NHPC · Power · filed 4 Nov 2026
NHPC Ltd. reported revenue of ₹4,125 cr for July to September 2026, +51.0% on the year and +16.6% on the quarter.
Operating profit (EBITDA) was ₹2,624 cr, a margin of 63.6%, +804 bps on the year and +238 bps on the quarter. Operating costs grew +23.7% against revenue growth of +51.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,525 cr, +64.8% on the year and +37.0% on the quarter, with earnings per share of ₹1.52. Profit before other income, one-offs and tax grew faster, at +78.9%; other income, one-offs or tax held the headline back.
Of the 10 companies in Power and utilities that have reported Q2 FY27 so far, NHPC Ltd. ranks 4th on revenue growth; the sector median is +21.2%. Its margin moved +804 bps on the year against a sector median of +49 bps.
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.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹552 cr, +105.1% on the year; 21% of EBITDA.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹3,929 cr | ₹2,406 cr | ▲ 63.3% |
| Inventory | ₹284 cr | ₹278 cr | ▲ 1.9% |
| Cash | ₹2,464 cr | ₹1,042 cr | ▲ 136.4% |
| Bank balances | ₹329 cr | ₹129 cr | ▲ 153.9% |
| Long-term borrowings | ₹41,032 cr | ₹38,340 cr | ▲ 7.0% |
| Short-term borrowings | ₹6,590 cr | ₹5,877 cr | ▲ 12.1% |
| Trade payables | ₹392 cr | ₹352 cr | ▲ 11.6% |
| Net block | ₹45,218 cr | ₹44,517 cr | ▲ 1.6% |
| Capital work in progress | ₹20,770 cr | ₹19,067 cr | ▲ 8.9% |
| Equity | ₹42,276 cr | ₹39,972 cr | ▲ 5.8% |
| Total assets | ₹1.05 lakh cr | ₹98,464 cr | ▲ 6.8% |
Receivables at 94 days of sales (+9 days against the last year end). Inventory at 7 days of sales (−3 days).
No emphasis of matter.
₹0.0 cr still unused. “Nil funds raised through Non-Convertible Security during quarter ended September 30, 2026; statement of deviation or variation reports nil deviation.”
Hearing on Scheme of Amalgamation of Jalpower Corporation Limited (JPCL) with NHPC Limited held on September 28, 2026 before MCA; order in this regard…
Tax: Consolidated tax expense of ₹535.99 crore (current tax ₹308.07 crore, deferred tax charge ₹227.92 crore) on Profit before tax of ₹1,897.55 crore for Q2 FY27. Parent Company exercised option under Section 200(5) of Income Tax Act, 2025 effective Tax Year 2026-27.
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Capacity (MW) | 1,000 | 750 | 0 |
| Receivable days (days) | 94.34 | — | — |
| Operating Margin | 51.88% | 47.73% | 48.65% |
| Net Profit Margin | 36.98% | 30.93% | 36.23% |
| Debtors Turnover Ratio (6M) (x) | 4.68 | — | 2.27 |
| Inventory Turnover Ratio (6M) (x) | 55.2 | — | 49.25 |
Worked out from filed numbers. Receivable Days: Trade Receivables (₹4,283.37 crore) / (H1 Revenue ₹8,290.86 crore * 2) * 365
Trade receivables stood at ₹4,283.37 crore as on September 30, 2026 compared to ₹2,629.40 crore as on March 31, 2026. Pending CERC tariff final approval, provisional sales of ₹1,252.48 crore for Subansiri Lower (units 1-4) and ₹917.89 crore for Parbati-II were recognized in H1 FY27. Regulatory deferral account debit balances stood at ₹8,817.92 crore. Interest income and guarantee fees (including late payment surcharge) earned was ₹187.57 crore in H1 FY27.
Receivable expansion reflects provisional billing on newly commissioned units pending final CERC tariff orders.
Commissioned 4th unit of 250 MW at 2000 MW Subansiri Lower HE Project in H1 FY27 (reaching 1000 MW by Sep 30, 2026), and 5th unit on Oct 23, 2026 (reaching 1250 MW). 800 MW Parbati-II HE Project commissioned in FY 2025-26. Total CWIP stands at ₹38,889.69 crore across ongoing hydroelectric and renewable capacity additions.
Sequential commissioning of mega hydro units at Subansiri Lower adds substantial generating capacity to the grid.
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.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Subansiri Lower HE Project Total Target Capacity | 2000 | Full Project | unchanged or first given |
| Subansiri Lower HE Project Commissioned Capacity Post Q2 | 1250 | As of October 23, 2026 | unchanged or first given |
Held for next quarter's said-then-did check.
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹2,732 cr | ₹3,537 cr | ₹4,125 cr |
| YoY | — | — | +51% |
| EBITDA margin | 55.6% | 61.2% | 63.6% |
| Other income, % of PBT | 24% | 17% | 12% |
| Exceptional items | — | — | — |
| Tax rate | 26% | 27% | 26% |
| Net profit | ₹926 cr | ₹1,113 cr | ₹1,525 cr |
| YoY | — | — | +65% |
| Core profit YoY | — | — | +79% |
| EPS | ₹0.92 | ₹1.11 | ₹1.52 |
| Flags | · | · | 1 |
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 ₹4,125 cr (+51.0% on the year) and net profit of ₹1,525 cr (+64.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +78.9% on the year, against +64.8% for reported profit.
1 check 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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