NHPC / language trends

Read confidence between the lines.

NHPC · tone and specificity signals across the available quarters.

Research layer active

Language signals

What changed in management language.

Q2-FY25 · Raj Kumar Chaudhary

By end of FY25 the after commissioning of Parvati 2 our regulated equity will be INR 16,500 crore. From the current level of INR 13,000 crore. Then in FY26 after commissioning of Rangit 4 the resultant regulated equity will be INR 17,000 crore. By FY27 after commissioning of Subansiri full commissioning of Subansiri Lower... resultant regulated equity will be INR 25,365 crore. By FY28... regulated equity will be INR 28,590 crore. Meaning thereby in next four years our regulated equity is going to be more than double.

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Q2-FY25 · Rajendra Prasad Goyal

Our present debt equity ratio is in the range of 0.84 only. So there is no issue of cash flow. After commission of these ongoing projects, we will have sufficient internal accruals for increasing equity in the upcoming projects and for raising debts. We have no issue because we are very underleveraged.

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Q2-FY25 · Rajendra Prasad Goyal

The dip is only on account of MAT credit which we recognized last year and which is not available in current year. Otherwise our operating profit is just comparable with last year.

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Q3-FY26 · Mahesh Kumar Sharma

We will be taking 100% expenses and 80% of the revenue. So our profit will not be reflected in true manner. But fact remains that this is the practice because you cannot being conservative in accounting, we have been doing this—CERC is the final authority.

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Q3-FY26 · Bhupender Gupta

I'm 100% sure that whatever the projects we will start, those will be very attractive ones with generation cost of around maybe INR 4.5 per unit. And if I see this total cost including pumping, that will be around INR 7.

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Q3-FY26 · Bhupender Gupta

We are going to start these projects during 2026. Some of them will be in the second quarter, first quarter of 2026-27. So this is again 5 or 6 projects which we will be starting this year itself, total comprising of around 10,000 MW.

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Q4-FY25 · R.K. Chaudhary

During financial year 2025, the company has earned revenue from operation of INR 8,994 crore, as against INR 8,397 crore in the corresponding previous year, which is about 7% higher.

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Q4-FY25 · R.K. Chaudhary

So the design energy of Parbati is 3,074 million units. And the expected tariff is around INR 7.5-INR 8. We have to file the tariff petition with CERC... approximate number, if you want to consider, at the rate of INR 7.5 crore, 87% sellable design energy of 3,074 you can consider, and that will work out somewhere... INR 2,000 crore.

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Q4-FY25 · R.K. Chaudhary

So the incremental revenue of this project will be in the range of INR 4,000 crore. On annual basis, incremental revenue will be INR 4,500 crore on annual basis when full commissioning is achieved.

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