NHPC Q2 FY27 results: what the company reported
NHPC Limited, a government-owned hydropower company, filed its unaudited results for the quarter ended 30 September 2026 (July to September 2026, called Q2 FY27) with NSE on the evening of 4 November 2026, after a board meeting held the same day.
Published 6 November 2026 · Potoos Research Services
In short. For July to September 2026, NHPC reported consolidated revenue from operations of Rs 4,482.55 crore, up +33.2% from Rs 3,365.26 crore a year earlier. Consolidated profit for the period was Rs 1,657.57 crore, up +35.9% from Rs 1,219.28 crore. On its own (standalone), NHPC Limited’s profit for the period was Rs 1,525.49 crore, up +64.8% from Rs 925.52 crore.
The numbers
The first two tables are consolidated, from the company’s statement of consolidated results. The filing reports in Rs crore, so the figures are copied as filed. The change column is worked out by us from the filing’s own numbers. NHPC shows a line called “movement in regulatory deferral account balances” separately, below tax; it is not part of revenue, and this page keeps it separate too.
| Item | Jul to Sep 2026 | Jul to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 4,482.55 | 3,365.26 | +33.2% |
| Total income (revenue and other income) | 4,669.58 | 3,629.98 | +28.6% |
| Profit before tax and regulatory deferral account balances | 1,897.55 | 1,572.53 | +20.7% |
| Profit before movement in regulatory deferral account balances | 1,361.56 | 1,036.54 | +31.4% |
| Movement in regulatory deferral account balances (net of tax) | 296.01 | 182.74 | +62.0% |
| Profit for the period | 1,657.57 | 1,219.28 | +35.9% |
| Profit attributable to owners of the parent company | 1,549.09 | 1,021.44 | +51.7% |
| EPS, basic and diluted, including regulatory deferral movements (Rs) | 1.54 | 1.02 | +51.0% |
| EPS, basic and diluted, excluding regulatory deferral movements (Rs) | 1.25 | 0.83 | +50.6% |
| Item | Apr to Sep 2026 | Apr to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 8,290.86 | 6,579.03 | +26.0% |
| Total income | 8,629.30 | 7,072.74 | +22.0% |
| Profit before tax and regulatory deferral account balances | 3,196.94 | 2,907.08 | +10.0% |
| Movement in regulatory deferral account balances (net of tax) | 550.32 | 366.50 | +50.2% |
| Profit for the period | 2,835.66 | 2,350.44 | +20.6% |
| Profit attributable to owners of the parent company | 2,644.96 | 2,086.46 | +26.8% |
| EPS, basic and diluted, including regulatory deferral movements (Rs) | 2.63 | 2.08 | +26.4% |
Consolidated tax expense for the quarter was Rs 535.99 crore in both years. The share of profit belonging to outside shareholders in subsidiaries NHPC does not fully own (non-controlling interest) was Rs 108.48 crore in the quarter, against Rs 197.84 crore a year earlier, so profit attributable to owners rose faster than total profit. The consolidated statement covers NHPC Limited, seven subsidiaries, one joint venture and one associate, as listed in the notes. EPS is not annualised.
Against the previous quarter (April to June 2026), consolidated revenue from operations was higher: Rs 4,482.55 crore against Rs 3,808.31 crore, a change of +17.7%. Consolidated profit for the period was Rs 1,657.57 crore against Rs 1,178.09 crore, a change of +40.7%.
NHPC Limited on its own (standalone)
NHPC also filed standalone results, for NHPC Limited alone without its subsidiaries. Also in Rs crore, as filed:
| Item | Jul to Sep 2026 | Jul to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 4,124.77 | 2,732.11 | +51.0% |
| Total income | 4,328.50 | 2,994.44 | +44.6% |
| Profit before tax and movements in regulatory deferral account balances | 1,687.18 | 1,091.59 | +54.6% |
| Profit before movements in regulatory deferral account balances | 1,243.71 | 808.31 | +53.9% |
| Movement in regulatory deferral account balances (net of tax) | 281.78 | 117.21 | +140.4% |
| Profit for the period | 1,525.49 | 925.52 | +64.8% |
| EPS, basic and diluted, including regulatory deferral movements (Rs) | 1.52 | 0.92 | +65.2% |
| EPS, basic and diluted, excluding regulatory deferral movements (Rs) | 1.24 | 0.80 | +55.0% |
| Item | Apr to Sep 2026 | Apr to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 7,661.81 | 5,709.54 | +34.2% |
| Total income | 8,070.81 | 6,227.31 | +29.6% |
| Profit before tax and movements in regulatory deferral account balances | 2,878.16 | 2,325.97 | +23.7% |
| Movement in regulatory deferral account balances (net of tax) | 525.94 | 274.26 | +91.8% |
| Profit for the period | 2,638.90 | 1,997.39 | +32.1% |
| EPS, basic and diluted, including regulatory deferral movements (Rs) | 2.63 | 1.99 | +32.2% |
There were no exceptional items in the standalone or consolidated results in any period shown. Standalone finance costs for the quarter were Rs 552.32 crore against Rs 269.34 crore (+105.1%), and depreciation, amortisation and impairment was Rs 588.06 crore against Rs 419.81 crore (+40.1%). Against April to June 2026, standalone revenue from operations was Rs 4,124.77 crore against Rs 3,537.04 crore (+16.6%) and standalone profit for the period was Rs 1,525.49 crore against Rs 1,113.41 crore (+37.0%).
What the company said
These are the company’s own words, from the notes to the results it filed with NSE on 4 November 2026.
“In view of the seasonal nature of business, the Standalone Financial Results of the Company vary from quarter to quarter.”
NHPC Limited, note 2 to the standalone results, 4 November 2026
The notes also say:
- The 4th 250 MW unit of the 2,000 MW Subansiri Lower Project was commissioned during the half year, taking it to 1,000 MW (4 of 8 units) by 30 September 2026. Pending tariff approval by the Central Electricity Regulatory Commission (CERC), Rs 678.17 crore in the quarter and Rs 1,252.48 crore in the half year were recognised provisionally as sales (nil in the same periods last year). The 5th unit was commissioned on 23 October 2026, taking the project to 1,250 MW.
- For the 800 MW Parbati-II project, commissioned in FY 2025-26, Rs 553.47 crore in the quarter and Rs 917.89 crore in the half year were recognised provisionally as sales pending final CERC approval (Rs 217.69 crore and Rs 648.86 crore in the same periods last year).
- Rs 231.30 crore spent on survey and investigation for the Teesta IV project, carried as capital work in progress, was provided for in the quarter, which the company attributes to “uncertainties regarding implementation” of the project. Other expenses refer to this note.
- The company has exercised the option under Section 200(5) of the Income Tax Act, 2025 from tax year 2026-27, and says its tax figures reflect this and are subject to review in the coming quarters of FY 2026-27.
What the auditors said
The figures are unaudited. The joint statutory auditors, Dharam Raj & Co, S Jaykishan and Vinod Kumar & Associates, Chartered Accountants, carried out a limited review, which is lighter than a full audit. Their review reports, dated 4 November 2026, have no emphasis of matter. The consolidated report notes that two subsidiaries were reviewed by other auditors, and that five subsidiaries, the joint venture and the associate were included on figures certified by management and not reviewed by their auditors, which management told them are not material to the group. It says its conclusion is not modified in respect of these matters.
Dates
- Board meeting: 4 November 2026, from 16:40 to 17:45 IST. The board approved the results at this meeting, after the Audit Committee reviewed them.
- Filed with NSE: 4 November 2026 at 19:28 IST.
- Dividend: none declared in this filing.
Consolidated and standalone: consolidated figures add up NHPC Limited and its subsidiaries, such as NHDC Limited, as one group, plus its share of a joint venture and an associate. Standalone figures cover NHPC Limited alone.
Regulatory deferral account balances: a separate line that companies with regulator-set tariffs may report under Indian accounting standards. NHPC shows the movement in these balances below tax, apart from revenue, and adds it to reach profit for the period. The filing gives EPS both including and excluding it.
Owners of the parent company: the part of the group’s profit that belongs to NHPC Limited’s own shareholders. The rest belongs to outside shareholders in subsidiaries NHPC does not fully own. EPS is worked out on the owners’ part.
Rs crore: one crore is ten million rupees. NHPC reports in Rs crore, so no conversion was needed.
Q2 FY27: the second quarter of the financial year that runs from April 2026 to March 2027.
Source
- NHPC Limited, outcome of board meeting with unaudited standalone and consolidated results and limited review reports, 4 November 2026. nsearchives.nseindia.com
This page was written by Potoos Research Services, a SEBI-registered Research Analyst (INH000027380) in Chennai. Every figure above is copied from the company’s filing, and every percentage change is worked out from the filing’s own numbers.
This page reports what the company filed. It is not a recommendation to buy, sell or hold.
Common questions
What was NHPC’s revenue in Q2 FY27?
Consolidated revenue from operations for July to September 2026 was Rs 4,482.55 crore, against Rs 3,365.26 crore in July to September 2025, a change of +33.2%. Standalone revenue from operations, for NHPC Limited alone, was Rs 4,124.77 crore, against Rs 2,732.11 crore, a change of +51.0%.
Did NHPC’s profit go up or down in Q2 FY27?
Up against a year earlier. Consolidated profit for the period was Rs 1,657.57 crore, against Rs 1,219.28 crore, a change of +35.9%. Standalone profit for the period was Rs 1,525.49 crore, against Rs 925.52 crore, a change of +64.8%. Against April to June 2026, consolidated profit was higher, at +40.7%.
What is the movement in regulatory deferral account balances?
It is a separate line NHPC reports below tax, apart from revenue. For July to September 2026 it was Rs 296.01 crore consolidated and Rs 281.78 crore standalone, net of tax, and it is included in profit for the period. The filing also gives EPS excluding it: Rs 1.25 consolidated and Rs 1.24 standalone for the quarter.
Did NHPC declare a dividend with these results?
No dividend was declared in the results filing of 4 November 2026.
Is this page a recommendation?
No. It reports what the company filed. It is not a recommendation to buy, sell or hold.