New Delhi: India’s leading hydropower company NHPC Limited reported a strong financial performance for the fourth quarter and full financial year ended March 31, 2026. The Navratna Central Public Sector Enterprise posted a sharp rise in profitability, announced a final dividend for shareholders, and outlined fresh fundraising plans to support future expansion projects.
The company also received a clean audit report from its joint statutory auditors, reflecting strong compliance and financial transparency.
NHPC Q4 FY26 Profit Surges 71%
NHPC delivered an impressive performance in the January–March 2026 quarter (Q4 FY26). The company’s standalone net profit rose 71% year-on-year to ₹1,460.16 crore compared to ₹853.64 crore in Q4 FY25.
Revenue from operations also increased significantly to ₹2,815.53 crore against ₹2,346.97 crore in the corresponding quarter last year.
NHPC Q4 FY26 Profit Surge (Standalone)
- NHPC standalone net profit jumped 71% YoY in Q4 FY26
- Net profit rose to ₹1,460.16 crore in Q4 FY26 vs ₹853.64 crore in Q4 FY25
- Revenue from operations increased to ₹2,815.53 crore vs ₹2,346.97 crore last year
- Total comprehensive income stood at ₹1,467.34 crore vs ₹892.99 crore
The strong earnings growth was driven by improved power generation, commissioning of major projects, and favorable tax adjustments during the financial year.
FY26 Net Profit Rises 24.6%
For the full financial year FY26, NHPC reported a standalone net profit of ₹3,689.49 crore, registering a growth of 24.6% over ₹2,962.20 crore reported in FY25.
Annual revenue from operations climbed to ₹11,615.29 crore compared to ₹10,933.17 crore in the previous financial year.
FY26 Full-Year Performance (Standalone)
- FY26 net profit increased 24.6% YoY
- Net profit stood at ₹3,689.49 crore vs ₹2,962.20 crore in FY25
- Revenue from operations rose to ₹11,615.29 crore vs ₹10,933.17 crore
- Total comprehensive income increased to ₹4,143.39 crore vs ₹3,124.08 crore
Growth supported by improved operational efficiency and new project contributions.
NHPC Announces Total Dividend of ₹1.61 Per Share
The Board of Directors recommended a final dividend of ₹0.21 per equity share for FY26, subject to shareholder approval at the upcoming Annual General Meeting (AGM).
This comes in addition to the interim dividend of ₹1.40 per share already paid in February 2026.
Total FY26 Dividend
- Interim Dividend: ₹1.40/share
- Final Dividend: ₹0.21/share
- Total Dividend for FY26: ₹1.61/share
The total payout represents 16.10% of the face value of ₹10 per equity share.
NHPC Plans ₹2,000 Crore Fundraising Through Bonds
To strengthen its expansion and infrastructure plans, NHPC’s Board approved fundraising of up to ₹2,000 crore through private placement of listed taxable bonds in FY27.
The company plans to issue:
- Listed
- Unsecured
- Non-cumulative
- Non-convertible
- Redeemable
- Taxable Series A1 Bonds
The proceeds will support ongoing hydro and renewable energy projects across India.
Major Project Updates Boost Growth Outlook
Subansiri Lower Project Reaches 1,000 MW Capacity
NHPC achieved significant progress in its flagship 2,000 MW Subansiri Lower Hydroelectric Project. During FY26, three generating units with combined capacity of 750 MW were commissioned.
An additional 250 MW unit became operational on May 8, 2026, taking the project’s installed capacity to 1,000 MW.
Parbati-II Hydroelectric Project Commissioned
The 800 MW Parbati-II Hydroelectric Project was commissioned in April 2025. Pending final tariff approval from CERC, NHPC recognized provisional sales revenue of ₹1,278.44 crore during FY26.
Karnisar Solar Project Operational
NHPC also commissioned the 300 MW Karnisar Solar Project during FY26, recognizing revenue of ₹86.50 crore from the project.
Tax Benefits Support Earnings Growth
NHPC stated that it opted for the concessional tax regime under Section 200(5) of the Income-Tax Act, 2025 from FY27 onward.
As a result, deferred tax liabilities were remeasured at lower tax rates, reducing deferred tax expense by ₹1,156.60 crore during FY26 and positively impacting profitability.
Clean Audit Report and Strong Financial Compliance
The company confirmed that its Joint Statutory Auditors issued an unmodified audit opinion on both standalone and consolidated financial results for FY26.
NHPC also stated that:
- There were no defaults on loans or debt securities
- Total indebtedness stood at ₹46,227.20 crore as of March 31, 2026
- Security cover for secured debt securities remained above 100%
- The company complied with all Debenture Trust Deed covenants
Merger of JPCL with NHPC Under Process
NHPC informed that the merger process of its wholly-owned subsidiary Jalpower Corporation Limited (JPCL) with the parent company is ongoing.
The second motion application is currently pending before the Ministry of Corporate Affairs (MCA).
Stock Market Focus on NHPC Growth Strategy
With strong earnings growth, rising renewable energy capacity, strategic fundraising plans, and stable dividend payouts, NHPC continues to strengthen its position in India’s power and clean energy sector.
The commissioning of major hydroelectric and solar projects is expected to support long-term revenue growth and operational expansion in the coming years.
About NHPC Limited
NHPC Limited is a Navratna Central Public Sector Enterprise under the Ministry of Power, Government of India. Established in 1975, the company is primarily engaged in the development, operation, and maintenance of hydroelectric power projects across India. NHPC has also expanded into solar and wind energy, strengthening its presence in the renewable energy sector while contributing significantly to India’s clean energy transition.
Read also: NHPC Strengthens J&K Hydropower Push with 2,164 MW CVPPL Projects, Retains Majority Stake at 50.86%
