Ladies and gentlemen, good day. Welcome to NHPC Limited Q4 FY 2026 earnings conference call hosted by Elara Securities India Private Limited. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star zero on touchtone phone. Please note that this conference is being recorded. I now hand conference over to Mr. Rupesh Sankhe from Elara Securities India Private Limited. Thank you. Over to you, sir. Yeah. Yeah. Good afternoon, everyone. On behalf of Elara Securities, we welcome you all for the Q4 FY 2026 conference call of NHPC. I take this opportunity to welcome the management of NHPC, represented by Mr. Sanjay Kumar Singh, Director - Projects; Mr. Suprakash Adhikari, Director - Technical; Mr. Mahesh Kumar Sharma, Director of Finance. We will begin the call with a brief overview by the management, followed by Q&A. I will now hand over the call to Mr. Sanjay Kumar Singh, Director of Projects, for his opening remarks. Over to you, sir. Good afternoon, friends. NHPC Board has adopted annual financial results for the period ended 31st March 2026 in its meeting held on 15th May 2026, and the same has already been communicated to the exchanges. By now, I hope you all would have got chance to go through the quarterly and yearly set of numbers. First, I will touch upon major highlights of the financial results and the detailed growth plan. Further detailed analysis of the results shall be shared by our Director of Finance, Shri Mahesh Kumar Sharma-j i. Brief highlights of the consolidated financial results and important update on the company are as under. During FY 2026, our power stations have achieved generation of 29,619 million units as against 25,548 million units generated in corresponding period of the previous year, which is higher by about 16% or 4,071 million units. This is mainly due to the commissioning of Parbati-II Power Station and subsequent increase in generation of Parbati-III Power Station, commissioning of Karnisar Solar Power Station, part commissioning of Subansiri Lower Project, increase in generation of Uri-I Power Station and power stations of NHPC. Our PAF for FY 2026 stands at 74.75% against the corresponding previous period PAF of 78.87%, which is about 4% lower. This is mainly due to shutdown for some period in Dulhasti, Chamera III, TLDP IV Power Station on account of MIV repair works, restoration of spillways, and repair of radial gates, etc. During financial year 2026, company has earned revenue from operations of INR 11,615 crore as against INR 10,380 crore in the corresponding pre-previous period, which is about 12% higher. During financial year 2026, company has earned PAT of INR 3,766 crore as against INR 3,007 crore of corresponding period, which is 25% higher. I am very pleased and proud to share that we have commissioned four units of Subansiri Lower Project, 250 MW each, out of total eight units. Remaining four units are expected to be commissioned one by one till March 2027. The anticipated cost of the project is INR 30,072 crore, and we have incurred INR 26,092 crore till March 2026. Investment approval for implementation of Uri-I Stage 2 HE project of 240 MW and Dulhasti Stage-II HE project of 260 MW in UT of Jammu & Kashmir at an estimated cost of INR 2,709 crore and INR 2,994 crore respectively at completion level has been accorded by NHPC Board on 20th February 2026. Further, an implementation agreement has been signed between NHPC Limited and Jammu & Kashmir State Power Development Corporation Limited on 27th March 2026 for development of these projects. Civil contracts for these projects have also been awarded in March 2026, and scheduled completion of both the projects is November 2029. Cabinet Committee on Economic Affairs has approved investment of INR 26,070 crore for construction of Kamala HE project, of capacity 1,720 MW in Arunachal Pradesh on April 8, 2026. The project will be implemented through a joint venture company between NHPC Limited and the Government of Arunachal Pradesh. The formation of subsidiary is in progress. Further environment and forest clearances are also in process for the project. In respect of Dibang Multipurpose Project of 2,880 MW. All major contracts have been awarded, including the dam package of INR 14,446 crore, which has recently been awarded in the month of April 2026. We have already shared that we have achieved the crucial Nallah diversion, a significant stride towards ensuring all weather road access to the project site, and the work is going on in full-fledged manner. The estimated cost of the project is INR 31,876 crore, which includes grant of INR 6,716 crore for flood moderation and enabling infrastructure works. Out of which, we have already incurred INR 4,504 crore till March 2026, and the scheduled completion of the project is February 2032. In respect of Teesta-VI HE Project, of 500 MW capacity, the work is progressing well at site. Overall, 72% physical progress of the project has been achieved. The estimated cost of the project is INR 9,167 crore, out of which we have already incurred expenditure of INR 5,231 crore till March 2026. The expected commissioning schedule of the project is September 2029. Jalpower Corporation Limited Rangit-IV HE Project of 20 MW is also progressing well. Overall, 96% physical progress of the project has been achieved. Boxing of all three units have been completed. The project is expected to be commissioned by November 2026. The estimated cost of the project is INR 1,889 crore, out of which we have already incurred expenditure of INR 1,792 crore till March 2026. Further, we are in process of merger of JPCL with NHPC, and second motion application has already been filed with the Ministry of Corporate Affairs. In respect of Ratle HE Project of 850 MW in U.T. of J&K, the work is progressing well at the project site. Overall, 29% physical progress of the project has been achieved. The estimated cost of the project is INR 5,282 crore, and we have incurred expenditure of INR 1,538 crore till March 2026. The project is expected to be commissioned by November 2028. Presently, NHPC, through its subsidiary, CVPPL, is executing three projects in Chenab, that's in U.T. of J&K. Construction of Pakal Dul HE Project of 1,000 MW is progressing well. Overall, 80% physical progress of the project has been achieved. The estimated cost of the project is INR 12,728 crore, out of which we have incurred expenditure of INR 9,141 crore till March 2026. The project is expected to be commissioned by fourth quarter of financial year 2027. In respect of Kiru HE Project of 624 MW, overall 82% physical progress of the project has been achieved. We have incurred expenditure of INR 3,637 crore till March 2026, out of the estimated cost of INR 5,409 crore. An estimated commissioning of the project is fourth quarter of financial year 2027. In respect of Kwar HE Project of 540 MW, the work is progressing well at site. Overall, 33% physical progress of the project has been achieved. The estimated cost of the project is INR 4,526 crore, out of which we have incurred expenditure of INR 1,708 crore till March 2026, and the project is scheduled to be commissioned by March 2028. The restoration work of Teesta-VI Power Station is under progress, and it is expected that the power station will start generation in June 2026. NHPC is also actively pursuing to start works of projects such as Sawalkot of 1,856 MW, Subansiri Upper of 1,605 MW, and Etalin of 3,097 MW, which are at different stages of clearances. In respect of 1,000 MW capacity, solar power projects allotted under CPSU scheme, we have already commissioned 3,300 MW project in Bikaner, Rajasthan. 100 MW project in Andhra Pradesh and 600 MW project in Gujarat are expected to be commissioned by June 2026 and December 2026 respectively. Our other construction solar projects like 40 MW solar power project in Ganjam, Odisha and 50 MW floating solar project in Kerala are expected to be completed by October 2026 and March 2027 respectively. For the two projects of 200 MW grid connected solar photovoltaic power projects located in Gujarat State Electricity Corporation Limited's RE Park at Khavda, Gujarat, are expected to be commissioned by June 2026 and December 2026 respectively. NHPC is exploring to develop pump storage projects in the State of Maharashtra, Odisha, Madhya Pradesh, Gujarat, Chhattisgarh, Rajasthan and Andhra Pradesh. Currently, we have 18 GW PSPs which are at DPR or PFR stage. We are expecting to start construction of Indira Sagar Omkareshwar PSP of 640 MW in the current financial year. This is all from my side. I request Director Finance, Mahesh Sharma, to discuss financial results in detail. Thank you. Good afternoon, friends. I am going to share with you detailed quarterly and annual set of numbers with a detailed analysis. The NHPC Board has adopted an annual financial results for the period ended 31st March 2026 in its meeting held on 15th May 2026, and the same has already been communicated to exchanges. Detailed highlights of the consolidated financial results and important updates on the company are as under. During FY 2026, our power stations have achieved generation of 29,619 million units as against 25,548 million units generated in corresponding period of the previous year, which is higher by about 16% or 4,071 million units. During fourth quarter FY 2026, our power stations have achieved generation of 3,770 million units as against 3,150 million units generated in corresponding period of the previous year, which is higher by about 20% or 620 million units. Our PAF for FY 2026 stands at 74.75% against the corresponding previous period PAF of 78.87%, which is about 4% lower. Our PAF for fourth quarter FY 2026 stands at 62.47% against the corresponding previous period PAF of 66.84%, which is about 4% lower. For FY 2026, company has earned revenue from operations of INR 11,615 crore as against INR 1,038 crore in the corresponding previous period, which is about 12% higher or by INR 1,235 crore. The increase in revenue is mainly due to higher generation on account of commissioning of Parbati-II Power Station, part commissioning of Subansiri Lower Project, and commissioning of Karnisar Solar Power Station. During Q4 FY 2026, company has earned revenue from operations of INR 2,816 crore as against INR 2,347 crore in the corresponding previous period, which is about 20% higher or by INR 469 crore. The increase in revenue is mainly due to higher generation on account of newly commissioned power stations. Other income for FY 2026 is of the order of INR 107 crore in comparison to INR 1,235 crore during the corresponding previous period, which is about 13% lower or by INR 164 crore. This is mainly due to decrease in realization of business interruption loss against insurance claim by INR 466 crore, mainly related to Teesta-V Power Station. Current period is nil and previous period is INR 466 crore. This decrease is offset by increase in income from insurance claim by INR 321 crore, mainly in respect of Teesta-V Power Station, INR 254 crore, and Parbati-II Power Station, INR 121 crore. Other income for Q4 FY 2026 is of the order of INR 305 crore in comparison to INR 211 crore during the corresponding previous period, which is about 45% higher, or INR 94 crore. This is mainly due to increase in income from insurance claim by INR 69 crore, mainly related to Teesta-V Power Station, an increase in dividend income by INR 32 crore. During FY 2026, the generation expenses have gone up from INR 799 crore to INR 821 crore, that is by INR 22 crore, which is due to higher water cess on account of higher generation in power stations situated in J&K and Uttarakhand. During Q4 FY 2026, the generation expenses have gone up from INR 98 crore to INR 103 crore, that is by INR 5 crore, which is due to higher water cess on account of higher generation in power stations situated in J&K and Uttarakhand. During FY 2026, the employee benefits expense has come down from INR 1,823 crore to INR 1,498 crore, that is by INR 325 crore, which is mainly due to decrease in employee remuneration pay anomaly by INR 383 crore, which is offset by increase due to increment, DA, and other factors. During Q4 FY 2026, the employee benefit expenses has come down from INR 421 crore to INR 402 crore, that is by INR 19 crore, showing marginal decrease. During FY 2026, there has been increase in the finance cost from INR 1,189 crore to INR 1,423 crore, that is by INR 234 crore, which is mainly due to increase in interest on bonds, term loans, etc. by INR 877 crore related to Parbati-II, Subansiri Lower, and Karnisar Solar Power Station charged to P&L since their commissioning, which is offset by decrease in interest on arbitration and court cases by INR 677 crore. During Q4 FY 2026, there has been increase in the finance cost from negative INR 12 crore to INR 574 crore, that is by INR 586 crore, which is mainly due to increase in interest on bonds, term loans etc. by INR 359 crore, mainly related to Parbati-II, Subansiri Lower and Karnisar Solar Power Station charged to profit and loss since their commissioning. Increase in interest on arbitration court cases by INR 110 crore and interest to beneficiaries by INR 108 crore. During FY 2026, the depreciation, amortization, and impairment expenses have gone up from INR 1,193 crore to INR 1,976 crore, that is by INR 783 crore, which is mainly due to depreciation and amortization in respect of power stations commissioned during financial year 2025, 2026. During Q4 FY 2026, the depreciation, amortization, and impairment expenses have gone up from INR 315 crore to INR 642 crore, that is by INR 327 crore, which is mainly due to depreciation and amortization in respect of power station commissioned during financial year 2025-2026. During FY 2026, other expenses have gone up from INR 2,122 crore to INR 4,060 crore, means by INR 1,938 crore, mainly due to increase in general network access charges by INR 822 crore, increase in insurance expense by INR 476 crore, increase in losses out of insurance claims by INR 225 crore, increase in provision by INR 168 crore, and increase in R&M expenses by INR 111 crore, etc. During Q4 FY 2026, other expenses have gone up from INR 623 crore to INR 1,115 crore, that is, by INR 492 crore, which is mainly due to the increase in provision by INR 173 crore, increase in insurance expense by INR 154 crore, increase in losses out of insurance claim by INR 66 crore, increase in R&M expense by INR 40 crore, etc. During FY 2026, tax expenses have come down from INR 1,355 crore to INR -327 crore, that is by INR 1,682 crore due to deferred tax adjustment and recognition of MAT credit. During Q4 FY 2026, tax expenses have come down from INR 247 crore to INR -1,823 crore, that is by INR 2,070 crore due to deferred tax adjustment and recognition of MAT credit. During FY 2026, we have earned profit after tax of INR 3,766 crore as against INR 3,007 crore of corresponding previous period, which is up by INR 759 crore or 25% approx. The reasons for decrease or increase in the line items we have just discussed. During Q4 FY 2026, we have earned profit after tax of INR 1,460 crore as against INR 854 crore of corresponding previous period, which is up by INR 606 crore or 71% approx. The reasons for decrease, increase in the line items we have just discussed. During FY 2026, the incentives positions are as under. FY 2026, secondary energy, INR 570 crore, PPA-based incentive, INR 297 crore, deviation charges, INR 46 crore. Total, INR 913 crore. In the corresponding FY 2025, secondary energy was INR 545 crore, PPA-based incentive, INR 269 crore, deviation, INR 51 crore. Total, INR 865 crore. During Q4 FY 2026, the incentives position are as under. Q4 FY 2026, secondary energy, INR 109 crore, PPA-based incentives, INR 245 crore, deviation charges, INR 12 crore. Total, INR 366 crore. Corresponding Q4 FY 2025, the position was, secondary energy, INR 124 crore, PPA-based incentive, INR 217 crore, deviation charges, INR 9 crore. Total, INR 350 crore. CapEx during FY 2026 is INR 13,689 crore as against INR 11,596 crore in the corresponding period of previous year on consolidated basis. The Board of Directors has recommended the payment of final dividend at the rate of 210% that is INR 0.21 per equity share, in addition to interim dividend at the rate of 14% that is INR 1.40 per equity share, resulting in total dividend at the rate of 16.10% that is INR 1.61 per equity share on the face value of paid-up equity share of INR 10 each for the financial year 2025/2026. Other major highlights of the company. On realization front, NHPC has received INR 10,499 crore from the beneficiaries against sale of energy during FY 2026 as compared to INR 9,943 crore in the corresponding period of previous year. Trade receivables as on 31st March 2026 stands at INR 2,630 crore as against INR 2,573 crore as on 31st March 2025. This includes INR 1,887 crore as unbilled debtors as on 31st March 2026 as against INR 1,587 crore as on 31st March 2025. The net receivables out of total reported trade receivables as on 31st March 2026 are as under. Reported trade receivables, INR 2,630 crore and less unbilled debtors, INR 1,887 crore. Billed receivables, INR 743 crore, less debtors due converted into installments under Electricity Late Payment Surcharge Rules and other orders, INR 39 crore. Net amount due, INR 704 crore. Dues more than 45 days, INR 242 crore. This is all from my side. Now the forum is open for Q&A. Thank you. Thank you very much. We will now begin the question-and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have first question from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good afternoon, sir, and thanks for the opportunity. My first question, sir, is it possible to share the adjusted PAT for the quarter? What was the profit in Subansiri and Parbati-II in Q4 and the fiscal? Mohit, you have seen the reported PAT. If you want to reach at adjusted PAT, as DF sir has shared with you that there was a one-off tax adjustment in detail because we all know that we have opted for the lower tax regime of 25% under Section 115BAA as MAT credit facility is going to be discontinued FY 2027 onwards, right? We have opted for 25% of tax regime, and therefore, whatever Deferred Tax Liability we had created at higher rate, that needs to be restricted at 25%. Their impact is around INR 1,156 crore, which we have already reported or shown under note number eight of our financial result. Net impact of this DTL adjustment, deferred tax liability adjustment comes to around INR 900 crore. If you reduce INR 900 crore from the reported PAT, you will arrive at adjusted PAT. That is the one adjustment you have to carry out in our reported PAT vis-a-vis our adjusted PAT. Understood. That's through for standalone also, console also, right? Of course. Of course. Yes, sir. What is the profit in Subansiri and Parbati-II in Q4 and the fiscal? We understand that the power falls lower right for the Subansiri and Parbati-II. What is the status of petition of those two assets, yeah? So far, the profitability of Parbati-II and SLP is concerned, we have earned INR 104 crore of profit from Parbati-II in Q4 and INR 487 crore of profit from SLP in Q4. On yearly basis, Parbati-II has given a loss of INR 150 crore, whereas on yearly basis, SLP has given total profit of INR 495 crore. Subansiri, right, sir? Subansiri. Subansiri. Yeah. Yeah. Profit. Okay, understood. Why the last question, why the Parbati-III, it seems to have been shut for last few quarter, last few months. Is there any particular reason? Yeah. Actually, some maintenance is going on there, these units are likely to be resumed very soon. Understood, sir. When do you expect that? Already resumed. Okay, understood, sir. Thank you and all the best, sir. Thank you. I'll come back in the queue. Thank you. Thank you. We have next question from the line of Aniket Mittal from SBI Mutual Fund. Please go ahead. Yes, thank you. Just a follow-up on the previous question, actually. You said that Parbati reported a profit in fourth quarter versus a loss for the full year. What's leading to the profit improvement? Yeah. Basically, you know, at the end of the financial year, we compute the shortfall of energy, which we are supposed to recover. In Parbati-II, we have shortfall of energy to the extent of INR 200 crore. That has been, you know, booked under revenue. That is the reason Parbati-II has given, you know, the profit of INR 104 crore in Q4. Okay. What is the percentage at which we are billing, Parbati now? Parbati and Subansiri. We have already started billing of Parbati-II based on the notification of CERC, the interim tariff notification. 75% billing we are already doing there. In case of Subansiri? Subansiri, we are waiting for the, you know, interim tariff notification of CERC, and we'll be starting it once we get the tariff notification, interim tariff notification of Subansiri Lower. Okay. Currently then, till the time the interim is coming, what is the billing looking like? No, no. Billing we cannot do. We have been booking our revenue based on the 80% of the total expected AFC in Subansiri Lower and Parbati-II both. Billing we can start only after getting interim tariff order from CERC. Understood. Understood. Now the billing for Parbati is INR 75. On the tariff adoption, I know the hearing for Parbati has been delayed. When do we see this tariff adoption come through for both Subansiri and Parbati? Yeah, Aniket, we are just, we have the next hearing date of Parbati-II on 25th of this month only. There we are expecting that the orders will be reserved, and the final hearing has already been taken place. Information has already been provided. Hopefully, on 25th of May this month, this tariff petition hearing will be complete, and the order will be reserved. We'll be expecting the final orders in a month or so, yeah, by the end of this quarter. Subansiri, we've done the tariff filing? Yes. Subansiri we have already filed the tariff petition, we are expecting interim tariff order first. Thereafter, there will be a hearing for provisional order. Like in case of Parbati-II, first interim order was issued by CERC, wherein we, after that we have been able to bill at the rate of 75% of the filed tariff. Similarly, in case of Subansiri Lower. CERC will be issuing this interim order first, and thereafter we are expecting in another, 6 months or so after this, interim tariff is issued by CERC in respect of Subansiri Lower. Correct. Just to understand, let's say if you were to bill at, 75% of revenue- Yeah. What's the under recovery on profits that comes through? No, basically it's not. Like what is the expected profit? The point is that, just, Mr. Saroj has said that we are booking the revenue at 80% of the tariff filed with the CERC. As per our best estimate, in any case, we are not booking. Taking a conservative approach, we are booking at the rate of 80% of the revenue. 75% is just for the billing part. Once this order is there. In case our expectation is not less than 80%, in case there is a higher probability, in that case we'll book the difference and along with interest, the total billing will be done at that point of time after the order is issued. Aniket, just to reply your question, so far we have booked INR 1,320 crore of revenue in Parbati-II at 80% of the AFC. If you gross up this INR 1,320, you will arrive at somewhere INR 1,600 crore. There is an under recovery of INR 300 crore. If you look at the filed tariff petition of Parbati-II, INR 300 crore kind of under recovery is in Parbati-II. Similarly, if you calculate the total AFC of Subansiri lower also, there also we have INR 150 crore kind of under recovery. Altogether, Parbati-II and Subansiri lower, INR 450 crore of revenue has not been booked in our book of accounts if you look at the tariff petition filed in respect of these two projects. Understood. It's fairly clear. Just on Teesta-V, just to recollect, what's been the impact of Teesta-V this year? Just to clarify, there's no insurance coverage over here anymore. When do we expect that project to restart as well? There is no, I mean, no revenue, only expenditure has been there in Teesta-V. There is nothing, top line contribution from Teesta-V. Going forward, we are very much sure that June onwards we are going to have operation to get resumed in respect of Teesta-V. June onwards you can see some top line activity in Teesta-V also. In a moment. Yeah. Okay. End of June. The under recovery full year would have been how much, in Teesta-V? In respect of Teesta-V, we have total AFC of around INR 500 crore. If you exclude the tax element, it would be around INR 400 crore. Sure. Just a clarification, this INR 150 crore of under recovery in Subansiri is for how many units? Three units. Got that. I'll, you know, come back for any further questions. Thank you. Thank you. We have next question from the line of Murtuza from Kotak. Please go ahead. Hi, sir. A lot of my questions were related to Parbati-II and Subansiri. Just to understand this correctly, when you know, you talk about a INR 1,600 crore revenue for Parbati-II, is it reasonable then to say that that INR 150 crore loss which you have for 2026 would have been about a INR 150 crore profit? Is that the right way to think of it or there is anything wrong? Exactly. Exactly. You have explained very correctly. Okay. Just to understand on this fourth quarter where you talked about booking the additional revenue because of the shortfall in generation, but does that still come within? Is it fair to say that in your reported financials for Parbati-II, for instance, you accounted INR 1,320 crore of revenue or is it slightly more because of that additional INR 200 crore that you talked about? That includes INR 200 crore as well. INR 1,320 includes INR 200 crore as well? Of course. Okay. Okay. Thank you. Thank you. We have next question from the line of Ragini Pande from Elara Capital. Please go ahead. Yeah. I have a question on PSP. From which year we can see the commissioning of your PSP projects, and what will be the realization for this plant and the CapEx for these projects? Yeah. Ragini, we have not started any construction of PSP project, so it is very early to say about realization everything because our, the, you can say that, the fastest running project in the ambit of, this PSP project is Omkareshwar- Indira Sagar 640 MW project. There we are expecting to start construction activities during the current fiscal. Once we get all those everything in place and we start construction activities, we will have better clarity about the realization, their tariff and everything. Give us some time to share more facts about this Omkareshwar and Indira Sagar. Yeah. as a RE or REIA, are you seeing any slowdown in your renewable tendering this year? Yeah. There is also a backlog of around 40 GW in PPA signing. Any improvement on that? Yeah. We have not done any tendering in last recent past. Whatever tendering we had made, we have already awarded around 23 GW kind of capacity, out of which 13 GW kind of likely PPA and PSA signing we are hoping, out of which 7 GW approx we have already signed. Going forward we'll have again have more clarity in days to come or months to come in respect of RE projects also. Okay. On the generation front, are you expecting any slowdown in generation given this is an El Niño year and there are expectation of slower monsoon, of a weaker monsoon this year? No, no. As you are aware, you have been tracking NHPC for years. Most of our Power Station are snow-fed. Certainly good monsoon will be helping us for better generation. Our generation currently also it is going fairly well. Nothing to worry from the generation perspective. Just one last thing on your I want to know the normative PAF of your plants. Yeah. Consolidated it is 82%. Normative it is 80%. Okay. This year the overall PLF was less than 80%, right? There are two things. If you look at the actual PAF with Teesta-V, it is certainly lower, 75% b ut if you exclude Teesta-V, it is 80%. Teesta-V has not contributed anything during the fiscal, last fiscal as well as the corresponding fiscal. In both the fiscal, if you exclude Teesta-V, you will get 80% kind of PAF b ut if you include Teesta-V, certainly it is 75%. Yeah, okay. Thank you. Thank you. We have next question from the line of Riya Mehta from Aequitas Investment. Please go ahead. Thank you so much for giving me the opportunity. My first question is in terms of what will be your equity value for next year and if you could just help me for the next couple of years. Yeah, I think, you are talking about regulated equity? Yeah. Yeah. Current regulated equity, including Parbati-II, is INR 18,300. right, INR 18,300 crore. Now i n next financial year, if you consider the capacity addition, we are having capacity addition from 1,250 MW of Subansiri, out of which 250 MW we have already commissioned. Balance 1,000 MW would be coming from Subansiri. We have 120 MW, Rangit-IV. A 1,000 MW of Pakal Dul, 624 MW of Kiru. All these hydro assets, we are going to commission 2,994 MW in fiscal FY 2027. Apart from that, we have 1,190 MW of solar assets also, which are going to be commissioned in the current fiscal. All together, if you look at the hydro regulated equity by end of FY 2027, it would be INR 30,627 crore. Okay. Got it. Thank you. Okay, that's enough, everyone. Hello? Yeah, yeah, please. Yeah. My second question is in terms of what kind of cost increase are we seeing? Do we have a methodology that we can pass on the cost or this will just increase my regulated income? Construction cost. Yeah, sure. As far as this increase in construction cost is concerned, being basically CERC, this being a cost plus everything is allowed by CERC. Once it's out of our control, beyond our control, things are all passed on. There is no such concern as far as this is concerned. Yes, we are definitely, we are having checks and balances regarding how the cost can be kept in check. We just ensure that just because of certain reasons beyond our control, like geological surprises, sometimes there are design changes and other events happen in the project site. Definitely there are some increase. In any case, all those increases are taken care of as per the regulations. Whatever cost beyond our control, that is definitely allowed by the CERC, we don't have any issues on that front. Okay. What is the reason for a negative regulated income for this quarter? Yeah. You are talking about, regulated deferral account? Yeah, regulated income. Yeah. Yeah. That is basically, as we have discussed, in our opening remark, there has been reversal of INR 1,156 crore of DTL in the line, in the line and item of deferred tax liability. Similar kind of reversal we have to make under rate regulated asset also. That has been reflected under regulatory deferral account. Their impact is there basically. Okay. Got it. This we have disclosed in note number eight of our financial results. Sure. Yeah, that is taking care of, this concern. Right. What will be the maximum volume growth can we see in terms just from the number of unit perspective for the next year? Please come again. Please be little bit louder. Volume growth. We are not able to hear you out loud and clear. Yes. With the Subansiri, all the three units, functioning and Parbati also coming and at Teesta-V, what is the kind of volume which, number which we would see for the next year, if you could help us? Yeah. As of now, four units have already been commissioned. The design energy of this project is 7,421 million units. Going forward, more four units are coming in phased manner. If you look at the expected generation of Subansiri Lower, we are expecting somewhere 5,000 million units to 5,500 million units of generation from Subansiri Lower. Am I correct? This is incremental for FY 2027, right? Yeah. This is expected generation from Subansiri Lower, not incremental. Incremental we have seen generation of 506 million units in Subansiri Lower during the last fiscal. Got it. Thank you so much. That's it. So much. Yeah. Thank you. We have next question from the line of Akash Mehta from Canara HSBC Life. Please go ahead. Hi, sir. Thanks for taking my question. Can you just help us again with the timeline in terms of the CERC tariffs that you have mentioned for Parbati and for Subansiri both. If everything goes well, from when can we see this, I mean, the recognition of revenue at 100% for both of them? Yeah, Akash, as I already explained, Parbati-II petition is in the final stage of hearing, and we are expecting orders from CERC by the end of this quarter, by 13th of June. Once the order comes, after that you said that you will take some, I mean, around few months after which you can recognize it or immediately from the quarter? No, no. No, No, no. As far as recognition is concerned, in case the order comes within quarter, then we will definitely account for the differential revenue along with interest component also, because the interest is allowed from the date of COD. In that case, we'll completely be billing, part will be over, and we'll be recognizing the revenue in this quarter itself if the order comes. As far as recognition is concerned, there is no deferral. Sure. Similarly for Subansiri, you said around five, after five to six months, I mean, we could expect. See, Subansiri, we have already filed the petition for our interim tariff. First we are just waiting how much interim tariff CERC is going to allow us. Thereafter, in subsequent hearings, we are expecting it just an expectation, like in case of Parbati-II, after interim we are expecting that within three to four months. In case of Subansiri, we are taking because this is an old, very old project, so we expect that not more than six months CERC will take to issue the final orders. In that case, we'll be having a fair idea of where we are going, landing in terms of revenue. As of now, we are- Sure. ...booking 80% of the revenue of the AFC tariff petition which we have filed. This Subansiri, it will be for the entire capacity, right? Yeah. Basically AFC. Yeah. Subansiri, like, we have filed for three units which were commissioned, and as the units- Okay. -adds on, we will be filing supplementary tariff petitions with CERC. We'll keep on updating. Sure. On projected basis, yeah. CERC will be allowing us on projected basis also. Once all the units are complete, the final petition will be filed at that point of time. In that case, this CERC will be allowing us interim tariff for billing purpose also. Okay. For the three units- Yes, yes. ...suppose the final order comes through. Sure. You can start recognizing it for Subansiri, right? Yes. Okay. Just the second question is on, are there any, anything else in terms of the future projects other than, I mean, Pakal Dul or Kiru or any other project where you are seeing cost escalation where something similar could kind of happen or? Yeah. Basically, Akash, cost escalation in hydro projects are very inherent. You cannot rule out, even though if there is no time overrun, there will be cost overrun b ecause, you know, when we award at a particular price level, that award cost is not freezed. That is basically at a particular price level. If you are going forward with that award for four, five, six years, yo u have to pay the price variation. Cost overrun is very inherent in any hydropower project, right? Now if any time overrun is there, that can also lead to cost overrun. That varies project to project. It is not necessary that every project will have their time overrun. There are many projects which we have commissioned in past ahead of schedule also. It is not that every project will see its time overrun. It depends, you know. Accordingly, based on the factor as we have discussed, the CERC beyond the control of the management, within the control of the management, two broad factors are there based on which CERC allows the cost overrun. Sure. That's helpful. Any of the future projects are facing like, they are facing material changes in cost or it's not, that much? No, no, it is, it is, I mean, not material because, like project like Pakal Dul, Kiru, Kwar, these projects are doing pretty well and, whatever timeline we have shared with you, we are going to commission these projects by that timeline. Nothing extraordinary, you will find there. Okay. Okay, that's quite helpful. Thanks a lot. Thank you. We have next question from the line of Mohit Kumar from ICICI Securities. Please go ahead. Thank you. Thank you for the opportunity once again. My first question, what led to profit for Subansiri in the quarter, given that the PAF and generation is lower in the quarter, and also you are booking the booking at lower tariff, right? Have you booked any shortfall in generation in Subansiri also? No. Mohit, we need to understand that, you know, whatever AFC of any project we file, that is basically based on the capital cost of the project. If we are going to the CERC with the original cost of the project without any deduction, right? Whatever expected AFC is there from that particular project, the cost, the, I mean, whatever generation we have, I mean, 506 million units of generation we have from Subansiri in the last fiscal, their income has been booked corresponding to the capital cost of these units which we have commissioned. If you are taking the entire capital cost of those units, for example, if we have commissioned three units of Subansiri, their corresponding capital cost is coming around INR 20,000- odd crore. Now if you take tariff based on INR 20,000 crore of capital cost, and if you multiply the number of units generated, then certainly this is the top line. Apart from that, whatever actual expenditure has been there, after that you are going to have profit. If any cut is there in the top line and expenditure are coming 100%, then only you will look at some losses and everything. If revenue and expenditure both are comparable to each other in line with the AFC component, why any loss would come? This is my question, because we are looking at a much lower tariff. That's the reason I'm asking. No, no. We have not taken any much lower tariff. The only thing we have done 80% of the AFC, there, you know, if you gross it up, then INR 150 crore of under-recovery we have seen in Subansiri Lower, which we have discussed. Understood. Understood. My second question, why shortfall in generation has been booked in Parbati-II? Are we going to argue for lower design energy for the power plant? No, it is too early to argue for the lower design energy. Parbati has seen only one year, and that too you have seen that some cloudburst issue and everything had incurred there in Parbati-II in the early, I mean, just one year back, early monsoon. For challenging the what you call design energy, you have to wait for at least three years. Yeah. How can you book the shortfall in generation? Is it allowed in the NC, in the regulation? Yeah. It is allowed. It is allowed. Yeah, no, basically, shortfall in generation, regulation allows us in case we are not able to achieve design energy and the reasons for not non-achievement are beyond our control. In that case, CERC regulation allows us even to bill. In that case, after this order is there, we 75%, we are having order of interim tariff 75%. We are going to bill that with, we are going to bill that too at the rate of 75% of the tariff file. This is as per regulation what we are doing. Understood. Yeah, there is no issue. We are going to bill and get it from beneficiaries. Why is that Teesta Lower Dam, Teesta Lower Dam III and Teesta Lower Dam Power Project IV, TLDP III and TLDP IV has shown lower PAF in the quarter. Is there any particular reason? Are they impacted by something? Yeah, yeah. If you remember October 23 events where we got heavy damages in Teesta-VI, these flash floods had impacted our TLDP III and TLDP IV projects also. A lot of silt issues are there, which we are trying to remove. We are trying to come out of this issue. Last year also, we had carried out some, you know, process to remove the silt and all, but again it has accumulated. That issues we are now basically facing with, and hopefully we'll be able to come out of these issues within three months, I believe. Understood. One more question, sir. Which are the power plants you are likely to tender in this fiscal? Is it possible to give some? My question is this Sawalkot, Kamala, Subansiri Upper, Etalin, all these four will get tendered out this fiscal or do you think two will be this fiscal and two next fiscal? Yeah, we are also thinking from the same line and, hopefully we are able to do it. Yeah. Actually, we have a target to bring five projects, of hydro bring into construction stage during this financial year. Financial year. Two have already been awarded. Uri-I Stage II and this Dulhasti Stage-II. Theree more projects like Etalin and then Sawalkot and then Kamala. These three are also likely to be bring into the construction stage during this financial year. One more PSP also we are targeting to bring into the construction stage. That is Indira Sagar and Omkareshwar. Any update on Subansiri Upper, sir? Subansiri Upper, we may not be going this year. Next year we may be going for that. Understood, sir. Understood, sir. Thank you, [Vishwas] sir. Thank you. Thank you for answering. Thank you. We have next question from the line of Murtaza from Kotak. Please go ahead. Hi, sir. Just wanted to reconfirm, you know, when you talked about Parbati-II doing a full year profit of INR 150 crore, isn't that very less against the regulated equity and project cost of Parbati-II, like taking INR 150 crore as the normalized profit? That's number one. Number 2 on Subansiri Lower. When you talked about that 80% revenue, given that you only part commissioned the capacity, you are well within the 80% and therefore you are booking the whole revenue for these early units. Is that understanding correct? Let me take your question first for Parbati-II. Parbati-II, as we have shared that the revenue which we have recognized to Parbati-II is INR 1,320 crore, right? Yeah. If you take the entire generation, I mean, the design energy of Parbati-II is 3,125 million units, whereas we have actually generated 1,642 million units in FY 2026. If your generation is not there, you have not been able to book the entire revenue, expected revenue of Parbati-II. Sure. That is the reason you have not achieved the expected PAF level of Parbati-II. It is clear? Sure. Now coming back to- It's only half the generation. Yes, yes. We have shared earlier also that in Parbati-II there was some cloudburst issue in somewhere June or July last year, I believe. That has basically, I mean, stopped the expected generation of Parbati-II. Now Yeah. Now Subansiri Lower, if I take your question for Subansiri Lower, Subansiri Lower also we have shared that 80% of the revenue we have recognized, that is around INR 613 crore only, right? Total revenue against the 506 million units is INR 613 crore only. That is 80% of the expected AFC. If you gross it up, you will find INR 150 crore under recovery in Subansiri Lower also, you know. Okay, okay. I think, this is the plan since you asked. It's two things. One is the actual generation is still much lower than the design energy, therefore the revenue is low. Then it's at 80% of that, so even lower. Fair enough. Exactly. Ladies and gentlemen, due to time constraint, that was the last question. I now hand the conference over to Mr. Rupesh Sankhe for closing comments. Yeah. We thank the NHPC management for giving us an opportunity to host this call, and we also thank all the investors and the analysts for joining this call. On behalf of NHPC, I would like to convey my thanks. Thank you so much all the investors. Thank you. Ladies and gentlemen, on behalf of Elara Securities India Private Limited, that concludes this conference. Thank you for joining us, and you may disconnect your lines. Thank you.