NHPC targets 13,905 MW hydro capacity and Rs 36,633 crore equity

NHPC targets 13,905 MW of cumulative hydro capacity by FY 2029-30, up from 9,021 MW in November 2026, alongside Rs 36,633 crore of regulated equity. Its roadmap lists 4,884 MW of additions and places the largest expected additional profit after tax (PAT) contribution, Rs 2,110 crore, in FY 2027-28.

How much hydro capacity does NHPC plan to add by FY 2029-30?

NHPC plans to add 4,884 MW of hydro capacity between November 2026 and FY 2029-30. Its cumulative capacity roadmap rises from 9,021 MW in November 2026 to 10,265 MW in FY 2026-27, 11,515 MW in FY 2027-28, 12,905 MW in FY 2028-29 and 13,905 MW in FY 2029-30.

The largest annual addition in the plan is 1,390 MW in FY 2028-29, comprising Kwar at 540 MW and Rattle at 850 MW. The FY 2026-27 schedule lists 1,244 MW from two 250 MW Subansiri Lower units, Rangit-IV at 120 MW and Kiru at 624 MW, followed by 1,250 MW in FY 2027-28 from the final Subansiri Lower unit and Pakal Dul.

NHPC states that five 250 MW Subansiri Lower units had been commissioned by 23 October 2026, or 1,250 MW in all. Subansiri Lower also recorded the highest generation among NHPC power stations in H1 FY'27 at 3,083 million units (MU), while its remaining 750 MW was scheduled for Q1 FY 2027-28.

What regulated equity does NHPC expect to build?

NHPC expects cumulative regulated equity to rise by Rs 18,294 crore, from Rs 18,339 crore in FY 2025-26 to Rs 36,633 crore in FY 2029-30. The cumulative figure remains Rs 36,633 crore in FY 2030-31 because the roadmap shows no incremental regulated equity for that year.

The largest annual increment is Rs 9,339 crore in FY 2026-27, followed by Rs 4,380 crore in FY 2029-30. NHPC says its FY 2026-27 assumption includes Rs 617 crore for Rangit-IV, Rs 828 crore representing its 51% share of Kiru and Rs 7,894 crore for seven Subansiri Lower units; these named amounts total Rs 9,339 crore.

For FY 2027-28, NHPC assigns Rs 1,128 crore of regulated equity to the last Subansiri Lower unit and Rs 1,947 crore to its 51% share of Pakal Dul. The two components equal the Rs 3,075 crore increment displayed for that year, linking the regulated-equity path to specific commissioning assumptions.

When does NHPC expect new projects to affect PAT?

NHPC expects no additional PAT in FY 2026-27 despite Rs 9,339 crore of incremental regulated equity because it has placed Subansiri Lower PAT in FY 2027-28 after partial commissioning. The company shows expected additional PAT of Rs 2,110 crore in FY 2027-28, Rs 118 crore in FY 2028-29, Rs 137 crore in FY 2029-30 and Rs 745 crore in FY 2030-31.

NHPC says the FY 2027-28 PAT assumption covers Subansiri Lower, Rangit-IV, Kiru and Pakal Dul. From FY 2028-29 onward, it has considered regulated equity in the commissioning year but PAT in the following financial year, citing the expectation that most projects will commission during the lean period of the relevant financial year.

Kwar is the exception to that timing approach because NHPC has considered its full-year benefit in its commissioning year. The company attributes this treatment to Kwar's planned full commissioning in the first quarter, while the Rs 745 crore expected additional PAT in FY 2030-31 indicates that the stated earnings effect extends beyond the FY 2029-30 capacity milestone.

Which projects and spending plans support NHPC's roadmap?

NHPC lists 4,630 MW of hydro projects under construction, including 750 MW remaining at Subansiri Lower, Teesta-VI at 500 MW, Uri-II Stage-II at 240 MW, Dulhasti Stage-II at 260 MW and Dibang at 2,880 MW. Dibang is scheduled for Q4 FY 2031-32, so it is outside the capacity roadmap ending in FY 2029-30.

The construction table's approved cost totals Rs 49,612.67 crore and its anticipated project cost totals Rs 76,818.07 crore, with Rs 38,244.40 crore of provisional expenditure through September 2026. Subansiri Lower has the largest anticipated cost at Rs 30,071.97 crore and provisional expenditure of Rs 26,935.98 crore, with its last three units scheduled for Q1 FY 2027-28.

The FY 2029-30 capacity roadmap names Uri-I Stage-II at 240 MW, while the under-construction-project table names Uri-II Stage-II at 240 MW; the presentation does not reconcile the differing project names. NHPC has also set a consolidated capital-expenditure target of Rs 15,000 crore for FY 2026-27, Rs 1,311 crore above its actual consolidated capital expenditure of Rs 13,689 crore in FY 2025-26.

Conclusion

NHPC's disclosed roadmap combines 4,884 MW of hydro additions with an Rs 18,294 crore increase in cumulative regulated equity through FY 2029-30. The capacity target of 13,905 MW is reached in FY 2029-30, but the expected additional PAT schedule continues into FY 2030-31 because NHPC generally assumes earnings begin in the financial year after commissioning.

The next disclosed milestones are 1,244 MW of planned additions and the Rs 15,000 crore consolidated capital-expenditure target for FY 2026-27. NHPC's scheduled Q1 FY 2027-28 commissioning of the final 750 MW at Subansiri Lower is also material to the plan because the company places that project's PAT contribution in FY 2027-28.