NHPC Ltd Q2 FY27 Results Analysis: PAT Jumps 52%, EBITDA Margin Expands 395 bps

Cofacto Research Published November 04, 2026 4 min read

Positive

NHPC Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 4,482.55 Cr (+33.20% YoY) and PAT growth of +51.66% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 04, 2026
Revenue (Q2)	Rs. 4,482.55 Cr (+33.20% YoY)
PAT (Q2)	Rs. 1,549.09 Cr (+51.66% YoY)
EBITDA margin	64.18% (+395 bps YoY)
EPS (Q2)	Rs. 1.54 (+50.00% YoY)

Quarter Snapshot

Q2 FY27 consolidated revenue grew 33.20% YoY to Rs.4,482.55 crore with PAT to owners up 51.66% to Rs.1,549.09 crore and EBITDA margin up 395 bps YoY to 64.18%, driven by newly commissioned Subansiri Lower and Parbati-II capacity (Rs.1,231.64 crore provisional sales). Key watch items are the doubling of finance costs, a 62.90% receivables build, and both CERC tariff orders still pending, which keep the new-station sales provisional with notified-tariff upside ahead. Subansiri Unit 5 commissioning on October 23, 2026 keeps the FY27 capacity ramp on track against the Rs.15,000 crore capex target.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Generation/PAF vs deficit monsoon ("−12.6%, lowest since 2015")	Behind on water volumes	Not disclosed in filing — not observable	Not observable
Revenue "behind on water, cushioned by the new-capacity ramp"	Revenue growth capacity-led	Reported +33.20% YoY but ex-provisional +3.28%	Played out
CERC orders pending; 80%-AFC booking persisted	Swing factor unresolved	Both orders still pending; Rs.1,231.64 provisional sales booked	Played out
Finance cost stays elevated YoY	Headwind	+100.28% YoY to Rs.556.17	Played out
Working-capital pressure persists	Headwind	Receivables +62.90% vs Mar-26	Played out
Teesta-V resumption reverses ~Rs.400 Cr annual under-recovery from Q2	Positive	No quantum disclosed in filing	Not observable
One-time items: Rs.392.31 arbitral award (tariff-recoverable); Teesta-IV uncertainty	—	Award not addressed in filing; Teesta-IV provision Rs.231.30 confirmed from filing note and normalized — provision); award open	Played out

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
Subansiri balance 4 units by Dec 2026 (2,994 MW FY27 hydro)	Q1 FY27 presentation / earnings-call guidance	Unit 5 COD Oct 23, 2026; 1,250 MW of 2,000 MW (filing note 10)	On Track
FY27 consolidated capex Rs.15,000 Cr	FY27 capex guidance given on the Q1 FY27 earnings call	H1 consol capex Rs.5,685.06 = 37.90% of target	Stretch
Hydro regulated equity Rs.30,672–30,723 Cr by end-FY27	Q1 FY27 investor presentation	Reg-deferral debit Rs.8,817.92 at Sep-26; end-FY27 level not derivable from a Q2 filing	Too Early
Parbati-II final CERC order by June 30, 2026	February 2026 earnings-call guidance	Note 6(ii): still "pending final approval of the CERC"	Missed
Subansiri interim tariff ~2 months from March 2026 petition	Q4 FY26/Q1 FY27 call guidance	Note 6(i): still "pending approval of the CERC"	Missed
Pakal Dul (Dec 2026), Kiru (Dec 2026), Rangit-IV (Oct/Nov 2026)	Q1 FY27 presentation	No commissioning status in the Q2 filing	Too Early
New units and Teesta-V resumption "expected to progressively contribute to top-line growth"	Q1 FY27 results filing	Revenue +33.20% YoY, with Rs.1,231.64 provisional sales from new capacity	Confirmed
80% conservative AFC booking is "just timing difference" pending CERC	Q3 FY26/Q1 FY27 calls	Both tariff orders still pending at Q2; provisional booking continues — mechanism intact; reversal timing unproven	Too Early
CERC unlikely to disallow beyond-control costs ("very less chances of any sort of disallowance")	Prior earnings calls	Teesta-IV Rs.231.30 provision shows implementation uncertainty is real on one project; no CERC disallowance evidence yet	Too Early

Key Numbers, Quarter by Quarter

Metric	FY26	Q1 FY27	Q2 FY27
Consolidated generation (MU)	29,619	9,486	not disclosed in filing
PAF %	74.75	80.79	not disclosed in filing

Key Investment Insights

Key Positives

Consolidated revenue grew 33.20% YoY to Rs.4,482.55 crore; standalone revenue grew 50.97% YoY
Consolidated PAT attributable to owners grew 51.66% YoY to Rs.1,549.09 crore; normalized PAT growth of 67.91% after adding back the Rs.231.30 crore Teesta-IV provision
Consolidated EBITDA margin of 64.18%, up 395 bps YoY and 238 bps QoQ
Subansiri Lower and Parbati-II provisional sales of Rs.1,231.64 crore in Q2 vs Rs.217.69 crore a year ago; Subansiri Unit 5 (250 MW) commissioned October 23, 2026, taking the project to 1,250 MW of 2,000 MW
H1 consolidated CFO of Rs.3,179.16 crore was 1.12x PAT; operating cash flow grew from Rs.1,583.21 crore to Rs.3,179.16 crore YoY
Effective tax rate fell to 28.25% from 34.08% YoY
H1 capex of Rs.5,685.06 crore is 37.90% of the FY27 Rs.15,000 crore target, with H2 requirement of Rs.9,314.94 crore only 8.38% above FY26 H2 actual

Risk Factors

Ex-provisional sales, established fleet revenue grew only 3.28% YoY, indicating growth is commissioning-led rather than like-for-like volume-driven
Consolidated finance costs doubled YoY (+100.28%) to Rs.556.17 crore as commissioning-driven interest capitalization ends
Trade receivables rose 62.90% vs March-26 to Rs.4,283.37 crore, consistent with discom-dues pressure
Rs.231.30 crore provision against Teesta-IV HE Project survey & investigation CWIP due to implementation uncertainties
Both CERC tariff orders (Parbati-II final, Subansiri interim) remain pending past guided timelines, leaving Rs.1,231.64 crore of Q2 sales provisional
Tax expense recognized on expected Section 200(5) transition is subject to review during forthcoming quarters, an unquantified forward tax risk