印度国家水电（null）：2026：NHPC 的里程碑之年：印度国家水电

Investment Rating - The report indicates a positive outlook for NHPC, suggesting that 2026 will be a transformative year for the company with significant capacity expansion and growth potential [4][5]. Core Insights - NHPC is expected to achieve year-on-year capacity expansion in 2026, supported by key projects such as the Parbati II project and the Subansiri Lower Hydro Project, which will enhance growth visibility until FY2035 [4][5]. - The report identifies three main catalysts for growth: the final tariff determination for the Parbati II project (25% of regulated equity), the full commissioning of the Subansiri Lower Hydro Project in Q4 2026, and the awarding of contracts for four hydro projects and one pumped storage project in 2026 [4][5]. - The new catalyst, the "temporary suspension" of the India River Water Agreement, is projected to provide a decade of double-digit growth visibility, with NHPC aiming to double its regulated equity from FY2025 to FY2029 [4][5]. Project Execution and Pricing - Key execution milestones for 2026 include the commissioning of four units of the Subansiri Lower Hydro Project in March 2026 and the full commissioning of the project by October 2026 [6]. - The Teesta V hydro project, which was affected by floods, is set to restart in April 2026, while NHPC conservatively recognizes project revenues at 80% of expected tariffs, leading to a non-cash loss in the first half of FY2026 [6]. Company Overview - NHPC Limited, established in 1975, is a Mini Ratna I category and "A" grade central public sector enterprise under the Ministry of Power in India, focusing on the efficient development of hydroelectric resources [9]. - As the largest hydroelectric operator in India, NHPC operates 22 hydroelectric plants with a total installed capacity of 7 GW, accounting for 15% of India's total hydroelectric capacity [9]. Revenue Breakdown - The revenue breakdown shows that 95.9% comes from power generation, with negligible contributions from power trading and project management services [10].