Earnings call transcript: NHPC Q4 2025 sees revenue surge, stock dips

Outlook & Guidance

NHPC is optimistic about its future, with plans to commission three units of the Subansiri project by June 2025 and the remaining five units by May 2026. The project is expected to generate incremental revenue of INR 4,000-4,500 crore annually. The company is also exploring new hydroelectric and pumped storage projects to further expand its renewable energy portfolio. InvestingPro data shows analysts anticipate continued sales growth, with the company maintaining a stable financial health score of 2.07. Access the full Pro Research Report for comprehensive analysis of NHPC’s growth prospects and industry position. InvestingPro data shows analysts anticipate continued sales growth, with the company maintaining a stable financial health score of 2.07. Access the full Pro Research Report for comprehensive analysis of NHPC’s growth prospects and industry position.

Key Takeaways

• NHPC’s revenue increased by 7% compared to the previous year.
• Power generation saw a decline of 9%.
• Profit after tax decreased by 17% year over year but rose 29% from the previous quarter.
• The stock price experienced a slight decline post-earnings announcement.

Company Performance

NHPC demonstrated a solid revenue growth of 7% for FY 2025, reaching INR 8,994 crore. However, the company faced challenges in power generation, which dropped by 9% compared to the previous year. Despite these hurdles, NHPC achieved a quarterly profit after tax of INR 894 crore, representing a significant 29% increase from the prior quarter. The company’s focus on hydropower and renewable energy expansion remains strong, with ongoing projects such as the Subansiri Lower and Dibang Multipurpose projects.

Financial Highlights

• Revenue: INR 8,994 crore (7% increase year over year)
• Power Generation: 19,862 units (9% decrease year over year)
• Profit After Tax: INR 3,084 crore (17% decrease year over year)
• Q4 FY 2025 Profit After Tax: INR 894 crore (29% increase from previous quarter)

Outlook & Guidance

NHPC is optimistic about its future, with plans to commission three units of the Subansiri project by June 2025 and the remaining five units by May 2026. The project is expected to generate incremental revenue of INR 4,000-4,500 crore annually. The company is also exploring new hydroelectric and pumped storage projects to further expand its renewable energy portfolio.

Executive Commentary

Chairman and Managing Director R. K. Chaudhry stated, "The completion of this ambitious project marks a major step towards securing India’s energy future." He also emphasized NHPC’s exploration of pumped storage projects in multiple states, highlighting the company’s commitment to diversifying its energy sources.

Risks and Challenges

• Decreased power generation could impact future profitability.
• Regulatory challenges and project delays pose potential risks.
• Market saturation in the hydropower sector could limit growth opportunities.
• Fluctuating energy prices may affect revenue stability.

Q&A

During the earnings call, analysts inquired about the impact of the Tista V flood on earnings and adjustments in profitability. NHPC provided detailed progress updates on various hydroelectric projects and clarified regulatory equity and project financials, addressing investor concerns and demonstrating transparency in its operations.

Full transcript - NHPC Ltd (NHPC) Q4 2025:

Conference Moderator, Elara Capital: Ladies and gentlemen, welcome to the NHPC Limited Q4 FY ’twenty five Earnings Conference Call hosted by Elara Capital. As a reminder, all participant lines will be in listen only mode and there will be an opportunity for you to ask questions at the end of today’s presentation. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Rupesh Sankhy from Alara Capital.

Thank you, and over to you, sir.

Rupesh Sankhy, Analyst, Alara Securities: Yes. Good afternoon, everyone. On behalf of Alara Securities, we welcome you all for the Q4 FY ’twenty five conference call of NHPC. I take this opportunity to welcome the management of NHPC represented by Mr. R.

K. Chaudhry, Chairman and Managing Director Mr. R. P. Goel, Director of Finance and Mr.

Uttam Lal, Director of Personnel. So we will begin the call with a brief overview by the management followed by Q and A session. I will now hand over the call to Mr. R. Chaudhil, sir, for his opening remarks.

Over to you, sir.

R. K. Chaudhry, Chairman and Managing Director, NHPC Limited: Okay. Thank you very much. Good afternoon, friends. The NHPC Board has adopted annual financial results for the period ended March 3125, in its four hundred ninety second meeting held on May 25, and the same has already been communicated to the exchanges. By now, I hope you all would have got chance to go through the quarterly and yearly set of numbers.

First, I will just touch upon major highlights and then detailed analysis of the results shall be discussed by our Director of Finance, Sri R. P. Goelgi. Brief highlights of the financial results and important updates on the company are as under. During financial year 2025, our power stations have achieved generation of 19,862 units, as against 21,773 units generated in corresponding period of the previous year, which is lower by about 9% or nineteen eleven million units.

This is mainly due to heavy flash flood in Tista Basin in October 2023, which has resulted into complete shutdown of Tista 5 Power Station, which had generated nineteen sixty six million units in the corresponding previous year. We have already shared that restoration works at the power station suffered due to a landslide in August 24, affecting the tail raised tunnel outlet structure and part of the GIS Building. Now restoration works are progressing well and are expected to be completed by January 26. Our plant availability factors for financial year 2025 stands at 73.94% and the corresponding previous period plant availability factor of 77.6%, which is about 4% lower. This is mainly due to lower water availability, complete shutdown of Tisa 5 Power Station and outages of units at TLDP-three URI-one Power Station.

During financial year 2025, company has earned revenue from operation of INR8994 crore as against INR8397 crore in the corresponding previous year, which is about 7% higher. During financial year 2025, company has earned PAT of INR3084 crore and against INR 3,722 crore of corresponding previous period, which is about 17% lower. On physical front, I am very pleased to share that all the four units of Parvati II hydroelectric project 800 megawatt have become commercially operational with three units from first April twenty five and fourth unit from sixteenth April twenty five. This achievement is particularly significant as it comes after surmounting numerous geological and technical challenges throughout the project cycle. The completion of this ambitious project marks a major step towards securing India’s energy future by adding hydro capacity of 800 megawatt in RE portfolio of our country and reaffirms NHPC’s leadership in the hydropower sector.

The project has become NHPC’s largest operational hydropower station as of now. Further, NHPC has also commissioned 107 megawatt out of the 300 megawatt solar power plant in Bikaner, Rajasthan under EPSU scheme on April, which is an important step in our ongoing efforts to diversify into other renewable energy sources. In respect of Swansea lower hydroelectric project, 2,000 megawatt, the balanced construction work at site is going on in full swing. Overall, 96% future progress of the project has been achieved. Dry commissioning of Unit one and two has already been completed, and pre commissioning activities of Unit 3 is in progress.

A team constituted by National Dam Safety Authority, NDSA, has visited the project site to review the initial filling plan of the reservoir. The commissioning of three units is expected very shortly. We are very hopeful of commissioning five units of the project in the current financial year and rest of the units by May 26. The anticipated cost of the project is INR2676 crore, and we have incurred INR23753 crore till March 25. In respect of Divang multipurpose project, 2880 megawatt, five out of the seven contract packages have already been awarded.

The remaining two contract packages related to DAM and works for intake and draft due dates are in evaluation process. We have already shared that we have achieved the crucial Nala diversion, a significant stride towards ensuring all weather road access to the project site. The estimated cost of the project is INR 31,876 crore, which includes grant of INR 6,716 crore for flood moderation and enabling infrastructure works, out of which we have already incurred INR 3,183 crore till March 25. Further, estimated levelized tariff of the project is INR4.46 per unit, and the scheduled completion of the project is February. In respect of LENCO Tista Hydropower Limited, LTHPL’s Tista six hydroelectric project 500 megawatt, we are pleased to share that process of merger of the company with NHPC has been completed.

And now the project is part of NHPC on a standalone basis. The work is progressing well at site. Overall, 66% physical progress of the project has been achieved. The estimated cost of the project is INR8449 crore, out of which we have already incurred expenditure of INR4142 crore till March 25. The expected commissioning schedule of the project is December 27.

Jal Power Corporation Limited, JPCL’s Rangit 4 hydroelectric project, 120 megawatt is also progressing well. Overall, 86% physical progress of the project has been achieved. We have already shared that in July 24, the project has successfully achieved the daylighting of the HRT. Unit one has been boxed up and boxing up of Unit two is in progress. We have successfully lowered the rotor of Unit 3, the last unit of the project.

The project is expected to be commissioned by December 25. The estimated cost of the project is INR1828 crore, out of which we have already incurred expenditure of INR1432 crore till March 25. Further, we are in the process of merger of JPCL with NHPC and First Motion application has been filed with Ministry of Corporate Affairs. In respect of Rupli hydroelectric project eight fifty megawatt in UT Of JNK, the work is progressing well at the project site. Overall, 21% physical progress of the project has been achieved.

The estimated cost of the project is INR 5,282 crore, and we have incurred expenditure of INR $9.16 crore till March 25. Estimated levelized tariff of the project is Rupees 3.92 per unit, and the project is expected to be commissioned by November 28. Presently, NHPC, through its subsidiary, Chennai Valley Power Project Limited, is executing three projects in Chennai Basin in UT of JNK. Construction work at Pakaldule hydroelectric project 1,000 megawatt is progressing well. Overall, 67% physical progress of the project has been achieved.

The estimated cost of the project is INR1278 crores, out of which we have incurred expenditure of INR 6,265 crore till March 25. The project is expected to be commissioned by September 26. In respect of Kiru Eti project, six twenty four megawatt overall 58% future progress of the project has been achieved. We have incurred expenditure of INR2478 crores till March 25, out of the estimated cost of the project of INR5409 crores. Estimated levelized tariff of the project is Rupees 5.68 per unit and estimated commissioning of the project is September 26.

In respect of core hydroelectric project, five forty megawatts, the work is progressing at site. Overall, percent future progress of this project has been achieved. The estimated cost of the project is INR4526 crore, out of which we have incurred expenditure of INR108 crore till March 25. Estimated levelized tariff of the project is Rs. 4.44 per unit and the project is ruled to be commissioned by December 27.

Apart from the above under construction projects, NHPC is also actively pursuing to start workshop projects such as Uri-one Stage two, two forty megawatt Dulhasi Stage two, two sixty megawatt Saval Court, eighteen fifty six megawatt Kirtay two, eight twenty megawatt and TISTA IV five twenty megawatt, which are at different stages of clearances. In respect of our hydroelectric projects in Nepal, final detailed project reports of West City hydroelectric project 800 megawatt and SR6 hydroelectric project four sixty megawatt were submitted to the Investment Board of Nepal on eighteenth October twenty four and twelfth March twenty five, respectively, adhering to the timeline specified in the MOU signed between IBN and NHPC. Currently, DPRs are under approval by IBN. For the Fukut Karnali project six twenty four megawatt, NHPC has submitted the DPR review report in March 24 as per the agreed timelines. Notably, strategic discussions have been initiated for joint ventures and power purchase agreements, and the development model includes both domestic supply and cross border electricity export, aligning with regional energy security goals.

These projects all the under construction projects of NHPC, including its subsidiaries have been signed or consent has been received from the DISCOMs for the same. In respect of 1,000 megawatt capacity solar power projects allotted under CPSU scheme tranche two, we have already shared that we have commissioned 107 megawatt out of 300 megawatt project in Bikaner, Rajasthan. And the full commissioning is expected by August 25. Further, sublease deed of land has been executed in respect of 600 megawatt projects in Gujarat, and design and engineering activities are under progress. Further land acquisition and erection works are in progress in respect of 100 megawatt project, solar project in Andhra Pradesh.

NHPC has awarded the EPC contract for 200 megawatt grid connected solar power projects Stage three located in 600 megawatt solar park at Khawra, Gujarat on twenty third December twenty four. The cost of the project is INR $8.22 crore and tariff of the project is INR 2.66 per unit. The project is expected to be commissioned by March 26. The works of another 200 megawatt grid connected solar power projects located in 600 megawatt solar park at Khawra Gujarat Stage 1 was awarded on 08/05/2024. Site survey works and geotechnical investigations have been completed.

NHPC is also exploring to develop pumped storage projects in the state of Andhra Pradesh, Odisha, Madhya Pradesh, Chhattisgarh, Gujarat, Tirupada, Punjab, Rajasthan and Maharashtra. The DPR for Indra Sagar Onkarishwar Ampedestorage project six forty megawatt in Madhu Pradesh, Savitri PSP 2,400 megawatt in Maharashtra, Yaganti PSP 1,000 megawatt and Gadi Kota PSP 1,200 megawatt in Andhra Pradesh, Mashinta PSP 1,000 megawatt in Odisha and Kupa PSP 900 megawatt in Gujarat is under preparation. PFR of Chemgadi PSP 600 megawatt, Kalu PSP thirteen fifty megawatt situated in Maharashtra and Long Tharai PSP 800 megawatt situated in Tirupura have been submitted. Further, PFR of Raju Pelham PSP 800 megawatt, Arwethi Palli PSP thirteen twenty megawatt and Dine Palli PSP seven fifty megawatt in Andhra Pradesh have been prepared. For other projects, preparation of PFR is in progress.

Friends, this is all from my side. Now I request Director of Finance, Sri, RP Goelgi, to discuss financial results in detail.

R. P. Goel, Director of Finance, NHPC Limited: Good afternoon, friends. I’m going to share with you detailed quarterly and yearly set of numbers with the detailed analysis. The NHCC Board has adopted annual financial results for the period ended 03/30/2015 in its meeting held on May 25, and the same has already been communicated to exchanges. Brief highlights of the financial results and important updates on the company are agenda. During FY 2025, our power stations have achieved generation of 19,862 units as against 21,773 units generated in corresponding period of previous year, which is lower by about 9% or nineteen eleven million units.

During fourth quarter FY 2025, our power systems have achieved generation of 2,170 units as against 2,304 units generated in corresponding period of the previous year, which is lower by about 6% or 134,000,000 units. Our for FY ’twenty five stands at 73.94% against the corresponding previous period of 77.6%, which is about 4% lower. Our for fourth quarter of FY 2025 stands at 58.69% against the corresponding previous period PFA of 54.65%, which is about four percent higher. During FY ’twenty five, revenue from operation of the company has gone up by INR $5.98 crore from INR 8,396 crore to INR 8,994 crore, which is about 7% higher. The increase in revenue is mainly due to increase in sales pertaining to previous years by INR742 crore on account of pay anomaly orders and impact of annual fixed charges revision and increase in unbilled revenue by INR540 crore mainly on account of interest on arbitration cases, PIVASI’s short cases and amount deposited in Nithya Yog by the company, which is further offset by lower energy and energy charges by $2.62 crore and decrease in interest from beneficiaries on account of trimming up for twenty fourteen-twenty nineteen tariff period and tariff order for twenty nineteen-twenty twenty four period by INR372 crore.

During ’5, revenue from operations of the company has gone up by INR410 crore from INR $16.49 crore to INR 2,059 crore, which is about 25% higher. This increase is mainly due to reversal of water sales by INR $3.37 crore in Q4 of previous year. Water sales in respect of Himachal Pradesh and Sikkim was reversed in view of outcome of the honorable high court of Himachal Pradesh against imposition of water sales and increase in capacity charges by INR 83 crore. During FY 2025, other income has come down by INR 21 crore from INR1600 crore to INR1579 crore, which is about 1% lower, showing marginal decrease. During Q4 FY 2025, other income has come down by INR191 crore from INR588 crore to INR397 crore, which is about 32% lower.

This is mainly due to decrease in dividend income by INR90 crore and decrease in exchange rate variation gain by INR 57 crore. During FY 2025, the generation expenses have come down by INR 18 crore from INR $8.14 crore to Rupees $7.96 crore on account of lower water sales due to lower generation of electricity. During Q4 FY ’twenty five, the generation expenses have gone up by Rupees $3.44 crore from negative INR247 crores in corresponding previous quarter to positive INR97 crores in current quarter. The increase is mainly due to the reason that during Q4 of previous year, we had reversed the water sales in respect to Himachal Pradesh and Sikkim, and consequently, there was a booking of negative INR355 crore against the water sales in respect of Himachal Pradesh and Sikkim during that period. During FY 2025, the employee benefit expenses have gone up by INR354 crore from INR1290 crore to INR1644 crore, which is mainly due to provision of pay anomaly arrears in compliance of the own level High Court of Punjab and Arena.

During Q4 FY 2025, the employee benefit expenses has come down from INR $3.68 crore to INR $3.67 crore, which is almost flat. During FY 2025, there has been increase in the finance cost by INR $4.21 crore from INR $7.26 crore to INR $11.47 crore, which is mainly due to increase in interest on arbitration and court cases by INR $4.32 crore against which unbilled revenue of INR $4.00 6 crore has also been recognized. So net impact of this item is only INR 16 crore on the INR 26 crore on the profit and loss account. During Q4 FY ’twenty five, there has been decrease in the finance cost by INR $3.79 crore from INR349 crore to negative INR30 crore, which is mainly due to increase in interest on arbitration and court cases by INR183 crore and reversal of INR110 crore towards interest on arbitration and court cases, which has now been capitalized in current quarter. During FY ’twenty five, the depreciation and amortization expenses have gone up by INR14 crore from INR $11.11 crore to INR $11.25 crore, which is also flat.

During Q4 FY 2025, the depreciation and amortization expenses have gone up by INR 13 crore from INR $2.80 crore to INR $2.93 crore. During FY 2025, other expenses have come down by INR 13 crore from INR $20.15 crore to INR 2,002 crore, which is almost flat. During Q4 FY ’twenty five, other expenses have gone up by INR144 crore from INR534 crore to INR678 crore, which is mainly due to increase in insurance expenses by INR101 crore and increase in R and M expenses by INR39 crore. During FY 2025, tax expenses have gone up by INR365 crore from INR $5.52 crore to INR $9.16 crore. This is mainly due to reason that during corresponding previous year period, MAT credit of INR $5.29 crore was recognized.

During this period, no met credit has been recognized, whereas met credit of INR $2.71 crore has been utilized. During Q4 FY 2025, tax expenses have come down by INR $2.41 crore from INR $4.24 crore to INR 183 crore. This is mainly due to the lower utilization of bad credit. During FY ’twenty five, we have earned paid property tax of INR 3,084 crore as against INR 3,722 crore in corresponding previous period, which is down by INR $6.38 and which is around 17% lower. And the reason for decrease increase in the line items we have just discussed.

During Q4 FY ’twenty five, we have earned PAT of INR894 crore as against INR693 crore of corresponding previous period, which is up by INR201 crore or 29% above. The reasons and for a decrease increase in the line items we have just discussed. During FY ’twenty five, the incentive position is as follows. We have earned secondary energy to the tune of INR 123 crore in current financial year FY ’twenty four, ’twenty five as against INR 102 crore in the corresponding previous period. So there is an increase of INR 21 crore in the secondary energy.

Base incentive we have earned in FY twenty twenty four, twenty five to the tune of INR227 crore as against INR316 crore in the corresponding previous year. So this is down by INR89 crore. Rebation charges, we have earned INR35 crore in FY twenty twenty four, ’twenty five as against INR41 crore in the corresponding previous year. So this is lower by INR6 crore. So a total of other three incentive we earned in FY twenty twenty four, twenty five is INR $3.85 crore as well as INR $4.59 crore in the corresponding previous year.

So we have lost around INR74 crore on account of these three incentives during the FY twenty twenty four, twenty five. The incentive position during 2025 is as follows. Secondary energy, we have earned INR81 crore as against INR80 crore in the corresponding previous quarter. P and business incentive is INR207 crore against INR250 crore in the corresponding previous quarter. And division charges is INR 5 crore as against INR 7 crore in the corresponding previous quarter.

So total of all the three incentives during the ’5 is INR $2.93 crore as against INR339 crore in the corresponding previous quarter. CapEx of INR11596 crore has been incurred during FY ’twenty five against target CapEx of 11,762 crore for FY 2025 on consolidated basis. The Board of Directors has recommended the payment of final dividend at the rate of 5.1% that is 51 per equity sale in addition to interim dividend at the rate of 14% that is MXN 1.4 per equity sale, resulting in total dividend at the rate of 19.1%, that is 1.91 per equity sale on the face value of paid up equity sale of INR 10 is for the financial year twenty four-twenty five. Other major highlights of the company are as under on relation front, NXJ has received INR8349 crore from the beneficiaries against sale of energy during FY ’twenty five as compared to INR966 crore in the corresponding period of the previous year. Trade receivables as on thirty one March ’twenty five stands at INR4412 crore as against INR3978 crore as on thirty one March twenty four.

This includes INR3677 crore as unbilled debtors as on thirty one March twenty five as against INR2263 crores as on thirty one March twenty four. The net receivables out of total reported trade receivables are reconciled as under. The reported trade receivables are INR 4,412 crore. If we subtract unbilled debtors from this, the unbilled debtors are INR 3,677 crore. So billed receivables was out to INR $7.35 crore.

If you exclude the debtors, those converted to installments under industry late payment surcharge and other orders of CRC, that is INR 119 crore. The net amount due from the BENECCI works out to INR616 crore only and dues more than forty five days is only INR220 crore. So overdue amount is only INR222 crore in our case as on thirty first March twenty five. Unbilled debtors mainly include unbilled annual fixed charges and recoverable as per CRC regulations, including security and insurance expenses of INR1366 crore, interest on arbitration of the court cases of INR580 crore, impact of effective tax rate on return on equity of INR485 crore, unbilled sales for the month of March 25 of which INR $4.80 crore and shortfall in generation provisions beyond the control of the company of INR $2.92 crore. The net billed trade receivables as on May 1925, stands at INR750 crores, which includes more than forty five days’ use of INR73 crores only.

This is all from my side. Now the forum is open for question and answers. Thank you.

Conference Moderator, Elara Capital: Thank you very much. We will now begin the question and answer session. First question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.

Mohit Kumar, Analyst, ICICI Securities: Yes. Good afternoon, sir, and thanks for the opportunity. My first question is on the profitability. Last year, I think we did €36,000,000,000 of profit on a consolidated basis. It has declined to €30,000,000,000.3000 crores.

You did touch upon on the various one offs. But can you please help us with the in bond border basis, what explains the decline? Is there a one off in the tax item? You did say that they just made credit. But is it related to the past three years, which is on the tax, which you can just help us explain?

Finance Representative, NHPC Limited: Yes, Mohit. So you’ll have to understand that the major reason for decline in so let us discuss at PBT level first. So if you look at PBT level, you will find that the decline of INR100 crores in quarterly number and INR200 crore in yearly number, right? Right. So quarterly number, INR100 crore is entirely on account of reversal of INR110 crore on account of interest on arbitration, which has been reversed in Q4 itself, and that is the reason you will see that there is a negative finance cost of INR30 crores.

So that is the only one off. You can treat this item as one off. And if you

Mohit Kumar, Analyst, ICICI Securities: No, I can hear you.

Finance Representative, NHPC Limited: So Mohit, are you there?

Mohit Kumar, Analyst, ICICI Securities: I am there. I think there’s some issue with the other lines.

Finance Representative, NHPC Limited: No worries. So if you add back this INR100 crore number as a one off, you will arrive at the actual adjusted PAT PBT, I mean, okay? A similar kind of adjustment if you do at yearly number, like INR200 crore decline in PBT, you will if you refer note number five and note number six of our financial results, you will find that there is impact of INR100 crore in pay anomaly, which has impacted our PBT and INR26 crore again that this interest on arbitration. So INR126 crore impact is there on account of these two numbers and INR100 crore decline is there in energy charges. Almost INR200 crore decline is there.

Mohit Kumar, Analyst, ICICI Securities: Understood. Understood. That’s very helpful. That’s very helpful.

Finance Representative, NHPC Limited: So that is two investment you have to carry out to arrive at the adjusted path. Anything else you want to understand? No, no,

Mohit Kumar, Analyst, ICICI Securities: That’s very helpful. Can you please help us with the NHPC revenue and profit numbers for this fiscal?

Finance Representative, NHPC Limited: This come again?

Mohit Kumar, Analyst, ICICI Securities: NHPC, the subsidiary revenues and profit.

Finance Representative, NHPC Limited: NHPC, NHPC, yes. NHPC, just a moment, I will share the number. Yes. So total generation of NHDC during FY, the current FY was 5,575 units as against INR4473 million units in corresponding previous year, right. The revenue from operation is INR1400 crores as against INR1270 crores.

The VAT is INR837 crores as against INR812 crores.

Mohit Kumar, Analyst, ICICI Securities: Understood. My one last question, Can you please help us with the capitalization of Parvati II in the books? And the added clarification is that how are you going to book the revenues? Is it will it be 85% of the expected capacity charge till the time we get the full tariff order from the CRC? Is that right understanding?

R. P. Goel, Director of Finance, NHPC Limited: Actually, our part two has been capitalized three notes has been capitalized from April 25 and fourth has been will be capitalized from 04/15/2025. So full year generation and full year revenue will be there. And we are in the process of filing tariff petition in the CRC. So based on filing of tariff petition, we will recognize 90% of the revenue on provisional basis till the order comes from CRC.

Mohit Kumar, Analyst, ICICI Securities: Understood, sir. And what is the amount capitalized, amount capitalized on the books?

R. P. Goel, Director of Finance, NHPC Limited: Amount capitalized will be around $12,000 total plus.

Mohit Kumar, Analyst, ICICI Securities: Understood, Thank you. Another day, sir. Thank you.

Conference Moderator, Elara Capital: Thank you. Next question is from the line of Ragini Pandey from Valera Capital. Please go ahead.

Ragini Pandey, Analyst, Valera Capital: Yes. Thank you for the opportunity. I wanted to know that what was the impact of insurance cover, which was not there at Vista right now. I mean, the insurance cover was still September 2024, I think, last year. So what was the under recovery in TAESA V?

Finance Representative, NHPC Limited: Yes. Raghini, if you look at the normal circumstances of TISTA V, TLDP III and TLDP IV, all these three projects in TISTA Basin, you will find that in normal circumstances, almost INR300 crore kind of PBT we earn from TISTA V, INR100 crore from TLDP IV and INR103 crore from TLDP III. So almost INR500 crore kind of PBT we earned from these three projects. But due to this flash flood we have discussed, the last previous number was INR300 crores. But this year number is INR99 crores loss.

So there is almost INR400 crores kind of loss at PBT level from these three projects.

Ragini Pandey, Analyst, Valera Capital: Okay. Thank you. I just wanted to confirm on the adjusted part number for Q4 FY ’twenty five. So you said that there is an adjustment of INR200 crores in Q4, right?

Finance Representative, NHPC Limited: Q4 INR 100 crores adjustment, you have to carry out on account of reversal of interest on arbitration. 200 crores number is for yearly number.

Rupesh Sankhy, Analyst, Alara Securities: Understood. Okay.

Ragini Pandey, Analyst, Valera Capital: What will be the incremental revenue from the recently commissioned Parvati project?

Finance Representative, NHPC Limited: Yes. So the design energy of Parvati is 3,074 units, and the expected tariff is around INR7.5 to INR8. We have to file the tariff petition with CRT and we have to wait for the final outcome. But approximate number if you want to consider, at the rate of INR7.5, 87% Celebrate Design Energy of INR3074 crores you can consider, and that will work out somewhere, crores. Yes, INR200 crores.

Ragini Pandey, Analyst, Valera Capital: Another question was on Subansiri. What is the expected commissioning timeline for the project and the incremental revenue which is expected from it?

R. P. Goel, Director of Finance, NHPC Limited: As per our plan, we will commission three units by June 25, and rest of five units will be commissioned one by May 26. And the incremental revenue of this project will be in the range of INR4000 crores. Incremental revenue will be INR4500 crores on annual basis when full commissioning is achieved.

Ragini Pandey, Analyst, Valera Capital: Yes. Okay. Thank you. Just one last question. What is the regulated equity currently after the commissioning of Parbati project?

Finance Representative, NHPC Limited: Yes. So console level, if you want to consider INR 13,000 crore is regulated equity for NHBC as standalone and INR 1,000 crore is regulated equity in NHBC. So our share is INR 14,000 crore as of now. Considering INR13000 crore capital cost of Parvati II, you can consider 30% of the capital cost as a regulated equity. So it works out to around INR4000 crore.

So roughly, you know, INR 14,000 plus INR 4,000, INR 18,000 crore would be regulated equity in this particular financial year.

Ragini Pandey, Analyst, Valera Capital: Okay. Thank you. Thank you.

Conference Moderator, Elara Capital: Next question is from the line of Prashant Chisagar from Aniv Corporate Research Private Limited.

Rupesh Sankhy, Analyst, Alara Securities: Am I audible? Yes, please. Just wanted to know the progress of other projects in the Subansari Basin, especially the Middle Subansari, Upper Subansari, if you can share?

R. K. Chaudhry, Chairman and Managing Director, NHPC Limited: So Swansea Middle, that is Kamla hydroelectric project, it is seventeen twenty megawatts. So

R. P. Goel, Director of Finance, NHPC Limited: You listening?

Finance Representative, NHPC Limited: Yes, yes.

Rupesh Sankhy, Analyst, Alara Securities: The line got So again,

R. K. Chaudhry, Chairman and Managing Director, NHPC Limited: I will repeat. The Kamla, that is Swansea low middle Project, so it is seventeen twenty megawatt, pre DPR chapter already cleared by the CA and CCC. We have submitted the cost chapters, and it is likely to be cleared by the CA and CCCC very soon. So techno economic clearance, are going to get very soon. And at the same time, we have processed for the environmental clearance and forest clearance also.

So things are moving very fast. We are expecting that during this year, the all clearances will be there. And before that, we will move for investment approval, PIV and CCA, because these projects Kamala and Swansea Upper. Swansea Upper is sixteen oh five megawatt. That is also going well.

Clearances are progressing. So in these projects, there will be 26% share of the state government and 74% NHPC. So for these two projects, the PIV and investment approval, have to obtain from the Government of India. So we are expecting that by the year end, the NHPC will move for investment approval from the Government of India. Thank you.

Rupesh Sankhy, Analyst, Alara Securities: So you said the share of state government will be 26% in both the projects or only Upper Subanshi?

R. K. Chaudhry, Chairman and Managing Director, NHPC Limited: No. In the Kamala Also and Subanshi Upper also, the government of India has approved that any project in Arunachal Pradesh, which is allocated to different public sector undertakings, NHPC, SJVN, THDC and NIPCO. In all those projects, there will be share of the state government utilities maximum up to 26%. In the JV company, yes.

Rupesh Sankhy, Analyst, Alara Securities: In the JV company. Okay. And sir, about the Dibang project, you said you awarded five phases for five tenders or whatever. The technical terms, exact technical term, I I will not be knowing. But the balance, when do you expect it to be

R. K. Chaudhry, Chairman and Managing Director, NHPC Limited: awarded or You understand that the entire project, civil works, hydro mechanical works and electromechanical works, So these all three types of works. So we have formulated seven packages, seven contract packages. Out of seven, five contract packages have already been awarded and works are going on at progressing at site. The rest two packages, the tender is opened and it is under evaluation. So we expect that shortly, are going to award the balance two contract package.

Rupesh Sankhy, Analyst, Alara Securities: Sir, about the Midlands Upper Subansary, has the land acquisition been completed? Or it has started or complete at what stage it is?

R. K. Chaudhry, Chairman and Managing Director, NHPC Limited: Land acquisition has also started. So the district administration has already issued Section four and then Section six. So they have already moved for the acquisition of land for both the projects.

Rupesh Sankhy, Analyst, Alara Securities: Both the projects. Okay. That answers my question. Thank you.

R. K. Chaudhry, Chairman and Managing Director, NHPC Limited: Thank you.

Conference Moderator, Elara Capital: You. Next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.

Mohit Kumar, Analyst, ICICI Securities: Hello. Yes. Thanks for the opportunity once again. So my question was, are we expecting more projects due to the evolution of the Indus water TTs? Has there been any further conversation around it?

R. K. Chaudhry, Chairman and Managing Director, NHPC Limited: The Indus Water TT is not abolished. It is kept under suspension. So in this scenario, yes, you are right that now there is a lot of emphasis. And the we are going to start the URI one Stage two, two forty megawatt. And we have already floated the two mechanical and electromechanical works.

We are going to float the tender during this month only. The second project, Dulharsi Stage one, three ninety megawatt already there. So there is Dulharsi Stage two project, two sixty megawatt. So for that also, have received the approval concurrence appraisal from the Central Electricity Authority today itself. And now we are going to float the tender during this month end for the civil works.

The third project, eighteen fifty six megawatt, Sabal Court project. So for that project also, the approvals are going in the very fast mode, and we are expecting that very soon we are going to float the tender for the Savolkot also. At the same time, the possibilities are being explored to start some more projects like Tirkeitu and some more projects in Indus River in Leh Ladakh area. So these are the things under the change scenario.

Mohit Kumar, Analyst, ICICI Securities: Okay? Understood, sir. Are you looking to add the projects under one single EPC umbrella? Or are you going ahead with taking the packages? Because I saw I remember I saw one even large Savolco order based on EPC basis, but I think you’ve broken the package again.

Is that right, understanding?

R. K. Chaudhry, Chairman and Managing Director, NHPC Limited: Saburkot project, we are going to formulate the entire works of the project in two package for the civil works, one package for the design and engineering and again, hydro mechanical works and electromechanical works. So we have already prepared the bid documents for the two package, and we are waiting the investment approval from the government. So then we’ll go ahead.

Mohit Kumar, Analyst, ICICI Securities: And any comment on any PSC projects which you think you’ll award in F twenty six or F twenty seven in the near term Yes,

R. K. Chaudhry, Chairman and Managing Director, NHPC Limited: yes. So the first project we are going to award the Indra Sargar Onkar Ishwar, that is six forty megawatt. So the project the DPR is under evaluation in the CWC and Central Lake City Authority. We are expecting that within next two, three months, we are going to get the DPR cleared. And once the DPR is cleared, appraisal is cleared, then we’ll go move ahead with the award of works.

Mohit Kumar, Analyst, ICICI Securities: Understood, sir. Thank you and all the best. Thank you.

R. K. Chaudhry, Chairman and Managing Director, NHPC Limited: Thank you.

Conference Moderator, Elara Capital: Ladies and gentlemen, that was the last question of the day. I now hand the conference over to management for closing comments.

Finance Representative, NHPC Limited: Yes. Rupesh, thanks a lot for conducting this conference call post result. And thank you all participants for your interest and time. Thank you so much.

Rupesh Sankhy, Analyst, Alara Securities: Thank

Conference Moderator, Elara Capital: you. On behalf of Elara Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

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