Mumbai: NHPC Limited (BSE: 533098, NSE: NHPC), India’s leading hydropower company, announced its Q3 FY26 financial results, reporting a standalone profit of ₹292.87 crore. The company’s Board of Directors also declared an interim dividend of ₹1.40 per equity share (14% of face value ₹10) for FY 2025-26, with the record date set for February 10, 2026.
Financial Highlights for Q3 FY26
- Standalone Profit: ₹292.87 crore
- Consolidated Profit (attributable to owners): ₹219.12 crore
- Standalone Revenue from Operations: ₹1,877.47 crore
- Consolidated Revenue from Operations: ₹2,220.73 crore
- Earnings Per Share (Standalone, incl. regulatory adjustments): ₹0.29 (not annualized)
The results reflect NHPC’s strong operational performance despite regulatory deferrals recognized in Q3, totaling ₹1,176.08 crore, largely related to Associated Transmission System (ATS) charges for the Subansiri Lower Project.
Read also: NHPC Commissions 2 Units of Subansiri Lower HE Project, Adds 500 MW to India’s Grid
Key Project Updates
Subansiri Lower Project (2000 MW):
- Commissioned Unit#2 (250 MW) in Q3 FY26.
- Unit#3 (250 MW) commissioned on February 1, 2026, post quarter-end.
- Provisional unbilled revenue recognized: ₹50.36 crore.
Parbati-II Project (800 MW):
- Commissioned in April 2025.
- Provisional unbilled revenue of ₹249.49 crore recognized in Q3.
Karnisar Solar Power Project (300 MW), Bikaner:
- Commissioned during the nine-month period ended December 31, 2025.
- Revenue in Q3 FY26: ₹24.15 crore; nine-month revenue: ₹47.77 crore.
Strategic Corporate Decisions
- JV Cancellation: MoU and Promoters’ Agreement with Green Energy Development Corporation of Odisha Ltd. (GEDCOL) for floating solar projects in Odisha terminated.
- Exit from PTC India: NHPC approved withdrawal of its nominee director and relinquishment of ‘Promoter’ status in PTC India Limited following Ministry of Power directives.
Dividend Declaration
The Board approved an interim dividend of ₹1.40 per equity share, payable to shareholders on the record date of February 10, 2026. This reflects NHPC’s commitment to rewarding shareholders while sustaining growth in strategic energy projects.
Debt, Asset Cover, and Auditor Review
- Book value of assets as debt security: ₹25,688.03 crore
- Debt Compliance: No defaults reported as of December 31, 2025
- Key Ratios: DSCR – 1.67, ISCR – 2.85, Debt/Equity – 1.05
- Audit: Q3 FY26 standalone and consolidated unaudited results reviewed by statutory auditors with unmodified report
Outlook and Future Prospects
NHPC continues to strengthen its hydropower and renewable energy portfolio, with commissioning of Subansiri units marking a major milestone. Future revenues will depend on tariff approvals from the Central Electricity Regulatory Commission (CERC) and ongoing capitalization of new projects. The company remains focused on operational excellence, regulatory compliance, and strategic growth in India’s energy sector.
About NHPC
NHPC Limited is India’s leading hydropower company, specializing in the development and operation of hydro and renewable energy projects. The company is committed to sustainable energy generation, infrastructure excellence, and contributing to India’s energy security while delivering value to its shareholders.
Read also: NHPC Starts Commercial Operation of Unit 3 at 2,000 MW Subansiri Lower Hydroelectric Project
