Analyst Concall
NHPC sees FY27 capex INR 150 bln, to add 2,774 MW capacity
This story was originally published at 18:33 IST on 6 February 2026
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--NHPC: Aim to commission 1,000 MW solar energy projects in 2026
--CONTEXT: Comments by NHPC managment in post-earnings analyst concall
--NHPC: Apr-Dec FY26 capex INR 88.44 bln
--NHPC: Plan to enter pumped storage, battery storage operations
--NHPC: See FY27 capex at INR 150 bln
--NHPC: See capex at INR 120 bln INR 130 bln FY28 onwards
--NHPC: FY26 planned capex INR 133 bln
--NHPC: Aim to add 2,100 MW hydro power capacity by March
--NHPC: Aim to add 2,744 MW hydro capacity in FY27
--NHPC: To begin 5-6 new hydro projects worth 10,000 MW soon
--NHPC: In talks with CERC on Subansiri hydro project tariff
--NHPC: Seeing delays in power purchase pacts for renewable projects
--NHPC: Aim to sign power purchase pacts for 2,000-3,000 MW renewable projects
By Prateem Rohanekar and Narayana Krishna
MUMBAI – NHPC Ltd. plans to add 2,774 megawatts of new capacity in the financial year 2026-27 (Apr-Mar) and sees the capital expenditure for the year at INR 150 billion. The company plans to begin work on five to six new hydro projects soon, its management said in a post-earnings conference call with analysts. FY28 onwards the company would incur a capital expenditure of INR 120 billion to INR 130 billion, the management said.
The company's capital expenditure for the Apr-Dec period of the current financial year was INR 88.44 billion against the planned spend of INR 133 billion, the management said. The company aims to add power generation capacity of 2,100 megawatts by March.
The management said there was a delay in signing power purchase agreements for renewable projects, but it aims to sign power purchase agreements for 2,000-3,000 megawatts soon.
The absence of battery and storage solutions has caused delay in some power purchase pacts for renewable power with distribution companies, NHPC said. "DISCOMs (distribution companies) are now planning that they will not sign the PPA (power purchase agreements) for the standalone solar...they want the solar with the battery or some other alternative like wind plus battery," the management said. The company also plans to start battery and storage operations.
In the nine months ended December, the company generated revenue of INR 9 billion from the Parvati 2 plant. This was 80% of the estimated revenue. The company decided not to consider a revenue of INR 2.25 billion from the plant due to a tariff petition pending with the Central Electricity Regulatory Commission, the company said. NHPC had applied a similar policy while accounting for revenue from the Subansiri project. The company said it was planning to file a tariff petition for the project's revenue by March first week. End
Edited by Ashish Shirke
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