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Q3 FY26Power

NHPC Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 earnings call: what management said on revenue, margins and capex.

Price₹76
Market cap₹77.2K Cr
P/E20.4
Updated23 Aug 2026
Read5 min read

The short version

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.

Revenue & Sales Performance

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.

2 more points from NHPC Ltd's call on revenue

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Profitability & Margins

See what NHPC Ltd said on profitability & margins — free account, 30 seconds.

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

2 more points from NHPC Ltd's call on capex

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Top-ranked in Power

Ranked on what management guided this quarter

Guidance-ranked
1Insolation Ener
Rev 1Mar 1
2ACME Solar Holdings Ltd
Rev 1Mar 3
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 2Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what NHPC Ltd said on fundraising & capital structure — free account, 30 seconds.

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.

2 more points from NHPC Ltd's call on order book

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NHPC Ltd — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹2.8K Cr, net profit ₹1.5K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

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What NHPC Ltd's management said in earlier quarters

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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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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.