NHPC Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 14 Jun 2026 | Power | Market Cap: ₹77.2K Cr
Future Growth Expectations for NHPC Limited: - Power generation up by 15% in 9 months FY'26 due to commissioning of Parbati-II (800 MW) and increased generation from Parbati-III. - Capacity addition planned: ~2,100 MW by March 2026 and 2,744 MW hydro capacity in FY'27. - Solar capacity under construction: 1,190 MW, expected to be mostly commissioned by FY'27 end. - Pipeline projects of ~10,000 MW planned to start in 2026, including Uri-I Stage-II, Dulhasti Stage-II, Sawalkot, Subansiri Upper, Etalin, Kamala. - Pumped Storage Plants (PSPs): Planning to start construction of at least two projects (~2,000 MW) in 2026. - Expect better revenue results with signing of 2,000–3,000 MW PPAs in renewable energy sector in next 2-3 months. - Estimated generation cost for new PSPs: Rs. NHPC expects a bright future with strong project completions and expansions in hydro, pump storage, and renewable energy sectors. - Plans to start 5-6 new hydro projects in 2026, totaling around 10,000 MW capacity. - Solar capacity addition of over 1,000 MW anticipated in calendar year 2026. - Pumped Storage Plants (PSPs) construction to begin on at least two projects, adding around 2,000 MW during 2026. - Projects under DPR show attractive generation cost (~Rs.
From NHPC Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹76.2
Market Cap
₹77.2K Cr
P/E Ratio
20.4
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Compare NHPC Ltd against every Power company this quarter on revenue, margins and earnings-call signals.
NHPC Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹2.8K Cr, net profit ₹1.5K Cr.
Full financials →📊 Revenue & Sales Performance
📈 Profitability & Margins
- →NHPC expects a bright future with strong project completions and expansions in hydro, pump storage, and renewable energy sectors.
- →Plans to start 5-6 new hydro projects in 2026, totaling around 10,000 MW capacity.
- →Solar capacity addition of over 1,000 MW anticipated in calendar year 2026.
- →Pumped Storage Plants (PSPs) construction to begin on at least two projects, adding around 2,000 MW during 2026.
- →Projects under DPR show attractive generation cost (~Rs. 4.50 per unit) and total cost (~Rs. 7 per unit), making them financially viable.
- →Revenue recognition for new projects like Parbati-II and Subansiri currently conservative (80% recognized), expected to improve with tariff clearances.
- →Capacity additions of 2,744 MW hydro planned for FY'27 with further renewable additions.
- →Management assures improved results and better performance in the full year FY'26 and beyond.
🏗️ Capital Expenditure Plans
- →FY'26 CAPEX plan: Rs. 13,300 Crore; Nine Months FY'26 CAPEX already Rs. 8,844 Crore
- →FY'27 CAPEX plan: Rs. 15,000 Crore; thereafter average annual CAPEX Rs. 12,000-13,000 Crore
- →Planning to start 5-6 hydro projects in 2026 totaling ~10,000 MW capacity (e.g., Uri-I Stage-II, Dulhasti Stage-II, Sawalkot, Subansiri Upper, Etalin, Kamala)
- →Solar capacity under construction: 1,190 MW, expected to be mostly commissioned by FY'27 end
- →Exploring pumped storage plants (PSPs) across states like Andhra Pradesh, Odisha, Madhya Pradesh, Maharashtra, etc. DPRs ongoing
- →Construction planned to start on at least two PSPs (approx. 2,000 MW) in calendar year 2026
- →Focus on inorganic and organic growth in hydro, pump storage, and renewable energy sectors
💰 Fundraising & Capital Structure
📋 Order Book & Pipeline
- →Dibang Multipurpose Project (2880 MW): All major contracts awarded except one, which is expected to be awarded in February 2026.
- →Ratle Hydroelectric Project (850 MW): Physical progress 26%, with dam concreting started; targeted completion by November 2028.
- →Chenab Valley Power Projects (Subsidiary):
- → - Pakal Dul (1000 MW): 77% progress, expected commissioning December 2026.
- → - Kiru (624 MW): 77% progress, targeted completion December 2026.
- → - Kwar (540 MW): 27% progress, targeted completion March 2028.
- →Pending tender for Dibang dam package: price bids opened and contract expected to be awarded by end of February 2026.
- →Pump Storage Projects under DPR stage include projects like Omkareshwar (640 MW), Savitri PSP, Kalu PSP, and Masinta (1000 MW) with total capacity pipeline around 5500-6000 MW; plan to start at least two projects (~2000 MW) during calendar year 2026.
Key Metrics
Frequently Asked Questions
What were NHPC Ltd Q3 FY26 results?
Future Growth Expectations for NHPC Limited: - Power generation up by 15% in 9 months FY'26 due to commissioning of Parbati-II (800 MW) and increased generation from Parbati-III. - Capacity addition planned: ~2,100 MW by March 2026 and 2,744 MW hydro capacity in FY'27. - Solar capacity under construction: 1,190 MW, expected to be mostly commissioned by FY'27 end. - Pipeline projects of ~10,000 MW planned to start in 2026, including Uri-I Stage-II, Dulhasti Stage-II, Sawalkot, Subansiri Upper, Etalin, Kamala. - Pumped Storage Plants (PSPs): Planning to start construction of at least two projects (~2,000 MW) in 2026. - Expect better revenue results with signing of 2,000–3,000 MW PPAs in renewable energy sector in next 2-3 months. - Estimated generation cost for new PSPs: Rs. NHPC expects a bright future with strong project completions and expansions in hydro, pump storage, and renewable energy sectors. - Plans to start 5-6 new hydro projects in 2026, totaling around 10,000 MW capacity. - Solar capacity addition of over 1,000 MW anticipated in calendar year 2026. - Pumped Storage Plants (PSPs) construction to begin on at least two projects, adding around 2,000 MW during 2026. - Projects under DPR show attractive generation cost (~Rs.
What is NHPC Ltd share price analysis?
NHPC Ltd currently shows a neutral. The stock trades at a P/E of 20.4 with a market cap of ₹77,246 Cr. Investors should review the full earnings analysis for detailed insights.
Is NHPC Ltd planning capital expenditure?
FY'26 CAPEX plan: Rs.
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