Synopsis: NHPC reported a strong Q4FY26 performance with revenue from operations rising 20 percent YoY to Rs. 2,816 crore, while profit after tax surged 68.5 percent to Rs. 1,549 crore. Growth was supported by commissioning of new hydro and solar projects, higher power generation and improved operational performance across key assets.
NHPC Limited has a total market capitalization of Rs. 77,387 crore, according to data on the NSE. NHPC shares were trading at Rs. 77.04 apiece on the National Stock Exchange, up by 0.33 percent; the stock has declined around 1.61 percent over the last five sessions, while it has gone down about 7.29 percent in the 30 days. Over a six-month period, the stock has given a negative return of 4.33 percent, whereas on a year-on-year basis it has decreased nearly 13.43 percent, reflecting mixed overall performance. The stock’s 52-week high was Rs. 92.34 and 52-week low was Rs. 71.62.
NHPC Limited reported consolidated financial results for the quarter and financial year ended March 31, 2026. The company posted revenue from operations of Rs. 2,815.53 crore in Q4FY26 compared to Rs. 2,346.97 crore in Q4FY25, reflecting strong growth of around 20 percent year-on-year. Quarter over quarter, revenue also improved from Rs. 2,220.73 crore reported in Q3FY26.
Total income for the quarter stood at Rs. 3,120.52 crore in Q4FY26 compared to Rs. 2,557.71 crore in the corresponding quarter last year, registering growth of around 22 percent year-on-year. The increase was mainly supported by higher power generation, commissioning of new hydro and solar projects and improved operational performance across key assets.
On the profitability front, the company reported profit after tax of Rs. 1,549.42 crore in Q4FY26 compared to Rs. 919.63 crore in Q4FY25, reflecting sharp growth of around 68.5 percent year-on-year. Quarter over quarter, profit also improved significantly from Rs. 320.60 crore reported in Q3FY26. Profit before tax stood at Rs. 2,108.64 crore in Q4FY26 compared to Rs. 865.94 crore in Q4FY25.
A major factor supporting profitability during the quarter was the significant increase in revenue and operational contribution from newly commissioned projects. During FY26, the company commissioned the 800 MW Parbati-II Hydro Electric Project and the 300 MW Karnisar Solar Power Project in Bikaner. NHPC also commissioned additional units of the Subansiri Lower Hydro Project, taking the installed capacity of the project to 1,000 MW.
Another key factor supporting earnings was higher regulatory income and improved contribution from operational assets. Profit before exceptional items and tax stood at Rs. 285.44 crore in Q4FY26 compared to Rs. 1,113.09 crore in Q4FY25, while movement in regulatory deferral account balances positively impacted reported profitability.
Total expenses increased sharply to Rs. 2,835.89 crore in Q4FY26 compared to Rs. 1,444.73 crore in Q4FY25 due to higher employee expenses, finance costs and operational expenditure associated with newly commissioned projects and expanded power generation capacity.
For the full financial year FY26, NHPC reported revenue from operations of Rs. 11,615.29 crore compared to Rs. 10,379.86 crore in FY25, reflecting growth of around 11.9 percent year-on-year. Profit after tax increased to Rs. 4,220.46 crore in FY26 compared to Rs. 3,411.73 crore in FY25, registering growth of around 23.7 percent year-on-year.
Profit before tax for FY26 stood at Rs. 2,910.32 crore compared to Rs. 4,489.75 crore in FY25. Earnings per share (EPS) for FY26 improved to Rs. 3.75 compared to Rs. 2.99 reported in the previous financial year excluding movement in regulatory deferral account balances.
The Board of Directors recommended a final dividend of Rs. 0.21 per equity share for FY26. Including the interim dividend of Rs. 1.40 per share already paid during the year, the total dividend for FY26 stands at Rs. 1.61 per equity share.
NHPC Limited, a Navratna public sector undertaking under the Government of India, primarily operates in hydroelectric power generation and sale of bulk power to utilities. The company is also engaged in solar power, project consultancy, construction and power trading businesses. India’s power sector continues benefiting from rising electricity demand, renewable energy expansion, hydroelectric capacity addition and government focus on energy transition. However, profitability in the sector remains sensitive to hydrology conditions, regulatory approvals, financing costs and project execution timelines.
Overall, NHPC reported strong Q4FY26 revenue and profitability growth supported by new project commissioning, improved operational performance and higher power generation. Going forward, renewable energy expansion, execution of hydro projects, tariff approvals and capacity utilization will remain key factors influencing the company’s future performance.
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