Ladies and gentlemen, welcome to the NHPC Limited Q4 FY 2025 Earnings Conference Call hosted by Elara Capital. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions at the end of today's presentation. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Rupesh Sankhe from Elara Capital. Thank you, and over to you, sir.
Yeah, good afternoon, everyone. On behalf of Elara Capital, we welcome you all for the Q4 FY 2025 conference call of NHPC. I take this opportunity to welcome the management of NHPC, represented by Mr. R.K. Chaudhary, Chairman and Managing Director, Mr. R.P. Goyal, Director of Finance, and Mr. Uttam Lal, Director of Personnel. So we will begin the call with a brief overview by the management, followed by a Q&A session. I will now hand over the call to Mr. R.K. Chaudhary, sir, for his opening remarks. Over to you, sir.
Okay, thank you very much. Good afternoon, friends. The NHPC Board has adopted annual financial results for the period ended 31st March 2025 in its 492nd meeting held on 20th May 2025, and the same has already been communicated to the exchanges. By now, I hope you all would have got a chance to go through the quarterly and yearly set of numbers. First, I will just touch upon major highlights, and then detailed analysis of the results shall be discussed by our Director of Finance, Shri R.P. Goyal. Brief highlights of the financial results and important updates on the company are as under: During financial year 2025, our power stations have achieved a generation of 19,862 million units, as against 21,773 million units generated in the corresponding period of the previous year, which is lower by about 9% or 1,911 million units.
This is mainly due to heavy flash flood in Teesta Basin in October 2023, which has resulted in the complete shutdown of Teesta-V power station, which had generated 1,966 million units in the corresponding previous year. We have already shared that restoration works at the power station suffered due to a landslide in August 2024, affecting the tail race tunnel outlet structure and part of the GIS building. Now, restoration works are progressing well and are expected to be completed by January 2026. Our plant availability factors for financial year 2025 stand at 73.94%, the corresponding previous period plant availability factor of 77.60%, which is about 4% lower. This is mainly due to lower water availability, complete shutdown of Teesta-V power station, and outages of units at TLDP-III, Uri-I power station.
During financial year 2025, the company has earned revenue from operation of INR 8,994 crore, as against INR 8,397 crore in the corresponding previous year, which is about 7% higher. During financial year 2025, the company has earned a PAT of INR 3,084 crore, as against INR 3,722 crore of the corresponding previous period, which is about 17% lower. On the physical front, I am very pleased to share that all the four units of Parbati-II hydroelectric project, 800 MW, have become commercially operational, with three units from 1st April 2025 and fourth unit from 16th April 2025.
This achievement is particularly significant as it comes after surmounting numerous geological and technical challenges throughout the project cycle. The completion of this ambitious project marks a major step towards securing India's energy future by adding hydro capacity of 800 MW in the RE portfolio of our country and reaffirms NHPC's leadership in the hydro power sector.
The project has become NHPC's largest operational hydro power station as of now. Further, NHPC has also commissioned 107 MW out of the 300 MW solar power plant in Bikaner, Rajasthan, under the CPSU scheme on 12th April 2025, which is an important step in our ongoing efforts to diversify into other renewable energy sources. In respect of the Subansiri Lower Hydroelectric Project, 2,000 MW, the balance construction work at the site is going on in full swing. Overall, 96% physical progress of the project has been achieved. Dry commissioning of unit one and two has already been completed, and pre-commissioning activities of unit three are in progress. A team constituted by the National Dam Safety Authority, NDSA, has visited the project site to review the initial filling plan of the reservoir. The commissioning of three units is expected very shortly.
We are very hopeful of commissioning five units of the project in the current financial year and the rest of the units by May 2026. The anticipated cost of the project is INR 26,076 crore, and we have incurred INR 23,753 crore till March 2025. In respect of the Dibang Multipurpose Project, 2,880 MW, five out of the seven contract packages have already been awarded. The remaining two contract packages related to dam and HM works for intake and draft tube gates are in the evaluation process. We have already shared that we have achieved the crucial Nala diversion, a significant stride towards ensuring all-weather road access to the project site. The estimated cost of the project is INR 31,876 crore, which includes a grant of INR 6,716 crore for flood moderation and enabling infrastructure works, out of which we have already incurred INR 3,183 crore till March 2025.
Further, the estimated levelized tariff of the project is INR 4.46 per unit, and the scheduled completion of the project is February 2032. In respect of Lanco Teesta Hydro Power Limited, LTHPL's Teesta-VI hydroelectric project, 500 MW, we are pleased to share that the process of merger of the company with NHPC has been completed, and now the project is part of NHPC on an extended loan basis. The work is progressing well at the site. Overall, 66% physical progress of the project has been achieved. The estimated cost of the project is INR 8,449 crore, out of which we have already incurred an expenditure of INR 4,142 crore till March 2025. The expected commissioning schedule of the project is December 2027. Jal Power Corporation Limited, JPCL's Rangit-IV hydroelectric project, 120 MW, is also progressing well. Overall, 86% physical progress of the project has been achieved.
We have already shared that in July 2024, the project has successfully achieved the daylighting of the HRT. Unit one has been boxed up, and the boxing up of unit two is in progress. We have successfully lowered the rotor of unit three, the last unit of the project. The project is expected to be commissioned by December 2025. The estimated cost of the project is INR 1,828 crore, out of which we have already incurred an expenditure of INR 1,432 crore till March 2025. Further, we are in the process of the merger of JPCL with NHPC, and the first motion application has been filed with the Ministry of Corporate Affairs. In respect of the Ratle Hydroelectric Project, 850 MW in the UT of J&K, the work is progressing well at the project site. Overall, 21% physical progress of the project has been achieved.
The estimated cost of the project is INR 5,282 crore, and we have incurred an expenditure of INR 916 crore till March 2025. The estimated levelized tariff of the project is INR 3.92 per unit, and the project is expected to be commissioned by November 2028. Presently, NHPC, through its subsidiary, Chenab Valley Power Projects (P) Limited, is executing three projects in Chenab Basin in the UT of J&K. Construction work at Pakal Dul Hydroelectric Project, 1,000 MW, is progressing well.
Overall, 67% 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 an expenditure of INR 6,265 crore till March 2025. The project is expected to be commissioned by September 2026. In respect of Kiru Hydroelectric Project, 624 MW, overall 58% physical progress of the project has been achieved. We have incurred an expenditure of INR 2,478 crore till March 2025, out of the estimated cost of the project of INR 5,409 crore.
The estimated levelized tariff of the project is INR 5.68 per unit, and the estimated commissioning of the project is September 2026. In respect of the Kwar Hydroelectric Project, 540 MW, the work is progressing at the site. Overall, 20% 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 an expenditure of INR 1,008 crore till March 2025. The estimated levelized tariff of the project is INR 4.44 per unit, and the project is scheduled to be commissioned by December 2027.
Apart from the above under-construction projects, NHPC is also actively pursuing to start work on projects such as Uri-I Stage-II, 240 MW, Dulh asti Stage-II, 260 MW, Sawalkot 1,856 MW, Kirthai-II 820 MW, and Teesta-IV 520 MW, which are at different stages of clearances. In respect of our hydroelectric projects in Nepal, final detailed project reports of West Seti Hydroelectric Project 800 MW and SR-6 Hydroelectric Project 460 MW were submitted to the Investment Board of Nepal on 18th October 2024 and 12th March 2025, respectively, adhering to the timeline specified in the MoU signed between IBN and NHPC. Currently, DPRs are under approval by IBN. For the Phukot Karnali Project 624 MW, NHPC has submitted the DPR review report in March 2024 as per the agreed timelines.
Notably, strategic discussions have been initiated for joint ventures and power purchase agreements, and the development model includes both domestic supply and cross-border electricity export, aligning with regional energy security goals. PPAs for all the under construction projects of NHPC, including its subsidiaries, have been signed or consent has been received from the DISCOMs for the same. In respect of 1,000 MW capacity solar power projects allotted under the CPSU scheme Tranche-II , we have already shared that we have commissioned 107 MW out of 300 MW projects in Bikaner, Rajasthan, and the full commissioning is expected by August 2025. Further, sub-lease deed of land has been executed in respect of 600 MW projects in Gujarat, and design and engineering activities are in progress. Further, land acquisition and erection works are in progress in respect of 100 MW solar project in Andhra Pradesh.
NHPC has awarded the EPC contract for 200 MW grid-connected solar power projects, Stage 3, located in the 600 MW solar park at Khavda, Gujarat, on 23rd December 2024. The cost of the project is INR 822 crore, and the tariff of the project is INR 2.66 per unit. The project is expected to be commissioned by March 2026. The works of another 200 MW grid-connected solar power projects located in the 600 MW solar park at Khavda, Gujarat, Stage 1, were awarded on 5th August 2024. Site survey works and geotechnical investigations have been completed. NHPC is also exploring to develop pumped storage projects in the states of Andhra Pradesh, Odisha, Madhya Pradesh, Chhattisgarh, Gujarat, Tripura, Punjab, Rajasthan, and Maharashtra.
The DPR for Indira Sagar-Omkareshwar pumped storage project, 640 MW in Madhya Pradesh, Savitri PSP 2,400 MW in Maharashtra, Yaganti PSP 1,000 MW, and Gandikota PSP 1,200 MW in Andhra Pradesh, Machkund PSP 1,000 MW in Odisha, and Kuppa PSP 900 MW in Gujarat is under preparation. PFR of Kengadi PSP 600 MW, Kalu PSP 1,350 MW situated in Maharashtra, and Longtharai PSP 800 MW situated in Tripura have been submitted. Further, PFR of Rajupalem PSP 800 MW, Aravetip alli PSP 1,320 MW, and Deenep alli PSP 750 MW in Andhra Pradesh have been prepared. For other projects, preparation of PFR is in progress. Friends, this is all from my side. Now, I request Director of Finance, Shri R. P. Goyal, to discuss financial results in detail.
Good afternoon, friends. I am going to share with you a detailed quarterly and yearly set of numbers with the detailed analysis. The NHPC Board has adopted annual financial results for the period ended 31st March 2025 in its meeting held on 20th May 2025, and the same has already been communicated to exchanges.
Three highlights of the financial results and important updates on the company are as follows: During FY 2025, our power stations have achieved a generation of 19,862 million units as against 21,773 million units generated in the corresponding period of the previous year, which is lower by about 9% or 1,911 million units. During the fourth quarter of FY 2025, our power stations have achieved a generation of 2,170 million units as against 2,304 million units generated in the corresponding period of the previous year, which is lower by about 6% or 134 million units. Our PF for FY 2025 stands at 73.94% against the corresponding previous period PF of 77.60%, which is about 4% lower.
Our PF for the fourth quarter of FY 2025 stands at 58.59% against the corresponding previous period PF of 54.65%, which is about 4% higher. During FY 2025, revenue from operations of the company has gone up by INR 598 crore from INR 8,396 crore to INR 8,994 crore, which is about 7% higher.
The increase in revenue is mainly due to an increase in sales pertaining to previous years by INR 742 crore on account of pay anomaly orders and the impact of annual fixed sales revision and an increase in unbilled revenue by INR 540 crore, mainly on account of interest on arbitration cases, PPA cases, and amount deposited in NITI Aayog by the company, which is further offset by lower energy charges by INR 262 crore and a decrease in interest on beneficiaries on account of true-up for the 2014-2019 tariff period and the tariff order for the 2019-2024 period by INR 372 crore.
During quarter 4 of FY 2025, revenue from operations of the company has gone up by INR 410 crore from INR 1,649 crore to INR 2,059 crore, which is about 25% higher. This increase is mainly due to the reversal of water cess by INR 337 crore in the Q4 of the previous year. Water cess in respect of Himachal Pradesh and Sikkim were reversed in view of the outcome of the Honorable High Court of Himachal Pradesh against the imposition of water cess and an increase in capacity charges by INR 83 crore.
During FY 2025, other income has come down by INR 21 crore from INR 1,600 crore- INR 1,579 crore, which is about 1% lower, showing a marginal decrease. During Q4 FY 2025, other income has come down by INR 191 crore from INR 588 crore- INR 397 crore, which is about 32% lower. This is mainly due to a decrease in dividend income by INR 96 crore and a decrease in exchange rate variation again by INR 57 crore. During FY 2025, the generation expenses have come down by INR 18 crore from INR 814 crore- INR 796 crore on account of lower water sales due to lower generation of electricity. During Q4 FY 2025, the generation expenses have gone up by INR 344 crore from negative INR 247 crore in the corresponding previous quarter to positive INR 97 crore in the current quarter.
The increase is mainly due to the reason that during Q4 of the previous year, we had reversed the water sales in respect to Himachal Pradesh and Sikkim, and consequently, there was a booking of negative INR 355 crore against the water sales in respect of Himachal Pradesh and Sikkim during that period. During FY 2025, the employee benefit expenses have gone up by INR 354 crore from INR 1,290 crore- INR 1,644 crore, which is mainly due to the provision of pay anomaly arrears in compliance of the Honorable High Court of Punjab and Haryana. During Q4 FY 2025, the employee benefit expenses have come down from INR 368 crore- INR 367 crore, which is almost flat.
During FY 2025, there has been an increase in the finance cost by INR 421 crore from INR 726 crore- INR 1,147 crore, which is mainly due to an increase in interest on arbitration and court cases by INR 432 crore, against which unbilled revenue of INR 406 crore has also been recognized. So, the net impact of this item is only INR 16 crore on the profit and loss account.
During Q4 FY 2025, there has been a decrease in the finance cost by INR 379 crore from INR 349 crore to negative INR 30 crore, which is mainly due to an increase in interest on arbitration and court cases by INR 183 crore and a reversal of INR 110 crore towards interest on arbitration and court cases, which has now been capitalized in the current quarter. During FY 2025, the depreciation and amortization expenses have gone up by INR 14 crore from INR 1,111 crore- INR 1,125 crore, which is also flat.
During Q4 FY 2025, the depreciation and amortization expenses have gone up by INR 13 crore from INR 280 crore- INR 293 crore. During FY 2025, other expenses have come down by INR 13 crore from INR 2,015 crore- INR 2,002 crore, which is almost flat. During Q4 FY 2025, other expenses have gone up by INR 144 crore from INR 534 crore- INR 678 crore, which is mainly due to an increase in insurance expenses by INR 101 crore and an increase in R&M expenses by INR 39 crore. During FY 2025, tax expenses have gone up by INR 365 crore from INR 552 crore- INR 916 crore. This is mainly due to the reason that during the corresponding previous year period, the MAT credit of INR 529 crore was recognized.
During this period, no MAT credit has been recognized, whereas the MAT credit of INR 271 crore has been utilized. During Q4 FY 2025, tax expenses have come down by INR 241 crore from INR 424 crore- INR 183 crore. This is mainly due to the lower utilization of MAT credit. During FY 2025, we have earned PAT profit after tax of INR 3,084 crore as against INR 3,722 crore in the corresponding previous period, which is down by INR 638 crore, which is around 17% lower. The reason for the decrease increase in the nine items we have just discussed. During Q4 FY 2025, we have earned PAT of INR 894 crore as against INR 693 crore of the corresponding previous period, which is up by INR 201 crore or 29% approx. The reasons for the decrease increase in the nine items we have just discussed.
During FY 2025, the incentive position is as follows: We have earned secondary energy to the tune of INR 123 crore in the current financial year FY 2024-2025 as against INR 102 crore in the corresponding previous period. So, there is an increase of INR 21 crore in the secondary energy. PF-based incentive we have earned in FY 2024-2025 to the tune of INR 227 crore as against INR 316 crore in the corresponding previous year. So, this is down by INR 89 crore. Deviation charges we have earned INR 35 crore in FY 2024-2025 as against INR 41 crore in the corresponding previous year. So, this is lower by INR 6 crore. So, the total of all the three incentives we earned in FY 20 24-2025 is INR 385 crore as against INR 459 crore in the corresponding previous year. So, we have lost around INR.
74 crore on account of these three incentives during FY 2024-25. The incentive position during Q4 of FY 2025 is as follows: Secondary energy, we have earned INR 81 crore as against INR 80 crore in the corresponding previous quarter. PF-based incentive is INR 207 crore against INR 252 crore in the corresponding previous quarter, and deviation charges is INR 5 crore as against INR 7 crore in the corresponding previous quarter. The total of all the three incentives during Q4 of FY 2025 is INR 293 crore as against INR 339 crore in the corresponding previous quarter. CapEx of INR 11,596 crore has been incurred during FY 2025 against target CapEx of INR 11,762 crore for FY 2025 on consolidated basis.
The Board of Directors has recommended the payment of final dividend at the rate of 5.10%, that is INR 0.51 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 19.10%, that is INR 1.91 per equity share on the face value of paid-up equity share of INR 10 each for the financial year 2024-25. Other major highlights of the company are as under. On operational front, NHPC has received INR 8,349 crore from the beneficiaries against sale of energy during FY 2025, as compared to INR 9,606 crore in the corresponding period of the previous year.
Trade receivables as on 31 March 2025 stands at INR 4,412 crore as against INR 3,978 crore as on 31 March 2024. This includes INR 3,677 crore as unbilled debtors as on 31 March 2025, as against INR 2,263 crore as on 31st March 2024. The net receivables out of total reported trade receivables are reconciled as under: The reported trade receivables are INR 4,412 crore. If we subtract unbilled debtors from this, the unbilled debtors are INR 3,677 crore. So, billed receivables work out to INR 735 crore.
If we exclude the debtors' dues converted to installments under electricity late payment surcharge and other orders of CERC, that is INR 119 crore. The net amount due from the beneficiaries works out to INR 616 crore only, and dues more than 45 days is only INR 220 crore. So, overdue amount is only INR 222 crore in our case as on 31st March 2025. Unbilled debtors mainly include unbilled annual fixed charges and recoverable as per CERC regulations, including security and insurance expenses of INR 1,366 crore.
Interest on arbitration of the court cases of INR 580 crore. Impact of effective tax rate on return on equity of INR 485 crore. Unbilled sales for the month of March 2025 of INR 480 crore and shortfall in generation results beyond the control of the company of INR 292 crore. The net billed trade receivables as on 19 May 2025 stands at INR 740 crore, which includes more than 45 days dues of INR 73 crore only. This is all from my side. Now the forum is open for questions and answers. 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 the touch-tone telephone. If you wish to remove yourself from question queue, you may press star and two.
Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Yeah. Good afternoon, sir, and thanks for the opportunity. My first question is on the profitability. Last year, I think we did INR 36 billion of profit on consolidated basis. It has declined to INR 30 billion, INR 3,000 crore. You did touch upon the various one-offs. But can you please help us with the, on a broader basis, what explains the decline? Is there a one-off in the tax item? You did say that there's a MAT credit. But is it related to the past period, which is on the tax, which you can just help us explain?
Yeah, Mohit. So you'll have to understand that the major reason for decline in—so let us discuss at PBT level first. So if you look at PBT level, you will find that there's a decline of INR 100 crore in quarterly number and INR 200 crore in yearly number, right? Right. Right. So the quarterly number INR 100 crore is entirely on account of reversal of INR 110 crore on account of interest on arbitration, which has been reversed in Q4 itself. And that is the reason you will see that there is a negative finance cost of INR 30 crore. Right. So that is the only one-off. You can treat this item as one-off. And if you— Hello?
No, I can hear you.
Yeah. Yeah. So you can— Yes, yes, yes. Some noises are there in the background. So a different call. Yeah. So Mohit, are you there?
I am there. I think there's some issue with the other lines. I think I'm there.
Okay. No worries. So if you add back this INR 100 crore number as a one-off, you will arrive at the actual PBT, I mean. Okay? The similar kind of adjustment, if you do add the yearly number, like INR 200 crore decline in PBT, you will—if you refer note number five and note number six of our financial result, you will find that there's the impact of INR 100 crore in pay anomaly, which has impacted our PBT, and INR 26 crore again that this interest on arbitration. So INR 126 crore impact is there on account of these two numbers, and INR 100 crore decline is there in energy charges. So almost INR 200 crore decline is there.
Understood. Understood. That's very helpful. That's very helpful.
So that is two adjustments you have to carry out to arrive at the adjusted PAT.
Understood.
Anything else you want to understand?
No, no. That's very helpful. Can you please help us with the NHPC revenue and profit numbers for the fiscal?
Please come again. NHPC, the subsidiary revenues and profits?
NHPC. NHPC, yeah.
Yeah, yeah.
So NHPC, just a moment. I will share the number. Yeah. So total generation of NHPC during FY, the current FY, was 5,575 million units as against 4,473 million units in the corresponding previous year, right? The revenue from operation is INR 1,400 crore as against INR 1,270 crore. The PAT is INR 837 crore as against INR 812 crore.
Understood. My one last question, sir. Can you please help us with the capitalization of Parbati-II in the books? And related clarification is that how are you going to book the revenues? Will it be 85% of the expected capacity charge till the time we get the full tariff order from the CERC? Is that right understanding?
Actually, our Parbati-II has been capitalized. Three units have been capitalized from April 25, and fourth unit will be capitalized from 15th of April 2025. So full year generation and full year revenue will be there. And we are in the process of filing tariff petition in the CERC. So based on filing of tariff petition, we will recognize 90% of the revenue on provisional basis till the order comes from CERC.
Understood, sir. And what is the amount capitalized, sir? Amount capitalized on the books?
Amount capitalized will be around INR 12,000 crore plus.
Understood, sir. Thank you. Another best. Thank you.
Thank you. Next question is from the line of Ragini Pande from Elara Capital. Please go ahead.
Yeah. Thank you for the opportunity. I wanted to know that what was the impact of insurance cover, which was not there at Teesta-V now? I mean, the insurance cover was till September 2024, I think, so last year. So what was the under-recovery in Teesta-V?
Yeah. Ragini, if you look at the normal circumstances of Teesta-V, TLDP-III, and TLDP-IV, all these three projects in Teesta basin, you will find that in normal circumstances, almost INR 300 crore kind of PBT we earned from Teesta-V, INR 100 crore from TLDP-IV, and INR 103 crore from TLDP-III. So almost INR 500 crore kind of PBT we earned from these three projects. But due to this flash flood, we have discussed the last previous number was INR 300 crore. But this year's number is INR 99 crore loss. So there is almost INR 400 crore kind of loss at PBT level from these three projects.
Okay. Thank you. I just wanted to confirm on the adjusted PAT number for Q4 FY 2025. So you said that there is an adjustment of INR 200 crore in Q4, right?
Q4, INR 100 crore adjustment you have to carry out on account of reversal of interest on arbitration. 200 number is for yearly number.
Understood. Okay. What will be the incremental revenue from the recently commissioned Parbati project?
Yeah. So the design energy of Parbati is 3,074 million units. And the expected tariff is around INR 7.5-INR 8. We have to file the tariff petition with CERC, and we have to wait for the final outcome. But approximate number, if you want to consider, at the rate of INR 7.5 crore, 87% sellable design energy of 3,074 you can consider, and that will work out somewhere. Yeah. INR 2,000 crore. Yeah. INR 2,000 crore.
Okay. Yeah. Sir, another question was on Subansiri. What is the expected commissioning timeline for the project and the incremental revenue which is expected from it?
As per our plan, we will commission three units by June 2025, and the rest of five units will be commissioned one by May 2026. And the incremental revenue of this project will be in the range of INR 4,000 crore. On annual basis, incremental revenue will be INR 4,500 crore on annual basis when full commissioning is achieved.
Yeah. Okay. Thank you. This was my last question. What is the regulated equity currently after the commissioning of Parbati project?
Yeah. So consolidated, if you want to consider, INR 13,000 crore is regulated equity for NHPC as standalone, and INR 1,000 crore is regulated equity in NHPC. So our share is INR 14,000 crore as of now. Considering INR 13,000 crore capital cost of Parbati-II, you can consider 30% of the capital cost as a regulated equity. So it works out to around INR 4,000 crore. So roughly 14,000 plus 4,000, 18,000 crore would be regulated equity in this particular financial year.
Okay. Thank you. Thank you.
Thank you. Next question is from the line of Prashant Kshirsagar from Unived Corporate Research Private Limited. Please go ahead.
Good afternoon, sir. Am I audible?
Yes, please.
Yeah. I just wanted to know the progress of other projects in the Subansiri basin, especially the Middle Subansiri, Upper Subansiri, if you can share. So Subansiri Middle, that is Kamala Hydroelectric Project, it is 1,720 MW. So the— Hello?
Hello. Are you listening?
Yeah, yeah. The line got— Oh.
So again, I will repeat. The Kamala, that is Subansiri Middle project, so it is 1,720 MW. Pre-DPR chapter already cleared by the CEA and CWC. We have submitted the cost chapters, and it is likely to be cleared by the CEA and CWC very soon. Techno-economic clearance, we are going to get very soon. And at the same time, we have processed for the environmental clearance and forest clearance also. Things are moving very fast. We are expecting that during this year, all clearances will be there.
Before that, we will move for investment approval, PIB and CCEA. Because these projects, Kamala and Subansiri Upper, Subansiri Upper is 1,605 MW. That is also going well. Clearances are progressing. In these projects, there will be 26% share of the state government and 74% NHPC. For these two projects, the PIB and investment approval, we have to obtain from the Government of India. We are expecting that by the year end, the NHPC will move for investment approval from the Government of India. Thank you.
You said the share of state government will be 26% in both the projects or only upper Subansiri?
No. In the Kamala also and Subansiri upper also, the Government of India has approved that any project in Arunachal Pradesh, which is allocated to different public sector undertakings, NHPC, SJVN, THDC, and NEEPCO, in all those projects, there will be share of the state government equities, maximum up to 26%. Up to 26%.
In the JV company.
In the JV company. Yeah. In the JV company.
Okay. And sir, about the Dibang project, you said you awarded five phases, five tenders or whatever. The technical terms, exact technical term, I will not be knowing. But the balance, when do you expect it to be awarded or?
You understand that the entire project, the civil works, hydro-mechanical works, and electromechanical works, so these all three types of works, so we have formulated seven packages, seven contract packages. Out of seven, five contract packages have already been awarded, and works are progressing at site. The rest two packages, the tender is opened, and it is under evaluation. So we expect that shortly, we are going to award the balance two contract package.
Okay. Sir, about the middle and upper Subansiri, has the land acquisition been completed or has started or at what stage it is?
Land acquisition has also started. So the district administration has already issued section 4 and then section 6. So they have already moved for the acquisition of land for both the projects. Both the projects.
Okay. That answers my question. Thank you.
Thank you.
Thank you.
Thank you. Next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Hello. Yeah. Yeah. Thanks for the opportunity once again. Sir, my question was, are you expecting more projects due to the abolition of the Indus Water Treaty? Has there been any further conversation around it?
The Indus Water Treaty is not abolished. It is kept under suspension. So in this scenario, yes, you are right that now there is a lot of emphasis, and we are going to start the Uri-I Stage-II, 240 MW. And we have already floated the mechanical and electromechanical works. We are going to float the tender during this month only. The second project, Dulh asti Stage-I, 390 MW already there. So there is Dulh asti Stage-II project, 260 MW. So for that also, we have received the concurrence appraisal from the Central Electricity Authority today itself.
And now we are going to float the tender during this month end for the civil works. The third project, 1,856 MW, Sawalkot project. So for that project also, the approvals are going in the very fast mode. And we are expecting that very soon, we are going to float the tender for the Sawalkot also. At the same time, the possibilities are being explored to start some more projects like Kirthai-II and some more projects in Indus River in Leh Ladakh area. So these are the things under the Chenab scenario.
Okay. Understood, sir. Sir, are you looking toward the projects under one single EPC umbrella, or are you going ahead with taking the packages? Because I remember I saw one even large Sawalkot order based on EPC basis, but I think it's been broken into the package again. Is that right? Understanding?
Sawalkot project, we are going to formulate the entire works of the project in two packages for the civil works, one package for the design and engineering, and again, hydro-mechanical works and electromechanical works. So we have already prepared the bid document for the two packages, and we are waiting for the investment approval from the government. So then we'll go ahead.
Has any comment on any PSP projects which you think you'll award in FY 2026 or FY 2027 in the near term to start the work?
Yeah. Yeah. Yeah. Yeah. So the first project we are going to award, the Indira Sagar-Omkareshwar, that is 640 MW. So the project, the DPR is under evaluation in the CWC and Central Electricity Authority. We are expecting that within next two, three months, we are going to get the DPR cleared. Once the DPR is cleared, appraisal is cleared, then we'll move ahead with the award of works.
Understood, sir. Thank you and all the best.
Thank you. Thank you.
Thank you. Ladies and gentlemen, that was the last question of the day. I now hand the conference over to management for closing comments.
Yeah. Rupesh, thanks a lot for conducting this conference call post-result. Thank you all participants for your interest and time. Thank you so much.
Very good.
Thank you. On behalf of Elara Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your line.