NHPC · Power
NHPC Ltd. reported revenue of ₹2,221 cr for October to December 2025, −2.9% on the year and −34.0% on the quarter. Over the last four quarters revenue comes to ₹11,147 cr, +12.4% on the four before.
Operating profit (EBITDA) was ₹212 cr, a margin of 9.5%, −3,484 bps on the year and −5,068 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 9.5% to 61.0%). Operating costs grew +57.9%, faster than revenue at −2.9%, so operating profit grew less than sales.
Net profit was ₹321 cr, −2.7% on the year and −73.7% on the quarter, with earnings per share of ₹0.22. Profit before other income, one-offs and tax fell 904.3%, so 902 points of the headline growth came from outside the core business. The tax rate was 64% against an average of 31% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹3,591 cr, +16.0% 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 ₹3.15 over the last four quarters, the stock at ₹71.44 trades at 22.7 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.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 162% of profit before tax, against 84% a year earlier.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 9.5%, −3,484 bps on the year (−5,068 bps on the quarter).
Source: Quarterly statements
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 | Q2 FY26 |
|---|---|
| Capacity (MW) | 0 |
| Operating Margin | 48.65% |
| Net Profit Margin | 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 ₹2,221 cr (−2.9% on the year) and net profit of ₹321 cr (−2.7% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −904.3% on the year, against −2.7% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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