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 Manager/ मैनेजर, Listing Department/ ͧलिèटंग ͪवभाग, M/s BSE Limited/ बीएसई ͧलͧमटेड, Phiroze Jeejeebhoy Towers / ͩफरोज जीजीभोय टावस[, Dalal Street,/दलाल èĚȣट, Mumbai/ मुंबई -400 001 Scrip Code: 533098 General Manager/ महाĤबंधक, Listing Department/ ͧलिèटंग ͪवभाग, M/s National Stock Exchange of India Limited/ नेशनल èटॉक एÈसचɅज ऑफ इंͫडया ͧलͧमटेड, Exchange Plaza, / एÈसचɅज Üलाजा, Bandra Kurla Complex/ 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 Wednesday, 4th February, 2026 ͪवषय: बुधवार, 4 फरवरȣ, 2026 को आयोिजत एनएचपीसी ͧलͧमटेड के Ǔनदेशक मंडल कȧ बैठक का पǐरणाम के संबंध मɅ Sirs/ महोदय, 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. Wednesday, 4th February, 2026 (meeting commenced at 12:00 Noon and concluded at 03:50 P.M.) had inter-alia considered and approved the following: i. Un-audited Standalone and Consolidated financial results of the Company for the quarter and nine months ended on December 31, 2025, after review by the Audit Committee. ii. Payment of interim dividend at the rate of 14% (₹1.40/- per equity share) on the face value of paid-up equity shares of ₹ 10/- each for the financial year 2025-26. Pursuant to Regulation 42 of SEBI LODR, the Board has fixed Tuesday, February 10, 2026 as record date for the purpose of ascertaining eligibility of shareholders for payment of interim dividend. The interim dividend shall be paid/ dispatched within the period as stipulated in the Companies Act, 2013. iii. Proposal for cancellation of Memorandum of Understanding (MoU) and Promoters’ Agreement signed between NHPC Limited and Green Energy Development Corporation of Odisha Limited (GEDCOL) for formation of a JV Company for implementation of floating solar power projects in various water reservoirs in the state of Odisha. iv. Proposal for withdrawal of Nominee Director of NHPC Limited from the Board of Directors of PTC India Limited (PTC) and relinquishment of the status and rights of NHPC Limited as a ‘Promoter’ of PTC as provided in the Articles of Association of PTC, pursuant to Office Memorandum dated 16.01.2026 issued by Ministry of Power, Govt of India. A copy of the Un-audited Financial Results along with Limited Review Report 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 31st December, 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 31st December, 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.
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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 सेबी [सूचीबɮधता (ͧलिèटंग) बाÚयताएँ और Ĥकटȣकरण अपे¢ाएँ] ͪवǓनयम, 2015 के ͪवǓनयम 30 के अनुसार यह सूͬचत ͩकया जाता है ͩक एनएचपीसी ͧलͧमटेड के Ǔनदेशक मंडल ने आज याǓन, बुधवार 4 फरवरȣ, 2026 (दोपहर 12:00 बजे शुǾ और दोपहर 03:50 बजे समाÜत) को हुई बैठक मे अÛय मदɉ के साथ-साथ Ǔनàनͧलͨखत पर ͪवचार और अनुमोदन ͩकया है:- i. 31 Ǒदसàबर, 2025 को समाÜत हुई Ǔतमाहȣ और नौ मǑहना के अनअंकेͯ¢त (èटɇडअलोन और समेͩकत) ͪवƣीय पǐरणाम। ii. ͪवƣ वष[ 2025-26 के ͧलए कंपनी कȧ संदƣ शेयर पूंजी ₹10/- ĤǓत इिÈवटȣ शेयर अंͩकत मूãय के शेयरो पर 14% (Ĥ×येक इिÈवटȣ शेयर पर ₹1.40/-) कȧ दर से अंतǐरम लाभांश देने कȧ घोषणा। सेबी [सूचीबɮधता (ͧलिèटंग) बाÚयताएँ और Ĥकटȣकरण अपे¢ाएँ] ͪवǓनयम,2015 के ͪवǓनयम 42 के अनुसार, Ǔनदेशक मंडल ने अंतǐरम लाभांश ĤाÜत करने के ͧलए शेयरधारकɉ कȧ पाğता को Ǔनधा[रण करने के ͧलए मंगलवार, फ़रवरȣ 10, 2026 को ǐरकॉड[ Ǔतͬथ के Ǿप मɅ Ǔनधा[ǐरत ͩकया गया है। अंतǐरम लाभांश का भुगतान कंपनी अͬधǓनयम, 2013 मɅ Ǔनधा[ǐरत अवͬध के भीतर ͩकया जाएगा। iii. एनएचपीसी ͧलͧमटेड और Ēीन एनजȸ डेवलपमɅट कॉपȾरेशन ऑफ ओͫडशा ͧलͧमटेड (GEDCOL) के बीच ओͫडशा राÏय मɅ अलग-अलग पानी के जलाशयɉ मɅ ÝलोǑटंग सोलर पावर ĤोजेÈɪस को लगाने के ͧलए एक JV कंपनी बनाने के ͧलए हèता¢ǐरत ͩकए गए समझौता £ापन (MoU) और Ĥमोटस[ एĒीमɅट को रɮद करने का Ĥèताव। iv. भारत सरकार के ͪवɮयुत मंğालय ɮवारा जारȣ ऑͩफस मेमोरɅडम Ǒदनांक 16.01.2026 के अनुसार, PTC इंͫडया ͧलͧमटेड (PTC) के Ǔनदेशक मंडल से NHPC ͧलͧमटेड के नाͧमत Ǔनदेशक को हटाने और PTC के आǑट[कãस ऑफ एसोͧसएशन मɅ Ǒदए गए Ĥावधानɉ के तहत PTC के 'Ĥमोटर' के Ǿप मɅ NHPC ͧलͧमटेड कȧ िèथǓत और अͬधकारɉ को छोड़ने का Ĥèताव। कंपनी के संयुÈत सांͪवͬधक लेखा परȣ¢कɉ ɮवारा जारȣ सीͧमत समी¢ा ǐरपोट[ के साथ अन-अंकेͯ¢त ͪवƣीय पǐरणामɉ कȧ ĤǓत संलÊन है। सेबी (एलओडीआर) ͪवǓनयम, 2015 के ͪवǓनयम 52(4) के तहत आवæयक जानकारȣ, अनअंकेͯ¢त ͪवƣीय पǐरणाम (èटɇडअलोन और समेͩकत) मɅ शाͧमल है। इसके अलावा, Ǔनàनͧलͨखत भी Ĥèतुत ͩकए गए हɇ: 1. सेबी [सूचीबɮधता (ͧलिèटंग) बाÚयताएँ और Ĥकटȣकरण अपे¢ाएँ] ͪवǓनयम, 2015 के ͪवǓनयम 56(1)(डी) के साथ पढ़े गए ͪवǓनयम 54 के संदभ[ मɅ, 31 Ǒदसंबर, 2025 तक कंपनी कȧ सूचीबɮध ऋण ĤǓतभूǓतयɉ के संबंध मɅ वैधाǓनक लेखा परȣ¢कɉ का Ĥमाणपğ। 2. सेबी [सूचीबɮधता (ͧलिèटंग) बाÚयताएँ और Ĥकटȣकरण अपे¢ाएँ] ͪवǓनयम, 2015 के ͪवǓनयमन 52(7) और 52(7ए) के संदभ[ मɅ, 31 Ǒदसंबर, 2025 को समाÜत Ǔतमाहȣ के ͧलए गैर पǐरवत[नीय ĤǓतभूǓतयɉ के जारȣ होने कȧ आय के उपयोग मɅ कोई ͪवचलन या ͧभÛनता नहȣं दशा[ने वाला ͪववरण। 3. ऋण और ऋण ĤǓतभूǓतयɉ पर बकाया चूक का Ĥकटȣकरण करने का फॉमȶट: NIL, Èयɉͩक बकाया ऋण और ऋण ĤǓतभूǓतयɉ के भुकतान मɅ कोई चूक नहȣं है।| यह आपकȧ जानकारȣ और ǐरकॉड[ के ͧलए है। धÛयवाद, भवदȣय संलÊन: उपरोकतानुसार (Ǿपा देब) कंपनी सͬचव
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SN DHAWAN & CO LLP S. JA YKISHAN DHARAM RAJ & CO Chartered Accountants Chartered Accountants Chartered Accountants Plot No. 5 1-52, II Floor, 12, Ho Chi Minh Sarani Sunil Choudhary House Udyog Yihar Phase IV, Suite No. 20 , 2E, 2F Ambika Yihar, Guru gram, 2nd Floor, Kolkata-700 071 , Kunjwani Bypas Post Office Haryana 122016 West Bengal Gangyal, Jammu-1800 I 0, Jammu & Kashmir Review Report on Unaudited Standalone Financia l Resu lts To The Board of Directors NHPC Limited, I. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of. NHPC Limite d ("the Company") for the quarter ended 31 December 2025 and the year to date results for the period from 0 I April 2025 to 31 December 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 prin"ciples 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) 24 10 "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 1 of 2
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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 ~~Acea (Mukesh Bansal) Partner Membership No.505269 UDIN:26505269YEKQYM6 177 Place: Faridabad Date: 0-' February 2026 (Suni · Partner Membership No. 017361 UDIN:260 17361HEBYXX1126 For Dharam Raj &~=:::::::-.... Chartered Accou FRN: 014461N (Sandeep Kumar Agrawal) Partner Membership No. 088699 UDIN:26088699VMGY JK4 l 67 Page 2 of 2
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- i\HPC LIMITED (A Government of India Enterprise) CIN: L40101HR l975GOI032564 A Navratna Company SECTOR -33, FARIDABAD, HARYANA -.121003 STAT EM ENT OF STAN.IJALONE UNAUDITED FINAl'\CIA L RESU LTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEM BER 2025 (Rs. in crore) Quar ter Ended J\ine Mont hs Ended \'ear Ended SI.No. Particuh1rs 31.12.2025 30.09.2025 31.12.2024 31.12.2025 3 1.12.2024 31.03.2025 Unaudited Unaud ited Unaudited Unaudi ted Unaudit ed Aud ited I Income (a) Revenue from Operations (Refer Note 4 and 5) 1,877.47 2,732. 11 1,970.35 7,587.01 6,935 .72 8,994 .26 (b ) Other Income 429.13 262.33 455.16 946 .90 1,182.34 1,579.15 Total Income (a+b) 2,306.60 2,994.·U 2,425.5 1 8,533 .91 8,1 18.06 10,573.4 1 2 Expenses (a) Generation Expenses 125.52 30 1.27 103.44 71607 698.37 795 .84 (b) Employee Benefits Expense 3 1003 290.83 65 1.7 1 992.17 1,276.87 1,643 .86 (c) Finance Costs 302 .14 269.34 651.37 823.82 1, 177.38 1,147.00 (d) Depreciation and Amonizatio n Expense 434 .93 419.8 1 279.22 1,268.98 831.96 1,125.06 (e) Other Expenses (Refer Note 6) 1,474 .37 62 1.60 425.46 2,747.29 1,325 .07 2,002.69 Tota l Elpenses (a+b +c+d+e) 2,646.99 1,902.85 2,111.20 6,548.33 5,309.65 6,714.45 3 Profit before Exceptiona l item s, Mo\·ements in Reg ulatory Defe rral Account Balances and Tax (1-2) (340.39) 1,091.59 3 14.31 1,985.58 2,808.4 1 3,858.96 4 Exceptional items - - - 5 Profit before tax and Moveme nts in Regulatory Deferral Accoun t (340.39) 1,091.59 3 14.3 1 1,985.58 2,8 08.4 1 3,858.96 Balances (3-4) 6 Ta x Expenses (Refer Note 7) a) Current Tax 87.46 205.41 60.47 516.14 483. 24 672.65 b) Deferred Tax 416 .75 · 77.87 4.33 590.91 249.98 243.42 Total Tax Ex1iense (a+b) 504.21 283.28 64.80 l ,I07.05 733.22 916.07 7 Profit before movement< in Reguhi tory Defer ral Account Balances (5-6) (844.60) 808.3 1 249.5 1 878.53 2,075.19 2,942 .89 8 Movement in Regulatory Deferral Account Balances (Net of Tax) (Refer 1; 137.47 11 7.2 1 24.09 1,41 1.73 114.87 14 1.09 Note 6 and 7) 9 Profit for the p e ri~d (7+8) 292.87 925.5 2 273.60 2,290 .26 2, 190.06 3,083 .98 10 Othe r Compre hensive Income (i) Items that will not be reciassified to profit or loss (Net of Tax) (a) Remeasurement of post employment defined benefit obligations 7.65 24.92 (8.97) 22.93 (27.43 ) (70.55) Su b tota l (a) 7.65 24.92 (8.97) 22.93 (27.43) (70.55) (b) Changes in the fair value of equity investments at FVTOCI (4 .80) ( 12.64) (62.13) (2.02) (37.52) (20.48) Su b total (b) (4.80) (12 .64) (62.13) (2.02) (37.52) (20.48) To tal (i)=(a)+(b) 2.85 12.28 (71.10) 20.9 1 (64.95) (91.03) (ii) Ite ms that will be recl assified to profit or loss (Net of Tax) (a) Changes in the fair va lue of debt investments at FVTOCI (0.58) ( 1 69) ( I 12) ( 1.72) ( 136) (0.83) (b) Cost of Hedge Reserve 6.73 (4 .36) ( 12 16) ( 12 34) ( 12.16) ( 11.03) Tota l (ii) 6.15 (6.05) (13.28) (14. 06) (13.52) (11.86) Other Compr ehensive Income (i+ii) 9.00 6.23 (84 .38) . 6.85 (78.47) (102.89) II Tot al Comprehensi, ·'e Income for the period (9+10) 301.87 931.75 189.22 2,2 97.11 2,111.59 2,981.09 12 Paid-up equity share capital (of Face Value ~ 10/- per share) 10,045.03 10,045.03 10,04 5.03 10,045 .03 10,04 5.03 10,045 .03 13 Other Equity excluding Revaluation Reserves · 30,088 .26 29,786.39 28,840.26 30,088 .26 28,840 .26 28,303 .45 14 Net wonh 40,133. 29 39,83 1.42 38,885.29 40, 133.29 38,885 .29 38,348.48 15 Paid-up debt capital (Comprises Long tenn debts and Lease Liabilities 4 2,195.40 4 1,506.08 36,029. 11 42, 195.40 36,029 .11 38,0 19.10 including current maturit ies thereof, Shon tenn Borrowings and Payable towards Bonds fully serviced by Government of India.) 16 Capital Redemption Reserve 2,255. 7 1 2 ,255.71 2 ,255.7 1 2,255 .7 1 2,2 55.7 1 2,255.7 1 1,7 Debenture (Bond) Redemption Reserve 788.66 788.66 950.61 788 .66 950.6 1 788.6 6 18 Earning per share (Basic and Diluted) (Equ ity sha res, face value o" 10/- each) - Excluding movement< in Regulatory Deferral Account Balances (in ~) - (0.84) 0.80 0.25 0.87 2.07 2.93 (not annualised) · Including movements in Regulatory Deferra l Acco~1ll Balances (in ~) - 0.29 0.92 0 27 2.28 2.18 3.07 (not annualised) 19 Debt equity ratio (Paid-up debt capital I Shareholder's Equity) 1.05 1.04 0.93 1.05 0.93 0.99
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Quart e r Ended i'iine ~l o nth s End ed Year Ended SI.No. Particulars J 1.1 2.2025 30.09.2025 31.12.2024 J 1.12.2025 31.12.2024 J 1.oj.2 02s Unaudi ted Una udited Unaudit ed Unaudite d Unaudit ed Audit ed 20 Debt seTYice cove rage rat io (DSCR) [Pro fit for the period + Finance Costs + 1.67 2. 12 1.49 2.29 2.34 2.52 Dcprcc iat ion JI[ Principal repayment of non current borrowings + Lease Payments + Finance Costs] # 21 ln1erest service CO\'erage ratio ( ISCR) Pro fit for the period+ Finance Costs 2.85 5.04 1.67 4.47 3. 11 3.93 + Depreciation]/ Finance Costs. II 22 Current Ratio (Curren t Assets I Current liabilities) 1.02 1.06 1.1 7 1.02 1. 17 0.94 23 Long Tenn Debt to working Capital ratio (lo ng tenn borrowings including 10.39 9.53 8.52 10.39 8.52 13.65 current maturity of long tenn borr6" .. ·ing I {working capital excluding current maturities of long tenn borrow in gs ~ ) 2.1 Bad Debts to Account Receivable Ratio ( Bad debts I Average Trade 0.030 0.025 0.0 11 0.034 0.0 11 0.027 receivables) 25 Curre nt Liability Ratio (Current liabilities I Total liabilities) 0. 18 0. 19 0.17 0. 18 0 .17 0.18 26 Total Debts to Total Assets (Pai d up debt cap ital I Total assets) 0.44 0.44 0.42 0.44 0.42 0.44 27 Debtors Turnove r (Revenue from operations I Average trade rece ivables)- 2 .89 3.53 2.84 4.43 3.23 3.10 Annualised 28 Inventory Turnover ratio (Revenue from operations I A,·erage inventory) - 28. 11 42.99 31.45 38.49 42.63 .41.73 Annualised 29 Operat ing Margin (%) (Operating profit I Re \•enue from operations) 19.35 4;2.11 28.47 36.87 42.60 40.38 30 Net Pro fi t Margin(%) (Profit for the period I Revenue from opera tions) 15.60 33.88 13.89 30.19 3 1.58 34.29 # For the calculation of ISC R and DSCR, amount of interest and Principa l repayments against the borrowings of the operational projec ts have been considered .
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A Nana1na Co mpany Notes to Unaudited Standalone Financial Results: The above standalone financial results have been reviewed and recommended by the Audit Committee and approved by the Board o Directors of the Company in their respective meetings held on February 4, 2026. The same have been reviewed by the Joint Statutory Audit ors of the Company as requir ed under Regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requ irements) Regulations, 20 15, as amended. 2 In view of the seaso nal nature of business, the standalone financial results of the Company vary from quarter to quarte r. 3 Electricity generat ion is the principal business activity of the Company. Other opera tions viz., Power Trading, Contrac ts, Proj ect Management and Cons ultancy works do not form a repo rtable segment as per Ind AS 108 - 'Operating Segments'. The Compa ny has a single geographical segment as all its power stations are located within the country. 4 The Central Electricity Regu latory Commission (CE RC) has notified the Tariff Regulations for the period Apri l I, 2024 to March 3 1, 2029 vi de notification dated March I 5, 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 operatio nal parameter norms of the respect ive Powe r Stations, customers are billed as per the Annual Fixed C harge (AFC) approved by the Comm ission and app licable as on March 3 1, 2024 for the period starting from April 1, 2024 till approval of final AFC by the Comm ission . The difference of AFC as per the aforesaid tariff petitions and billed sales amountin g to ~ 66.81 Crore and ~ 408. 62 Crore respec tively dur ing the qua rter and nine months ende d December 3 1, 2025 have been recogn ised as unbill ed sales (corres ponding previous qua rter and nine months ~ 153.48 C rore and ~ 494 .89 Crore respectively). 5 (i) The Company has commissioned 800 MW Parbati-11 Project in the month of April, 202 5 and petition for fixation of tariff has been filed with the CERC. Pending approva l of the CERC, an amount of ~ 249.49 Crore and ~ 898.35 Crore respect ively have been recogn ised provisionally as unbilled sales durin g the quarter and nine months ended December 31, 2025. (ii) During the nine months ended December 3 1, 2025, the Company has commissioned 300 MW Karnisar Sola r Power Project, Bikaner. Revenue recogn ised during the qu arter and nine months ended December 3 1, 2025 was~ 24.15 Crore and~ 47.77 Crore respectively. (iii) During the quarter and nine months ended December 3 1, 2025, the Company has also comm issioned one unit of 250 MW (U nit#2) out of 8 units of 2000 MW Subansiri Lowe r Project. Pendin g filling of Tariff petition with the CERC, an amount. of~ 50.36 Cro re has been recognised provisionally as unbilled sales during the quarter and nine months ended December 3 1, 2025. 6 As per CERC order dated 16.0 1.2026 in Petition No.2 I IITTi2024, the Company is required to pay ~ 78 1.45 crore as. on December 3 1, 2025 towa rds charges of Assoc iated Transmission Sys tem (ATS) of Subansiri Lower Project due to early commissioni ng of the transmission system by the Transmission Utility. Accordi ngly, during the quarter and nine months ~n ded Decembe r 31, 2025, the said amount has been charged to the Statement of Profit and Loss under "Other Expenses". Since the ATS charges till commiss ioning of the Proj ect is recoverab le from beneficiaries by way of tariff as per CERC Tariff Regulations, the saio amount has been recogn ised as· a Regulatory Deferra l Acco unt Debit balance with correspo ndi ng credit to 'Move ment in Regulatory Deferra l Acco unt Balances' . 7 The Company has provided for and recognized Minimuni Alternate Tax (MAT) Credit on 87.46 crore and ~ 5 16. 14 crore for the quarte r and nine months ended December 3 1, 2025 respectively (corresponding previous quarter and nine months Rs N il). Further, consequent upon commissioning of new Projects/ Units, deferred tax liability of~ 801 .48 crore and ~ 1449.48 crore has been recogn ized for the quarte r and nine months ended December 3 1, 2025 respectively (correspon din g previous period: N il). These amo unts have further been recognized as Regulatory Deferral Acco unt Balances with corresponding impact on 'Move ment in Regula tory Deferra l Acco unt Balances ' since the same is to be passed·on I recovered from beneficiaries in future. ' 8 The Board of Directors of the Company in its meeting held on Septembe r 24, 202 1 had approved the proposal to initiate the process o merger of Jalpower Corpo ration Limited (JPC L) (a wholly owned subsidiary) with the Company as per applicable provisions of the Compan ies Act, 2013. Approval of the Ministry of Power, Gove rnment of India had been conveyed on Apr il 26, 2023 following which N HPC Limited and JPCL had filed first. motion application with MCA on February 8, 2024. ·The Min istry of Corpora te Affairs (MCA) condu cted first hear ing on April 30, 2025, in connection with the application filed under Sections 230-232 of the Compa nies Act, 20 13 for approva l of the Scheme of Amalgamation. Pursuant to MCA order dated May 22, 2025, meetings of the Equity Share holders, Secured Creditors & Un-Sec ured Creditors of NH PC were held on Septe mber 29, 2025. Further, NHPC and JPCL have filed second motion application with the MCA on October 6, 2025. 9 Pursuant to the notification issued by the Ministry of Labour and Employment, the Code on Wages, 20 19, the Code on Social Secur ity, 2020, the Industrial Relations Code , 2020 and the Occupational, Safety , Health and Working Conditions Code, 2020 (Collec tively referred to as the "New Labo ur Codes") beca me effective from November 2 1, 2025. The correspondi ng supporting rules under these codes are yet to be notified. The Ministry of Labou r & Employment has published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. T he impact of these changes as assessed by the Company on the basis of the informat ion available, is not material and has been recognised in the financial results of the Compa ny for the quarter and nine months ended December 31 , 2025 . The Company continues to monitor the finalization of Central/ .State Rules and clar itications from the Governmen t on other aspects of the Labour Codes and would provide approp riate accounting effoct as and when such clari fications are issued/ru les are notified.
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10 The Company has maintained security cover of 100% or higher as per the terms of Olle r Document/ In formation Memorandum and/ or ·Debenture Trust Deed, sufllcient to discharge the principal amount and the interest thereon, in 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 of respective Debenture Trust Deeds for all secured non-convertible debt securities issued by the Company. The Company is also in compliance with all the covenants, in respect of all listed non-convertible debt securities issued by the Company. 11 The Company has also commissioned the second Unit of250 MW (Unit#3) of2000 MW Subansiri Lower Project on Febru.ary I, 2026. 12 The Board of Directors of the Company in its meeting held on February 4, 2026 has declared an interim dividend of": .l:. Y~ . per equity share on 10 each for the Financial Year 2025-26. 13 Figures for the previous periods have been re-grouped/re-arranged/re-classified/re-stated wherever necessary. For and on behalf of the Board of Directors o NHPC Ltd. (M•h"~Sh"""I Place : Faridabad Director (Finance) and CFO Date : February 4, 2026 DIN - 11 306355
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SNDHAWAN&COLLP S. JA YKISHAN DHARAM RAJ & CO Chartered Accountants Chartered Accountants Chartered Accountants Plot No. 51-52, II Floor, 12, I-Io Chi Minh Sarani Sunil Choudhary I-louse Ambika Udyog Yihar Phase IV, Suite No. 2D, 2E, 2F Yihar, Guru gram, 2nd Floor, Kolkata-700 07 1, Kunjwani Bypas Post Office 1-Iaryana 122016 West Bengal Gangyal, Jammu-1800 I 0, Jammu & Kashmir Review Report on Unaudited Conso lidated Financia l Results To The Board of Directors of NHPC Limited, I. We have reviewed the accompanyi·ng 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 31 December. 2025 and the year to date results for the period from 01 April 2025 to 31 December 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, 20 15, 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) 24 10 " 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, w.e do not express an audit opinion. 4. 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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Holding Company I. NHPC Limited Subsidiarie s I. NHDC Limited 2. Loktak Downstream Hydroelectric Corporation Limited 3. Bundelkhand Saur Urja Limited 4. Jalpower Corporation Limited 5. Ratte Hydroelectric Power Corporation Limited 6. NHPC Renewable Energy Limited 7. Chenab Valley Power Projects Limited Joint Venture I. APGENCO NHPC Green Energy Limited Associate I. 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 auditors 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 two subsidiaries included in the Statement, whose interim financial results reflect total revenues of Rs 401.53 crore and Rs 1378.39 crore, total net profit after tax of Rs. 206.24 crore and Rs. 745.3 1 crore and total comprehensive income of Rs 205.83 crore and Rs. 743.47 crore for the quarter ended 31 December 2025 and for the period from 01 Apri l 2025 to 31 December 2025, respectively. 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 five subsidiaries which have not been and an
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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 modifi ed in respect of this matter. (Mukesh Bansal) Partner Membership No.505269 UDIN :26505269YZFZHX7045 Place: Faridabad Date : 04 February 2026 (Sunirm Partn Membership No. 01736 1 UDIN:26017361 YWBAJW8377 Page 3 of 3
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A Navratna Company NHPC LIMITED (A Government of India Enterprise) CIN: L40IOIHRl975GOI032564 SECTOR-33 , FARIDABAD, HARV ANA - l2 I003 STATEi\IE NT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE i\IONTHS ENDED 31ST DECEMBER 2025 SI.No. Particula rs I Income (a) Revenue from Operations (Refer Note 5 and 6 ) (b ) Other income Total Income (a+b) 2 Expenses (a) Generation Expenses (b) Employee Benefits Expense (c) Finance Costs (d ) Depreciation and Amortization Expense (e)·Other Expenses (Refer Note 7) Total Expenses (a+b+c+d+e) 3 Profit before Exceptional I.terns, Regulatory Deferral Account Balances, Tax and Sha re of profit of Associat e/Joi nt Ventur e accounted for using the Equity i\lethod (1-2) 4 Share of net profit from Associate/Joint Venture accounted for using equity method 5 Profit before Exceptional items, Regulatory Deferral Account Balances and Tax (3+4) 6 Exceptional items 7 Profit befor e Tax and Regulatory Deferral Account Balances (5-6) 8 Tax Expenses (Refer Note 8) a) Current Tax b) Deferred Tax Total Tax Expense (a+b) 9 Profit before movem ent in Regulato ry Deferral Account Balanc es (7- 8) 10 Movement in Regulatory Deferral Account Balances (Net of Tax) (Refer Note 7 and 8) 11 Profit for the period (9+ I 0) 12 Other Comprehen si\•e Income (i) Items that will not be recla ssified to profit o r loss (Net of Ta x) (a) Remeasurement of the post employment defined benefit obligations Less:-Movement in Regulatory Deferral Account Balances (Net of Tax) Sub total (a) (b) Changes in the fair value of equity investments at FVTOCI Su b total (b) Total (i)=(a)+(b) (ii) Items that will be reclassified to profit or loss (Net of Tax) (a) Changes in the fair value of debt investments at FVTOCI (b) Cost of Hedge Reserve Othe r Compreh ensive Income (i+ii) 13 Total Compr ehensh·e Income for the period (11+12) 14 Net Profit attributable to a) Owners of the Parent company b) Non-controlling interest 15 Oth er compreh ensive income attribut able to a) Owners of the Parent company b) Non-controlling interest 16 Total comprehen sive income attri butabl e to a) Owners of the Parent company b) Non-controlling interest 17 Paid-up equity share capital (of Face Vah1e ~ I 0/- per share) 18 Other Equity excluding Revaluation Reserves 19 Net worth attributable to owners of the Company Total (ii) 31.12.2025 Unaudited 2,220.73 272. 10 2,492.83 125.86 346.4 I 3 10.25 456.6 1 1,536.86 2,775.99 (283.16) 0.96 (282 .20) (282.20) 136.14 437. 14 . 573.28 (855.48) 1, 176.08 320.60 7.37 0.14 7.23 (480 ) (4.80) 2.43 (0.58) 6.73 6.15 8.58 329.18 2 19. 12 101.48 8.78 (020) 227.90 I 01.28 10,045.03 31 .420.44 41.4 65.4 7 Quart er Ended 30.09.2025 Unaudit ed 3,365.26 264.72 3,629.98 301.68 326.46 277.69 44 1.46 710.25 2,05 7.54 1,572.44 0.09 1,572.53 1,572.53 300. 19 235.80 535. 9 9 1,036.54 I 82.74 1,21 9.28 24.46 0.25 24.21 (12 .64) (12.64) 11.57 (1.69) (4.36) (6.05) 5.52 1,224.80 1,02 1 .44 197.84 5.88 (0.36) I ,027 .32 197.48 10,045 .03 3 1, 194.76 41.23 9.79 31.12.2024 Lnaud ited 2,286.76 330. 13 2,616.8 9 .10390 686.70 649. 14 296.71 48 1.06 2,21 7.51 3 99.38 1.19 400.5 7 400.57 106.08 (1.85) 104.23 296.34 33.79 330.13 (9.15) 0.09 (9.24) (62 .13) (62.13 ) (71.3 7) (1. 12) (12. 16) (13.28 ) (84 .65) 245.48 231.23 98.90 (84.5 1) (0 14) 146.72 98.76 10,045 .03 30,201.46 40.246.49 Nine i\lonths Ended 31.12.2025 Unaudited 8,799.76 765.8 1 9,565.57 7 17.78 1,096.37 848.74 1,333.84 2,945.63 6,942.36 2,623.21 1.67 2,624.88 2,624.88 691.82 804.60 J,496.42 1,128.46 1,542.58 2,67 1.04 21. 73 0.64 21. 09 (2.02) (2.02 ) 19.07 (I. 72) ( 12.34) (14.06) 5.0 1 2,676.05 2,305.58 365.46 5.9 1 (090) 2,3 I I .49 364.56 10.045 03 3 I ,420.44 41 ,465.47 31.12.2024 Unaudi ted 8,032.89 1,024.0 1 9,056.90 701.26 I ,402.45 I ,201.03 878.30 1,499.45 5,682 .49 3,374.41 2.25 3,3 76.66 3,3 76.66 642.97 465.34 1, 108.31 2,268 .35 223.75 2,492.10 (27 98) 0.29 (28.2 7) (37 .52) (37.52 ) (65.79 ) (1.36 ) ( 12.16 ) (13.52) (79.3 1) 2,412 .79 2,153.03 339.07 (78.90) (0.4 1) 2,074.13 338 .66 10,045.03. 30,201 .46 40.246.49 (Rs. in cro re) Year Ended 31.03.2025 Audited 10,379.86 1,349.45 11,729.31 799. 16 I ,823.60 1,188.94 1,193.04 2,237.18 7,241.92 4,487.39 2.36 4,489.75 4,489.75 866.15 489.31 1,355.46 3,134 .29 277.44 3,411.73 (72.54) 107 (73.61) (20.48) (20.48) (94.09) (0.83) ( 11.03) (11.8 6) ( 105.95) 3,305.78 3,006.67 405.06 (104 .45) (1.50) 2.902.22 403.56 10,045.03 29,623.13 39,668. 16
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Quar ter Ended Nine ~ l on t h s Ended Year Ended SI.No. Particulars 31. 12.2025 30.09.2025 31.12.20H 31. 12.2025 31.12.2024 31.03.2025 Unaudited Unaudited Unaudited l!naudited Unaudited Audited 20 Paid-up debt capiial (Comprises Long tenn debts and Lease Liabilities including current maturities thereof, Shon tenn Borrowings and Payable 48,553.35 46,9-10.05 38,49 1.10 48,553.35 38,49 1.10 41,573.98 tO\\ards Bonds fully serviced by Goverrunent of India.) 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 788.66 788.66 950.6 1 788.66 950 .61 788.66 23 Earning 11er share (Basic and Diluted) (Equity sha res, race \•alue on 10/- each) · Excluding movements in Regulatory Deferral Account Balances (in (0.95) 0.83 0.20 0.76 1.92 2.72 t) · (not annualised) • Including movements in Regulatory Deferral Account Balances (in 0.22 1.02 0.23 2.30 2. 14 2.99 t) ·(not annualised) 24 Debt equity ratio 1.1 7 1. 14 0.96 1.17 0.96 . 1.05 25 Debt service coverage ratio (DSCR) [Profit for the period + Finance 1.73 2.5 1 1.57 2.49 2.50 2.65 Costs + Depreciation JI( Principal repayment of non current bor:rowings + Lease Payments + Finance Costs) # 26 Interest service coverage ratio (ISCR) Profit for the period + Finance . 2.95 5.92 1.77 4.84 3.34 4.13 Costs + Depreciation]/ Finance Costs.# 27 Current Ratio (Current Assets I Current liabilities) 1. 12 1.22 1.33 1.12 1.33 1..11 28 Long Tenn Debt to working Capital ratio (Long tenn borrowings 9. 11 7.40 6.47 9.11 6.47 9.35 including current maturity of long tenn borrowing I (working capital excluding current maturities of long tenn borrowings)) 29 Bad Debts to Account Receivable Ratio (Bad debts I Average Trade 0.026 0.022 0.009 0.030 0.009 0.023 receivables) 30 Current Liability Ratio (Current liabilities I Total liabilities) 0. 16 0.16 0.15 0.16 0.15 0.16 31 Total Debts to Total Assets (Paid up debt capital I Total assets) 0.42 0.42 0.39 0.42 0.39 0.40 32 Debtors Turnover (Re\•enue from operations I Average trade receivables) 2.99 3.80 2.79 4.57 3.25 3.13 Annualised 33 Inventory Turnover ratio (Revenue from operations I Average inventory) 3159 50.36 34.72 42.33 46.60 45.29 Annualised 34 Operating Margin (%) (Operating profit I Revenue from operations) 26.38 48.65 33.62 41.37 46.09 43.66 35 Net Profit Margin (%) (Profit for the period I Revenue from operations) 14.44 36.23 14.44 30.35 31.02 32.87 # For the calculation of ISCR and DSCR, amount of interest and Principal repayments against the bo1TOwings of the operational projects have been considered.
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Notes to Unaudited Consolidated Financial Results : The above consolidated financial results 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 February 4, 2026. The same have been reviewed by the Joint Statutory Auditors of the Company as required under Regulation 33 and 52 ofSEB I (Listing Obligations and Disclosure Requirements) Regulations. 20 15, as amended. 2 The Subsidiary, Joint Venture and Associate Companies considered in the Consolidated Financial Results are as fo ll O\~s: - Name of Companies a) Subsidiary Companies:- (i) NHDC Limited (ii) Chcnab Valley Power Projects Limited (iii) Loktak Downstream Hydroelectric Corporation Limited (iv) Bundelkhand Saur Urja Limited (v) Jalpower Corporation Limited (vi) Ratte Hydroelectric Power Corporation Limited # (vii) NHPC Renewable Energy Limited Ownership( %) As at 31 1' ?0?5 51.08 58.35 74.00 90.63 100.00 49.72 100.00 # Shareholding has reduced to 49.72% due to infusion of additional equity contribution by another promoter of RHPCL. This is a temporary situation and Ratle Hydroelectric Power Corporation Limited continues to be a subsidiary owing to control exercised by the Parent Company. b) Joint Ventur e 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 se~onal nature of business, the financial results of the Group vary from quarter to quart,er. 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 The Central Electricity Regulatory Commissiory (CERC) has notified the Tariff Regulations for the period April I, 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) approved by the Commission 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 ~ 66.81 Crore and ~ 408.62 Crore respectively during the quarter and nine months ended December 31, 2025 have been recognised as unbilled sales (corresponding previous quarter and nine months ~ 153.48 Crore and~ 494.89 Crore respectively) by the Parent Company. 6 (i) 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 of~ 249.49 Crore. and ~ 898.35 Crore respectively have been recognised as unbilled sales during the quarter and nine months ended December 31, 2025. (ii) During the nine months ended December 31, 2025, the Parent Company has commissioned 300 MW Karnisar Solar Power Project, Bikaner. Revenue recognised during the quarter and nine months ended December 31, 2025 was~ 24.15 Crore and ~ 47.77 Crore respectively. (iii) During the quarter and nine months ended December 3 1. 2025. the Parent Company has also commissioned one unit of250 MW (Unit#2) out of8 units of 2000 MW Subansiri Lower Project. Pending filling of Tariff petition with the CERC, an amount of ~ 50.36 Crore has been recognised provisionally as unbilled sales during the quarter and nine months ended December 31, 2025. 7 As per CERC order dated 16.01.2026 in Petition No.2 I tr n '/2024. the Parent Company is required to pay ~ 78 1.45 crore as on December 31, 2025 towards charges of Associated Transmission System (ATS) of Subansiri Lower Project due to early commissioning of the transmission system by the Transmission Utility. Accordingly. during the quarter and nine months ended December 31, 2025. the said amount has been charged to the Statement of Profit and Loss under "Other Expenses". Since the /\TS charges till commissioning of the Project is recoverable from bencliciaries by way of tariff as per CERC Tariff Regulations. the said amount has been recognised as a Regulatory Deferral Account Debit balance with corresponding credit to 'Movement in Regulatory Deferral Account Balances'.
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8 The Parent Company has provided for and recognized M in.imum Alternate Tax (MAT) Credit of~ 87.46 crore and ~ 516.14 crore for the quarter and nine months ended December 31, 2025 respectively (corresponding previous quarter and nine months Rs Nil). Further, consequent upon commissioning of new Projects/ Units, deferred ta" liability o f ~ 801.48 crore and ~ 1449.48 crore has been recognized for" the quarter and nine months ended December 31, 2025 respectively (corresponding previous period: Nil). These amounts have further been recognized as Regulatory Deferral Account Balances with corresponding impact on 'Movement in Regulatory Deferral Account Balances' since the same is to be passed on I recovered from beneficiaries in future. 9 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 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 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 ofNHPC were held on September 29, 2025. Further, NHPC and JPCL have filed second motion application with the MCA on October 6, 2025. 10 Pursuant to the notification issued by the. Ministry of Labour and Employment, the Code on Wages, 20 19, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational, Safety, Health and Working Conditions Code, 2020 (Collectively referred to as the "New Labour Codes") became effective from November 21, 2025. The corresponding supporting rules under these codes are yet to be notified. The Ministry of Labour & Employment has published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The impact of these changes as assessed by the Group on the basis of the information available, is not material and has been recognised in the financial results of the Company for the quarter and nine months ended December 31, 2025. The Group continues to monitor the finalization of Central/ State Rules and clarifications from the Government on other aspects of the Labour Codes and would provide appropriate accounting effect as and when such clarifications are issued/rules are notified. The·Parent Company has also commissioned the second Unit of 250 MW (Unit#3) of 2000 MW Subansiri Lower Project on February I, 2026. 11 The Board of Directors of the Parent Company in its meeting held on February 4, 2026 has declared an interim dividend of ~ J.-. .'/.O. per equity share on 10 each for the Financial Year 2025-26. 12 Figures for the previous periods have been re-grouped/re-arranged/re-classified/re-stated wherever necessary. Place : Faridabad Date : February 4. 2026 For and on behalf of the Board of Directors of '\w (Ma he~~a r Sharma) Director (Finance) and CFO DIN - 11306355 NHPC Ltd .
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CA IND IA Dharam Raj & Co. CHARTERED ACCOUNTANTS 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 3pt December 2025 and compliance with respect to covenants of the listed debt securities for quarter ended 31st December 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 (Net Block) of the assets provided as security in respect of listed debt securities of the Company as at 31st December 2025 based on the financial statements and compliance with respect to covenants of the listed debt securities for the quarter ended 31'1 December 2025 as specified in SEBI Circular No. SEBl/HO/ DDHS-PoD- 1/P/CIR/2025/117dt13th August 2025. 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 requi rements 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 Histo rical Financial Information, and Other Assurance and Related Service Engagements. 6. We have no responsibility to update this certificate for events and circumstan ces occurrin g after the date of this certificate. Opinion 7. Based on examination of books of accounts and other relevant records/document s as provided to us by the Company's management for the purpo se of issuing this Certifi cate, we hereby certify that: 2 FCS -41, An s al P laza, V a is h a li Gha z iabad- 2 01010 (Delhi NCR) , 98113 2 7 272 , 0 120- 4283488 Chowdh a ry H o u s e Ambika Vih a r, Kujw a ni Byp ass Pos t Offi ce G a ngya l , J a mmu-1 8 001 O drc@drc ifrs .= m. www.dr c ifrs .= m
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a) Book values of the assets provided as security in respect of listed debt securities of the Company as at 31st December 2025 is as under : (Rs . in Crore) Total Book Value (Net Block) Particulars of Assets provided as Security (Property Plant & Equipment and Capital Work-in- Progress) (PPE+CWIP) Chamera-11 Power Station 768.64 Chamera-111 Power Station 828.20 Parbati-11 Power Station 12559.70 Parbati-111 Power Station 1183.43 Dhauliganga Power Station 437.15 Teesta Low Dam Powe r Station-Ill 778.87 Teesta-V Power Station 1280.57 Uri-I Power Station 1187.85 Dulhasti Power Station (Movable) 839.52 Kishanganga Power Station (Movable) 812.74 Subansiri Lower HE Project( Movable) -SOll .36 Total Book Value 25688.03 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 31'1 December 2025. 8. The above certificate has been given on the basis of information provided by the management and the records produced before us for verifi cation Restriction on Use 9. This certifica t e has been issued to the management of NHPC Limited to comp ly 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 info whose hands it may come save where expressly agreed by our prior consent in writing. For M/s Dharam Raj & Co. Chartered Acco untant s (FRN: 014461N) CA Md lrshad (Partner) ~=~, Members hip No: 099965 UDIN: 26099965VIRJXU9000 Place: Faridabad Date: 04th Feb2025
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,. Annexure I- Format of Security Cover To, IDBI Trusteeship Company Limited Please find below Security Cover Certificate•• on 31.12.2025 as per format specified vldo SEB I Circular No. SEBl/HO/DOHS-Po0-1/P/CIR/2025/117 di 13th August 2025 (Ka.In t;;r.} Column A Column B Column C (I} Column D Column E Column F Column 0 Column H Column Ht Column I Column J Column K Column L Column M Column N 00 mo IM M Ml MO Column 0 D•bt not backed by1nyHHl8 0Hcrlp11on of 11111 Aa1111 not offered H Elimination Exclusive Exclusive P1rl-P1eau P1rl-P11au Hcurlty(CllluH (Tot•l Particular• for which thl1 Charge Charge Charge P1rl-P11au Charge Ch1rg1 offe red 11 1.9 of SE81 OT (•mount In Clo H) R1l1ttd to only thoH lttma covered by thlt certificate c1rtlflcat1 rel1t1 Stcurlty mHttr Clrcullir n1g1Uv1) dated Auguat 13, 2025. AHtta ah1red by debt amounl Carrying /book vt lut Carrying v1tu1/book p1rl p1HU dtbt Other1111teon considered M11rket for exctuetve charge value for pe rt pHau Debi for Value for as11te where market holder (lnctu dH which there la more than charge HHta whe re which this Othe r Debt for which AaH18 value 11 not M•rk•t V•tue certificate Secured Ihle certlflc•t• debt for which part-Pa11u once (due to charge d ascertainable or for Par1 pasau market va lue la not Total V•lue this c1rtUlcat1 la charge (excluding n:cluslve ascerta ln1bl1 or (•K+L+M+N) being Debt being IHued lasued ' other Items covered In plus part on eppUcabl• (For Eg. charge AaHt• applle1bl1 (For Eg. Bank lasued Excluelve Bink Bal1nce, DSRA debt with part- column F) paasu B1lance, OSRA market pasau charge) ch1rge) b11la market value la not nlue Is not 1ppllcab t1) applicab le) R•l•ltl'ltl to ColvtM F ·~· .... YOO/ .... .... Vi ii» Vil~ .. V1tw Viii» ASSETS Prooortv Plant and Eouiomont 20408.61 23866.43 0.00 44275.04 20408 .61 204 08.61 Caoita l Work-in-Prooress 268.08 18242.93 0.00 18511.01 268 .08 268.08 Riaht or Use Assets 2893.96 2893.96 Goodwill 0.00 0.00 lntanalble Assets 9.87 9.87 1ntang1Dle Assets unaer Oeveloament 203.51 203.51 Investments 4611.28 4611.28 Loans PPE and CWIP ol Uri 1711.34 1711.34 Inventories I Powor Station, 270.82 270.82 Trade Rece ivables Chamera-11 Power 2125.92 2125.92 Cash and Cash Eauivalent s Statlon,Toosi..-V 790.30 790.30 tsank ttatances otn e r tnan ~asn and Cash Power Stat ion, Eauivalents TLOP-111 Powor 136.92 136.92 Otho rs Statlon,Porbati-11 20489 .41 20489 .41 HE Tota l Projoct,Ohu aliganga 20676.69 42109.36 33243 .33 96029.38 20676.69 20676.69 Power LIABILITIES Statlon,Chamera-111 Oobt securities to whtch thts certificate oerta ins Power 8131.11 8131.11 8131.11 8131.11 Statlon,OulhHti Pow er Station, Other debt sharing pari-passu Porbatl-111 Power charoo with above debt Station and 3722.05 10772.22 14494.27 3722 .05 3722.05 Other Debt Kishanga nga Power 220.80 13385.05 13605.85 Subordinated debt Station 3859.98 3859.98 Borrowinos 0.00 Bank 0.00 Debt Securities 0.00 Otho rs 0.00 Trade aavables 325.36 325.36 Lease Liabilities 86.99 86.99 Provisions 1661.17 1661.17 Others 13731.36 13731.36 Total 11853.16 10772.22 16025.68 17245.03 55896.09 11853.16 11853.16 Cover on Book Value(i) 1.74 1.74 1.74 Cover on Market Value Exclu.lv• Part-Pas au SKurity Security Cower Rollo Conr Ratio - 1.98 I) Cover on book value la calculat ed b111d on outstan ding nlue of cor-rHpendlng debts while Security cover ratio I• catcut.ted b .. ed on outat1ndlng value of cor-rHpendlng debt• plua lnterHt 1ccrued but not due on th• ume. end CWIP of station (•)/project (a), compdlLQ,g o!lt'ouaanda of lndlvldual HHta Integr ally facilitati ng generatio n of power aa 1 who\• have bHn offered H Hcurl ty, book va lue Hat quarter end haa bHn cons idered 11 lalrvalue. ~e..~ (Raj;;;Saxena) Sr.Manager(F}-DFS
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- To, SBICAP Trust11 Company Limited Plnso rind below Secur ity Cover Cert iricato as on 31.12.2025 as per rormat spec lriod vide SEBI Circular No. SEBl/HO/DDHS-PoD-1/P/CIR/2025/117 di 13th August 2025 Annoxuro I- Format 9r Secur ity Cover IRa. In Cr.l Column A Column B Column C (I) Column D Column E Column F Column G Column H Column H 1 Column I ColumnJ Column K Column L Column M Column N Cotunu'I O (II) (110 (Iv) M (vi) (vii} Debi not buk•d byanyHHta Descr iption of asset tor AaHt• not off•r•d H Ellmlnallon Particulars which this c1rtlr lc1t1 Exctu1lve Exclusive Put-PaHu Parl-PHIU P1rl - P111u oH•r.d as HCUrlty(Clauae (amount In crotal Related to only those Items covered by this certificate Charg e Ch1rg• Ch•rg• Charge Ch1rg1 u orSE91 OT C to H) relate Security m11tar Circular n1g1tlva) dated Augu1t 13. 2025. deb t Carrying /book Assets shand amount Market value tor exclus ive Carry ing value/book by pari passu Other assets considered V.alu1 charge assets value tor pari passu Debt ror Debi ror debt holder on which there more than ror wher1 mark1t Market Value charge assets where which th is Other which this (Includes debt Is parl-Passu once (duo Assets valu1 Is not ror Parl mark et value is not certlticat1 Secun d tor which this charge asc1rtalnabl1 or .ucertalnable or Total Valut be ing Debt certif icate certificate is (excluding to charged applicab le (For Eg. passu charge applicable (For Eg. (•K+L+M+N) issued being issued Issued & other Items covered exclus ive on Bank Balance, Assets Bank Balance, DSRA debt w ith parl- In column F) plus parl Exclus lv DSRA market market value is not passu charge) passu e basis value Is not appli cab le) charge) applicable) RMa tlftateC.W IMF ·- .... ,.., - ·-V .. UI Velu• .. V.tue V.tue ASSETS ProDer+u Plant and EDuloment 16208.25 28066.79 0.00 44275.04 16208.25 16208.25 CaDitail Work- in-Proares s 3734.09 14776.93 0.00 18511.02 3734.09 3734 .09 Rl•ht of Use Assets 2893.96 2893.96 Goodwill 0.00 0.00 lntan•lb lo Assets 9.87 9.87 11nt1ng1Dle ASsets unaer Oevt loDment 203.51 203.51 Investments 4611.28 4611.28 Loans 1711.34 1711.34 Inventories 270.82 270.82 Trade Receivables 2125.92 2125.92 I ~:~~ ~~~a~~:~ ~3,~~1an~s 790.30 790.30 Cash and Cash Eauiv1l1nts PPE and CWIP or Uri-I 136.92 136.92 Otho rs Power Station, Parbati-11 20489 .41 20489 .41 Total HE Project , Parbat i-111 19942.34 42843 .72 33243.33 96029.39 19942.34 19942.34 Power Station and LIABILITIES Sub ans lrl Lower HE 1 u1Dt securit ies to wn1cn tn11 Project cert ificate certa ins 2738.13 2738.13 2738.13 2738.13 Other debt shar ing parl - passu chara1 with above debt 8891.23 10996.02 19887.25 8891.23 9891.23 Other Debt 220.80 13395.05 13605.85 Subordinated deb t 3859.98 3959.99 Borrowinos Bank Debt Secur ities Others Trade cavables 325.36 325.36 Lease Liabilities 86.99 86.99 Provis ions 1661.17 1661.17 Others 13731.36 13731.36 Total 11629.36 10996.02 16025.68 17245.03 55896.09 11629.36 11629.36 Cover on Book Valu~ Cil 1.71 1.71 1.71 Cover on Market Value Exdue lve S.curtty Peri·P .. 1u Cove r ... ...., R1Uo Cov.r R11lo - 3.82 O Cover on book value la uil culattd baHd on outstand ing value of corr .. pend lng d1b t1 while Security cover ratio I• c.1tcutated bH•d on outstand ing value ot cornap1ndlng deb t• plus lnterut accn.11d but not due on the um•. II) Justificat ion for not prov iding Martc:et Value for the r9porttd quarte r. As lota l value of P.!!i-lind CWIP or station (s)/proJtd (1), comp~o.!Jbipuund1 or Individual 1111t1 Integrally fac ilitating generation or power Ha whole have bHn offered H 11curlty , book value Hat quarter end hH bHn con1 ldered H f•lr value. ' ~~ (Rajeev Saxena) Sr.Manager(F)-DFS
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lPf Nlff~ ~rn~s ('fffil ~l'l'il>R <Iii ~ 'lllWl \fl/11) _ NHPC Limited (A Governmen t of lnd1a Navratna Enterprise) CIN: L40101HR197SGOI032564 f<ra ~tflTI ,Finance Division Domestic Finance Section lF1Qilcfl'81 ~~. ~- 33, g>;[l~J"ll~ (~)- 1 2 1 003 NHPC Office Complex, Scctor-33, Faridabad (I laryana)-121003 l:lfR/Phone: 0129-225059 l ~0/Ema il : nhpcbondsection@nhpc.nic.in, Other information- Integrated Filing (Financial) For the quarter and nine months ended 3151 December 2025 S. No. Reauirement 8 . 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 Statement on impact of Audit Qualifications (For Audit Report E. 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: 0 lt I n.12..d l' Power Behind Green Power Remarks Annexure-1 Annexure-11 Not Applicable e www.nhpcindia .com £t@nhpcltd O @NHPC/ndiaLimited ~ nhpclimited a NHPC Limited rm NHPC Limited
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l!'f Nlff Rf ~ flf~s ('lffil ffi<l>R 'Iii ~ 'l<ffi'f \W'l ) ---- NHPC Limited (A Government of India Navratna Enterpr ise) CIN: L40101 HR1975GOI032564 NH/CO/Fl N/D FS/2025 Listing Department, National Stock Exchange of India Ltd., Exc hange Plaza, C-1, Block G, Sandra Kurla Complex, Bandra(E) Mumbai-400 051- fcra ~lWJ ,Finance Division Domestic Finance Section tF1Qi!clltll ~ ~. tl<ITT-33, lfi;!lGIGllG (~)- 121003 NHPC Office Complex, Sector-33, Faridabad (Haryana)-121003 t:fif.:T;Phone: 0129-2250591 {i\O/ Email: nhpcbondsection@nhpc.nic.in, Annexure-1 . Date: 0 4lot. I 2 o 2.(, Corporate Relationship Department , BSE Limited, Rotunda Building, P J Towers, Dalal Street , Fort, Mumbai-400 001_ Sub: Compliance under 52(7) & 52(7A) of the SEBI (LODR) Regaulations , 2015 Pursuant to Regulation 52(7) & 52(7A) of the Secur _ities and Exchange Board of India (Listing and Disclosure Requirements) Regulations, 2015, statement on utilization of proceeds of Non - Convertible Security and statement of Deviation/varia _tion (Nil Report) for the Quarter ended 3151 December 2025 is detailed below : A. Statement of utilization of issue proceeds : Name ISIN Mode Type Listed Date of Amount Funds Any If 9 is Rem of the of of at raising Raised Utilised deviati . yes, arks, Issue Fund lnstru funds (Rs. in (Rs. in on then if r ment Crore) Crore) (Yes/N specify any Raisin o) the g purpos (Public e of Issues which I the Private funds Place were ment) utilized 1 2 3 4 5 6 7 8 9 10 11 Funds raised throuqh Non-Convertible Security durinq Quarter ended Dec-25 : Nil 8. Statement of deviation/variation in use of issue proceeds : Particulars Remarks Name of the listed entit NHPC Limited ISIN Mode of fund Raisin Amount Raised Re ort filed for the uarter ended Is there a deviation/variation in use of funds raised? Whether any approval is required to vary the objects of the issue stated in the ros ectus/offer document? Funds rais ed through Non-Convertible Security during Quart er ended Dec25 : Nil Comments of the audit committee after review Comments of the auditor, if an Power Behind Green Power @ www.nhpcindia .com lt@nhpcltd O @NHPCtndi aLimit ed ~ nhpclimited a NHPC Limited Im NHPC Limit ed
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~Ntft"Ht ~flfes ('lffil m<1>R 'l>l ~'<II 'Ill"«'! mill ) _ NHPC Limited (A Governm e nt of Ind ia Navralna Ent erprise) CIN: L40101 HR1975GOI032564 fcra RllflTI ,Finance Division Domestic Finance Section lFIQ'tlcll~ ~~. ~-33, 95;il~ 101 1~ (~) - 1 2 1 003 NHPC Offi ce Complex, Sector-33, Faridabad (Haryana)-I 2 I 003 l:PA;Phone: O 129-2250591 ~0/E mail : nhpcbondsection@nhpc.nic.in, Objects for which funds have been raised and where there has been a deviation/variation, in the f LL t bl o owing a e: 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%) N.A. 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 disclos ed. Kindly take the same on your records . Copy to: ITSL Trusteeship SBICAP Trustee Company Ltd ., Beacon Tru steeship Ltd. _Company Limited , Apeejciy House, 6th floor, 5W Fifth Floor Ground Floor, Universal West Wing, 3, Dinshaw Wachha The Metropolitan E Block, Insurance Building, Road, Churchgate, Bandra Kurla Complex, Bandra Sir-Phirozshah Mehta Rd, Mumbai , Maharashtra- 400020 East Mumbai Fort, Maharashtra-400051 Mumbai, Maharashtra 400001. Power Behind Green Power e www.nhpcindia .com m @nhpcltd O @NHPC/ndiaLimited ~ nhpclimited a NHPC Limited Im NHPC Limited
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tPrl!iflft~ ~flf~s (•nm ~ffiR 'li1 lf<li •l<m'l \Jllll) _ NHPC Limited (A Government of India Navralna Enterprise ) CIN: L40101 HR1975GOI032564 Other information-Integrated Filing (Financial) fcIB fcl'l-fTTl ,Finance Division Domestic Finance Section lFlQ'tlcfl:8l ~~. ~-33, g>flGl"11G (~)-12 100 3 NHPC Office Complex, Sect or~33, Faridabad (Haryana)- 121003 tfit;:f;Phone: O 129-2250591 {ilO/ Ernail : nhpcbondsection@nhpc.nic.in, Annexure-11 For the quarter and nine months ended 3151 December 2025 Statement of outstanding default on loans and debt securities Sr. No. Particulars Amount (Rs. in Cr) 1 Loans/revolving facilities like cash credit from banks/financial Institutions (including Subordinate Debt and Foreian Currencv Borrowinas) A Total amount outstanding as on date 21782.54 B Of the total amount outstanding , amount of default as on No default date 2 Listed/\:JAlisted debt securities i.e. NCDs and NCRPS A Total amount outstanding as on date 20316.44 B Of the total amount outstanding, amount of default as on No default date 3 Total Financial indebtedness of the listed ei:ttity 42098.98 including short-term and long-term debt Place: Faridabad Date: o~ f oi. I Z.o2£ Power Behind Green Power (@ www.nhpcindia.com li@nhpcltd O @NHPClndiaLimited ~ nhpclimited a NHPC Limited Im NHPC Limited