Subansiri Lower Phase 1 Commissioning
Three units of the 2,000 MW project expected to commission by March 2025, with remaining five units in phased manner through May 2026.
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NHPC · forward-looking guidance across the available source record.
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Guidance tracker
What management said would happen.
expansion
Parvati-II Project Commissioning
98% progress achieved with all major works completed except 159m overt lining and 3,630m invert lining of HRT; project targeted for February 2025.
Teesta-V Restoration
The power station suffered second incident in August 2024 (landslide at tail race tunnel); restoration expected to be completed by December 2025.
Regulated Equity Growth
Projected to reach INR 16,500Cr by FY25 end, INR 17,000Cr by FY26, INR 25,365Cr by FY27, and INR 28,590Cr by FY28.
FY26 Consolidated CapEx: INR 13,300 crore
Nine-month consolidated CapEx already at INR 8,844 crore vs INR 7,405 crore in prior year period, tracking towards full-year target.
FY27 CapEx: INR 15,000 crore
Significant increase planned for next fiscal year to support the ambitious project pipeline including multiple hydro projects and solar expansion.
FY27 Capacity Addition: 2,744 MW from Hydro
Based on current project timelines, NHPC expects to add approximately 2,744 MW of hydroelectric capacity in FY27, primarily from Subansiri Lower (remaining 6 units), Pakal Dul, and Kiru projects.
Annual CapEx Run-rate: INR 12,000-13,000 crore post-FY27
Management expects sustained high CapEx phase as ~10,000 MW of new hydro projects (Uri-I Stage-II, Dulhasti Stage-II, Sawalkot, Subansiri Upper, Etalin, Kamala) enter construction.
Subansiri Lower commissioning timeline
3 units expected by June 2025, remaining 5 units by May 2026. Project at 96% physical progress with incremental annual revenue of INR 4,500 crore when fully operational.
Parbati-II revenue recognition
With 800 MW capitalized (INR 12,000+ crore), the project will generate ~INR 2,000 crore annual revenue at INR 7.5/unit tariff. CERC tariff petition to be filed; 90% revenue recognized provisionally till order.
Teesta-V restoration
Restoration works progressing; affected by August 2024 landslide. Expected completion by January 2026. Teesta Basin projects normally contribute ~INR 500 crore PBT.
Regulated equity expansion
Consolidated regulated equity of INR 15,000 crore; expected to reach INR 18,000 crore after Parbati-II capitalization (30% of INR 12,000 crore capital cost).