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. Bhupender Gupta, Chairman and Managing Director; Mr.

Uttam Lal, Director (Personnel); Mr. Sanjay Kumar Singh, Director (Projects); Mr.

Suprakash Adhikari, Director (Technical); Mr. Mahesh Kumar Sharma, Director (Finance).

We will begin the call with the brief overview by the management, followed by Q&A session. I will now hand over the call to Mr.

Bhupender Gupta sir for his opening remarks. Over to you, sir.

Thank you, Rupesh. Am I audible?

Yes, sir.

Okay. 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 2026, 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 result shall be shared by our Director (Finance), Shri Mahesh Kumar Sharma ji.

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 MW and subsequent increase in generation of Parbati-III power station, which is due to the water more water availability from the Parbati-II, and increase in power generation in some our some of the other power stations.

Our plant availability factor for the 9 months stands at 79.227%, and the mainly this there is some 3% lower than the previous this period, which is mainly due to the Dulhasti, Salal and Chamera-I and Chamera-III power station because of the during the monsoon, we we had to shut down, which was beyond our control. 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 Rs 8,800 crore as against Rs 8,033 crore, there is increase of 10%, and company has earned PAT of 2,306 2,306 as against 2,153 of the corresponding year, which is 7% higher. I'm very pleased and proud to share that we have commissioned two units of Subansiri Lower project that I think all of you know that there is a 2,000 MW this Subansiri Lower project, comprising of 8 units of 250 MW.

We have commissioned and declared the commercial operation of these two units. Third unit is expected any day now.

Maybe within this week only, we may commission third unit also. The fourth unit, we will commission and declare the COD by the end of March '26.

Remaining four units, we are targeting to commission all by December '26. Project is almost in the final stages, and we have already spent around Rs 25,609 crore against the this revised cost of Rs 27,949 [crore].

NHPC has also fully commissioned our 300 MW Karnisar solar project under CPSU scheme in Bikaner, and the project has become NHPC's largest operational solar power project as of now. This shows our commitment towards the renewable energy expansion of the company to to have align with the vision of our honorable Prime Minister, Shri Narendra Modi ji.

In respect of Dibang Multipurpose Power Project, 2,880 MW, we have already awarded all major contracts, except one, which we will be awarding this month only. 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 that '32, 2032, because this is a very very this very very good project for us because the levelized tariff for this project is Rs 4.46 per unit, and so we we intend to complete as early as possible.

Now regarding Teesta-VI, which we took took over from NCLT, this project is also going well. We have achieved 71% physical progress, and the estimated cost of this project is Rs 8,449 crore, and already we have incurred expenditure of around Rs 5,000 crore till December '25.

This also we are expediting the project, and though we are facing a very big geological issue in our headrace tunnel, and because of that, slightly slow progress is there, and but we have we are going very very methodical, also very careful, because one one small incident can delay the project for months together. We are very much sure that we will achieve the targeted commissioning of 2029 in this project also.

Then Rangit-IV, which is 120 MW, again in the state of Sikkim. Here, the progress is almost 95% as of now, and we have completed all the electromechanical works.

The only leftover works in this project is HRT only, which is left out, and again here we were facing a very severe and this geological problem. We have tackled that geological problem, and now we are left with certain lining works, which is something some timeline is required, the minimum timeline for that.

We are hopeful that we will complete this project, commission all the three units by October or November '26. This is again will add 120 MW to our NHPC kitty.

Then coming back to Ratle Hydroelectric Project, this is 850 MW 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.

Now we are going to we have started the concreting in fact of this dam recently where our honorable Power Minister, Shri Manohar Lal Khattar ji visited that plant, and so we started the concreting in his presence. Here that overall physical progress if we talk about, that is 26%, and this also we are targeting to complete by November '28.

Considering the present status of the project, we are 100% sure that we will not miss this deadline. Now we have one subsidiary, as you all of are aware of, that Chenab Valley Power Projects Limited.

Here also again we are constructing three projects in Chenab basin in the UT of J&K. If we talk about the three projects, then first one is Pakal Dul Hydroelectric Project, which is 1,000 MW, and here the overall physical progress is around 77%, and we are like targeting and this commissioning of all the units by December '26.

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 now overall progress is around 77%, and this is also very attractive tariff we have in this project, that is around Rs 5.68 per unit. 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 come subsidiary company is Kwar HE Project, which is 540 MW, again in the Chenab basin. Here the progress is around 27%, and the targeted date of completion for this project is March '28.

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 this tariff for this project, that is around Rs 4.44 per unit.

We are we are just targeting to complete this as as scheduled. Apart from this, NHPC has three, four new projects, which we are going to start very soon.

One of them is Uri-I Stage-II project, which is 240 MW, then Dulhasti Stage-II, 260 MW, then Sawalkot, 1,856 MW, Subansiri Upper, that is 1,605, Tato-II, which is the biggest hydro plant in India as of now, 3,097 MW, and Kamala, which are Kamala 1,720 MW, which are at the different stages of clearances or which or under various stages of approvals. 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 2026-2027, and some of them may be third and fourth second and third quarter of 2026-2027. This this is again five projects, five or six projects, which we will be starting this year itself, total comprising of around 10,000 MW.

Regarding 1,000 MW solar power projects, which were allocated to NHPC under CPSU scheme, we have already commissioned 300 MW, as shared earlier, and now 1,000 MW sorry, 100 MW Andhra Pradesh and 600 MW in Gujarat are expected to be commissioned by June '26 and December '26 respectively. Then another project, 200 MW grid-connected solar power project in GSECL RE Park in Khavda, the work is progressing well, and we are expected to complete this also again by March '26 itself.

With this, I think during this year only, we will be commissioning more than 1,000 MW of solar and adding this to our our to and 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.

DPRs are under process. Some of some of the PSP which seems to very attractive, the DPRs are in some different stages as of now, and we are going to start at least construction of at least one or at least two projects, which we are planning to start this year during this calendar year, I will say, not financial year.

That's will be another thing, which will be around 2,000 MW plus, comprising of two or three PSPs. I think this is the these are the highlights and growth plan of the NHPC, which we are looking forward.

What I see, that's we have a very very bright future considering the emphasis on the clean and RE power. Our plan also to expand our solar power business also, and for that, we are in discussion with various stakeholders.

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.

Now I request our Director (Finance), Shri Mahesh Sharma ji, 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 am 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 Rs 8,800 crore as against Rs 8,033 crore in the corresponding previous period, which is about 10% higher, that is by Rs 767 crore. 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 Rs 2,221 crore as against Rs 2,287 crore in the corresponding previous period, which is about 3% lower, that is by Rs 66 crore. 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 Rs 500 crore approx.

Other income for 9 months FY '26 is of the order of Rs 766 crore in comparison to Rs 1,024 crore during the corresponding previous period, which is about 25% lower, that is by Rs 258 crore. This is mainly due to decrease in realization of business interruption loss against insurance claim by Rs 352 crore, mainly related to Teesta-V power station, current period nil and previous period Rs 352 crore, decrease in provision not required written back by Rs 108 crore, mainly related to Bairasul project.

This decrease is offset by increase in income from insurance claim by Rs 251 crore, mainly in respect of Teesta-V power station, Rs 132 crore, and Parbati-II power station, Rs 121 crore. Other income for Q3 FY '26 is of the order of Rs 272 crore in comparison to Rs 330 crore during the corresponding previous period, which is about 18% lower, that is by Rs 58 crore.

This is mainly due to decrease in realization of business interruption loss against insurance claim by Rs 160 crore, mainly related to Teesta-V power station, current period nil and previous period Rs 160 crore, which is partly offset by increase in income from insurance claim by Rs 124 crore, mainly in respect of Parbati-II power station. During 9 months FY '26, employee cost has come down from Rs 1,402 crore to Rs 1,096 crore, means by Rs 306 crore, which is mainly due to decrease in employee remuneration pay anomaly by Rs 363 crore, which is offset by increase due to increment, DA and other factors.

During Q3 FY '26, employee cost has come down from Rs 687 crore to Rs 346 crore, means by Rs 341 crore, which is mainly due to reasons I just mentioned. During 9 months FY '26, there has been decrease in finance cost from Rs 1,201 crore to Rs 849 crore, means by Rs 352 crore, which is mainly due to decrease in interest on arbitration and court cases by Rs 894 crore, which is offset by increase in interest on bonds, term loans, etc., by Rs 518 crore 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 finance cost from Rs 649 crore to Rs 310 crore, means by Rs 339 crore, which is mainly due to decrease in interest on arbitration and court cases by Rs 557 crore, which is offset by increase in interest on bonds, term loans, etc., by Rs 175 crore, 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, depreciation and amortization expenses has gone up from Rs 878 crore to Rs 1,334 crore, means by Rs 456 crore, which is mainly due to depreciation and amortization in respect of power stations commissioned during financial year 2025-26.

During Q3 FY '26, depreciation and amortization expenses have gone up from Rs 297 crore to Rs 457 crore, means by Rs 160 crore, 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 Rs 1,499 crore to Rs 2,946 crore, means by Rs 1,447 crore.

This is mainly due to increase in General Network Access charges by Rs 781 crore, increase in insurance expenses by Rs 323 crore, and increase in R&M expenses by Rs 71 crore, etc. During Q3 FY '26, other expenses have gone up from Rs 481 crore to Rs 1,537 crore, means by Rs 1,056 crore, which is mainly due to increase in GNA charges by Rs 781 crore, increase in insurance expenses by Rs 121 crore, and increase in R&M expenses by Rs 28 crore.

During 9 months FY '26, tax expenses have gone up from Rs 1,108 crore to Rs 1,496 crore, means by Rs 388 crore, due to deferred tax adjustment and recognition of MAT credit. During Q3 FY '26, tax expenses have gone up from Rs 104 crore to Rs 573 crore, means by Rs 469 crore, due to deferred tax adjustment and recognition of MAT credit.

During 9 months FY '26, incentives positions are as under: secondary energy for 9 months FY '26 was 461 as against corresponding previous period 422 crore, PAF-based incentive 52 during 9 months FY '26 as against 52 same, PAF-based incentives are flat, deviation charges 34 crore in 9 months FY '26 as against 41 crore in 9 months FY '25. Total 547 crore as against 515 crore in the corresponding previous period.

During Q3 FY '26, incentives positions are as under: secondary energy Q3 FY '26, 230 crore as against 110 crore in the corresponding previous period, PAF-based incentive 39 crore in Q3 FY '26 as against 35 crore in Q3 FY '25, deviation charges 13 crore in Q3 FY '26 as against 14 crore in Q3 FY '25. Total during quarter Q3 FY '26, 200 as against 222 crore, 200 282 crore is the incentives as against 159 crore in the corresponding previous quarter.

Capex during 9 months FY '26 is Rs 8,844 crore as against Rs 7,405 crore in the corresponding period of previous year on consolidated basis. This is all from my side.

Now the forum is open for Q&A. Thank you very much.

Thank you for taking my question. 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 '26 is Rs 8,844 crore as against Rs 7,405 crore in the corresponding period of previous year on consolidated basis.

Ragini, regarding--

Sir, you're not audible. Can you please unmute your line?

Am I audible now?

Yes, sir, you're audible now.

I was just trying to answer the question raised by Ragini. The current capex plan for the current fiscal is 13,300 crore, and next year we are planning to spend 15,000 crore.

Thereafter, on an average, our annual capex will be in the range of 12,000 to 13,000 crore. Am I clear?

Yeah. Thank you, sir.

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?

Current year we have already added 1,350 MW till December 2025. One more unit of Subansiri 250 MW we have added, and two more units are going to be added.

Meaning thereby, by end of March 2026, we are going to add additional capacity of 2,100 MW, right? Next year, and next year, our capacity addition will be 2,744 MW from hydro I'm telling you.

Okay. On the renewables?

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

Thank you. 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%.

Any reason for this deviation?

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

Okay. Sir, any under-recoveries you have currently?

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

Yeah. On the secondary energy front, I can see that the secondary energy incentive has almost doubled.

Yeah. Can you just throw some light on the reasons for this?

This is due to better generation by our subsidiary, NHDC. NHDC design energy has already been achieved.

Incremental whatever generation we are getting, we are accounting as secondary energy. There is almost 123 kind of jump in our incentive number, quarterly number.

Okay. Lastly, on the pump storage projects front, 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 sahab may like to answer this question.

Saroj, Ragini, actually, I told earlier also, the 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 a viable projects only. We are looking at a viable projects.

As per preliminary whatever we have done the analysis based on PFR, Omkareshwar PSP is there in MP, 640 MW, this seems to be attractive one. Then there is a Savitri PSP, Kalu PSP in Maharashtra, and one this project in Odisha also, which is Machhakunda Masintha, this is 1,000 MW.

If in total if you see, this capacity of this project comes out to be around 6,000 MW, 500 500 5,500 MW. Out of this, once the DPR is finalized, we need to get approval of the Central Electricity Authority also on both the fronts, technical feasibility as well as financial viability.

We are planning to start at least two projects of around 2,000 MW out of these four during this calendar year. I'm 100% sure that whatever the projects will start, those will be very attractive one with generation cost of around maybe Rs 4.5 per unit.

If I see this total cost including pumping, that will be around 7. Considering the requirement of the storage, which is mainly due to two sources only, either it's a battery energy storage, or second is the pump storage plants only, considering this addition of solar in the grid, we definitely require badly the storage power.

I think whatever we generate, I'm 100% sure we will be very easily able to sell them with beneficiaries who have a solar power in their portfolio.

Thank you, sir. I'll get back in the queue.

Thank you. Participants may press "*" and "1" to ask a question.

The next question is from the line of Murtuza Arsiwalla from Kotak Securities. Please go ahead.

Hi. I just want to check, you've commissioned Parbati-II this year and Subansiri a couple of units as well.

Are we accounting for the revenues based on the revised cost, or there is some under accounting of revenue till we get a formal order for the revised cost approval? Is there some under-recovery because of which we're not seeing the full benefits 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 MW 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?

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, 13,600 crore.

Based on that, whatever estimated tariff we have envisaged, 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 900 crore revenue from Parbati-II.

If that is 80% of the estimated revenue, if you gross up, you will arrive at 1,125 crore. Almost 225 crore has not been considered as a revenue, and that will be accounted after the tariff notification by CERC.

That is the accounting treatment we are giving to Parbati-II generation and revenue. Am I clear, anything related to Parbati-II you want?

Yes,

absolutely. Absolutely.

If we were to annualize that Parbati, should it be a 1,200 crore number, or given the seasonality in generation, that number would be sort of lower for the fourth quarter?

Absolutely. Now we have already received the interim order for Parbati-II also.

We will continue to account 80% of the revenue till the final tariff notification by CERC in respect of Parbati-II. That accounting treatment would be even continued in Q4 also, right?

Okay. A similar treatment in the case of Subansiri?

Could you give us what Subansiri would look like in 80 versus 100?

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.

Same policy we will be taking in case of SLP also.

Would it be fair to say that because 20% is a fairly large amount set aside when 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. Our profit will not be reflected in true manner.

Fact remains that this is the practice, because being conservative in accounting, we have been doing this. 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

for both of these? For Parbati-II, we are expecting within 5 to 6 months.

Okay. Subansiri?

Subansiri we are going to file by first week of March. Interim tariff will be expecting very soon within maybe 2 months, and then 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 entire 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?

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 timeline has been there. We are just taking conservative view.

Let CERC decide the final tariff, and accordingly, that amount is going to our P&L sooner or later. It is just timing difference, Murtuza ji.

Sure. Sure.

Just on the second one, which is on that tariff charge linked to Subansiri, which we saw, which is again a recoverable, just getting a sense, that 800 crore number is for the entire 2,000 MW or as more capacities get commissioned, you will recognize the remaining also?

This Power Grid had commissioned its two assets in March 2023 and March 2024, right? From that date, whatever 781 crore 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 by March, we are going to add 4 units, so that ATC will be on balance 4 units. In decremental order it would be coming.

But 781 is not the final figure. Some amount will come from ATC in next financial also, but not to that extent, frankly.

Sure. Sure.

Thank you so much, sir, and thank you so much for the clarity on these two issues. Thank you.

Our pleasure.

Thank you. Participants may press "*" and "1" to ask a question.

The next question is from the line of Prashant Kshirsagar from Univalue Corporate Research Private Limited. Please go ahead.

Am I audible?

Absolutely, sir. Go ahead.

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

Considering 28,000 crore of capex, the levelized tariff is around 7

and 1/2 rupees. 7 and 1/2 rupees.

Will you be able to pass it on to the states or how, because they will be slightly reluctant to absorb or you'll be getting some concessions from the government or in terms of period of the project or something of-- Prashant ji,

Prashant ji, you have been tracking NHPC for more than 20 years, and we are in regular touch. 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 overrun beyond the control of the management shall be part of the capital cost for tariff determination. We are very much sure that whatever tariff and whatever cost we are going with to CERC is definitely they will consider.

Our Director (Finance) also want to add something in this regard.

As far as PPAs are concerned, all the PPAs are in place. We don't find any problem because once CERC determines a tariff, in that case, we will be getting all the tariff which has been determined by CERC.

We don't find any issue as of now as far as this tariff acceptance by the beneficiaries is concerned. Sir, do you think CERC will go for 7 and 1/2 rupees, or they will slightly give you some concessions and--

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. In this case, all the instances, as Mr.

Saroj had explained, those all the incidents are beyond the control of the company. In all probability, CERC is going to allow that.

That we are pretty much sure about it. 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.

I think already Mr. Saroj and our Director (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 stalled for 9 years. That fact is known to all the stakeholders, including CERC also.

Already as per the PPA, all the beneficiaries are honoring that. Considering the power for 25 years, 7.5 is not very high tariff.

It's a peaking power as well as the clean power. We had discussions internally as well as other stakeholders, and we don't foresee any reduction 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. It is regarding which contract, because in the earlier conference call, they had said about the dam tender was pending.

Can you help us with that?

Same tender is pending, but just want to share a good news. Today only we opened the price bid, and we are going to award this contract within this month only.

With this, all the contracts will stand awarded, and I'm hopeful that the way the project is progressing, now there will not be no looking back. The dam package was there which you are talking about.

This was in the last call also, and the same was in this call also, which I just told you. Today only we opened, and during this month, we'll award that also.

This month you'll be awarding that. Okay.

Just for information, sir, how many players have bidded for this dam this thing? Four

four bidders were there in this.

Four players were there, okay. The third question is about the Etalin project.

Just

Etalin, yeah, hydroelectric project. You have been assigned the project from SJVN by the Power Ministry.

Just wanted to ask you whether this project will come in your balance sheet or it will remain in SJVN's balance sheet or 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.

They thought, yes, we can handle this in a much better manner. That was the only reason.

Now this will remain in the balance sheet of NHPC only.

In the balance sheet of NHPC. 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 a Navratna PSU. 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 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 is happened. Now only the award has to come from the district administration.

Due to some elections and panchayat election and all that, it got slightly delayed. Now we are expecting this award anytime from Kamala, particularly, this which we called Middle Subansiri also, this 70 MW, 1,720 MW.

I just want to share with you that already the PIB has also cleared this project. 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. You expect it to start in FY '26 '27 by when?

Because after April, it can start anytime, because we have already tendered out one package for Kamala also. I told you PIB is already cleared.

Our environment clearance, forest clearances, and the land acquisition, those are in the last stage of approval. I'm expecting that I will get all the approvals and clearances by the end of March.

From May onwards or maximum June, depending upon sometime tenders get delayed due to one or the other reason of the bidders. If it doesn't happen, then I think we may conclude the tendering process of at least one package by April itself.

From May onwards, the construction may start in the project for Kamala. Upper Subansiri you just talked about, the Upper Subansiri, I think there may be a gap of around 4 to 5 months between the Middle Subansiri, Kamala, and Upper Subansiri.

There also property survey is going on, and there also we are in advanced stage of forest clearance also. For EC, we may get EC also by April or May.

There will be gap of 4 to 5 months between Middle Subansiri and Upper Subansiri for construction start.

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 '27 '26?

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 two, three days back, honorable CM along with cabinet had a meeting there in Etalin.

Small, small issues which we are just facing at site, those will be resolved very soon. I am expecting that by June, we may start the construction of Etalin also, by June or July.

June or July, okay, sir. Last question is regarding the terrain.

Sir, you have experienced geological issues and various issues in Lower Subansiri. Yes.

In 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. There 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 your Etalin also.

Also 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, we are progressing very well, and we are in very advanced stage of excavation, which is the major critical component of any hydro project.

Also the diversion tunnel portion, there are six diversion tunnels, and we are almost at the fag end of completing those diversion tunnels. It shows itself that, yes, the geology is much, much better.

Once now the dam package will also be awarded. Once we start that, then definitely we'll come to know the exact geology of the dam.

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. Any surprise, you can understand that any surprise, geological surprise, we can never avoid.

As per our investigation, we don't foresee much surprises in that area.

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

Rupesh, while arriving at adjusted PAT, you have to add just 116 crore loss given by Parbati-II. Whatever reported number PAT of Q3 is there, just you add 116 crore, 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 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, can you just repeat your question,

please? As a nodal agency, we have many projects on the solar side where PPA and PSA yet to be signed.

How is the progress there?

Regarding this REIA, I think Renewable Energy

Implementing Agency you're

talking about. In that case, you know that the demand has slightly dried down in the RE sector across the India, in fact.

All the REIAs are trying their best to do the PPAs. Recently we got a very good response for our two, three recently awarded renewable energy contracts, which is mainly FDRE and also wind also we are getting a very good response.

We got a mandate of 1,200 MW from Punjab, we got almost 15 bidders in that. I think but as you know that we have almost bid out around 20,000 MW, and out of that, we have done the PPA only for 6,000 as of now.

Recently all the RE developers have I think two or three rounds of meeting with MNRE, Ministry of Power. Then one meeting was chaired by honorable Power Minister as well as honorable MNRE Minister.

They have told their issues with that forum, and some of them are definitely resolvable. They have assured to come out positively that how we can expedite the PPAs or PSAs to be signed as early as possible.

Yes, definitely now ultimately this has to be signed by the ultimate user or beneficiary, those are the distribution companies. There is some mismatch of adequacy plan as well as the demand as well as the power which is available as of now.

Second, two, three things are there which is major hindrance for all this delay in PPA. One is the connectivity issue because connectivities which are now available are coming in 2029-30.

Discoms are slightly hesitant to sign the PPA when the power will be available after two, three years. There is the source of power.

Now discoms are now planning that they will not sign the PPA for standalone solar, and they want that solar with the battery or some other alternative like solar plus wind plus battery, because they want now 24 hours 24-hour supply, the round-the-clock supply RTC, or they want assured peak. Because of this now change in requirement, some of the PPAs are definitely getting stuck up.

I'm still hopeful that in next 2 to 3 months, we may sign PPA of around 2 to 3,000 2 to 3,000 MW also.

Yeah. Thank you, sir.

CMD sir, over to you, sir.

Yeah. I think we really had a very good conversation with our friends, and I really appreciate the queries which they have raised and because whenever we have conversation, we learn a lot from our stakeholders, and we learn a lot that, yes, what are the shortcomings we have and how to fulfill those shortcomings.

I really thank Elara Securities as well as all the queriers who have joined through this call. I really thank all of you, and I assure everyone that NHPC has a very very bright future in terms of completion of the projects 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.

We are trying to see how we can have some inorganic or organic growth, whatever possible. 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.