NHPC Limited has informed the Exchange about Transcript of Earning Conference Call held on 06.02.2026.
NHPC · price
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NHPC's Q3 FY26 earnings call highlighted a 10% rise in 9M revenue to Rs. 8,800 Crore and 7% growth in 9M PAT to Rs. 2,306 Crore, driven by commissioning of Parbati-II (800 MW) and higher generation of 25,849 MUs (up 15% YoY). Q3 revenue dipped 3% to Rs. 2,221 Crore only because the prior year quarter had a Rs. 500 Crore one-off from pay anomaly and arbitration interest; adjusted PAT adds back Rs. 116 Crore Parbati-II loss. Management gave a clear growth roadmap: CAPEX guidance of Rs. 13,300 Crore in FY26 and Rs. 15,000 Crore in FY27, with Rs. 12,000–13,000 Crore annually thereafter. NHPC plans to commission 2,100 MW by March 2026, add another 2,744 MW hydro in FY27, and commence 5–6 new projects (~10,000 MW) including Dibang, Etalin, Kamala and Sawalkot during 2026. Pumped storage pipeline of 5,500–6,000 MW is also under DPR, with two projects (~2,000 MW) targeted to start in calendar 2026. Subansiri Lower's levelized tariff works out to ~Rs. 7.50/unit, and management remains confident on CERC approval of cost overruns.
Positive medium-term outlook — strong project pipeline and ~10,000 MW of new capacity starts in 2026 should drive multi-year earnings growth, though near-term margins face pressure from higher depreciation, new-project finance costs and the conservative 80% revenue accounting for Parbati-II and Subansiri until final CERC tariff orders. Investors should watch for the Parbati-II final tariff order (expected in 5–6 months) and PPA signings (~2,000–3,000 MW expected in next 2–3 months) as near-term triggers.