NHPC Q4 FY25 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹2,347 Cr
verified against source
Revenue YoY
7%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
NHPC reported FY2025 revenue of INR 8,994 crore (up 7% YoY) driven by higher sales from previous years and increased unbilled revenue, though PAT declined 17% to INR 3,084 crore primarily due to Teesta-V flash flood impact, lower incentives (down INR 74 crore), and higher employee costs from pay anomaly provisions. Q4 showed stronger performance with PAT of INR 894 crore (up 29% YoY). Operational generation fell 9% to 19,862 MU due to Teesta-V shutdown, with PBT loss of INR 99 crore from Teesta Basin projects versus INR 500 crore profit normally. Major catalysts ahead include Parbati-II (800 MW, fully commissioned April 2025, ~INR 2,000 crore annual revenue potential) and Subansiri Lower (2,000 MW, 96% complete, 3 units expected by June 2025). Consolidated CapEx of INR 11,596 crore was incurred with regulated equity now at INR 15,000 crore. Key risks include delayed Teesta-V restoration (expected January 2026), CERC tariff uncertainty for new projects, and execution challenges across the 13-project pipeline.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- Restoration works progressing; affected by August 2024 landslide. Expected completion by January 2026. Teesta Basin projects normally contribute ~INR 500 crore PBT.
- 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).
Risks flagged
- October 2023 flash flood caused complete shutdown; August 2024 landslide further delayed restoration. If January 2026 deadline is missed, INR 300+ crore annual PBT from Teesta-V remains at risk.
- Combined PBT loss from Teesta-V, TLDP-III, and TLDP-IV is INR 400 crore versus normal INR 500 crore profit, directly impacting profitability. Management acknowledged this as the primary driver of PAT decline.
- PF-based incentive declined INR 89 crore YoY to INR 227 crore, while secondary energy increased only INR 21 crore. Total incentive income dropped INR 74 crore, reflecting operational underperformance.
- Parbati-II (~INR 2,000 crore annual revenue) and Subansiri (~INR 4,500 crore) await CERC tariff orders. Management will recognize only 90% provisionally, creating earnings visibility risk.
Key quotes
- 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.
- 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.
- 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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