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Power Generation & Distribution, Small Cap

The board cleared the implementation of Uri-I Stage-II hydro electric (HE) Project (240 MW) at an estimated completion cost of Rs 2,708.95 crore. The project cost includes Rs 264.31 crore for IDC and grant of Rs 26.20 crore for enabling infrastructure. The construction start date has been considered as March 1, 2026.

In addition, the board also approved an investment proposal of Dulhasti Stage-II HE Project (260 MW) at a completion cost of Rs 2,993.96 crore including Rs 289.06 crore for IDC and Rs 245.00 crore for enabling infrastructure, with construction also slated to commence from 1 March 2026.

Both investments are subject to the signing of implementation agreement between NHPC and Government of Jammu & Kashmir / JKSPDC & other requisite approvals, if any.

NHPC, a Navratna Ratna public sector utility, is the Government of India?s flagship hydroelectric generation company. The company is primarily involved in the generation and sale of bulk power to various power utilities. Its other business includes providing project management/construction contracts/consultancy assignment services and trading of power.

The company reported a consolidated net profit of Rs 320.60 crore in Q3 FY26, down 2.89% as against Rs 330.13 crore in Q3 FY25. Total income declined 4.74% year-on-year to Rs 2,492.83 crore for the quarter ended 31 December 2025.

The scrip rose 0.08% to settle at Rs 74.43 on the BSE.

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Total income declined 4.74% year-on-year to Rs 2,492.83 crore for the quarter ended 31 December 2025.

Loss before tax and regulatory deferral account balances widened to Rs 282.20 crore in Q3 FY26 from a profit of Rs 400.57 crore in Q3 FY25.

During Q3 FY26, total expenses increased 25.19% YoY to Rs 2,775.99 crore. Depreciation and amortization expenses stood at Rs 456.61 crore (up 53.89% YoY), and employee benefits expenses were Rs 346.41 crore (down 49.55% YoY) during the period under review.

On the margins front, the company?s operating margin declined to 26.38% in Q3 FY26 from 33.62% in Q3 FY25. The net profit margin remained flat at 14.44% in Q3 FY26, unchanged from the corresponding quarter last year.

Separately, the board approved an interim dividend of 14% (Rs 1.40 per equity share of face value Rs 10) for FY26. February 10, 2026, has been fixed as the record date, and the dividend will be paid within the statutory timeline.

The company also proposed the cancellation of the MoU and Promoters? Agreement with Green Energy Development Corporation of Odisha (GEDCOL) for setting up floating solar power projects in Odisha. Further, NHPC proposed the withdrawal of its nominee director from the board of PTC India Ltd and the relinquishment of its promoter status in PTC, in line with the Ministry of Power?s office memorandum dated 16 January 2026.

NHPC, a Navratna Ratna public sector utility, is the Government of India?s flagship hydroelectric generation company. The company is primarily involved in the generation and sale of bulk power to various power utilities. Its other business includes providing project management/construction contracts/consultancy assignment services and trading of power.

Shares of NHPC rose 0.80% to currently trade at Rs 78.20 on the BSE.

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The board of NHPC at its meeting held on 04 February 2026 has approved the proposal for cancellation of Memorandum of Understanding (MoU) and Promoters' Agreement signed between NHPC and Green Energy Development Corporation of Odisha (GEDCOL) for formation of a JV Company for implementation of floating solar power projects in various water reservoirs in the state of Odisha.

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NHPC has fixed 10 February 2026 as record date for payment of interim dividend of Rs 1.40 per share of Rs 10 each for FY 2025-26.

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