Q2/H1 FY27 unaudited results approved; auditors' unmodified review conclusion; no default on debt securities
Board approved unaudited standalone & consolidated results for quarter and half year ended 30.09.2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,124.77 | 2,732.11 | +51% | 3,537.04 | +16.6% |
| Total income | 4,328.50 | 2,994.44 | +44.6% | 3,742.31 | +15.7% |
| Profit before tax | 1,687.18 | 1,091.59 | +54.6% | 1,190.98 | +41.7% |
| Profit after tax | 1,525.49 | 925.52 | +64.8% | 1,113.41 | +37% |
| Total comprehensive income | 1,387.16 | 931.75 | +48.9% | 1,127.27 | +23.1% |
| Basic EPS | 1.52 | 0.92 | +65.2% | 1.11 | +36.9% |
- Total income YoY growth
- +44.6%
- Period
- Quarter Ended 30.09.2026
Auditor's review
Conclusion: Unmodified
Notes to the results
- Due to uncertainties regarding implementation of Teesta IV HE Project, ₹ 231.30 Crore carried as CWIP has been provided for during the quarter and half year ended September 30, 2026.
- Subansiri Lower Project (4th unit commissioned): ₹ 678.17 Crore and ₹ 1252.48 Crore recognised provisionally as sales for the quarter and half year, pending CERC tariff approval.
- Parbati-II HE Project: ₹ 553.47 Crore and ₹ 917.89 Crore recognised provisionally as sales for the quarter and half year, pending final CERC tariff approval.
- Scheme of Amalgamation of Jalpower Corporation Limited (wholly owned subsidiary) with NHPC: MCA hearing held September 28, 2026; order awaited.
Board meet and what it approved
The Board of Directors met on Wednesday, November 04, 2026 from 04:40 P.M. to 05:45 P.M. and considered and approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, after review by the Audit Committee. The Joint Statutory Auditors issued a Limited Review Report on both sets of results.
Auditor's conclusion
The review conclusion is unmodified. The auditors state that nothing came to their attention that causes them to believe the statements contain any material misstatement or fail to disclose what is required to be disclosed. The report notes that the comparative periods were reviewed by the then Joint Statutory Auditors.
Other items placed with the exchanges
- Statutory Auditors' Certificate on the company's listed debt securities as on 30th September, 2026.
- A statement showing no deviation or variation in the use of proceeds of issue of non-convertible securities for the quarter ended 30th September, 2026.
- Outstanding default on loans and debt securities: not applicable, as there is no default.
A note also states the company maintains security cover of 100% or higher for its secured listed non-convertible debt securities.
Standalone numbers (Rs. in crore)
- Revenue from operations: 4,124.77 for the quarter, against 2,732.11 a year earlier; 7,661.81 for the half year, against 5,709.54.
- Total income: 4,328.50 for the quarter, against 2,994.44.
- Total expenses: 2,641.32, against 1,902.85.
- Profit for the period: 1,525.49 for the quarter, against 925.52; 2,638.90 for the half year, against 1,997.39.
- Earnings per share (basic and diluted): 1.24 for the quarter (0.80 earlier), 2.10 for the half year (1.72 earlier).
- Operating margin: 50.81% (42.11% earlier); Net profit margin: 36.98% (33.88%).
- Net worth: 42,275.75; Debt equity ratio 1.18.
- Net cash flow from operating activities for the half year: 2,985.21, against 1,233.25.
Capacity additions and project notes
- The 4th unit of 250 MW of the 2,000 MW Subansiri Lower Project was commissioned during the half year ended September 30, 2026, taking commissioned capacity there to 1,000 MW (4 of 8 units).
- The 5th unit of 250 MW was commissioned on October 23, 2026; the project's installed capacity is now 1,250 MW.
- Pending CERC approval of tariff, Rs. 1252.48 crore has been recognised provisionally as sales for the half year (Rs. 678.17 crore for the quarter).
- For the 800 MW Parbati-II HE Project, Rs. 917.89 crore has been recognised provisionally as sales for the half year (Rs. 553.47 crore for the quarter).
- For the Teesta IV HE Project, an amount of Rs. 231.30 crore incurred on survey and investigation and carried as Capital Work In Progress has been provided for during the quarter and half year.
Tax transition and merger status
- The company has exercised the option under Section 200 (5) of the Income Tax Act, 2025 from Tax Year 2026-27. Income tax expense (net of MAT credit utilisation) and net deferred tax liabilities as on September 30, 2026 have been recognised keeping this expected transition in view, and are subject to review in the coming quarters.
- On the merger of Jalpower Corporation Limited, a wholly owned subsidiary, with the company, the hearing on the Scheme of Amalgamation was held on September 28, 2026; the order is awaited.
Dividend
The final dividend of Rs. 0.21 per share (face value of Rs. 10 each) for the financial year 2025-26, approved by shareholders at the Annual General Meeting on August 28, 2026, has been paid in September 2026.
What a retail reader can track
- Profit for the period rose on both a quarter and half-year basis in the standalone results, alongside higher finance costs (552.32 against 269.34 for the quarter) and depreciation (588.06 against 419.81).
- Two new generating units were added to the commissioned fleet, one during the half year and one in October 2026, with sales for these units recognised provisionally while tariff approval is pending at the regulator.
Also from NHPC
NHPC to hold Q2 FY2026-27 results conference call on November 5, 2026 at 11:00 A.M. IST
2 Nov 2026
Shri Rajesh Kumar appointed as ED through promotion, effective November 01, 2026
1 Nov 2026
Executive Director to cease on superannuation with effect from October 31, 2026
31 Oct 2026
More numbers
- Standalone Profit for the period, half year ended 30.09.20262,638.90
- Subansiri Lower provisional sales recognised, half year1252.48
- Parbati-II provisional sales recognised, half year917.89
- Teesta IV survey & investigation amount provided for in the quarter231.30
- Final dividend per share, FY 2025-26₹ 0.21
- Total income, latest quarter4,328.50 (Rs. in crore)
- Total income, year-ago quarter2,994.44 (Rs. in crore)
- Total income, previous quarter3,742.31 (Rs. in crore)
- Total comprehensive income, latest quarter1,387.16 (Rs. in crore)
- Total comprehensive income, year-ago quarter931.75 (Rs. in crore)
- Total comprehensive income, previous quarter1,127.27 (Rs. in crore)
- Profit after tax, latest quarter1,525.49 (Rs. in crore)
- Profit after tax, year-ago quarter925.52 (Rs. in crore)
- Profit after tax, previous quarter1,113.41 (Rs. in crore)
- Revenue from operations, latest quarter4,124.77 (Rs. in crore)
- Revenue from operations, year-ago quarter2,732.11 (Rs. in crore)
- Revenue from operations, previous quarter3,537.04 (Rs. in crore)
- Profit before tax, latest quarter1,687.18 (Rs. in crore)
- Profit before tax, year-ago quarter1,091.59 (Rs. in crore)
- Profit before tax, previous quarter1,190.98 (Rs. in crore)
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