NHPC LTD

Generates and sells hydroelectric power from a portfolio of large dams and run-of-the-river schemes across India, billing state distribution utilities and power procurers under PPAs at tariffs set or adopted by the Central Electricity Regulatory Commission. In FY26, output rose 16% to 29,619 MUs, driven by the commissioning of Parbati-II and four of eight units at the 2,000 MW Subansiri Lower project, with solar projects such as Karnisar also contributing. Profit was lifted by a one-off ₹1,156 crore DTL reversal and growth in regulated equity, which management expects to expand from ₹18,309 crore to ₹30,672 crore by end-FY27 as ~2,994 MW of hydro and 1,190 MW of solar capacity commission. The capex pipeline is large — ₹26,070 crore approved for the 1,720 MW Kamala project, a ₹14,446 crore dam package for Dibang awarded in April 2026, and ₹13,689 crore of FY26 capex — pointing to continued heavy build-out. On the cost side, 'other operating expenses' (which jumped on network access charges and insurance) make up 42% of revenue, depreciation 17% and employee costs 12.9%, while power generation itself is essentially a pass-through of the CERC-allowed return on regulated equity.