NHPC Q2 FY27 Profit Rises 35.9% as Revenue Reaches ₹4,483 Crore

NHPC Limited reported Q2 FY27 consolidated net profit of ₹1,657.57 crore, up 35.9% year on year, while revenue rose 33.2% to ₹4,482.55 crore for the quarter ended September 30, 2026. The result matters because it shows stronger quarterly earnings and operating performance at the state-owned hydropower producer.

What did NHPC report for Q2 FY27?

NHPC reported consolidated revenue of ₹4,482.55 crore in Q2 FY27, compared with ₹3,365 crore in the corresponding quarter a year earlier. The company reported consolidated net profit of ₹1,657.57 crore, representing year-on-year growth of 35.9%.

The reported operating profit was ₹2,876 crore, up 41.9% from the year-ago period. Operating margin was reported at 64.2%, compared with 60.2% in Q2 FY26, an expansion of 400 basis points. Separately, the result disclosure said the operating margin was 51.88%, against 48.65% a year earlier, reflecting differences in the metrics and classifications presented in the supplied result summaries.

For the standalone business, revenue from operations was ₹4,124.77 crore, up 51% year on year from ₹2,732.11 crore. Standalone profit before regulatory deferral account movements rose 53.9% to ₹1,243.71 crore from ₹808.31 crore.

When did NHPC approve the September-quarter results?

NHPC approved the unaudited standalone and consolidated financial results at its Board of Directors meeting on November 4, 2026. The board meeting had been announced on October 16 and was convened to consider results for the quarter and half year ended September 30, 2026.

The Audit Committee reviewed the financial statements before the board approval. NHPC also scheduled a conference call with analysts and investors for November 5, 2026 at 11:00 AM IST to discuss the Q2 FY27 performance.

The company’s result disclosures were accompanied by limited-review conclusions from its joint statutory auditors. The auditors issued unmodified limited-review conclusions, according to the supplied information. NHPC also submitted an auditors’ certificate on its listed debt securities as of September 30, 2026.

Which financial and operating items affected the quarterly result?

NHPC recorded a ₹231.30 crore provision for survey and investigation costs related to Teesta-IV. This item was specifically identified in the Q2 FY27 result information and is relevant to assessing the quarter’s reported earnings.

Revenue recognition from the Subansiri Lower and Parbati-II projects remains provisional pending tariff approval. This means the revenue reported for these projects is subject to the tariff-related process disclosed by the company, rather than representing a final tariff determination.

The standalone financial highlights included total income of ₹4,328.50 crore and profit before tax of ₹1,687.18 crore for the September 2026 quarter. The supplied standalone disclosure also stated net profit of ₹1,525.49 crore and total comprehensive income of ₹1,387.16 crore for the quarter.

What do the results mean for NHPC investors and operations?

The quarterly figures show that revenue, operating profit and net profit all increased from the comparable period of FY26. The rise in operating profit exceeded the growth in revenue, while the reported operating margin increased from the year-ago quarter.

For investors, the disclosures also provide information on the company’s leverage and debt-service capacity. For the quarter ended September 30, 2026, basic and diluted earnings per share were ₹1.24 in the supplied standalone metrics. The debt-equity ratio was 1.18, debt service coverage ratio was 2.23, and interest service coverage ratio was 4.73.

NHPC disclosed that there was no deviation or variation in the use of proceeds from non-convertible securities and no outstanding default on loans and debt securities. These compliance disclosures are relevant because the company operates capital-intensive hydropower assets and relies on funding for projects and operations.

How does NHPC's funding plan fit into the result update?

NHPC’s board authorised a borrowing plan of up to ₹8,000 crore for FY 2026-27. The disclosed borrowing limit provides a framework for debt raising during the financial year and is separate from the quarterly profit and revenue figures.

Hydropower companies typically require substantial upfront capital for project development, construction and associated infrastructure. In NHPC’s case, the disclosures around debt securities, debt ratios and the authorised borrowing plan provide context alongside its quarterly financial performance.

The result also places focus on tariff approvals for Subansiri Lower and Parbati-II, since the company has stated that revenue recognition for those projects is provisional. Investors will therefore have both earnings performance and project-related regulatory developments to monitor through subsequent disclosures.

Conclusion

NHPC delivered higher Q2 FY27 revenue, operating profit and consolidated net profit, with consolidated revenue reaching ₹4,482.55 crore and net profit reaching ₹1,657.57 crore. The reported improvement in operating margin adds context to the increase in earnings, while the Teesta-IV provision and provisional revenue recognition remain relevant items within the disclosures.

The next disclosed event is NHPC’s November 5, 2026 conference call with analysts and investors. Market participants will watch for management’s comments on the ₹8,000 crore FY27 borrowing plan, tariff approval status for Subansiri Lower and Parbati-II, and the treatment of the Teesta-IV survey and investigation costs.