Mumbai: NHPC Limited (BSE: 533098, NSE: NHPC), India's leading hydropower company, announced its financial results for the third quarter ended 31 December 2025. The company reported a standalone profit of ₹292.87 crore for the quarter.
In a significant decision, the Board of Directors declared an interim dividend of ₹1.40 per equity share (14% of face value ₹10) for FY 2025-26. The record date for the dividend has been fixed as Tuesday, 10 February 2026.
Financial Highlights for Q3 FY26
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Standalone Profit for the Period: ₹292.87 crore
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Consolidated Profit (attributable to owners): ₹219.12 crore
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Standalone Revenue from Operations: ₹1,877.47 crore
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Consolidated Revenue from Operations: ₹2,220.73 crore
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Earnings Per Share (Standalone, incl. regulatory movements): ₹0.29 (not annualized)
Also Read: NMDC Q3 FY26 Net Profit at ₹1,738 Crore, Declares ₹2.50 Per Share Dividend
Key Business Updates & Board Decisions
1. Dividend Declaration: The Board approved a ₹1.40 per share interim dividend payout.
2. Project Commissioning & Regulatory Impact:
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The company recognized a significant regulatory deferral balance of ₹1,176.08 crore in Q3 standalone results. This pertains to ₹781.45 crore for Associated Transmission System (ATS) charges for the Subansiri Lower Project, as per a CERC order dated 16 Jan 2026. This amount, charged to expenses, is recoverable from beneficiaries via future tariffs.
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Subansiri Lower Project: Commissioned one 250 MW unit (Unit#2) in Q3. Notably, the second 250 MW unit (Unit#3) was commissioned on 1 February 2026, post the quarter-end.
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Parbati-II Project (800 MW): Commissioned in April 2025. Tariff petition filed with CERC; provisional unbilled sales of ₹249.49 crore recognized in Q3.
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Karnisar Solar Project (300 MW): Commissioned during the nine-month period, generating ₹24.15 crore in Q3 revenue.
3. Strategic Corporate Actions:
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JV Cancellation: Approved the cancellation of the Memorandum of Understanding (MoU) and Promoters’ Agreement with Green Energy Development Corporation of Odisha Ltd. (GEDCOL) for forming a JV for floating solar projects in Odisha.
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Exit from PTC India: Approved the withdrawal of NHPC's nominee director from PTC India Limited's board and the relinquishment of its 'Promoter' status in PTC, following a Ministry of Power directive.
4. Asset Cover & Debt Compliance:
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The statutory auditor certified that the book value of assets provided as security for listed debt stands at ₹25,688.03 crore.
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The company confirmed zero default on repayment of any loans or debt securities as of 31 December 2025.
Auditor Review
The standalone and consolidated unaudited financial results were reviewed by the joint statutory auditors, S.N. Dhawan & Co. LLP, S. Jaykishan, and Dharam Raj & Co., who issued an unmodified review report.
Outlook
NHPC continues to advance its project pipeline, with the recent commissioning at Subansiri being a key milestone. The company's financials are influenced by regulatory orders and the capitalisation of new projects, with future revenues dependent on final tariff approvals from CERC.
About NHPC Limited:
NHPC Limited, a 'Navratna' Public Sector Enterprise under the Ministry of Power, is the largest organization for hydroelectric power development in India. It has also diversified into other renewable energy sources like solar and wind.