NHPC Q2 FY27 Results: Consolidated Net Profit ₹1,658 Crore on Total Income of ₹4,670 Crore
- Earnings
- Power generation
Reviewed byRachit TripathiBlacklitt Research
NHPC (NSE: NHPC) reported consolidated total income of ₹4,669.58 crore and net profit of ₹1,657.57 crore for the quarter ended 30 Sep 2026, it said in a filing on 04 Nov 2026. Standalone total income was ₹4,328.50 crore and standalone net profit ₹1,525.49 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹4,669.58 crore, up 28.6% YoY and 17.9% QoQ
- Net profit: ₹1,657.57 crore, up 35.9% YoY and 40.7% QoQ; attributable to owners ₹1,549.09 crore
- EPS: ₹1.54 basic, against ₹1.02 a year earlier
- Finance costs: ₹556.17 crore, up 100.3% YoY and down 8.2% QoQ
Standalone
The company on its own, without its subsidiaries
- Total income: ₹4,328.50 crore, up 44.6% YoY and 15.7% QoQ
- Net profit: ₹1,525.49 crore, up 64.8% YoY and 37.0% QoQ
- EPS: ₹1.52 basic, against ₹0.92 a year earlier
- Finance costs: ₹552.32 crore, up 105.1% YoY and down 8.3% QoQ
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 4,669.58 | 3,629.98 | +28.6% | 3,959.72 | +17.9% | |
| Revenue from operations | 4,482.55 | 3,365.26 | +33.2% | 3,808.31 | +17.7% |
| Other income | 187.03 | 264.72 | -29.3% | 151.41 | +23.5% |
| 1,657.57 | 1,219.28 | +35.9% | 1,178.09 | +40.7% | |
| Finance costs | 556.17 | 277.69 | +100.3% | 605.76 | -8.2% |
| Depreciation | 610.03 | 441.46 | +38.2% | 599.65 | +1.7% |
| Tax expense | 535.99 | 535.99 | 0.0% | 375.61 | +42.7% |
| Net profit margin | 35.50% | 33.59% | +1.91 pp | 29.75% | +5.75 pp |
| Tax as share of profit before tax | 28.3% | 34.1% | -5.83 pp | 28.9% | -0.67 pp |
| EPS, basic (₹) | 1.54 | 1.02 | +51.0% | 1.09 | +41.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than total income. Consolidated net profit rose 35.9% year on year while total income rose 28.6%. Revenue from operations rose 33.2% and other income fell 29.3%, so other income was 4.0% of total income this quarter, against 7.3% a year earlier.
Finance costs more than doubled, up 100.3% to ₹556.17 crore, and were 11.9% of total income. The filing does not give a reason for the rise in finance costs or in depreciation, which rose 38.2% to ₹610.03 crore.
Tax expense was ₹535.99 crore in both this quarter and the year-earlier quarter, which is 28.3% of profit before tax this quarter against 34.1% a year earlier. The filing says the company has exercised the option under Section 200(5) of the Income Tax Act, 2025, effective from Tax Year 2026-27, and that the tax charge is subject to review in forthcoming quarters.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 4,328.50 | 2,994.44 | +44.6% | 3,742.31 | +15.7% | |
| Revenue from operations | 4,124.77 | 2,732.11 | +51.0% | 3,537.04 | +16.6% |
| Other income | 203.73 | 262.33 | -22.3% | 205.27 | -0.8% |
| 1,525.49 | 925.52 | +64.8% | 1,113.41 | +37.0% | |
| Finance costs | 552.32 | 269.34 | +105.1% | 602.01 | -8.3% |
| Depreciation | 588.06 | 419.81 | +40.1% | 578.12 | +1.7% |
| Tax expense | 443.47 | 283.28 | +56.5% | 321.73 | +37.8% |
| Net profit margin | 35.24% | 30.91% | +4.33 pp | 29.75% | +5.49 pp |
| Tax as share of profit before tax | 26.3% | 26.0% | +0.33 pp | 27.0% | -0.73 pp |
| EPS, basic (₹) | 1.52 | 0.92 | +65.2% | 1.11 | +36.9% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 64.8% year on year, faster than total income at 44.6% and faster than profit before tax at 54.6%. Revenue from operations rose 51.0% while other income fell 22.3%, and other income was 4.7% of total income this quarter.
Standalone finance costs of ₹552.32 crore were 12.8% of total income, up 105.1% from ₹269.34 crore a year earlier. Depreciation rose 40.1% to ₹588.06 crore.
Standalone tax expense of ₹443.47 crore was 26.3% of profit before tax, against 26.0% a year earlier.
Provisional sales of ₹678.17 crore for the Subansiri Lower Project and ₹553.47 crore for the Parbati-II HE Project were recognised in the quarter, pending CERC approval.
Inference
The filing says the 4th unit of 250 MW of the Subansiri Lower Project was commissioned in the half year and the 5th unit on 23 Oct 2026, bringing installed capacity to 1,250 MW. A final dividend of ₹0.21 per share for FY 2025-26 was approved at the AGM on 28 Aug 2026 and paid in Sep 2026. Consolidated net worth attributable to owners was ₹43,740.96 crore and paid-up debt capital ₹59,425.30 crore at 30 Sep 2026. The filing reports no default on loans and debt securities.
The filing does not give the reason for the rise in finance costs, nor when the CERC orders that would confirm provisional sales will be issued, nor when the order on the Jalpower amalgamation scheme is expected, after its hearing on 28 Sep 2026.
Filed with BSE on . Reference: Original filing (PDF)
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