NHPC Q2 Profit Climbs to Rs 1,525.49 Crore

Revenue grew to Rs 4,124.77 crore while net profit jumped to Rs 1,525.49 crore for the quarter ended September 30, 2026.

Reader Takeaway: Strong capacity growth in Subansiri drives revenue, but a Rs 231.30 crore project provision tempers immediate gains.

What just happened

NHPC Limited has released its standalone financial results for the quarter and half-year ended September 30, 2026. The company saw a robust year-on-year expansion, with revenue from operations rising to Rs 4,124.77 crore from Rs 2,732.11 crore in the same period last year. Profit for the period followed suit, increasing to Rs 1,525.49 crore from Rs 925.52 crore.

Why this matters

The financial growth reflects the commissioning of new generation assets. Notably, the Subansiri Lower Project reached an installed capacity of 1,250 MW as of October 23, 2026, following the commissioning of the 4th and 5th units. This expanded capacity is a primary driver for the improved top and bottom-line figures reported this quarter.

Operational Updates

Beyond the Subansiri progress, the company continues to advance its portfolio. The 800 MW Parbati-II HE project is now operational, and NHPC has initiated tariff fixation petitions with the CERC. Meanwhile, the internal merger process for Jalpower Corporation Limited is in its final stages, with the company currently awaiting a formal court order.

Risks to watch

Management has opted to write off/provide Rs 231.30 crore regarding the Teesta IV HE Project. This amount, previously categorized as Capital Work in Progress, covers survey and investigation costs. The move signals ongoing implementation uncertainties for this specific asset, which investors should track closely.

Context metrics

NHPC maintained a clean debt service record during the period, reporting no defaults on outstanding loans or debt securities. Additionally, the company successfully distributed a final dividend of Rs 0.21 per share for the previous financial year in September 2026.