NHPC Q3 Results FY26: Profit at ₹293 Crore, ₹1.40 Inter...

NHPC reported a standalone profit of ₹292.87 crore for Q3 FY26 and announced an interim dividend of ₹1.40 per share, with the record date set for February 10, 2026. The quarter was marked by progress at the Subansiri Lower project, regulatory adjustments related to transmission charges, and steady revenue from hydropower and solar assets. The results highlight NHPC’s operational stability, strong asset backing, and continued focus on shareholder returns.

India’s largest hydropower PSU, NHPC Limited, reported a standalone net profit of ₹292.87 crore for the third quarter ended December 31, 2025 (Q3 FY26). Alongside the earnings announcement, the company declared an interim dividend of ₹1.40 per equity share for FY26, providing a boost to investor sentiment.

The record date for the dividend has been fixed as February 10, 2026.

NHPC Q3 FY26 Financial Performance at a Glance

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Table: Key Financial Highlights (Q3 FY26)

Particulars	Amount
Standalone Profit	₹292.87 crore
Consolidated Profit (attributable to owners)	₹219.12 crore
Standalone Revenue from Operations	₹1,877.47 crore
Consolidated Revenue from Operations	₹2,220.73 crore
Standalone EPS (not annualised)	₹0.29

The results reflect the impact of new project commissioning, regulatory adjustments, and steady operational performance across NHPC’s asset base.

Dividend Announcement: Key Details

The Board of Directors approved an interim dividend of ₹1.40 per share, representing 14 percent of the face value of ₹10.

Dividend type: Interim
Dividend amount: ₹1.40 per share
Record date: February 10, 2026

This payout underscores NHPC’s continued focus on shareholder returns despite regulatory and project-related adjustments.

Project Updates and Regulatory Impact

One of the key highlights of the quarter was the progress at the Subansiri Lower Hydroelectric Project, a strategically important project for NHPC.

Subansiri Lower Project

One 250 MW unit (Unit 2) was commissioned during Q3 FY26
Another 250 MW unit (Unit 3) was commissioned on February 1, 2026, after the quarter-end

The company also recognised a regulatory deferral balance of ₹1,176.08 crore in standalone results. This includes ₹781.45 crore related to Associated Transmission System charges, in line with an order from the Central Electricity Regulatory Commission (CERC) dated January 16, 2026. The amount is recoverable from beneficiaries through future tariffs.

Other Key Project Developments

Parbati-II Project (800 MW)

Commissioned in April 2025
Tariff petition filed with CERC
Provisional unbilled sales of ₹249.49 crore recognised in Q3

Karnisar Solar Project (300 MW)

Commissioned during the nine-month period
Generated ₹24.15 crore in revenue during Q3

These developments reflect NHPC’s gradual diversification into solar power alongside its hydropower portfolio.

Strategic Corporate Decisions

NHPC’s Board also approved several strategic moves during the quarter:

JV Cancellation: Termination of the MoU and Promoters’ Agreement with Green Energy Development Corporation of Odisha Ltd. for floating solar projects
Exit from PTC India: Withdrawal of NHPC’s nominee director and relinquishment of promoter status in PTC India Limited, following a directive from the Ministry of Power

These actions indicate a sharper focus on core generation assets and regulatory compliance.

Debt Position and Asset Cover

NHPC confirmed a strong financial position:

Book value of assets offered as security for listed debt: ₹25,688.03 crore
Zero default on repayment of loans or debt securities as of December 31, 2025

The statutory auditors issued an unmodified review report, adding confidence to the reported numbers.

Market and Investor Perspective

While regulatory adjustments impacted reported profitability, investors are likely to focus on:

Increasing generation capacity
Steady dividend payouts
Recovery of deferred regulatory costs through future tariffs

The commissioning of new units at Subansiri and progress in renewable diversification are seen as long-term positives for NHPC.

Outlook

NHPC’s near-term performance will depend on:

Final tariff approvals from CERC
Stabilisation of newly commissioned projects
Execution of its renewable energy pipeline

With strong asset backing, zero debt defaults, and government support, NHPC remains a key player in India’s evolving power and renewable energy landscape.

About NHPC Limited

NHPC Limited is a Navratna public sector enterprise under the Ministry of Power and India’s largest hydropower development company. The PSU has also expanded into solar and wind energy as part of India’s clean energy transition.