Guidance ledger · Q4 FY26

NHPC Limited NHPC

4 revisions on record · 1 lowered · 3 raised — the strikethrough is what management used to say

gives specific guidance · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered Subansiri Lower remaining units commissioning Q3 FY26 → Q4 FY26

~~4 units by March'26 + rest 4 by December'26 (Q3FY26)~~ → 4 commissioned; remaining 4 one-by-one till March'27 (Q4FY26)

“Remaining four units are expected to be commissioned one -by-one till March'27.”

↑ raised FY26 Generation (actual outcome) Q3 FY26 → Q4 FY26

~~9M FY26 +15% to 25,849 MU (Q3FY26)~~ → FY26 full year +16% to 29,619 MU (Q4FY26)

“power stations have achieved generation of 29,619 million units as against 25,548 million units generated in corresponding period of the previous year, which is higher by about 16% or 4,071 million units.”

↑ raised FY26 CAPEX (consolidated actual) Q3 FY26 → Q4 FY26

~~Rs.13,300cr guided for FY26 (Q3FY26)~~ → Rs.13,689cr actual for FY26 (Q4FY26)

“Rs. 13,689 Crore as against Rs. 11,596 Crore in the corresponding period of previous year on consolidated basis.”

↑ raised Parbati-II CERC final tariff order Q3 FY26 → Q4 FY26

~~Not quantified in prior quarters~~ → Final order by 30th June 2026; same-quarter full catch-up recognition + interest from COD

“Parbati-II petition is in the final stage of hearing and we are expecting an order from CERC by 30th of June.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.