NHPC Limited (NHPC) Q3 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Q3 FY '26 NHPC Limited Earnings Conference Call hosted by Elara Securities Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Rupesh Sankhe from Elara Securities. Thank you, and over to you, sir.

Yes. Good afternoon, everyone. On behalf of Elara Securities, we welcome you all for the Q3 FY '26 Conference Call of NHPC. I take this opportunity to welcome the management of NHPC represented by Mr. Bhupendra Gupta, Chairman and Managing Director; Mr. Uttam Lal, Director (Personnel); Mr. Sanjay Kumar Singh, Director (Projects); Mr. Suprakash Adhikari is the Director (Technical); Mr. Mahesh Kumar Sharma, Director (Finance). So we will begin the call with a brief overview by the management followed by Q&A session. I will now hand over the call to Mr. Bhupendra Gupta, sir, for his opening remarks. Over to you, sir.

Thank you, Rupesh. Am I audible?

Yes, sir, you are audible.

So good afternoon, friends. NHPC Board has adopted 9 months financial results for the period ended 31st December 2025 in its meeting held on 4th of February '26, and the same has already been communicated to the exchanges. By now, I hope that you all would have got chance to go through the quarterly and 9 monthly set of numbers. Firstly, I will touch upon major highlights of the financial results and the detailed growth plan of the company. Further detailed analysis of the results shall be shared by our Director of Finance, Shri Mahesh Kumar Sharma. Brief highlights are as follows. During 9 months, that is FY '26, our Power Stations have achieved a generation of 25,849 million units as against 22,397 million units generated in the corresponding period of the previous year, which is higher by about 15%, and this is mainly due to commissioning of our Parbati II Power Station 800 megawatt and subsequent increase in generation of Parbati III Power Station, which is due to the -- more water availability from the Parbati II and increase in power generation in some of the other power stations. Our plant availability factor for the 9 months stands at 79.27% and mainly there is some 3% lower than the previous -- this period, which is mainly due to the Dulhasti, Salal, Chamera-I and Chamera-III power station because of the -- during the monsoon, we had to shut down, which was beyond our control. So that's why there is a decrease, but we are hopeful that we will recover this during the entire financial year. During the 9 months FY '26, company has earned revenue of INR 8,800 crores as against INR 8,033 crores. So there is an increase of 10%. And company has earned PAT of INR 2,306 crores as against INR 2,153 of the corresponding year, which is 7% higher. I'm very pleased and proud to share that we have commissioned 2 units of Subansiri Lower project. I think all of you know that there is a 2,000 megawatt this Subansiri Lower project, comprising of 8 units of 250 megawatts. So we have commissioned and declared the commercial operation of these 2 units. Third unit is expected any day now. Maybe within this week only, we may commission third unit also. So -- and the fourth unit, we will commission and declare the COD by the end of March '26. Remaining 4 units, we are targeting to commission all by December '26. So project is almost in the final stages. And we have already spent around INR 2,569 crores against this revised cost of INR 27,949. NHPC has also fully commissioned our 300-megawatt Karnisar Solar project under CPSC scheme in Bikaner. And the project has become NHPC's largest operational solar power project as of now. So this shows our commitment to the renewable energy expansion of the company to have aligned with the vision of our Honor Prime Minister, Shri Narendra Modi. In respect of Dibang Multipurpose project to 880 megawatt, we have already awarded all major contracts, except one, which we will be awarding this month only. And all the works are in full swing. And we hope that whatever target we have fixed of '32 -- 2032, we will do our best, make all the efforts to achieve that target of 2032 because this is a very, very good project for us because the levelized tariff of this project is INR 4.46 per unit. And so we intend to complete as early as possible. Now regarding Teesta VI, which we took over from NCLT, this project is also going well. We have achieved 71% physical progress. And the estimated cost of this project is INR 8,449 crores and already, we have incurred expenditure of around INR 5,000 crores till December '25. This also, we are expediting the project. And though we are facing very big geological issue in our Head Race Tunnel. And because of that, slightly slow progress is there. And -- but we are going very, very methodological, also very careful because one small incident can delay the project for months together. But we are very much sure that we will achieve the targeted commissioning of 2029 in this project also. Then Rangit-IV which is 120 megawatt, again, in the state of Sikkim. Here, the progress is almost 95% as of now. And we have completed all electromechanical works. The only left out works in this project is [indiscernible] only, which is left out. And again, here, we were facing a very severe and this -- geological problem. So we have tackled that geological problem, and now we have left with certain lining works, which is something -- some time line is required, some minimum time line for that. So we are hopeful that we will complete this project commission all the 3 units by October or November '26. So this again will add 120 megawatts to our NHPC kitty. Then coming back to Ratle Hydroelectric project, this is 850 megawatt in the UT of J&K. Here also, the work is progressing well, and we have completed the excavation of the dam pit and which is a major milestone actually for any hydro project, which is the most critical one also. And now we are going to -- we have started concreting, in fact, of this dam recently where our Honorable Power Minister, Shri Manohar Lal Khattar visited that plant. And so we started the concreting in his presence. And here, that overall physical progress if we talk about is 26%. And this also, we are targeting to complete by November '28. And considering the present status of the project, we are 100% sure that we will not miss this standard line. Now we have one subsidiary, as you all are aware of, at Chenab Valley Power Limited. So here also, again, we are constructing 3 projects in Chenab basin in the UT of J&K. If we talk about the 3 projects and first one is Pakal Dul Hydroelectric project, which is 1,000 megawatt. And here, the overall physical progress is around 77%. And we are like targeting and this commissioning of all the units by December '26. And considering the present pace of the progress, we are 100% sure that we'll achieve this. Second one is 624 Kiru HE project. Here, again, our overall progress is around 77%. And this is also very attractive tariff we have in this project, that is around INR 5.68 per unit. And again, in this project also, we are hopeful and very sure, in fact, I will say that we will complete this project by December '26. Third one under this -- our JV subsidiary company is Kwar HE project, which is 540 megawatt, again in the Chenab Basin. Here, the progress is around 27%. And the targeted date of completion for this project is March '28. And the way our progress is -- we are getting the progress every month, we are 100% sure that we'll achieve this. Again, this is a very, very attractive tariff for this project, that is around INR 4.44 per unit. So we are just targeting to complete this as schedule. Apart from this, NHPC has 3, 4 new projects, which we are going to start very soon. One of them is Uri Stage-II project, which is 240 megawatt, then Dulhasti Stage II, 260 megawatts, then Sawalkote 1,856 megawatt; Subansiri Upper, that is 1,605, Etalin which is the biggest hydro plant in India as of now, 3,097 megawatt and Kamala, which are Kamala 1720 megawatts, which are at the different stage of clearances or under various stages of approval. And I want to assure all of you that we are going to start these projects during '26. Some of them will be in the second quarter -- first quarter of '26, '27 and some of them may be third and fourth -- second and third quarter of '26-'27. And so this is again 5 projects -- 5 or 6 projects, which we will be starting this year itself, total comprising of around 10,000 megawatts. And regarding 1,000-megawatt solar power projects, which were allocated to NHPC under CPSU Scheme, we have already commissioned 300 megawatt as shared earlier. And now, 100-megawatt Andhra Pradesh and 600 megawatts in Gujarat are expected to be commissioned by June '26 and December '26, respectively. Then another project, 200-megawatt grid-connected solar power project in GSECL RE Park at Khavda. The work is progressing well, and we are expected to complete this also again by March '26 itself. So with this, I think during this year only, we will be commissioning more than 1,000 megawatts of solar and adding this to our total capacity of the NHPC. NHPC is also exploring the possibility of pump storage plant in different states, Andhra, Odisha, Madhya Pradesh, Chhattisgarh, Gujarat, Punjab, Rajasthan, and Maharashtra, and DPRs are under process. So some of the PSP, which seems to be very attractive, the DPRs are in some different stages as of now. And we are going to start at least -- the construction of at least 2 projects, which we are planning to start this year, during this calendar year, I will say, not financial year. So that will be another thing which will be around 2,000 megawatt plus comprising of 2 or 3 PSPs. So I think this is -- these are the highlights and the growth plan of NHPC, which we are looking forward. And what I see that we have a very, very bright future, considering the emphasis on the clean and RE Power. And so our plan also to expand our Solar Power business also. And for that, we are in discussion with various stakeholders. So we are hopeful that we will be coming out with more solar projects in future in addition to the hydro and the pump storage, which I just discussed about. This is all from my side. So now I request our Director of Finance, Shri Mahesh Sharmaji to give the brief idea about our financial results, which our -- all the investors must have already gone through. Thank you, everyone. Thank you so much.

Good afternoon, friends. I'm going to share with you reasons for major variations in line items reported in the results for quarter and 9 months ended 31st December 2025. For 9 months FY '26, company has earned revenue from operations of INR 8,800 crores as against INR 8,033 crores in the corresponding previous period, which is about 10% higher, that is by INR 767 crores. The increase in revenue is mainly due to higher generation on account of commissioning of Parbati II Power Station. During Q3 FY '26, company has earned revenue from operations of INR 2,221 crores as against INR 2,287 crores in the corresponding previous period, which is about 3% lower, that is by INR 66 crores. The decrease in revenue is mainly due to decrease in sales pertaining to previous years on account of pay anomaly and interest on arbitration accounted in previous corresponding quarter to the extent of INR 500 crores abrupt. Other income for 9 months FY '26 is of the order of INR 766 crores in comparison to INR 1,024 crores during the corresponding previous period, which is about 25% lower, that is by INR 258 crores. This is mainly due to decrease in realization of business interruption loss against insurance claim by INR 352 crores, mainly related to Teesta V Power Station. Current period nil and previous period INR 352 crores. Decrease in provision not required written back by INR 108 crores, mainly related to Bursar project. This decrease is offset by increase in income from insurance claim by INR 251 crores, mainly in respect of Teesta V Power Station of INR 132 crores and Parbati II Power Station INR 121 crores. Other income for Q3 FY '26 is of the order of INR 272 crores in comparison to INR 330 crores during the corresponding previous period, which is about 18% lower, that is by INR 58 crores. This is mainly due to decrease in realization of business interruption loss against insurance claim by INR 160 crores, mainly related to Teesta V Power Station. Current period nil and previous period INR 160 crores, which is partly offset by increase in income from insurance claim by INR 124 crores, mainly respect of Parbati II Power Station. During 9 months FY '26, the employee cost has come down from INR 1,402 crores to INR 1,096 crores, means by INR 306 crores, which is mainly due to decrease in employee remuneration, pay anomaly by INR 363 crores which is offset by increase due to increment, DA and other factors. During Q3 FY '26, the employee cost has come down from INR 687 crores to INR 346 crores, means by INR 341 crores, which is mainly due to reasons I just mentioned. During 9 months FY '26, there has been decrease in the finance cost from INR 1,201 crores to INR 849 crores, means by INR 352 crores, which is mainly due to a decrease in interest on arbitration and court cases by INR 894 crores, which is offset by increase in interest on bonds, term loans, et cetera, by INR 518 crores related to Parbati II, Subansiri Lower and Karnisar Solar Power Station charged to profit and loss account since their commissioning. During Q3 FY '26, there has been decrease in the finance cost from INR 649 crores to INR 310 crores, means by INR 339 crores, which is mainly due to decrease in interest on arbitration and court cases by INR 557 crores which is offset by increase in interest on bonds, term loans, et cetera, by INR 175 crores, mainly related to Parbati II, Subansiri Lower and Karnisar Solar Power Station charged to profit and loss since their commissioning. During 9 months FY '26, the depreciation and amortization expenses have gone up from INR 878 crores to INR 1,334 crores, means by INR 456 crores, which is mainly due to depreciation and amortization in respect of power stations commissioned during financial year 2025-'26. During Q3 FY '26, the depreciation and amortization expenses have gone up from INR 297 crores to INR 457 crores, means by INR 160 crores which is mainly due to depreciation and amortization in respect of power station commissioned during FY '25, '26. During 9 months FY '26, other expenses have gone up from INR 1,499 crores to INR 2,946 crores, means by INR 1,447 crores. This is mainly due to the increase in general network access charges by INR 781 crores, increase in insurance expenses by INR 323 crores and increase in R&M expenses by INR 71 crores, et cetera. During Q3 FY '26, other expenses have gone up from INR 481 crores to INR 1,537 crores, means by INR 1,056 crores, which is mainly due to the increase in G&A charges by INR 781 crores, increase in insurance expenses by INR 121 crores and increase in R&M expenses by INR 28 crores. During 9 months FY '26, tax expenses have gone up from INR 1,108 crores to INR 1,496 crores, means by INR 388 crores due to deferred tax adjustment and recognition of MAT credit. During Q3 FY '26, tax expenses have gone up from INR 104 crores to INR 573 crores, means by INR 469 crores due to deferred tax adjustment and recognition of MAT credit. During 9 months FY '26, the incentive position are as under. Secondary energy for 9 months FY '26 was INR 461 crores as against corresponding previous period INR 422 crores. PAF-based incentive INR 52 crores during 9 months FY '26 as against INR 52 crores, same. This is flat. PAF-based incentives are flat. Deviation charges INR 34 crores in 9 months FY '26 as against INR 41 crores in 9 months FY '25. So total INR 547 crores as against INR 515 crores in the corresponding previous period. During Q3 FY '26, the incentives positions are as under. Secondary energy Q3 FY '26, INR 230 crores as against INR 110 crores in the corresponding previous period. PAF-based incentive, INR 39 crores in Q3 FY '26 as against INR 35 crores in Q3 FY '25. Deviation charges, INR 13 crores in Q3 FY '26 as against INR 14 crores in Q3 FY '25. So total during quarter Q3 FY '26 as against INR 222 crores -- INR 282 crores is the incentives as against INR 159 crores in the corresponding previous quarter. CapEx during 9 months FY '26 is INR 8,844 crores as against INR 7,405 crores in the corresponding period of previous year on a consolidated basis. This is all from my side. Now the forum is open for Q&A.

[Operator Instructions] The first question is from the line of Ragini Pande from Elara Capital.

So I just want to know your CapEx guidance for FY '27 and '28. And if you can just repeat the CapEx that you have incurred for FY '26?

CapEx for 9 months FY '23 is INR 8,844 crores as against INR 7,405 crores in the corresponding period of previous year on a consolidated basis.

Ragini, regarding...

Sir, you're audible now.

Yes. Am I audible now?

Yes, sir, you're audible now.

Yes. So I was just trying to answer the question raised by Ragini. So the current CapEx plan for the current fiscal is INR 13,300 crores. And next year, we are planning to spend INR 15,000 crores. And thereafter, on an average, our annual CapEx will be in the range of INR 12,000 crores to INR 13,000 crores. Am I clear?

Now while you did tell about the project pipeline for future years, can you just tell the total capacity addition which you intend to do for FY '27 and '28 bifurcated between hydro and renewable and for the current year as well, just the total capacity addition number?

Yes. So current year, we have already added 1,350 megawatts till December 2025. One more unit of Subansiri, 250 megawatts we have added and 2 more units are going to be added. So meaning thereby by end of March 2026, we are going to add additional capacity of 2,100 megawatts, right? And next year, our capacity addition will be 2,744 megawatts from hydro, I'm telling you.

Yes. Okay. And on the renewables?

Renewable also, as CMD sir has shared with you that currently, our solar capacity under construction is 1,190 megawatts. And most of the solar capacity we are planning to add by end of next financial year.

Yes. On the generation front, in Q3 FY '26, I can see that the generation is increased by 23%. But for Q3 on the revenue, I can see a decline of 3%. So any reason for this deviation?

Yes. So DF sir has already shared with you while sharing the variance in the line item that during Q3 of the corresponding period, we have a one-off revenue to the extent of INR 500 crores on account of pay anomalies and interest on arbitration. So that has basically -- if you exclude INR 500 crores from the previous year, then you will find that our generation is higher than the corresponding period.

Yes. Okay. And sir, any under recoveries you have currently?

No, no, not at all. They are going fine with normative one.

Yes. And on the secondary energy front, I can see that the secondary energy incentive has almost doubled....

Yes.

Yes, can you just throw some light on the reasons for this?

Yes. This is due to better generation by our subsidiary, NSDC. So NSDC design energy has already been achieved. So incremental, whatever generation we are getting, we are accounting as secondary energy. So there is almost INR 123 crores kind of jump in our incentive number quarterly number.

Yes. Okay. Lastly, on the pump storage projects front. So I just wanted to know what is the project pipeline like? And when can we see the construction begin? And when can we expect the first commissioning to take place? Also on the cost economics front, what kind of a CapEx you foresee for these projects? And what is the realization or the revenue potential for these projects?

I think CMD sir can like to answer this question.

Yes, Saroj, I will just let you -- Ragini, actually, I told earlier also, most of the PSP projects are under DPR stage as of now. And we are looking at, as you rightly said, we need to have viable projects only. So we are looking at viable projects. As per preliminary, whatever we have done the analysis based on a PFR, Omkareshwar PSP is there in MP, 640 megawatts. So this seems to be an attractive one. Then there is Savitri PSP, Kalu PSP in Maharashtra and one project in Odisha also, which is Machinta, this is 1,000 megawatts. So in total, if you see, so this capacity of these projects comes out to be around 6,000 megawatt -- 5,500 megawatts. So out of this, once the DPR is finalized, so we need to get approval of the Central/State authority also on both the fronts, technical viability as well as technical feasibility as well as financial viability. So we are planning to start at least 2 projects of around 2,000 megawatts out of these 4 during this calendar year. And I'm 100% sure that whatever the projects will start, though will be a very attractive one with generation cost of around maybe INR 4.5 per unit. And if I see this total cost including pump, that will be around INR 7. And considering the requirement of the storage, which is mainly due to 2 sources only, either it's battery energy storage or second is the pump storage plants only. So considering this addition of solar in the grid, we definitely require badly the storage power. And I think whatever we generate, I'm 100% sure we will be very easily able to sell them in the -- with beneficiaries who have a solar power in their portfolio.

[Operator Instructions] The next question is from the line of Murtuza Arsiwalla from Kotak Securities.

I just want to check if you've commissioned Parbati II this year and Subansiri couple of units as well? Are we accounting for the revenues based on the revised cost? Or there is some under accounting of revenues till we get a formal order for the revised cost approval? So is there some under recovery because of which we are not seeing the full benefit in the earnings? That's the first one. Second, during the quarter, there were certain transmission charges associated with Subansiri, which are recoverable, which were accounted. We want to know if that is for the entire 2,000 megawatts or it's only for the units which have been commissioned and so you would have more such sort of transmission charges, which should come?

Yes. So Mr. Murtuza, coming back to your first question regarding revenue recognition in Parbati II. See, we have already filed tariff petition based on the revised cost of Parbati II, INR 13,600 crores. And based on that, whatever estimated tariff we have, we have been accounting 80% of that as revenue in our Q1, Q2 and Q3 accounts, right? Now for example, till December 2025, for 9 months, we have already accounted INR 900 crores revenue from Parbati II. So that is 80% of the estimated revenue. So if you gross up, you will arrive at INR 1,125 crores. So almost INR 225 crores has not been considered as a revenue, and that will be accounted after the tariff notification by CERC. So that is the accounting treatment we are giving to Parbati II generation and revenue. Am I clear? Anything related to Parbati if you want?

Absolutely. So should we just -- if we were to annualize that Parbati, should it be like a INR 1,200 crore number or given the seasonality in generation, that number would be sort of lower for the fourth quarter?

Yes, absolutely. So now we have already received the interim order for Parbati II also. So we will continue to account 80% of the revenue till the final tariff notification by CERC in respect of Parbati II. So that accounting treatment would be even continued in Q4 also, right?

Okay. And similar treatment in the case of Subansiri, could you give us what Subansiri would look like 80 versus 100?

Yes. So same treatment. Same policy in case of Subansiri also. We'll be filing tariff petition in respect of Subansiri, likely to be in the first week of March 2026. And then 80% of the estimated revenue we will be accounting till the final notification by CERC. So same policy we will be taking in case of SLP also.

So would it be fair to say that because 20% is a fairly large amount set aside when one considers the equity contribution that till you get the final order, while it's not a drag on earnings, it's not actually contributing to profit because 20% of revenue is where the profit of Parbati and Subansiri would lie?

In that sense, you are absolutely right because we'll be taking 100% expenses and 80% of the revenue. So our profit will not be reflected in true manner. But fact remains that this is the practice because you cannot -- being conservative in accounting, we have been doing this -- I mean, we never take 100% of the revenue because CERC is the final authority and once they notify the tariff for any project, then only we should consider 100% revenue for that.

Sure. Any visibility we have on when the final tariff order will be approved by CERC?

Yes. For Parbati II, we are expecting 5 to 6 months.

And Subansiri?

Yes. So Subansiri, we are going to file by first week of March. So interim tariff will be expecting very soon within maybe 2 months. And then tariff -- final tariff petition based on the final commissioning of the Subansiri.

Which will be when the last unit commissions, then you will file the final tariff order and then depending on how much time the regulator takes, accordingly, you will get that recovery?

Absolutely.

Okay. Any reason to believe, given that these projects are high tariff and substantially delayed that the regulator may ask you to consider some concessions that, okay, instead of 80%, you account for 90% right now and we'll give you some amount of a back-ended revenue earning profile in these projects?

Yes. So 90% of the revenue is one way to consider it. As I told you that this Parbati II and Subansiri, both have taken exceptional time in commissioning. So 20, 25 years kind of time line has been there. So we are just taking conservative view. Let CERC decides the final tariff. And accordingly, that amount is going to our P&L sooner or later. So it is just timing difference, Murtuza.

Sure, sure. And just on the second one, which is on the tariff charge related to Subansiri, which we saw, which is again accountable. Just getting a sense that INR 800 crore number is for the entire 2,000 megawatts. So as more capacities get commissioned, you will recognize the remaining also?

Yes. So this power grid had commissioned its 2 assets in March 2023 and March 2024, right? So from that date, whatever INR 781 crores has been calculated, that is up to December 2025. Now in incremental order, we are going to add our unit one by one. So that amount would be decreasing. And -- I mean, by March, we are going to add 4 units. So that ATC will be on balance 4 units. So in decremental order, it would be coming. But INR 781 crores is not the final figure. Some amount will come from ATC in next financial year also, but not to that extent, frankly.

[Operator Instructions] The next question is from the line of Prashant Kshirsagar from Unived Corporate Research Private Limited.

Am I audible?

Yes, absolutely, sir. Go ahead.

Just wanted to ask about Subansiri Lower Project, hydroelectric project. What is the levelized tariff now finalized for?

Yes. So considering INR 28,000 crores of CapEx, the levelized tariff is around INR 7.5.

INR 7.5. And will you be able to pass it on to the states or how -- because they will be slightly reluctant to absorb the...

Yes. So...

Or you will be getting some concessions from the government in terms of period of the project or something of...

Prashanthji, you have been tracking NHPC for more than 20 years, and we are in regular touch. So you have seen that what were the reasons for the delay in Subansiri Lower. Now you have seen that all these delays were beyond the control of the management and CERC is very much clear in their regulation that any cost of borrow beyond the control of the management shall be part of the capital cost for tariff determination. So we are very much sure that whatever tariff and whatever cost we are going with to CERC, definitely they will consider. Our Director of Finance also want to add something in this regard.

Yes. As far as PPAs are concerned, all the PPAs are in place. So we don't find any problem because once CERC determines the tariff, so in that case, we will be getting all the tariff which has been determined by CERC. So we don't find any issue as of now as far as this tariff acceptance by the beneficiaries is concerned.

But sir, do you think CERC will go for INR 7.5 or they will slightly give you some concessions there?

Yes, I got your point. I got your point. CERC goes as per CERC regulations. And in the regulations, it is clearly defined that whenever any expenditure has been incurred, which is beyond the control of the company, in that case, it is allowed by the regulator. So in this case, all the instances, as Mr. Saroj had explained, those -- all the incidents are beyond the control of the company. So in all probability, CERC is going to allow that, that we are pretty much sure about it. That we have also filed -- the petition, which we are going to file, we are going to put up these facts very strongly so that there are very less chances of any sort of -- disallowance of any sort of expenditure from CERC side. That we are confident about it, and we will take up the tariff petition very strongly.

Maybe CMD, sir, may like to add something on this.

Yes. I think already Mr. Saroj and our Director of Finance have explained the things regarding the tariff, high tariff. We all know that the reasons which were beyond the control of the management as well as the company for which the project almost starved for 9 years. And that fact is known to all the stakeholders, including CERC also. And already as per the PPA, all the beneficiaries are honoring that. And considering the power for 25 years, 7.5 is on a very high tariff with the peaking power as well as the green power. And we had like discussions internally as well as other stakeholders. And we don't foresee any like deduction from the CERC side on the cost which we have incurred or which we have projected in our petition.

Okay, sir. Second question is on the Dibang Hydroelectric project. In the opening remarks, sir, you said that one contract is pending, one tender is pending. So it is regarding which contract because in the earlier conference call, they had said about the dam tender was pending. So can you help us with that?

Same tender is pending, but just want to share a good news. Today only, we discovered the -- we opened the price bid and we are going to award this contract within this month only. And with this, all the contracts will stand awarded. And I'm hopeful that the way the project is progressing, so now they will not be no looking back. And the dam package was there, which you are talking about. This was in the last call also. The same was in this call also, which I just told you. But today only, we opened and during this month, we'll award that also.

So this month, you'll be awarding that? Okay. And just for information, sir, how many players have bidded for this dam -- for this thing?

4 bidders were there in this dam.

4 players. Okay. And the third question is about the Etalin Project. Etalin, yes, hydroelectric project. You have been assigned the project from SJVN by the government -- by the Power Ministry. So just wanted to ask you whether this project will come in your balance sheet or it will remain in the SJVN's balance sheet? Or how does it -- what is the understanding now?

No. Now this will be in the balance sheet of NHPC only. This is due to some reasons and Ministry of Power decided that considering the size of the project and also our presence in the Dibang Valley already because this is in the Dibang Basin only. So the thought of, yes, we can handle this in a much better manner. So that was the only reason. So now this will remain in the balance sheet of NHPC only.

In the balance sheet of NHPC. And regarding the expenditure made by SJVN, you'll be reimbursing them? Or is it like...

No, no, we will be reimbursing them based on their balance sheet because that's also again in Navratna PSU. And so we will be definitely reimbursing that amount, whatever they've incurred. And mainly the expenditure, which is on the plant is basically on the land procurement only. That's the basic -- mainly this expenditure on this project as of now.

Okay. Sir, the other questions are on the projects of Kamala and Upper Subansiri, the land acquisition has been done or is it in the process now? Or is it...

For this Kamala, we are in very advanced stages and already the property survey and everything has happened. And now only the award has to come from the district administration. But due to some elections and panchayat election and all that, it got slightly delayed. But now we are expecting this award any time from Kamala particularly, which we call Middle Subansiri also, this 70 megawatts, so 1,720 megawatts. So this is -- already, I just want to share with you that already the PIB has also cleared this project. So I hope that by the end of March, we will be having all the clearances, including the land part also. And we will be awarding the contract in April or May and start the construction accordingly.

Okay. And so you expect it to start in FY '26, '27?

Yes, yes. Because after April, it can start any time because we have already tendered out one package from Kamala also. And I told you PIB is already cleared. So some -- our environment clearance, forest clearances and the land acquisition, those are in the last stage of approval. So I'm expecting that I will get all the approvals and clearances by the end of March. And from May onwards or maximum June, depending upon -- sometimes tenders get delayed due to one or the other reason of the bidders. So if it doesn't happen, then I think we may conclude the tendering process of at least one package by April itself. So from May onwards, project may start -- construction may start in the project for Kamala. Subansiri, you just talked about, the Upper Subansiri, I think it may -- there may be a gap of around 4 to 5 months between the Middle Subansiri, Kamala and Upper Subansiri. So there also, we are -- property survey going on. And there also, we are in advanced stage of forest clearance also. And for EC, we may get EC also by April or May. So there will be a gap of 4 to 5 months between Middle Subansiri and Upper Subansiri for construction start.

And for Etalin, when should one expect FY '27 or '28?

Etalin will be, you can say, from July or August, we will start the construction.

From '26?

Yes. Because everything is in place. EC is in place, FC is in place and land acquisition, almost 90% has been done. Only 10% is remained now. Only 2, 3 days back, Honorable CM along with his cabinet had a meeting there in Etalin. And so small, small issues, which we are just facing at site. So those will be resolved very soon. And I am expecting that by June, we may start the construction of Etalin also by June or July.

June or July. Okay, sir. Okay. And last question is regarding the terrain. Sir, you had experienced terrain geological issues and various issues in Lower Subansiri. Yes. So in the case of Upper Subansiri and Middle Subansiri, that's Kamala, you expect that sort of hindrance to the project or it will be smooth kind of thing?

No, no. Terrain is definitely very good there and better than, I will say, Lower Subansiri. So we don't expect much of issue, which we faced in Lower Subansiri because the geological conditions are much, much better in these projects, in fact, including Etalin also.

So in the Dibang Valley also, you feel the terrain is much better than...

Dibang is much better. Now I just want to tell you, in the powerhouse, which is underground cavern basically. So we are producing very well, and we are in very advanced stage of excavation, which is a major critical component of any hydro project. So -- and also the diversion tunnel portion, there are 6 diversion tunnels, and we are almost at the fag end of completing those diversion tunnels. So it shows itself that, yes, the geology is much, much better. And now the dam package will also be awarded. So once we start that, then definitely we'll come to the exact geology of the dam. But as per our investigation and geological surveys, the geology is very good in that area, and we don't foresee any issue or any delays because of these accounts. And so any surprise, you can understand, but any geological surprise, we can never avoid. But as per our investigation, we don't foresee much surprises in that area.

Sorry to interrupt you, Prashant sir. May we request you that you return to the queue. The next question is from the line of Rupesh from Elara Capital.

Yes. Sir, do you have adjusted PAT number for Q3 versus Q3?

Yes, Rupesh, so while arriving at adjusted PAT, you have to add just INR 116 crore loss given by Parbati II. So whatever reported number PAT of Q3 is there, just you add INR 116 crores, you will arrive at adjusted PAT because there is no any exceptional or one-off item in this quarter.

Okay. The second question is, sir, as a nodal agency, we have many projects in the solar space where PPA and PSA are yet to be signed. Can you throw some light on that? What is the progress there?

Maybe CMD sir may like to answer this question.

Sorry, sorry, can you just repeat your question?

So as nodal agency, we have many projects on the solar side where PPA and PSA are yet to be signed. So how is the progress there?

Regarding this REIA, I think renewable energy...

Yes, absolutely.

So in that case, you know that the demand has slightly dried down in the RE sector across the India, in fact. All the REs are trying their best to do the PPAs. But recently, we got a very good response for our 2, 3 -- this recently awarded renewable energy, these contracts, which is mainly FDRE. And also wind also, we are getting a very good response. We got a mandate of 1,200 megawatts from Punjab. So we got almost 15 bidders in that. And I think -- but as you know that we have almost bid out around 20,000 megawatts. And out of that, we have done the PPA only 6,000 as of now. So recently, all the RE developers have, I think, 2 or 3 rounds of meeting with MNRE, Ministry of Power, then meeting was chaired by Honorable Power Minister as well as Honorable MNRE Minister. And they have told their issues with that forum. And some of them are definitely resolvable. And they have assured to come out positively that how we can expedite the PPAs or PSAs to be signed as early as possible. But yes, definitely, now ultimately, this has to be signed by the ultimate user or beneficiary that those are the distribution companies. So there is a mismatch of adequacy plan as well as the demand as well as the power, which is available as of now. And second, 2, 3 things are there is major interest for all this delay in PPA. One is the connectivity issue because connectivities, which are now available are coming in '29, '30. So DISCOMs are slightly hesitant to sign the PPA when the power will be available after 2, 3 years. And there is a source of power. Now DISCOMs are now planning that they will not sign the PPA for like stand-alone solar and they want solar with the battery or some other alternative like solar plus wind plus battery because they want now 24-hour supply, round-the-clock supply RTC or they want assured peak. So because of this now change in requirement, some of the PPAs are definitely getting stuck up. But I'm still hopeful that in next 2 to 3 months, we may sign PPA of around 2,000 to 3,000 megwatts also.

Ladies and gentlemen, that was the last question for the day. And now I would like to hand over the conference to the management for closing comments.

CMD, sir, over to you, sir.

Yes. So I think we really had a very good conversation with our friends, and I really appreciate the queries which they have raised because whenever we have a conversation, we learn a lot from our stakeholders, and we learn a lot that, yes, what are the shortcomings we have and how fulfill those shortcomings. So I really thank Elara Securities as well as all the querists who have joined through this call. I really thank all of you, and I assure everyone that HNPC has a bright future in terms of completion of the project, which are under construction, in terms of expansion, the new projects which are coming up, whether these are in hydro sector, whether these are in pump storage sector, whether these are in RE sector. And we are trying to see how we can have some inorganic or organic growth, whatever possible. So that also we are working upon. And I assure everyone that our results of this entire 12 months will be very, very good, and we will have a much better year this year. Thank you so much.

On behalf of Elara Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Thank you.