Key Financial Figures

Full Year FY26 (Consolidated)

  • Power Generation: 29,619 million units (up 16% YoY from 25,548 million units)
  • Revenue from Operations: ₹11,615 crore (up 12% YoY from ₹10,380 crore)
  • Profit After Tax (PAT): ₹3,766 crore (up 25% YoY from ₹3,007 crore)
  • Plant Availability Factor (PAF): 74.75% (down from 78.87% in FY25)
  • Other Income: ₹1,071 crore (down 13% YoY from ₹1,235 crore)
  • Generation Expenses: ₹821 crore (up ₹22 crore YoY)
  • Employee Benefits Expense: ₹1,498 crore (down ₹325 crore YoY)
  • Finance Costs: ₹1,423 crore (up ₹234 crore YoY)
  • Depreciation, Amortization & Impairment: ₹1,976 crore (up ₹783 crore YoY)
  • Other Expenses: ₹4,060 crore (up ₹1,938 crore YoY)
  • Tax Expense: -₹327 crore (down ₹1,682 crore YoY due to deferred tax adjustment and MAT credit recognition)
  • CAPEX: ₹13,689 crore (up from ₹11,596 crore in FY25)
  • Incentives Earned: ₹913 crore (Secondary Energy: ₹570 crore, PAF-based: ₹297 crore, Deviation Charges: ₹46 crore)

Q4 FY26 (Consolidated)

  • Power Generation: 3,770 million units (up 20% YoY from 3,150 million units)
  • Revenue from Operations: ₹2,816 crore (up 20% YoY from ₹2,347 crore)
  • Profit After Tax (PAT): ₹1,460 crore (up 71% YoY from ₹854 crore)
  • Plant Availability Factor (PAF): 62.47% (down from 66.84% in Q4 FY25)
  • Other Income: ₹305 crore (up 45% YoY from ₹211 crore)
  • Generation Expenses: ₹103 crore (up ₹5 crore YoY)
  • Employee Benefits Expense: ₹402 crore (down ₹19 crore YoY)
  • Finance Costs: ₹574 crore (up ₹586 crore YoY from negative ₹12 crore)
  • Depreciation, Amortization & Impairment: ₹642 crore (up ₹327 crore YoY)
  • Other Expenses: ₹1,115 crore (up ₹492 crore YoY)
  • Tax Expense: -₹1,823 crore (down ₹2,070 crore YoY due to deferred tax adjustment and MAT credit recognition)
  • Incentives Earned: ₹366 crore (Secondary Energy: ₹109 crore, PAF-based: ₹245 crore, Deviation Charges: ₹12 crore)

Project-Specific Financials (FY26)

  • Parbati-II: Reported a loss of ₹150 crore for FY26, but a profit of ₹104 crore in Q4 FY26 after booking a ₹200 crore shortfall in energy revenue.
  • Subansiri Lower (SLP): Reported a profit of ₹495 crore for FY26, with ₹487 crore earned in Q4 FY26.
  • Revenue Under-Recovery: Approximately ₹300 crore for Parbati-II and ₹150 crore for Subansiri Lower, as revenue is booked at 80% of filed AFC pending CERC tariff orders.

Dividend

  • The Board recommended a final dividend of ₹0.21 per share (2.10%) for FY26.
  • This is in addition to the interim dividend of ₹1.40 per share (14%) already paid.
  • Total dividend for FY26 is ₹1.61 per share (16.10%) on face value of ₹10.

Project Updates & Operational Highlights

Commissioned Projects

  • Subansiri Lower (2,000 MW): Four units (250 MW each) commissioned. Remaining four units expected by March 2027. Total anticipated cost: ₹30,072 crore. Expenditure incurred till March 2026: ₹26,092 crore.
  • Parbati-II: Commissioned and contributing to generation.
  • Karnisar Solar: Commissioned.

New Project Approvals & Agreements

  • Uri-I Stage-II (240 MW) & Dulhasti Stage-II (260 MW): Investment approval accorded by NHPC Board on February 20, 2026 (Cost: ₹2,709 cr & ₹2,994 cr). Implementation agreement signed with J&K SPDCL on March 27, 2026. Civil contracts awarded in March 2026. Scheduled completion: November 2029.
  • Kamala HE Project (1,720 MW): CCEA approved investment of ₹26,070 crore on April 8, 2026. To be implemented via JV with Govt. of Arunachal Pradesh. Subsidiary formation and clearances in process.

Under-Construction Project Status

  • Dibang Multipurpose (2,880 MW): All major contracts awarded, including dam package (₹14,446 cr) in April 2026. Estimated cost: ₹31,876 crore (includes ₹6,716 cr grant). Expenditure incurred: ₹4,504 crore (Mar'26). Scheduled completion: February 2032.
  • Teesta-VI (500 MW): 72% physical progress. Estimated cost: ₹9,167 cr. Expenditure: ₹5,231 cr (Mar'26). Expected commissioning: September 2029.
  • Rangit-IV (120 MW) - JPCL: 96% physical progress. Boxing up of all three units completed. Estimated cost: ₹1,889 cr. Expenditure: ₹1,792 cr (Mar'26). Expected commissioning: November 2026. Merger process with NHPC ongoing; second motion application filed with MCA.
  • Ratle HE (850 MW): 29% physical progress. Estimated cost: ₹5,282 cr. Expenditure: ₹1,538 cr (Mar'26). Expected commissioning: November 2028.
  • Projects via subsidiary CVPPL (Chenab Valley):
  • Pakal Dul (1,000 MW): 80% physical progress. Estimated cost: ₹12,728 cr. Expenditure: ₹9,141 cr (Mar'26). Expected commissioning: Q4 FY27.
  • Kiru (624 MW): 82% physical progress. Estimated cost: ₹5,409 cr. Expenditure: ₹3,637 cr (Mar'26). Expected commissioning: Q4 FY27.
  • Kwar (540 MW): 33% physical progress. Estimated cost: ₹4,526 cr. Expenditure: ₹1,708 cr (Mar'26). Expected commissioning: March 2028.
  • Teesta-V Restoration: Under progress. Expected to start generation in June 2026.

Solar Projects

  • CPSU Scheme, Tranche-II (1,000 MW): 300 MW in Bikaner, Rajasthan commissioned. 100 MW in Andhra Pradesh expected by June 2026. 600 MW in Gujarat expected by December 2026.
  • Other Solar: 40 MW in Ganjam, Odisha expected by October 2026. 50 MW Floating Solar in Kerala expected by March 2027.
  • Gujarat Solar (Khavda RE Park): 200 MW (Stage-I & Stage-III) expected by June 2026 and December 2026, respectively.

Future Pipeline

  • Exploring Pumped Storage Projects (PSPs) in Maharashtra, Odisha, MP, Gujarat, Chhattisgarh, Rajasthan, Andhra Pradesh. 18 GW PSPs at DPR/PFR stage.
  • Expecting to start construction of Indira Sagar-Omkareshwar PSP (640 MW) in FY27.
  • Actively pursuing Sawalkot (1,856 MW), Subansiri Upper (1,605 MW), and Etalin (3,097 MW) at different clearance stages.
  • Target to bring five hydro projects into construction in FY27: Uri-I S-II, Dulhasti S-II, Etalin, Sawalkot, Kamala, and one PSP (Indira Sagar-Omkareshwar).

Key Operational Metrics

  • Normative PAF: Consolidated 82%, Standalone 80%.
  • FY26 PAF (ex-Teesta-V): 80%.
  • Realization: Received ₹10,499 crore from beneficiaries against energy sale in FY26 (vs. ₹9,943 cr in FY25).
  • Trade Receivables (Mar 31, 2026): ₹2,630 crore (vs. ₹2,573 cr Mar'25). Includes ₹1,887 cr unbilled debtors (vs. ₹1,587 cr Mar'25).
  • Net Receivables Breakdown: Billed Receivables: ₹743 cr; Less dues converted to installments: ₹39 cr; Net amount due: ₹704 cr; Dues >45 days: ₹242 cr.

Tariff & Regulatory Matters

  • Parbati-II: Interim tariff order from CERC received (billing at 75% of filed tariff). Final hearing scheduled for May 25, 2026; order expected by end-June 2026.
  • Subansiri Lower: Tariff petition filed with CERC. Awaiting interim tariff order. Final order expected within ~6 months of interim order.
  • Deferred Tax Adjustment: Opted for lower tax regime (25% under Sec. 115BAA). Reversed DTL created at higher rate, resulting in a net impact of ~₹900 crore on PAT (disclosed in Note #8 of financials).

Q&A Highlights

  • Adjusted PAT: Reported PAT includes a one-off tax benefit of ~₹900 crore. Adjusted PAT is approximately ₹900 crore lower.
  • Teesta-V Impact: No revenue contribution in FY26. Expected AFC is ~₹500 crore (~₹400 cr ex-tax). Generation expected to resume June 2026.
  • Regulated Equity: Current regulated equity (incl. Parbati-II): ₹18,309 crore. Expected hydro regulated equity by end-FY27: ₹30,672 crore with the commissioning of ~2,994 MW hydro and ~1,190 MW solar.
  • Cost Escalation: Inherent in hydro projects due to price variation clauses. CERC allows pass-through of costs beyond management's control.
  • Generation Shortfall Booking: Regulation allows billing for shortfall in design energy if reasons are beyond control (e.g., applied for Parbati-II).