NHPC earnings calls.

NHPC delivered a solid Q3 FY26 with 9-month revenue of INR 8,800 croreCurrent reported value: INR 8,800 crore. No comparable prior figure is available in the source record. (+10Current 10 crore vs previous available quarter 7 crore.% YoY) and PAT of INR 2,306 croreCurrent reported value: INR 2,306 crore. No comparable prior figure is available in the source record. (+7Current reported value: 7. No comparable prior figure is available in the source record.% YoY), driven primarily by commissioning of the 800 MW Parvati-II Power Station. Q3 standalone revenue declined 3% YoY to INR 2,221Current reported value: 2,221. No comparable prior figure is available in the source record. crore due to a one-off INR 500 crore item in the prior year base. The company achieved 15% generation growth (25,849 MUCurrent 25,849 MU. Reported change: +15% YoY.) driven by Parvati-II and Parvati-III ramp-up. Key milestones include commissioning of 2 units (500 MW) of Subansiri Lower with 2 more units expected by March 2026, and full commissioning of the 300 MW Karnisar Solar Project. Management provided specific CapEx guidance of INR 13,300 crore for FY26 and INR 15,000 crore for FY27. The project pipeline is robust with ~10,000 MW of new hydro projects targeted to start construction in 2026. Risks include tariff approval uncertainty for high-cost Subansiri Lower (INR 7.5/unit levelized tariff), PPA signing delays in the solar segment due to DISCOM hesitancy for standalone solar, and geological challenges at Teesta-VI. Management remains confident of achieving all project timelines and forecasts a much better full-year result.