account of MIV repair works, restoration of sill beam and repair of radial gates etc.”
Sanjay Kumar Singh, page 4 of the filed PDF · View the filing
Cloudburst event impacting Parbati-II generation
p. 25
“So, that has basically stopped the expected generation of Parbati-II.”
Saroj Kumar Roy, page 25 of the filed PDF · View the filing
Silt accumulation affecting TLDP-III and TLDP-IV following 2023 flash floods
p. 24
“If you remember October'23 events where we got heavy damages in Teesta-V, these flash floods had impacted our TLDP-III and TLDP-IV projects also.”
Saroj Kumar Roy, page 24 of the filed PDF · View the filing
Revenue under-recovery pending CERC tariff orders for Parbati-II and Subansiri Lower
p. 16
“So, altogether Parbati-II and Subansiri Lower, Rs. 450 Crore of revenue has not been booked in our book of accounts if you look at the tariff petition filed in respect of these two projects.”
Saroj Kumar Roy, page 16 of the filed PDF · View the filing
Inherent cost overrun risk in hydropower projects
p. 22
“So, cost overrun is very inherent in any hydropower project.”
Saroj Kumar Roy, page 22 of the filed PDF · View the filing
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