Interim report
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फोन/Phone: 0129-2278018 पंजीकृत काया[लय : एनएचपीसी ऑͩफस कॉàÜलैÈस, सैÈटर-33, फरȣदाबाद – 121003, हǐरयाणा Regd. Office : NHPC Office Complex, Sector – 33, Faridabad – 121003, Haryana CIN:L40101HR1975GOI032564; Website: www.nhpcindia.com E-mail : webmaster@nhpc.nic.in; EPABX No. : 0129-2588110 / 2588500 ǒबजलȣ से संबंͬधत ͧशकायतɉ के ͧलए 1912 डायल करɅ । Dial 1912 for Complaints on Electricity संदभ[ सं./Ref. No. NH/CS/199 Corporate Relationship Department/ कॉपȾरेट संबंध ͪवभाग, M/s BSE Limited/ बीएसई ͧलͧमटेड, Phiroze Jeejeebhoy Towers / ͩफरोज जीजीभोय टावस[, Dalal Street,/दलाल èĚȣट, Mumbai/ मुंबई -400 001 Scrip Code: 533098 Listing Department/ ͧलिèटंग ͪवभाग, M/s National Stock Exchange of India Limited/ नेशनल èटॉक एÈसचɅज ऑफ इंͫडया ͧलͧमटेड, Exchange Plaza, Bandra Kurla Complex/ एÈसचɅज Üलाजा, बांġा कुला[ कॉàÜलेÈस, Bandra (E)/ बांġा (ई), Mumbai/ मुंबई - 400 051 Scrip Code: NHPC ISIN No. INE848E01016 Sub: Outcome of meeting of Board of Directors of NHPC Limited held on Thursday, 6th November, 2025 ͪवषय: एनएचपीसी ͧलͧमटेड के Ǔनदेशक मंडल कȧ गुǽवार, 6 नवàबर, 2025 को आयोिजत बैठक का पǐरणाम Sirs/महोदय, In continuation to our intimation dated 17.10.2025 and in compliance to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is to inform that the Board of Directors of NHPC Limited in its meeting held today i.e. Thursday, 6th November, 2025 (meeting commenced at 02:00 P.M. and concluded at 3:40 P.M.) had inter-alia considered and approved the Un-audited Standalone and Consolidated financial results of the Company for the quarter and half year ended on September 30, 2025, after review by Audit Committee. A copy of Un-audited financial results (Standalone and Consolidated) along with Limited Review Reports issued by Joint Statutory Auditors of the Company is enclosed herewith. The information as required under Regulation 52(4) of SEBI (LODR) Regulations, 2015 is covered in the Un-audited Financial Results (Standalone and Consolidated) submitted herewith. Further, the following are also submitted herewith: 1. Statutory Auditors’ Certificate with respect to listed debt securities of the Company as on 30th September, 2025, in terms of Regulation 54 read with Regulation 56(1)(d) of the SEBI (LODR) Regulations, 2015. 2. Statement indicating no deviation or variation in the use of proceeds of issue of non-convertible securities for the quarter ended on 30th September, 2025, in terms of Regulation 52(7) and 52(7A) of the SEBI (LODR) Regulations, 2015. 3. Format for disclosure of outstanding default on loans and debt securities: NIL, as there is no default in the payment of outstanding Loans and debt securities. This is for your information and record. यह आपकȧ जानकारȣ और ǐरकॉड[ के ͧलए है। धÛयवाद, भवदȣय, (Ǿपा देब) कंपनी सͬचव संलÊन : उपरोकतानुसार
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SNDHAWAN & CO LLP S. JA YKISHAN DHARAM RAJ & CO Chartered Accountants Chartered Accountants Chartered Accountants Plot No. 51-52, II Floor, 12, Ho Chi Minh Sarani Sunil Choudhary House Udyog Vihar Phase IV, Suite No. 2D, 2E, 2F Ambika Vihar, Gurugram, 2nd Floor, Kolkata-700 071, Kunjwani Bypas Post Office Haryana 122016 West Bengal Gangyal, Jammu-180010, Jammu & Kashmir Review Report on Unaudited Standalone Financial Results To The Board of Directors NHPC Limited, 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of NHPC Limited ("the Company") for the quarter ended 30 September 2025 and the year to date results for the period from 01 April 2025 to 30 September 2025 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulations 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34), prescribed under section 133 of the Companies Act, 2013 ("the Act"), other accounting principles generally accepted in India and in compliance with Regulations 33 and 52 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures .. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Page 1of2
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terms of Regulations 33 and 52 of the Listing Regulations including the manner in which it is to.be disclosed, or that it contains any material misstatement. For SN Dhawan & CO LLP Place: Faridabad Date: 06 November 2025 (Sandee Partner Membership No. 088699 UDIN :25088699BMTEV A5773 Page 2 of 2
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- NHPC LIMITED (A Government of India Enterprise) CIN: L40101HR1975GOI032564 A Navratna Company SECTOR-33, FARIDABAD, HARY ANA - 121 003 STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESU.J.,TS FOR THE QUARTER AND HALF YEAR ENDED JOTH SEPTEMBER 2025 (Rs. in crore) Quarter Ended Half Year Ended Year Ended S.No PARTICULARS 30.09.2025 30,06.2025 30,09,2024 A 30.09.2025 30,09;2024 A 31.03.2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Income (a) Revenue from Operations (Refer Note 4) 2,732.11 2,977.43 2,549.25 5,709.54 .4,965.37 8,994.26 (b ) Other Income 262.33 255.44 363.53 517.77 727.18 1,579.15 Total Income (a+b) 2,994.44 3,232.87 2,912.78 6,227.31 5,692.55 10,573.41 2 Expenses (a) Generation Expenses 301.27 289.28 313.43 590.55 594.93 795.84 (b) Employee Benefits Expense 290.83 391.31 316.27 682.14 625.16 1,643.86 ( c) F!nance Costs 269.34 252.34 297.70 521.68 526.01 1,147.00 ( d) Depreciation and Amortization Expense 419.81 414.24 270.79 834.05 552.74 1,125.06 ( e) Other Expenses 621.60 651.32 488.64 1,272.92 899.61 2,002.69 Total Expenses (a+b+c+d+ej 1,902.85 1,998.49 1,686.83 3,901.34 3,198.45 6,714.45 3 Profit before Exceptional items, Movements in Regulatory· Deferral Account Balances and Tax (1-2) 1,091.59 1,234.38 1,225.95 2,325.97 2,494.10 3,858.96 4 Exceptional items - - - - - - 5 Profit before.tax and Movements in Regulatory Deferral Account 1,091.59 1,234.38 1,225.95 2,325.97 2,494.10 3,858.96 Balances (3-4) 6 Tax Expenses. a) Current Tax 205.41 223.27 214.84 428.68 422.77 . 672.65 b) Deferred Tax (Refer Note 7) 77.87 96.29 145.43 174.16 245.65 243.42 Total Tax Expense (a+b) · 283.28 319.56 360.27 602.84 668.42 916.07 7 Profit for the period before movements in Regulatory Deferral Account Balances ( 5-6) 808.31 914.82 865.68 1,723.13 1,825.68 ·2,942.89 8 Movement in Regulatory Deferral Account Balances (Net of Tax) 117.21 157.05 32.35 274.26 90.78 141.09 9 Profit for the period (7+8) 925.52 1,071.87 898.03 1,997.39 1,916.46 3,083.98 10 Other Comprehensive Income (i) Items that will not be reclassified to profit or loss (Net of Tax) (a) Remeasurement of post employment defined b.enefit obligations 24.92 (9.64) (9.71) 15.28 (18.46) (70.55) Sub total (a) 24.92 (9.64) (9.71) 15.28 (18.46) (70.55) (b) Changes in the fair. value of equity investments at FVTOCI (12.64) 15.42 3.90 2.78 24.61 (20.48) Sub total (b) (12.64) 15.42 3.90 2.78 24.61 (20.48) Total (i)=(a)+(b) 12.28 5.78 (5.81) 18.06 6.15 (91.03) (ii) Items that will be reclassified to profit or loss{Net of Tax) (a) Changes in the fair value of debt investments at FVTOCI (1.69) 0.55 0.63 (1.14) (0.24) (0.83) (b) Cost of Hedge Reserve (4.36) (14.71) - (19.07) - (11.03) Total(ii) (6.05) (14.16) 0.63 (20.21) (0.24) (11.86) Other Comprehensive Income (i+ii) 6.23 (8.38) (5.18) (2.15) 5.91 (102.89) 11 Total Comprehensive Income for the period (9+10) 931.75 1,063.49 892.85 1,995.24 1,922.37 2,981.09 12 Paid-up equity share capital (of Face Value~ 10/- per share) 10,045.03 10,045.03 10,045.03 10,045.03 10,045.03 10,045.03 13 Reserves excluding Revaluation Reserves 29,786.39 29,366.94 28,651.03 29,786.39 28,651.03 28,303.45 14 Net worth 39,831.42 39,411.97 38,696.06 39,831.42 38,696.06 38,348.48 15 Paid-up debt capital ( Comprises Long tenn debts and Lease Liabilities including current maturiiies thereof, Short term Borrowings and Payable 41,506.08 40,059.03 34,070.71 41,506.08 34,070.71 38,019.10 towards Bonds fully serviced by Govemment of India.) 16 Capital Redemption Reserve 2,255.71 2,255.71 2,255.71 2,255.71 2,255.71 2,255.71 17 Debenture (Bond) Redemption Reserve 788.66 788.66 950.61 788.66 950.61 788.66 18 Earning per share (Basic and Diluted) (Equity shares, face value of~ 10/- each) - Excluding movements in Regulatory Deferral Account Balances (in~) - 0.80 0.91 0.86 1.72 1.82 2.93 (not annualised) - Including movements in Regulatory Deferral Account Bala.nces (in~) - 0.92 1.07 0.89 1.99 1.91 3.07 (not annualised) I 19 Debt equity ratio (Paid-up debt capital I Shareholder's Equi.ty) 1.04 1.02 0.88 1.04 0.88 0.99
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Quarter Ended Half Year Ended Year Ended S.No PARTICULARS 30.09.2025 30.06.2025 30,09,2024 A 30.09.2025 30,09,2024.A 31.03.2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 20 Debt service coverage ratio (DSCR) [Profit after tax but b.efore Interest and 2.12 3.22 2.93 2.57 3.04 2.52 Depreciation]f[Principal repayment, excluding payment under put option+lnterest] # 21 Interest service coverage ratio (ISCR) [Profit after tax but before Interest 5.04 5.75 4.18 5.38 4.76 3.93 and Depreciation]/ Interest. # 22 Current Ratio (Current Assets°/ Current liabilities) 1.06 1.00 0.92 1.06 0.92 0.94 23 Long Tenn Debt to working Capital ratio (Long tenn borrowings including 9.53 10.81 19.41 9.53 19.41 13.65 current maturity of long tenn borrowing I (working capital excluding current maturities of long tenn borrowings}) 24 Bad Debts to Account Receivable Ratio (Bad debts I Average T~ade receivables) · 0.013 0.015 0.007 .0 .. 015 0.008 0.018 25 Current Liability Ratio (Current liabilit.ies I Total liabilities) 0.19 0.19 P.18 0.19 0.18 0.18 26 Total Debts to Total Assets (Paid up debt capital I Total assets) 0.44 0.44 0.41 0.44 0.41 0.44 27 Debtors Turnover (Revenue from operations I Average trade receivables) - 1.80 2.28 2.28 2.15 2.39 2.12 Annualised 28 Inventory Turnover ratio (Revenue from operations I Average inventory) - 42.99 47.67 43.67 45.05 46.06 41.73 Annualised 29 Operating Margin(%) (Operating profit I Revenue from operations) 42.11 43.10 47.48 42.63 48.20 40.38 30 Net Profit Margin(%) (Profit for the period I Revenue from operations) 33.88 36.00 35.23 34.98 38.60 34.29 # For the calculation ofISCR and DSCR, amount of interest and Principal repayments against the borrowings cifthe operational projects have been considered. A Restated (Refer Note 5)
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~ l:l:&B· A Navratna Company STATEMENT OF STANDALONE ASSETS AND LIABILITIES As at 30th PARTICULARS September, 2025 (Unaudited) ASSETS (1) NON-CURRENT ASSETS a) Property, Plant and Equipment 29,790.26 b) Capital Work In Progress 30,149.40 c) Right Of Use Assets 2,841.39 d) Investment Property 4.49 e) Intangible Assets 9.36 f) Intangible Assets under development 203.99 g) Financial Assets i) Invesllnents 6,207.48 ii) Trade Receivables 0.16 iii) Loans 826.22 iv) Others 4,523.32 h) Other Non Current Assets 929.10 TOTAL NON CURRENT ASSETS 75,485.17 (2) CURRENT ASSETS a) Inventories 252.23 b) Financial Assets i) Invesllnents - ii) Trade Receivables 6,079.81 iii) Cash and Cash Equivalents 883.90 iv) Bank balances other than Cash and Cash Equivalents 148.99 v) Loans 753.87 vi) Others 1,588.16 c) Current Tax Assets (Net) 88.52 d) Other Current Assets 809.42 TOTAL CURRENT ASSETS 10,604.90 (3) Assets Classified as held for Sale 1.61 (4) Regulatory Deferral Account Debit Balances 7,478.60 TOTAL ASSETS 93,570.28 As at 30th PARTICULARS September, 2025 (Unaudited) EQUITY AND LIABILITIES (1) EQUITY a) Equity Share Capital 10,045.03 b) Other Equity . 29,786.39 TOTAL EQUITY 39,831.42 (2) LIABILITIES NON-CURRENT LIABILITIES a) Financial Liabilities i) Borrowings 35,3·1 I.99 ii) Lease Liabilities 17.97 iii) Other financial liabilities 2,308.82 b) Provisions 70.51 c) Deferred Tax Liabilities (Net) 2,034.46 d) Other non-current Liabilities 2,655.46 TOTAL NON CURRENT LIABILITIES 42,399.21 (3) CURRENT LIABILITIES a) Financial Liabilities i) Borrciwirigs 4,153.91 ii) Lease Liabilities 5.01 iii) Trade Payables Total outstanding dues of micro and small enterprises 64.25 Total outstanding dues of Creditors other than micro and small 201.82 enterprises iv) Other financial liabilities 3,274.42 b) Other Current Liabilities 747.55 c) Provisions 1,455.68 d) Current Tax Liabilities (Net) 103.96 TOTAL CURRENT LIABILITIES 10,006.60 (4) Regulatory Deferral Account Credit Balance.s 1,333.05 TOTAL LIABILITIES 53,738.86 TOTAL EQUITY AND LIABILITIES 93,570.28 (Rs. in crore) As at 31st March, 2025 (Audited) 16,553.02 39,834.13 2,722.02 4.49 5.66 202.38 5,926.39 0.63 1,242.18 4,548.34 1,049.38 72,088.62 243.21 - 4,411.09 583.44 ·228.71 142.74 1,342.43 70,04 1,214.61 8,236.27 1.73 6,794.49 87,121.11 As at 31st March, 2025 (Audited) 10,045.03 28,303.45 38,348.48 32,260.47 17.13 2,192.76 66.69 1,861.69 2,69li22 39,089.96 3,718.73 5.57 69.79 228.25 1,986.75 785.88 . 1,956.10 8.40 8,759.47 923.20 48,772.63 87,121.11
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lml A Navratna Company NHPC LIMITED (A Government of India Enterprise) CIN: l40101HR1975GOl032564 STATEMENT OF STANDALONE CASH FLOWS FOR THE HALF VEAR ENDED 30th SEPTEMBER, 2025 Particulars A. Cash Flow From Operating Activities Profit before tax for the half year including movements in Regulatory Deferral Account Balance less: Movement in Regulatory Deferral Account Balances (Net of Tax) Profit before Tax ADD: Depreciation and Amortization Finance Cost (Net of Expenditure Attributable to Construction) Provisions Others (Net of Expenditure Attributable to Construction) Net Exchange rate variation (loss) Sales adjustment on account of Exchange Rate Variation loss/(Profit) on sale of Assets/Claims written off Loss on sale of long term Investment Fair value Audjustments LESS: Advance against Depreciation written back Provisions (Net of Expenditure Attributable to Construction) Dividend Income Interest Income & Guarantee Fees (including Late Payment Surcharge) Amortisation of Government Grants Cash flow from Operating Activities before Operating Assets & liabilities adjustments and Income Taxes Changes in Operating Assets and liabilities: (lncrease)/Decrease in Inventories (lncrease)/Decrease in Trade Receivables (lncrease)/Decrease in Other-Financial Assets, Loans and Advances lncrease/(Decrease) in Other Financial Liabilities and Provisions Regulatory Deferral Account Balances . Cash flow from operating activities before taxes Less : Income Taxes Paid Net Cash Flow From/(Used in) Operating Activities (A) B. Cash Flow From Investing Activities Purchase of Property, Plant and Equipment, Investment Property, Other Intangible Assets, CWIP and Movement in Regulatory Deferral Account Balances Receipt of Grant Proceeds from sale of Property, Plant and Equipment Investment in Subsidiaries & Joint Venture (including Share Application Money pending allotment) Loan to Subsidiaries Repayment of Loan by Subsidiaries Interest on Loan to Subsidiaries/Joint Ventures/Associates Net lnv'estment in Term Deposits Proceeds from sale of Investment Dividend Income Interest Income & Guarantee Fees (including Late Payment Surcharge) Net Cash Flow From/( Used in) Investing Activities (B) C. Cash Flow From Financing Activities Dividend Paid Proceeds from Long Term Borrowings Repayment of Borrowings Interest & Finance Charges Principal Repayment of Lease Liability Interest paid on Lease Liability Net Cash Flow From/( Used in) Financing Activities (C) D. Net lncrease/(Decrease) In Cash And Cash Equivalents (A+B+C) (~In crore) For the Half Vear ended For the Half Year ended 30th September, 2025 30th September, 2024 Unaudited Unaudited 2600.23 2584.88 274.26 90.78 2325.97 2494.10 834.05 552.74 521.68 526.01 4.77 0.25 3.64 4.32 16.40 13.20 6.15 2.25 13.16 0.16 1.45 1386.85 1113.38 3712.82 3607.48 25.21 25.21 5.87 117.13 126.31 148.70 117.49 140.38 17.37 16.62 292.25 448.04 3420.57 3159.44 (9.09) (67.30) (1668.10) (271.79) 325.94 18.53 (482.47) (47.02) {1.99) (0.58) (1835.71) (368.16) 1584.86 2791.28 351.61 293.02 1233.25 2498.26 (2647.89) (1576.70) 9.61 15.58 2.00 3.55 (195.19) (744.97) (185.00) (24.53) 19.53 30.05 3.81 0.91 (20.61) 13.51 12.38 126.31' 148.70 67.69 100.27 (2819.74) (2021.25} (512.30) (502.25) 4596.71 2766.39 (1206.61) (1787.65) (987.60) (1308.29) (2.42) (2.72) (0.83) (0.90) 1886.95 (835.42) 300.46 (358.41) 583.44 922.62 883.90 564.21 s half year~ 41.56 crores) held in ~
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A Navrntna Company Notes to Unaudited Standalone Financial Results : The above standalone financial results including, statement of standalone assets and liabilities and statement of standalone cash flows have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on November 6, 2025. The same have been reviewed by the J<;>int Statutory Auditors of the Company as required under Regulation 33 and 52 ofSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 2 In view of the seasonal nature of business, the standalone financial results of the Company vary from quarter to quarter. 3 Electricity generation is the principal business activity of the Company. Other· operations viz., Power Trading, Contracts, Project Management and Consultancy works do not form a reportable segment as per Ind AS 108 - 'Operating Segments'. The Company has a single geographical segment as all its power stations are located within the country. 4 (i) The Central Electricity Regulatory Commission (CERC) has notified the Tariff Regulations for the period April l, 2024 to March 31, 2029 vide notification dated March.15, 2024. Petitions for truing up of tariff for the period 2019-24 and for fixation of tariff for the period 2024-29 have been filed with the Commission. In accordance with these regulations and as per the operational parameter norms o the respective Power Stations; customers are billed as per the Annual Fixed Charge (AFC) approved by the Commissio'n and applicable as on March 31, 2024 for the' period starting from April 1, 2024 till approval of final AFC by the Commission. The difference of AFC as per the aforesaid tariff petitions and billed sales amounting to ~ 133.17 Crore and ~ 264.25 Crore respectively during the quarter and ha! year ended September 30, 2025 have been recognised as unbilled·sales (corresponding previous quarter and half year~ NIL). (ii) The Company has commissioned 800 MW Parbati-II Project in the month of April, 2025 and Petition for fixation of tariff has been filed with the CERC. Pending approval of the .CERC, an amount of~ 217.69 Crore and~ 648.86 Crore respectively have been recognised as unbilled sales during the quarter and half year ended September 30, 2025. (iii) During the half year ended September 30, 2025, the Company has a.lso co.mmissioned 214.28 MW out of total 300 MW Kamisar Solar Power Project, Bikaner. Remaining capacity of 85.72 MW has been commissioned in the month of October, 2025. Revenue recognised during the quarter and half year ended September 30, 2025 was ~ 14.73 Crore and ~ 23.62 Crore (corresponding previous quarter and half year~ NIL). 5 The Company had accounted for Lanco Teesta Hydro Power Limited (LTHPL) as ·a Common-Control Business Combination as per Appendix-C of Ind AS 103- Business CombinatiOns in the previous year ended March 31, 2025. Consequent to the merger, figures for the quarter and halfye~r ended September 30;2024 have been restated. · · 6 The Board· of Directors of the Company in its meeting held on September 24, 2021 had approved the proposal to initiate the process o merger of Jalpower Corporation Limited (JPCL) (a wholly owned subsidiary) with the Company as per applicable provisions of the ·companies Act, 2013. Approval of the Ministry of Power, Government of India had been cortveyed on April 26, 2023 following which NHPC Limited and JPCL had filed first motion application with MCA on February 8, 2024. The Ministry of Corporate Affairs (MCA) conducted first hearing on April 30, 2025, in connection with the application filed under Sections 230-232 of the Companies Act, 2013 for approval of the Scheme of Amalgamation. Pursuant to MCA order dated May 22, 2025, meetings of the Equity Shareholders, Secured Creditors & Un-Secured Creditors of NHPC were held on September 29, 2025. Further, NHPC and JPCL have filed second motion application with the MCA on October 6, 2025. 7 The Company has recognised Minimum Alternate Tax (MAT) Credit of~ 227.34 crore and ~ 428.57 crore during the quarter and ha! year ended September 30, 2025 respectively (corresponding previous quarter and half year·~ Nil ) on the basis of certainty of future taxable profit. · 8 The Company has maintained security cover of 100% or higher as per the terms of Offer Document/ Information .Memorandum and/ or Deb~nture Trust Deed, sufficient to discharge the principal amount and the interest thereon, iri respect of its secured listed non convertible debt securities. Further, security has been created on specified assets of the Company through English/ Equitable mortgage as per the terms ofrespective Debenture Trust Deeds for all secured non-convertible debt securities issued by the Company. The Company is also in compliance with alt the covenants, in respect of all listed non-convertible debt securities issued by the Company. 9 The shareholders of the Company .had approved final dividend of ~ 0.51 per share (Face value of ~ 10/- each) for ·the Financial Year 2024-25 in the Annual General Meeting held on August 30, 2025, which has been paid in September, 2025. 10 Figures for the previous periods have been re-grouped/re-arranged/re-classified/re-stateq wherever necessary. Place ·: Faridabad Date : November 6, 2025 For and on behalf of the Board of Directors o . ~ NHPCLtd. ~ , I (Mahes Kumar Sharma) Director (Finance) and· CFO DIN - 11306355
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SN DHAWAN& CO LLP S. JA YKISHAN DHARAM RAJ & CO Chartered Accountants Chartered Accountants Chartered Accountants Plot No. 51-52, II Floor, 12, Ho Chi Minh Sarani Sunil Choudhary House Ambika Udyog Vihar Phase IV, Suite No. 2D, 2E, 2F Vihar, Guru gram, 2nd Floor, Kolkata-700 071, Kunjwani Bypas Post Office Haryana 122016 West Bengal Gangyal, Jammu-180010, Jammu & Kashmir Review Report on Unaudited Consolidated Financial Results To The Board of Directors of NHPC Limited, 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of NHPC Limited ("the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as the "Group"), and its share of the net profit after tax and total comprehensive income of its joint venture and associate for the quarter ended 30 September 2025 and the year to date results for the period from 01 April 2025 to 30 September 2025 ("the Statement"), being submitted by the Holding Company pursuant to the requirement of Regulations 33 and 52 of the Securities and Exchange Board of India ("the SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34), prescribed under section 133 of the Companies Act, 2013 ("the Act"), other accounting principles generally accepted in India and in compliance with Regulations 33 and 52 of the Listing Regulations. Our responsibility is to express our conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by SEBI under Regulation 33(8) of the Regulations, to the extent applicable. Page 1of3
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4. The Statement includes the results of the following entities: Holding Company 1. NHPC Limited Subsidiaries 1. NHDC Limited 2. Loktak Downstream Hydroelectric Corporation Limited 3. Bundelkhand Saur Urja Limited 4. Jalpower Corporation Limited 5. Ratle Hydroelectric Power Corporation Limited 6. NHPC Renewable Energy Limited 7. Chenab Valley Power Projects Limited Joint Venture 1. APENCO NHPC Green Energy Limited Associate 1. National High Power Test Laboratory Private Limited 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of the other auditor referred to in paragraph 6 and management certified interim financial results as referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Ind AS and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations 33 and 52 of the Regulations including the manner in which it is to be disclosed, or that it contains any material 'misstatement. 6. We did not review the interim financial results of four subsidiaries included in the Statement, whose interim financial results reflect total assets of Rs. 23,605.57 crore as at 30 September 2025, total revenues of Rs 689.38 crore and Rs 979.27 crore, total net profit after tax of Rs. 405.56 crore and Rs. 540.72 crore and total comprehensive income of Rs 404.83 crore and Rs. 539.29 crore for the quarter ended 30 September 2025 and for the period from 01 April 2025 to 30 September 2025, respectively, and the cash flows (net) of Rs. 52.46 crore for the period from 01 April 2025 to 30 September 2025. These interim financial results have been reviewed by the other auditors whose report has been furnished to us by the Holding Company's Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter. 7. The Statement includes the interim financial results of three subsidiaries which have not been Page 2 of 3
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period from 01 April 2025 to 30 September 2025, respectively, in respect of one joint venture and one associate, based on its interim financial results which have not been reviewed by their auditors. These interim financial statements have been furnished to us by the Holding Company's Management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, a joint venture and an associate, is based on such management certified interim financial results. According to the information and explanations given to us by the Holding Company's Management, these interim financial results are not material to the Group. Our conclusion on the Statement is not modified in respect of this matter. For SN Dhawan & CO LLP Chartered Accountants FRN:000050N/N500045 Place: Faridabad Date: 06 November 2025 For Dharam Raj & CO Chartered Accountants FRN: 014461N ~=::::::::~ (Sandee Partner Membership No. 088699 UDIN :25088699BMTEVB723 8 Page 3 of 3
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- NHPC LIMITED (A Government of India Enterprise) CIN: L40101HR1975GOI032564 A Navratna Company SECTOR-33; FARIDABAD, HARYANA-121 003 STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2025 (Rs. in crore) Quarter Ended Half Year Ended Year Ended S.No PARTICULARS 30.09.2025 30.06.2025 30.09.2024 " 30.09.2025 30.09.2024 " 31.03.2025 Unaudited Unaudi~ed Unaudited Unaudited Unaudited Audited Income (a) Revenue from Operations (R~fer Note 5) 3,365.26 3,213.77 3,051.93 6,579.03 5,746.13 10,379.86 (b ) Other Income 264.72 228.99 350.16 493.71 693.88 1,349.45 Total Income (a+b) 3,629.98 3,442.76 3,402.09 7,072.74 6,440.01 11,729.31 2 Expenses (a) Generation Expenses 301.68 290.24 314.24 591.92 597.36 799.16 (b) Employee Benefits Expense 326.46 423.50 373.27 749.96 . 715.75 1,823.60 ( c) Finance Costs 277.69 260.80 307.99 538.49 551.89 1,188.94 ( d ) Depreciation and Amortization Expense 441.46 435.77 285.26 877.23 581.59 1,193.04 ( e) Other Expenses 710.25 698.52 559.26 1,408.77 1,018.39 2,237.18 Total Expenses (a+~+c+d+e) 2,057.54 2,108.83 1,840.02 4,166.37 3,464.98 7,241.92 3 Profit before Exceptional Items, Regulatory Deferral Account Balances, Tax and Share of profit of Associate/Joint Venture 1,572.44 1,333.93 accounted for using the Equity Method (1-2) 1,562.07. 2,906.37 2,975.03 4,487.39 4 Share of net profit from Associate/~oint Venture accounted for using equity method 0.09 0.62 0.35 0.71 1.06 2.36 5 Profit before Exceptional items, Regulatory Deferral Account 1,572.53 1,334.55 1,562.42 2,907.08 2,976.09 4,489.75 Balances and Tax (3+4) 6 Exceptional items 7 Profit before Tax and Regulatory Deferral Account Balances (5-6) 1,572.53 1,334.55 1,562.42 2,907.08 2,976.09 4,489.75 8 Tax Expenses a) Current Tax 300.19 255.49 288.50 555.68 536.89 866.15 b) Deferred Tax (Refer Note 8) 235.80 131.66 316.72 367.46 467.19 489.31 Total Tax Expense ,(a+b) 535.99 387.15 605.22 923.14 1,004.08 1,355.46 9 Profit for the period before movement in Regulatory Deferral 1,036.54 947.40 957.20 1,983.94 1,972.01 3,134.29 Account Balances. (7-8) 10 Movement in Regulatory Deferral Ac.count Balances (Net of Tax) 182.74 183.76 103.14 366.50 189.96 277.44 11 Profit for the period (9+ 10) 1,219.28 1,131.1.6 1,060.34 2,350.44 2,161.97 3,411.73 12 Other Comprehensive Income (i) Items that Will not be reclassified to profit or loss (Net of Tax) (a) Remeasurement of the post employment defined benefit obligations 24.46 (10.10) (9.90) 14.36 (18.83) (72.54) Less:-Movement in Regulatory Deferral Account Balances (Net of Tax) 0.25 0.25 0.10 0.50 0.20 1.07 Sub total (a) 24.21 (10.35) (10.00) 13.86 (19.03) (73.61) (b) Changes in the fair value of equity investments at FYTOCI (12.64) 15.42 3.90 2.78 24.61 (20.48) Sub total (b) (12.64) 15.42 3.90 2.78 24.61 (20.48) Total (i)=(a)+(b) 11.57 5.07 (6.10) 16.64 5.58 (94.09) (ii) Items that will be reclassified to profit or loss (Net of Tax) (a) Changes in the fair value of debt investments .at FVTOCI (1.69) 0.55 0.63 (1.14) (0.24) (0.83) (b) Cost of Hedge Reserve (4.36) (14.71) (19.07) (11.03) Total(ii) (6.05) (14;16) 0.63 (20;21) (0.24) (11.86) . Other Comprehensive Income (i+ii) 5.52 (9.09) (5.47) (3.57) 5.34 (105.95) 13 Total Comprehensive Income for the period (11+ 12) 1,224.80 1,122.07 1,054.87 2,346.87 2,167.31 3,305.78 14 Net Profit attributable to a) Owners of the Parent company 1,021.44 1,065.02 900.03 2,086.46 1,921.80 3,006.67 b) Non-controlling interest 197.84 66.14 160.31 263.98 240.17 405.06 15 Other comprehensive income attributable to a) Owners of the Parent company 5.88 (8.75) (5.34) (2.87) 5.61 (104.45) b) Non-controlling interest (0.36) (0.34) (0.13) (0.70) (0.27) (1.50) 16 Total comprehensive income. attributable to a) Owners of the Parent company 1,027.32 1,056.27 894.69 2,083.59 1,927.41 2,902.22 b) Non-controlling interest 197.48 65.80 160.18 263.28 239.90 403.56 17 Paid-up equity share capital (of Face Value~ 10/- per share) 10,045.03 10,045.03 10,045.03 10,045.03 10,045.03 10,045.03 18 31,194.76 30,680.68 30,054.31 31,194.76 30,054.31 29,623.13 19 41,239.79 40,725.71 40,099.34 41,239.79 40,099.34 39,668.16 ~
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Quarter Ended Half Year Ended Year Ended 'S.No PARTICULARS 30.09.2025 30.06.2025 30.09.2024 " 30.09.2025 30.09.2024 " 31.03.2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 20 Paid-up debt capital (Comprises Long tenn debts and Lease Liabilities including current maturiiies thereof, Short tenn Borrowings and Payable towards Bonds fully serviced by Governme11t of India.) · 46,940.05 44,452.20 36,227.50 46,940.05 36,227.50 41,573.98 21 Capital Redemption Reserve 2,255.71 2,255.71 2,255.71 2,255.71 2,255.71 2,255.71 22 Debenture (Bond) Redemption Reserve 788.66 788.66 950.61 788.66 950.61 788.66 23 Earning per share (Basic and Diluted) (Equity shares, face value off 10/- each) - Excluding movements in Regulatory Deferral Account Balances (in· 0.83 0.88 0.79 1.71 1.72 2.72 f) - (not annualised) - Including movemen.ts in Regulatory Deferral Account Balances (in .1.02 1.06 0.90 2.08 1.91 2.99 f) - (not annualised) 24 Debt equity ratio 1.14 1.09 0.90 1.14 0.90 1.05 25 Debt service co.verage ratio (DSCR) [Profit after tax but before Interest 2.51 3.31 3.22 2.84 3.23 2.65 and Depreciation ]/[Principal repayment, excluding payment under put option+lnterest] # 26 Interest service coverage ratio (ISCR) [Profit after tax but before Interest 5.92 5.89 4.59 5.90 5.04 4.13 and Depreciation]/ Interest. # 27 Current Ratio (Current Assets I Current liabilities) 1.22 1.12 1.15 1.22 1.15 1.11 28 Long Tenn Debt to working Capital ratio (Long tenn borrowings 7.40 8.75 9.68 7.40 9.68 9.35 including curreni maturity of long term borrowing I {working capital excluding current maturities oflong term borrowings)) 29 Bad Debts to Account Receivable Ratio (Bad ·debts I Average Trade 0.012 0.014 0.006 0 .. 013 0.007 0.017 receivables) 30 Current Liability Ratio (Current liabilities I Total liabilities) 0.16 0.17 0.16 0.16 0.16 0.16 31 Total Debts to Total Assets (Paid up debt capital I Total assets) 0.42 0.41 0.37 0.42 0.37 0.40 32 Debtors Turnover (Revenue from operations I Average 'trade receivables) 2.06 2.30 2.45 2.27 2.44 2.22 Annualised 33 Inventory Turnover ratio (Revertue from operations I Average inventory) - 50.36 48.82 49.45 49.25 50.22 45.29 Armualised 34 Operating Margin(%) (Operating profit I Revenue from operations) 48.65 44.11 51.45 46.44 51.05 43.66 35 Net Profit Margin(%) (Profit for the period I Revenue from operations) 36.23 35.20 34.74 35.73 37.62 32.87 # For the calculation of ISCR and DSCR, amount of interest and Principal repayments against the borrowings of the operational projects have been considered. " Restated (Refer Note 6)
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- A Navratna Company STATEMENT OF CONSOLIDATED ASSETS AND LIABILITIES PARTICULARS ASSETS (1) NON-CURRENT ASSETS a) Property, Plant and Equipment b) C~pital'Work In Progress c) Right Of Use Assets d) Investment Property e) Intangible Assets f) Intangible Assets under development g) Investments accounted for using the equity,method h) Financial Assets i) Investments ii) Trade Receivables iii) Loans iv) Others i) Deferred Tax Assets j) Other Non Current Assets TOTAL NON CURRENT ASSETS (2) CURRENT ASSETS a) Inventories b) Financial Assets i) Investments ii) Trade Receivables iii) Cash and Cash Equivalents iv) Bank balances other than Cash and Cash Equivalents v) Loans vi) Others c) Current Tax As~ets (Net) d) Other Current Assets TOTAL CURRENT ASSETS (3) Assets Classified as held for Sale ( 4) Regulatoiy Deferral Account Debit Balances TOTAL ASSETS PARTICULARS EQUITY AND LIABILITlES (1) EQUITY a) Equity Share Capital· b) Other Equity Total Equity attributable to owners of the Company c) Non-Controlling interests TOTAL EQUITY (2) LIABILITIES NON-CURRENT LIABILITIES a) Financial Liabilities i) Borrowings ii) Lease Liabilities iii) Other financial liabilities b) Provisions c) Deferred Tax Liabilities (Net) d) Other non-current Liabilities TOTAL NON CURRENT LIABILITIES (3) CURRENT LIABILITIES ·a) Financial Liabilities i) Borrowings ii) Le.ase Liabilities iii) Trade Payables Total outstanding dues of micro and small enterprises Total outsianding dues of Creditors other than micro and' small enterprises iv) Other financial liabilities b) Other Current Liabilities c) Provisions d) Current Tax Liabilities (Net) TOTAL CURRENT LIABILITIES ( 4) Regulatoiy Deferral Account Credit Balances TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES As at 30th September, 2025 (Unaudited) 31,020.10 42,974.98 4,451.67 4.49 9.81 203.99 18.17 429.70 0.16 854.75 8,216.97 4.17 1,578.39 89,767.35 265.40 6,650.63 1,142.31 1,905.91 575.12 2,437.62 88.84 837.46 13,903.29 1.72 7,890.36 1,11,562.72 As at 30th September, 2025 (Unaudited) 10,045.03 31,194.76 41,239.79 5,800.30 47,040.09 40,588.82 110.66 2,310.26 97.15 3,270.57 5,2°18.33 51,595.79 4,207.42 15.95 78.42 218.07 3,949.22 836.57 1,944,80 143.89 11,394.34 1,532.50 64,522.63 1,11,562. 72 (Rs. in crore) As at 31st March, 2025 (Audited) 11;807.35 50,398.44 4,349.93 4.49 6.25 202.38 16.96 427.16 0.63 1,272.48 8,106.46 4.17 1,613.84 84,210.54 257.11 4,793.15 801.59 1,949.35 129.'47 1,992.27 70.47 1,266.22 11,259.63 1.83 7,205.71 1,02,677.71 As at 31st March, 2025 (Audited) 10,045.03 29,623.13 39,668.16 5,494.90 45,163.06 35,681.73 114.02 2,237.46 92.84 2,904.49 5,093.34 46,123.88. 3,752.44 8.59 80.99 240.40 2,748.3~ 884.02 2,453.22 8.41 10,176.42 1,214.35 57,514.65. 1,02,677. 71 ¥
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lml NHPC LIMITED (A Government of India Enterprise) CIN: L40101HR1975GOI032564 A Navratna Company STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE HALF YEAR ENDED 30th SEPTEMBER, 2025 Particulars A. Cash Flow From Operating Activities Profit before tax for the half year including movements in Regulatory Deferral Account Balance Less: Movement in Regulatory Deferral Account Balances (Net of Tax) Profit before Tax ADD: Depreciation and Amortization Finance Cost (Net of Expenditure Attributable to Construction) Provisions Others (Net of Expenditure Attributable to Construction) Net Exchange rate variation (Loss) Tariff Adjustment (Loss) Sales adjustment on account of Exchange Rate Variation Loss/( Profit) on sale of Assets/Claims written off Loss on sale of long term Investment LESS: Advance against Depreciation written back Provisions (Net of Expenditure Attributable to Construction) Dividend Income Interest Income & Guarantee Fees (including Late Payment Surcharge). Fair Value Adjustments Amortisation of Government Grants Share of Net Profit /(Loss) of Joint Ventures/Associates (accounted for using the equity method) Cash flow from Operating Activities before Operating Assets & Liabilities adjustments and Income Taxes Changes in Operating Assets and Liabilities: (lncrease)/Decrease in Inventories (lncrease)/Decrease in Trade Receivables (lncrease)/Decrease in Other Financial Assets, Loans and Advances lncrease/(Decrease) in Other Financial Liabilities and Provisions Regulatory Deferral Account Balances Cash flow from operating activities before taxes Less: income Taxes Paid Net Cash Flow From/(Used in) Operating Activities (A) B. Cash Flow From Investing Activities Purchase of Property, Plant and Equipment, Investment Property, Other Intangible Assets, CWIP and Movement in Regulatory Deferral Account Balances Receipt of Grant Proceeds from sale of Property, Plant & Equipment Investment in Joint Venture & Subsidiaries (Including Share Application Money pending allotment) Net Investment in Term Deposits Proceeds from sale of Investments Dividend Income Interest Income & Guarantee Fees (including Late Payment Sur.charge) Net Cash Flow From/(Used in) Investing Activities (B) c. Cash Flow From Financing Activities Equity proceeds from Non-Controlling Interest Dividend Paid (including Non-Controlling Interests) Proceeds from Long Term Borrowings Repayment of Borrowings Interest and Finance Charges Principal Repayment of Lease Liability Interest paid on Lease Liability Net Cash Flow From/(Used in) Financing Activities (C) I~ in crore) For the Half Year ended For the Half Year en~ed 30th September, 2025 30th September, 2024 Unaudited Unaudited 3,273.58 3,166.05 366.50 189.96 2,907.08 2,976.09 877.23 581.59 538.49 551.89 4.81 0.28 3.71 4.34 3.56 11.16 16.40 13.20 6.54 2.76 13.16 1,450.74 1,178.38 4,357.82 4,154.47 27.38 27.38 5.14 116.08 14.04 9.36 187.50 222.80 0.54 0.25 37.29 37.51 0.71 1.06 272.60 414.44 4,085.22 3,740.03 (8.36) (67.33) (1,856.40) (424.13) 509.57 218.01 (704.83) (345.76) (2.06) (0.59) (2,062.08) (619.80) 2,023.14 3,120.23 439.93 377.53 1,583.21 2,742.70 (5,094.06) (3,566.07) 13.78 66.72 2.02 3.58 (0.50) (133.19) 376.48 12.38 14.04 9.36 151.74 224.12 (5,046.17) (2,875.43) 150.00 121.65 (619.83) (635.71) 6,619.40 3,742.54 (1,213.59) (l,838.6i) (1,125.88) (l,377.03) (2.27) (3.28) (4.15) (1.50) 3,803.68 8.06 340.72 (124.67) 801.59 1,422.06 1,142.31 1,297.39 us half year'{ 41.56 crores) held in earmarked ~
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... A Navratna Company Notes to Unaudited Consolidated Financial Results : The above consolidated financial results including statement of consolidated assets and liabilities and statement of consolidated cash flows have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Parent Company in their respective meetings held on on November 6, 2025. The same have been reviewed by the Joint Statutory Auditors of the Company as required under Regulation 33 and 5.2 o SEBI (Listin'g Obligations and Disclosure Requirements) Regulations, 2015, as amended. 2 The Subsidiary, Joint Venture and Associate Companies considered in the Consolidated Financial Results are as follows:- . Name of Coml!anies Ownershil! (%} a) Subsidiary Companies:- As at "ln no 2112'\ (i) NHDC Limited 51.08 (ii) Chenab Valley Power Projects Limited 59.25 (iii) Loktak Downstream Hydroelectric Corporation Limited 74.00 (iv) Bundelkhand Saur U,rja Limited 88.82 (v) Jalpower Corporation Limited 100.00 (vi) Rade Hydroelectric Power Corporation Limited 59.51 (vii) NHPC Renewable Energy Limited 100.00 b) Joint Venture Company:- (i) APGENCO NHPC Green Energy Limited (ANGEL) (incorporated on 23.01.2025 as Joint 50.00 Venture Company) c) Associate Company:- (i). National High Power Test Laboratory Private Limited 12.50 All the above Companies are incorporated in India. 3 In view of the seasonal nature of business, the financial results of the Gro.up vary from quarter to quarter. 4 Electricity generation is the principal business activity of the Group. Other operations viz., Power Trading, Contracts, Project Management and . Consultancy works do not form a reportable segment as per Ind AS 108 - 'Operating Segments'. The Group has a single geographical segment as all . its power stations are located within the country. 5 (i) The Central Electricity Regulatory Commission (CERC) has notified the Tariff Regulations for the period Aprill, 2024 to March 31, 2029 vide notification dated March 15, 2024. Petitions for truing up of tariff for the period 2019-24 and for fixation of tariff for the period 2024-29 have been filed with the Commission. In accordance with these regulations and as per the operational parameter norms of the respective Power Stations, customers are billed as per the Annual Fixed Charge (AFC) approv~d by the Commission and applicable as on March 31, 2024 for the period starting from April 1, 2024 till approval offinal AFC by the Commission. The difference of AFC as per the aforesaid tariff petitions and billed sales amounting to'!' 133.17 Cron: and'!' 264.25 Crore respectively during the quarter and half yea~ ended September 30, 2025 have been recognised as unbilled sales (corresponding previous quarter and half year'!' NIL) by the Parent Company. (ii) The Parent Company has commissioned 800 MW Parbati-11 Project in the month of April, 2025 and Petition for fixation of tariff has been filed with the CERC. Pending approval of the CERC, an amount on 217.69 Crore and'!' 648.86 Crore respectively have been recognised as unbilled sales during the quarter and half year ended September 30, 2025. · (iii) During the half year ended September 30, 2025; the Parent Company has commissioned 214.28 MW outoftotal 300 MW Kamis~r Solar Power ·project, Bikaner. Remaining capacity of 85.72 MW has been commissioned in the month of October, 2025. Revenue recognised during the quarter and half year ended September 30, 2025 was'!' 14.73 crore and~ 23.62crore (corresponding previous quarter and halfyear '!'NIL). 6 The Parent Company had accounted for Lanco Teesta Hydro Power Limited (LTHPL) as a Common-Control Business Combination as per Appendix C oflnd AS 103- Business Combinations in the previous year ended March 31, 2025. Consequent to the merger, figures for the quarter and half year · ended September 30, 2024 ha.ve been restated. 7 The Board of Directors of the Company in its meeting held on September 24, 2021 had approved the proposal to initiate the process of merger o Jalpower Corporation Limited (JPCL) (a wholly owned subsidiary) with the Parent Company as per applicable provisions of the Companies Act, 2013. Approval of the Ministry of Power, Government of India had been conveyed on· April 26, 2023 following which NHPC Limited and JPCL had filed first motion application with MCA on February 8, 2024. The Ministry of Corporate Affairs (MCA) conducted first hearing on April 30, 2025, in connection with the application filed under Sections 230-232 of the Companies Act, 2013 for approval of the Scheme of Amalgamation. Pursuant to MCA order dated May 22, 2025, meetings of the Equity Shareholders, Secured Creditors & Un-Secured Creditors of Parent Company were held on September 29, 2025. Further, NHPC and JPCL have filed second motion application with the MCA on October 6, 2025 . . 8 The Group has recognised Minimum Alternate Tax (MAT) Credit of '!' 227.34 crore and ~ 428.57 cror.e during the quarter and half year ended September 30, 2025 respectively( corresponding previous quarter and half year~ Nil) on the basis of certainty offutu,re taxable profit. 9 The shareholders of the Parent Company had approved final dividend on 0.51 per share (Face value on I 0/- each) for the Financial Year 2024-25 in the Annual General Meeting held on August 30, 2025, which has been paid in September, 2025. 10 Figures for the previous periods have been re-grouped/re-arranged/re-classified/re-stated wherever necessary. Place : Faridabad Date : November 6. 2025
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(a\) S. JAYKISHAN CHARTERED ACCOUNTANTS Suite # 2D, 2E & 2F 12, Ho-chi-minh Sarani, Kolkata - 700 071 <l> : (033) 4003-5801, Fax : (033) 4003-5832 E-mail : info@sjaykishan.com Independent Statutory Auditor's Certificate for asset cover in respect listed debt securities of NHPC Limited 1. We understand that NHPC Limited ("the Company") having its registered office at NHPC Office Complex, Sector-33, Faridabad, Haryana-121003 is required to obtain a certificate with respect to book values of the assets provided as security in respect listed debt securities of NHPC Limited as at 30th September 2025 and compliance with respect to covenants of the listed debt securities for quarter ended 30th September 2025 in terms of Requirement of Regulation 54 read with regulation 56(1 )( d) of SEBI (LODR) Regulations,2015 as amended ("LODR Regulations") and SEBI (Debenture Trustees) Regulations, 1993 as amended ("DT Regulations"). Management's Responsibility 2. The Company's Management is responsible for ensuring that the Company complies with the LODR Regulations and DT Regulations. Further, the Company is also responsible to comply with the requirements of Bond Trust Deed executed with respective Bond trustee. Auditor's Responsibility 3. Our responsibility is to certify the book values of the assets provided as security in respect of listed debt securities of the Company as at 30th September 2025 based on the financial statements and compliance with respect to covenants of the listed debt securities for the quarter ended 30th September 2025 as specified in SEBI Circular No. SEBI/HO/DDHS/P/CIR/2023/50 Dated 31st March 2023. 4. We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute ·Of Chartered Accountants of India. 5. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC), Quality controls for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Service Engagements. 6. We have no responsibility to update this certificate for events and circumstances occurring after the date of this certificate. Opinion 7. Based on examination of books of accounts and other relevant records/documents as provided to us by the Company's management for the purpose of issuing this Certificate, we hereby certify that: Page 1of2
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a) Book values of the assets provided as security in respect of listed debt securities of the Company as at 301h September 2025 is as under: (Rs. in Crore) Total Book Value Particulars of Assets provided as Security (Property Plant & Equipment and Capital Work-in-Progress) (PPE+CWIP) Chamera-II Power Station 774.26 Chamera-III Power Station 833.33 Parbati-II HE Project 12,695.93 Parbati-III Power Station 1,215.55 Dhauliganga Power Station 446.17 Teesta Low Dam Power Station-III 803.71 Teesta-V Power Station 1,251.42 Uri-I Power Station 1,189.69 Dulhasti Power Station (Movable) 846.38 Kishanganga Power Station (Movable) 829.87 Subansiri Lower HE Project (Movable) 2,526.69 Total Book Value 23,413.00 b) Compliance of covenants of the listed debt securities We have examined the compliances made by the NHPC Limited in respect of covenants of the listed debt securities (NCD's) and certify that all such covenants/terms of the issue have been complied by the NHPC Limited for the quarter ended 30th September 2025. 8. The above certificate has been given on the basis of information provided by the management and the records produced before us for verification Restriction on Use 9. This certificate has been issued to the management of NHPC Limited to comply with requirements of LODR Regulations. Our certificate should not be used for any other purpose or by any person other than the Company. Accordingly, we do not accept or assume any liability or duty of care to any other person to whom this certificate is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. For M/s S. Jaykishan Chartered Accountants (FRN: 309005E) CA Ritesh Agarwal (Partner) Membership No: 062410 UDIN: l..5eifo'l.L\ 1.Ci ~\4 !.'? W:S !H .. 04 Place: Faridabad Date: b~ <\\'\ ~ ti\Jitwt ~€.R, '2ti 'l. \ Page 2 of 2
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Annexure I- Format of Security Cover To, IDBI Trusteeship Company Limited Please find below Security Cover Certificate as on 30.09.2025 as per format specified vide SEBI Circular No. SEBl/HO/DDHS/P/CIR/2023/50, Dated 31st March 2023 & SEBl/HO/DDHS-PoD3/P/CIR/2024/46 dated 16 May 2024 Column A ColumnB ColumnC Column D Column E Column F Description of asset Exclusive Exclusive Pari-Passu Parl-Passu Particulars for which this Charge Charge Charge Charge certificate relate Assets shared by Deblfor pari passu debt which this Other Debt for which holder (Includes certificate Secured this certificate debt for which being Debt being issued this certificate Is issued Issued & other debt with pari- passu charge) Book Book Ye.i Book Value Value No Value ASSETS Property,Plant and Equipment 20675.03 Capital Work-in-Progress 211.27 Right of Use Assets Goodwill Intangible Assets Intangible Assets under Development Investments Loans PPE and CWIP of Inventories Trade Receivables Uri-I Power Station, Cash and Cash Equivalents Chamera-11 Power Bank Balances other than Station, Teesta-V Cash and Cash Power Station, Equivalents TLDP-111 Power Others Station,Parbati-11 HE Total Project,Dhualigang 20886.30 a Power LIABILITIES Station,Chamera-111 Debt securities to which this Power certificate pertains Station,Dulhasti 8486.11 Power Station, Other debt sharing pari-passu Parbati-111 Power charge with above debt Station and 2053.34 Other Debt Kishanganga Subordinated debt Power Station Borrowings Bank Debt Securities Others Trade payables Lease Liabilities Provisions Others Total 10539.45 Cover on Book Value(i) 1.98 Cover on Market Value Exclusive Pari-Passu Security Security Cover Ratio Cover Ratio - 2.37 .. .. ColumnG Column H Column I ColumnJ Pari-Passu Assets not Elimination (Total Charge offered as (amount in CtoH) Security negative) debt Other assets on amount which there is considered pari-Passu more than charge once (due (excluding items to exclusive covered in plus parl columnf) passu charge) Book Value 10819.08 0.00 31494.11 29938.12 0.00 30149.39 2841.39 2841.39 0.00 0.00 9.36 9.36 203.99 203.99 4508.11 4508.11 1580.09 1580.09 252.23 252.23 6079.97 6079;97 883.90 883.90 148.99 148.99 15418.75 15418.75 40757.20 31926.78 93570.28 8486.11 12692.17 14745.51 12364.01 12364.01 3870.27 3870.27 0.00 0.00 0.00 0.00 266.07 266.07 22.98 22.98 1526.19 1526.19 12457.72 12457.72 12692.17 30507.24 53738.86 . .. (Uma Kant Rail Gr. Senior Manager{F) ColumnK Column L ColumnM Column N Related to only those items covered by this certificate Carrying /book value Market for exclusive charge Value for assets where market Assets value is not charged ascertainable or on applicable (For Eg. Exclusive Bank Balance, OSRA basis market value Is not applicable) . ... RgWP~ (Rajeev Saxena) Sr.Manager(F)-DFS Carrying value/book value for pari passu Market Value charge assets where for Pari passu market value is not charge Assets ascertainable or applicable (For Eg. Bank Balance, DSRA market value Is not applicable) Relating to Column F 20675.03 211.27 20886.30 8486.11 2053.34 10539.45 1.98 (Rs.in Cr.) tColumnO Total Value (=K+L+M+N) 20675.03 211.27 20886.30 8486.11 2053.34 10539.45 1.98
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Annexure 1- Format of Security Cover - To, SBICAP Trustee Company Limited Please find below Security Cover Certificate as on 30.09.2025 (as per format specified vide SEBI Circular No, SEBl/HO/DDHS/P/CIR/2023/50, Dated 31st March 2023 & SEBl/HO/DDHS-PoD3/P/CIR/2024/46 dated 16 May 2024) (Rs. In Cr.) IColumnA Column B Columllo ColumnC ColumnD ColumnF ColumnG ColumnH Column I ColumnJ Column K !Column L ColumnM Column N ColumnE Description of asset for !Exclusive !Exclusive IPari-Passu Pari-Passu I Pari-Passu !Assets not Elimination 1 (Total which this certificate Charge Charge Charge Charge Charge offered as (amount in CtoH) Particulars Related to only those items covered by this certificate relate Assets shared by pari passu Other assets Debtfor Debt for debt holder on which there which this Other (includes debt Is pari-Passu certificate Secured which this for which this charge being Debt certificate certificate is (excluding Issued being issued Issued & other items covered debt with pari- in column F) passu cha.rge) Security negative) debt amount considered more than once (due to exclusive plus pari passu charge) Market Carrying /book Value value for exclusive for charge assets Assets ~here market value I Market Value charged os not ascertainable for Pari passu on or applicable (For charge Exclusiv Eg. Bank Balance Assets e basis DSRA market val~e is not applicable) Carrying value/book value for pari passu charge assets where market v~lue is not ITotal Value ascertainable or (=K+L+M+N) applicable (For Eg. Bank Balance, DSRA market value is not applicable) RelatinQtOColumn F ASSETS Property,Plant and Equipment Capital Work-in-Progress Right of Use Assets Goodwill Intangible Assets Intangible Assets under Development Investments Loans Inventories Trade Receivables Cash and Cash Equivalents IBank Balances other than cash and Cash Book Value BOOk Value YesJ No BOOk Value 15082.79 3094.26 ·~· Value 16411.32 27055.13 0.00 0.00 2841.39 0.00 9.36 203.99 4508.11 1580.09 252.23 . 6079.97 883.90 31494.11 30149.39 2841.39 0.00 9.36 203.99 4508.11 1580.09 252.23 6079.97 883.90 Equivalents PPE and CWIP of Uri-I 148.99 148.99 Others Power Station, Parbati-11 15418.75 15418.75 Total HE Project, Parbati-111 18177.05 43466.45 31926.78 93570.28 LIABILITIES Debt securities to which this certificate pertains Other debt sharing pari-passu charge with above debt Other Debt Subordinated debt Borrowings Bank Debt Securities Others Trade payables Lease Liabilities Provisions others Total Cover on Book Value (i) Cover on Market Value Power Station and Subansiri Lower HE Project Exclusive Security Cover RaUo Parl·Passu Security Cover Ratio 3.75 2738.13 7527.74 10265.87 1.77 12965.75 12965.75 2738.13 20493.49 12364.01 12364.01 3870.27 3870.27 266.07 266.07 22.98 22.98 1526.19 1526.19 12457.72 12457.72 30507.24 53738.86 15082.79 15082.79 3094.26 3094.26 18177.05 18177.05 2738.13 2738.13 7527.74 7527.74 10265.87 10265.87 1.77 1.77 i) Cover on book value is cal outstanding value of correspending debts while Security cover ratio is calculated based on outstanding value of correspending debts plus interest accrued but not due on the same. ii) Justification for not p ~ ~ he reported quarter: As total value of PPE and CWIP of station (s)/project {s), comprising of thousands of individual assets integrally facilitating generation of power as a whole.have been offered as security, book value as at quarter end has been considered asfali( !/~ KATA -i-~ J _ ~ ~ (.21~ Qt/WI O ·OC5E- ~/ ' --;::; F fS (Gajender Aggarwal) (Uma Kant Rail (Raj <>">,..;:; !! Dy. General Manager(F)-DFS Gr. Senior Manager(F) Sr.Manager(F)-DFS . &~ o,J: ~ < •
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tr-=rl!ilrft"Bf ~fllds ("11x<r ~~<!>1.~ ... <f>l-1'."'. 'fil<M 'l'lflfL___ _ __ NHPC limited (A Government of India Navratna Enterprise) CIN: L40101 HR1975GOI032564 fcnr fct'l-fJlT ,Finance Division Domestic Finance Section tF1l(ilcft*11 ~~. ~-33, \l?'i1C\l<S11C\ (~)-121003 NHPC Office Complex, Sector-33, Faridabad (Haryana)-121003 "Q5i;:f;Phone: 0129-2278695,2256564 ~D /Email: nhpcbondsection@nhpc.nic.in, Other information- Integrated Filing (Financial) For the quarter and six months ended 30th September 2025 S. No. Requirement B. Statement of Deviation or Variation for Proceeds of Public Issue, Rights Not Applicable Issue, Preferential Issue, Qualified Institutions Placement.etc c. Disclosure of outstanding default on loans and debt securities E. Statement on impact of Audit Qualifications (For Audit Report with Modified Opinion) submitted along with annual audited financial results-(Standalone and consolidated separately) (applicable for annual filing i.e. 4th Qtr) Place: Faridabad Date: O<,·-u-20'2-S Power Behind Green Power Remarks Annexure-I Annexure-11 Not Applicable 8 www.nhpcindia.com li@nhpcltd O@NHPC/ndiaLimitec( ~nhpclimited a NHPC Limited rm NHPC Limited
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NHPC limited (A Government of India Navratna Enterprise) CIN: L40101 HR1975G01032564 NH/CO/FIN/DFS/2025 Listing Department, National Stock Exchange of India Ltd., Exchange Plaza, C-1, Block G, Bandra Kurla, Complex, Bandra(E) Mumbai-400 051.. '-': fcffi fcl'l{]Tf ,Finance Division Domestic Finance Section Q"llfi'Jtllaj'l ~~. ~-33, g;;ft~1<111~ (~)-121003 NHPC Office Complex, Sector-33, Faridabad (Haryana)-121003 1ffl;:r;Phone: 0129-2278695, 2256564 ffeffi/Email: nhpcbondsection@nhpc.nic.in, Annexure-1 Date: Corporate Relationship Department, BSE Limited, Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai-400 001. Sub: Compliance under 52(7) & 52(7 A) of the SEBI (LODR) Regaulations, 2015 Pursuant to Regulation 52(7) & 52(7 A) of the Securities and Exchange Board of India (Listing and Disclosure Requirements) Regulations, 2015, statement on utilization of proceeds of Non-Convertible Security and statement of Deviation/variation for the Quarter ended 301h September 2025 is detailed below: A. Statement of utilization of issue proceeds: Name ISIN Mode Type Listed Date of Amount Funds Any If9 is of the of of at raising Raised Utilised deviat yes, Issuer Fund Instru funds (Rs. in (Rs. in ion then ment Crore) Crore) (Yes/ specify Raisin No) the g purpose (Public of Issues/ which Privat the e funds Place were ment) utilized 1 2 3 4 5 6 7 8 9 10 NHPC INE848E08375 Private Non NSE 12.08.2025 2000.00 2000_00 No N.A. Ltd Placem Conve BSE ent rtible Securi ty B. Statement of deviation/variation in use of issue proceeds: Particulars Remarks Name of the listed entity NHPC Limited ISIN INE848E083 7 5 Mode of fund Raising Private Placement Type of Instrument Non Convertible Security Date of raising funds 12.08.2025 Amount Raised Rs. 2000.00 Crore Report filed for the quarter ended 30.09.2025 Is there a deviation/variation in use offunds raised? No Whether any approval is required to vary the objects No of the issue stated in the prospectus/offer document? If yes, details of the approval so required? N.A. Date of approval N.A. Power Behind Green Power (@www.nhpcindia.com £i@nhpcltd O@NHPC/ndiaLimited ~nhpclimited a NHPC Llmite Rem arks, if any 11 Nil
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NHPC Limited ·,,I (A Government of India Navratna Enterprtse) CIN: L40101 HR1975GOI032564 Explanation of deviation/variation Comments of the audit committee after review Comments of the auditor, if any N.A. N.A. N.A. fcffi fct'l-!JlT ,Finance Division Domestic Finance Section q<Jqilc:fi'l"ll J.fili'ITTf~. ~-33, g5'[k<1"1IC"< (~)-121003 NHPC Office Complex, Sector-33, F aridabad (Haryana )-12100 3 -qj'\;f;Phone: 0129-2278695, 2256564 ~/Email: nhpcbondsection@nhpc.nic.in, Objects for which funds have been raised and where there has been a deviation/variation, in the following table: ISIN Original Modified Original Modified Funds Amount of Remarks, if any object object, if Allocation allocation utilized deviation/va any , if any riation (in Rs. Crore and in%) INE848E083 7 5 For General N.A. Rs. 2000 N.A. Rs. Nil Funds have been Corporate Crore 2000 utilized for the Purposes, Crore purpose for which Funding of it was raised and Capital therefore there is Expenditure no deviation or of the variation in the Company use of funds. and Refinancing of existing loans. Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised. b. Deviation in the amount of funds actually utilized as against what was originally disclosed. Kindly take the same on your records. c t ODV o: ITSL Trusteeship SBICAP Trustee Company Ltd., Beacon Trusteeship Ltd. Company Limited, Apeejay House, 6th floor, West SW Fifth Floor Ground Floor, Universal Wing, 3, Dinshaw Wachha The Metropolitan E Block, Bandra Insurance Building, Road, Churchgate, Kurla Complex, Bartdra East Sir Phirozshah Mehta Rd, Fort, Mumbai, Maharashtra- 400020 Mumbai Mumbai, Maharashtra 400001. Maharashtra-400051 Power Behind Green Power ~ www.nhpcindia.com £i@nhpcltd O@NHPClndiaLimited ~ nhpclimited a NHPC Limited Im NHPC Limited
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Sr.No. 1 A B 2 A B 3 (A Government of India Navratna Enterprise) CIN: L40101HR1975GOI032564 Other information-Integrated Filing (Financial) fcttf fcl'lf!lT ,Finance Division Domestic Finance Section tFJQtjc:ft~ ~~. ~-33, \fl~C'tliillC't (~)-121003 NHPC Office Complex, Sector-33, Faridabad (Haryana)-121003 ~/Phone: 0129-2278695,2256564 ~D/Email: nhpcbondsection@nhpc.nic.in, Annexure-11 For the quarter and six months ended 301h September 2025 Statement of outstanding default on loans and debt securities Particulars Amount (Rs. in Cr) Loans/revolving facilities like cash credit from banks/financial Institutions (including Subordinate Debt and Foreign Currency Borrowings) Total amount outstanding as on date 20803.47 Of the total amount outstanding, amount of default as on date No default ListedlYBlisted debt securities i.e. NCDs and NCRPS Total amount outstanding as on date 20671.44 Of the total amount outstanding, amount of default as on date No default Total Financial indebtedness of the listed entity 41474.91 includin2 short-term and Ion2-term debt Place: Faridabad Date: CJ~ --l \... ~ 2.:tJ 2..S oor) ector (Finance) Power Behind Green Power e www.nhpcindia.com £i@nhpc/td O@NHPC/ndiaLimited ~nhpclimited a NHPC Limited m.'INHPC Limited