NHPC hydro portfolio has projected cost of ₹1.07 lakh crore

NHPC’s 7,764 MW hydro projects under construction have an anticipated cost of ₹1.07 lakh crore, compared with ₹72,758.73 crore at investment approval, and had incurred provisional expenditure of ₹58,277.04 crore through September 2026. The published commissioning schedule extends from FY 2026-27 Q3 to FY 2031-32 Q4.

What is NHPC’s hydro construction portfolio cost and scale?

NHPC’s combined construction portfolio has 7,764 MW of installed capacity and design energy of 34,193 million units (MUs). Projects directly under NHPC account for 4,630 MW and 23,071 MUs, while subsidiary projects account for 3,134 MW and 11,122 MUs.

The anticipated cost is ₹1,06,820.53 crore, compared with ₹72,758.73 crore approved at investment stage, a difference of ₹34,061.80 crore. The NHPC projects total ₹76,818.07 crore of anticipated cost, compared with ₹30,002.46 crore for the subsidiary projects.

The direct NHPC portfolio accounts for ₹27,205.40 crore of the total cost difference, while subsidiary projects account for ₹6,856.40 crore. The presentation records project costs at specified price levels, including January 2026 for Subansiri Lower and Teesta-VI, and completion-cost bases for several other projects.

Which NHPC projects show the largest stated cost changes?

Subansiri Lower shows the largest stated increase, with anticipated cost of ₹30,071.97 crore at the January 2026 price level against ₹6,285.33 crore approved in December 2002. Its reported difference is ₹23,786.64 crore, and provisional expenditure had reached ₹26,935.98 crore by September 2026.

Teesta-VI is listed at ₹9,166.80 crore at the January 2026 price level, compared with ₹5,748.04 crore approved in July 2018. Among subsidiary projects, Pakal Dul is listed at ₹12,728 crore at completion cost versus ₹8,112.12 crore approved in March 2013, while Rangit-IV is listed at ₹2,057.40 crore against ₹938.29 crore approved in October 2019.

Dibang, Kwar and Ratle have the same approved and anticipated figures in the presentation: ₹31,876.39 crore, ₹4,526.12 crore and ₹5,281.94 crore respectively. Uri-II Stage-II and Dulhasti Stage-II also show identical approval and completion-cost figures of ₹2,708.95 crore and ₹2,993.96 crore respectively.

How much has NHPC spent and planned for capital expenditure?

NHPC had incurred provisional expenditure of ₹58,277.04 crore on the 7,764 MW construction portfolio through September 2026. Direct projects represented ₹38,244.40 crore of that amount, while subsidiary projects represented ₹20,032.64 crore.

Subansiri Lower had the highest individual expenditure at ₹26,935.98 crore, followed by Pakal Dul at ₹10,183.14 crore and Teesta-VI at ₹5,650.02 crore. Dibang, the largest project by capacity at 2,880 MW, had incurred ₹5,503.60 crore against its listed anticipated cost of ₹31,876.39 crore.

NHPC’s consolidated capital expenditure increased from ₹11,596 crore in FY 2024-25 to ₹13,689 crore in FY 2025-26. Management’s consolidated target is ₹15,000 crore for FY 2026-27, which is ₹1,311 crore above the FY 2025-26 actual amount.

When are NHPC’s hydro projects expected to be commissioned?

NHPC’s schedule begins with Rangit-IV in FY 2026-27 Q3 and Kiru in FY 2026-27 Q4, and ends with Dibang in FY 2031-32 Q4. Q denotes quarter and FY denotes financial year, as used in the presentation.

Subansiri Lower has five 250 MW units already commissioned, with commissioning dates of 23 December 2025, 1 February 2026, 20 March 2026, 8 May 2026 and 23 October 2026. The next three units are scheduled for Q1 FY 2027-28, while the construction table lists 750 MW for the project.

Pakal Dul is scheduled for FY 2027-28 Q1, followed by Kwar in FY 2028-29 Q1 and Ratle in FY 2028-29 Q3. Teesta-VI is expected in FY 2029-30 Q2, while Uri-II Stage-II and Dulhasti Stage-II are both scheduled for FY 2029-30 Q3.

Which projects shape NHPC’s longer-dated construction schedule?

Dibang shapes the longest-dated part of the programme because it has 2,880 MW of capacity, 11,223 MUs of design energy and a commissioning schedule of FY 2031-32 Q4. Its anticipated cost of ₹31,876.39 crore is the second-highest listed in the portfolio, after Subansiri Lower’s ₹30,071.97 crore.

The four subsidiary projects in the Union Territory of Jammu and Kashmir, Kiru, Pakal Dul, Kwar and Ratle, total 3,014 MW. Their combined anticipated cost is ₹27,945.06 crore, consisting of ₹5,409 crore for Kiru, ₹12,728 crore for Pakal Dul, ₹4,526.12 crore for Kwar and ₹5,281.94 crore for Ratle.

Teesta-VI is NHPC’s 500 MW project in Sikkim, with design energy of 2,400 MUs and expected commissioning in FY 2029-30 Q2. It had incurred ₹5,650.02 crore through September 2026 against anticipated cost of ₹9,166.80 crore at the January 2026 price level.

Conclusion

NHPC’s under-construction hydro portfolio combines 7,764 MW of capacity with anticipated cost of ₹1,06,820.53 crore and provisional expenditure of ₹58,277.04 crore through September 2026. The reported cost difference from investment approval is led by Subansiri Lower, while Dibang is both the largest project by capacity and the latest scheduled to commission.

The next disclosed commissioning milestones are Rangit-IV in FY 2026-27 Q3, Kiru in FY 2026-27 Q4 and Subansiri Lower’s remaining three units in Q1 FY 2027-28. Management’s ₹15,000 crore consolidated capital-expenditure target for FY 2026-27 and Dibang’s FY 2031-32 Q4 schedule are the stated milestones to watch next.