← Throughline · holding view Deep analysis ↗ Q3 FY26
NHPC NHPC Limited · Other Q3 FY26 · concall

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▸ Other Q&A (4)
Ragini Pandey · Elara Capital

CAPEX guidance FY26/27/28 + capacity addition split?

The CAPEX plan for the current fiscal year is Rs. 13,300 Crore and next year , we are planning to spend Rs. 15,000 Crore. Thereafter, on an average, our annual CAPEX will be in the range of Rs. 12,000 to 13,000 Crore.

Ragini Pandey · Elara Capital

Q3 generation +23% but revenue -3% — reason?

during Q3 of the corresponding period, we ha d a one-off revenue to the extent of Rs. 500 Crore, on account of pay anomalies and interest on arbitration. So, if you exclude Rs. 500 Crore from the previous year, then you will find that our Revenue is higher than the corresponding period.

Ragini Pandey · Elara Capital

PSP project pipeline + economics?

Omkareshwar PSP in Madhya Pradesh (640 MW ) seems to be attractive one. Then there is Savitri PSP, Kalu PSP in Maharashtra and one project in Odisha also, which is Masinta (1,000 MW). So, total capacity of these projects comes out to be around 5500- 6000 MW. So, we are planning to start at least two projects of around 2,000 MW out of these four during this calendar year and I am 100% sure whatever projects we will start, they will be very attractive one with generation cost of around Rs. 4.50/ - per unit and total cost including pump, that will be around Rs. 7.00/ - per unit.

Murtuza Arsiwalla · Kotak Securities

Parbati-II + Subansiri revenue recognition at 80% vs final tariff?

we have already filed tariff petition based on the revised cost of Parbati - II, Rs. 13,600 Crore and based on that, whatever estimated tariff we have envisaged, we have been accounting 80% of that as revenue in our Q1, Q2 and Q3 accounts. So, almost Rs. 225 Cr ore has not been considered as revenue and that will be accounted after the tariff notification by CERC.

▸ Prepared remarks (4 blocks)
During Nine Months FY'26, our Power Station s have achieved generation of 25,849 MUs as against 22,397 MUs generated in the corresponding period of the previous year, which is higher by about 15% During Nine Months FY'26, Company has earned Revenue of Rs. 8,800 Crore as against Rs. 8,033 Crore which is about 10% higher and Company has earned PAT of Rs. 2,306 Crore as against Rs. 2,153 Crore of the corresponding period, which is 7% higher. we have commissioned and declared the commercial operation of two units of Subansiri Lower Project (2000 MW) comprising of 8 units of 250 MW. Third Unit is expected to be commissioned within this week and we will commission fourth unit and declare the COD by the end of March'26. We are targeting to commission all the remaining four units by December '26. NHPC has also fully commissioned 300 MW Karnisar Solar Project under CPSU Scheme in Bikaner and the project has become NHPC's largest operational Solar Project as of now. In respect of Dibang Multipurpose Project (2880 MW), we have already awarded all major contracts except one, which we will be awarding this month only. This is a very good project for us, because the levelized tariff of this project is Rs.
4.46 per unit and we intend to complete it as early as possible. Now, regarding Teesta -VI, which we took over from NCLT, is also going well. We have achieved 71% physical progress. The progress of Rangit-IV (120 MW) in the state of Sikkim is almost 95% as of now. Apart from this, NHPC has 3 -4 new projects, which we are going to start very soon, namely, Uri -I Stage-II Project (240 MW), Dulhasti Stage-II (260 MW), Sawalkot (1856 MW), Subansiri Upper (1605 MW), Etalin (3097 MW) which is current ly the largest hydro power project of India and Kamala (1720 MW). In total, we are planning to start 5 -6 projects t his year itself, comprising around 10,000 MW of capacity. NHPC is also exploring the possibility of Pumped Storage Plants (PSPs) in various states, including Andhra Pradesh, Odisha, Madhya Pradesh, Chhattisgarh, Guja rat, Punjab, Rajasthan and Maharashtra. We are planning to start construction of at least two projects during this calendar year, which will add around 2000 MW or more, comprising 2-3 PSPs.
For Nine Months FY'26, Company has earned Revenue from Operations of Rs. <strong>8,800 Crore</strong> as against Rs. 8,033 Crore in the corresponding previous period, which is about 10% higher i.e. by Rs. 767 Crore. The increase in revenue is mainly due to higher generation on account of commissioning of Parbati-II Power Station. During Q3 FY'26, Company has earned Revenue fro m Operations of Rs. 2,221 Crore as against Rs. 2,287 Crore in the corresponding previous period, which is about 3% lower i.e. by Rs. 66 Crore. The decrease in revenue is mainly due to decrease in sales pertaining to previous years on account of Pay Anomaly and Interest on A rbitration accounted in previous corresponding quarter to the extent of Rs. 500 Crore approx. During Nine Months FY'26, Other Expenses have gone up from Rs. 1,499 Crore to Rs. 2,946 Crore, means by Rs. 1,447 Crore, which is mainly due to increase in General Network Access Charges by Rs. 781 Crore, increase in Insurance Expenses by Rs. 323 Crore, and increase in R&M Expenses by Rs. 71 Crore etc.
The CAPEX plan for the current fiscal year is Rs. <strong>13,300 Crore</strong> and next year , we are planning to spend Rs. 15,000 Crore. Thereafter, on an average, our annual CAPEX will be in the range of Rs. 12,000 to 13,000 Crore.