NHPC · Power
NHPC Ltd. reported revenue of ₹2,816 cr for January to March 2026, +20.0% on the year and +26.8% on the quarter. Over the last four quarters revenue comes to ₹11,616 cr, +11.9% on the four before.
Operating profit (EBITDA) was ₹637 cr, a margin of 22.6%, −2,872 bps on the year and +1,308 bps on the quarter. Over the last 8 quarters the margin has ranged from 9.5% to 60.2%, averaging 45.4%. Operating costs grew +90.8%, faster than revenue at +20.0%, so operating profit grew less than sales.
Net profit was ₹1,549 cr, +68.4% on the year and +382.6% on the quarter, with earnings per share of ₹1.45. Profit before other income, one-offs and tax fell 164.3%, so 233 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹4,220 cr, +23.7% 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 ₹3.75 over the last four quarters, the stock at ₹71.44 trades at 19.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +68.4% on the year; profit before other income, exceptional items and tax −164.3%.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 22.6%, −2,872 bps on the year (+1,308 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, Tax rate lifting profit, Exceptional items that recur, Finance cost rising, 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹2,816 cr (+20.0% on the year) and net profit of ₹1,549 cr (+68.4% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −164.3% on the year, against +68.4% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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