NHPC · Power
NHPC Ltd. reported revenue of ₹3,808 cr for April to June 2026, +18.5% on the year and +35.2% on the quarter. That is faster than this quarter has grown in recent years (+8.5% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹12,211 cr, +12.0% on the four before.
Operating profit (EBITDA) was ₹2,352 cr, a margin of 61.8%, +570 bps on the year and +3,914 bps on the quarter. It is the widest margin of the last 8 quarters (range 9.5% to 61.8%). Operating costs grew +3.1% against revenue growth of +18.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,178 cr, +4.2% on the year and −23.9% on the quarter, with earnings per share of ₹1.09. Profit before other income, one-offs and tax grew 3.9%, so the profit growth came from the business itself. The tax rate of 29% is in line with its recent average. Profit over the last four quarters totals ₹4,267 cr, +24.0% on the four before.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹3.78 over the last four quarters, the stock at ₹71.44 trades at 18.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹606 cr, +132.1% on the year; 26% of EBITDA.
Source: Results filing
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 28.9% against 41.4% over the previous quarters, worth about ₹162 cr of profit.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| Capacity (MW) | 750 | 0 |
| Operating Margin | 47.73% | 48.65% |
| Net Profit Margin | 30.93% | 36.23% |
| Debtors Turnover Ratio (6M) (x) | — | 2.27 |
| Inventory Turnover Ratio (6M) (x) | — | 49.25 |
Read using the Power and utilities framework (named in the filing read). Primary valuation lens: P/B against allowed RoE.
Read more closely in this sector: Regulatory receivables and late payment surcharge · Capacity announced against commissioned.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,056 cr | ₹1,887 cr | ₹2,694 cr | ₹3,052 cr | ₹2,287 cr | ₹2,347 cr | ₹3,214 cr | ₹3,365 cr | ₹2,221 cr | ₹2,816 cr | ₹3,808 cr | ₹4,483 cr |
| YoY | — | — | −2% | +4% | +11% | +24% | +19% | +10% | −3% | +20% | +18% | +33% |
| EBITDA margin | 36.6% | 61.0% | 59.7% | 59.1% | 44.4% | 51.3% | 56.1% | 60.2% | 9.5% | 22.6% | 61.8% | 64.2% |
| Other income, % of PBT | 65% | 56% | 29% | 27% | 84% | 23% | 27% | 17% | 162% | — | 12% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 31% | 46% | 27% | 36% | 24% | 21% | 26% | 34% | 64% | — | 29% | 28% |
| Net profit | ₹623 cr | ₹605 cr | ₹1,102 cr | ₹1,060 cr | ₹330 cr | ₹920 cr | ₹1,131 cr | ₹1,219 cr | ₹321 cr | ₹1,549 cr | ₹1,178 cr | ₹1,658 cr |
| YoY | — | — | +1% | −37% | −47% | +52% | +3% | +15% | −3% | +68% | +4% | +36% |
| Core profit YoY | — | — | −3% | −11% | −79% | +85% | +3% | +8% | −904% | −164% | +4% | +31% |
| EPS | ₹0.48 | ₹0.54 | ₹1.02 | ₹0.90 | ₹0.23 | ₹0.85 | ₹1.06 | ₹1.02 | ₹0.22 | ₹1.45 | ₹1.09 | ₹1.54 |
| Flags | 1 | 1 | 1 | 1 | 3 | 2 | 1 | ✓ | 2 | 2 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
NHPC Ltd. reported revenue of ₹3,808 cr (+18.5% on the year) and net profit of ₹1,178 cr (+4.2% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +3.9% on the year, against +4.2% for reported profit.
2 checks raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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