Ladies and gentlemen, welcome to the NHPC Limited Q4 FY '25 Earnings Conference Call hosted by Elara Capital. [Operator Instructions] 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.
Good afternoon, everyone. On behalf of Elara Securities, we welcome you all for the Q4 FY '25 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 Personnel. So we will begin the call with a brief overview by the management followed by 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 had adopted annual financial results for the period ended 31st March '25 in its 492nd meeting held on 20th May '25 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 just touch upon major highlights and then detailed analysis of the results shall be discussed by our Director Finance, Shri R.P. Goyalji.
Brief highlights of the financial results and important updates on the company are as under. During financial year '25, our power stations have achieved generation of 19,862 million units as against 21,773 million units generated in 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 '23, which has resulted into complete shutdown of Teesta high 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 land slide in August '24 affecting the tailrace tunnel outlet structure and part of the GIS building. Now restoration works are progressing well and are expected to be completed by January '26.
Our plant availability factors for financial year '25 stands at 73.94% at 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 high power station and outages of units at TLDP-III Pori-I power station. During financial year '25, company has earned revenue from operation of INR 8,994 crores as against INR 8,397 crores in the corresponding previous year which is about 7% higher. During financial year '25, company has earned PAT of INR 3,084 crores as against INR 3,722 crores of corresponding previous period, which is about 17% lower.
On physical front, I am very pleased to share that all these 4 units of Parbati-II hydroelectric project, 800-megawatt have become commercially operational with 3 units from 1st April '25 and fourth unit from 16th April '25. 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-megawatt in RE portfolio of our country and reaffirms NHPC's leadership in the hydropower sector. The project had become NHPC's largest operational hydropower station as of now. Further, NHPC has also commissioned 107-megawatt out of the 300-megawatt solar power plant in Bikaner, Rajasthan under CPSU scheme on 12th April '25 which is an important step in our ongoing efforts to diversify into other renewable energy sources. In respect of Subansiri Lower Hydroelectric project, 2,000-megawatt, the balanced construction work at site is going on in full swing. Overall, 96% physical progress of the project has been achieved.
Dry commissioning of Unit 1 and 2 has already been completed and pre-commissioning activities of Unit 3 is in process. A team constituted by National Dam Safety Authority, NDSA has visited the project site to review the initial filling plan of the reservoir. The commissioning of 3 units is expected very shortly. We are very hopeful of commissioning 5 units of the project in the current financial year, and rest of the units by May '26. The anticipated cost of the project is INR 26,076 crores, and we have incurred INR 23,753 crores till March '25.
In respect of Dibang Multipurpose Project, 2,880-megawatt, 5 out of the 7 contract packages have already been awarded. The remaining 2 contract packages related to dam and HM works for intake and draft to gates are in 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 crores which includes grant of INR 6,716 crores for flood moderation and enabling infrastructure works. Out of which we have already incurred INR 3,183 crores till March '25.
Further estimated levelized tariff of the project is INR 4.46 per unit, and the scheduled completion of the project is February '32. In respect of Lanco Teesta Hydro Power Limited, LTHPL's Teesta 6 hydroelectric project 500-megawatt we are pleased to share that process of merger of the company with NHPC has been completed. And now the project is part of NHPC on a stand-alone basis. The work is progressing well at site. Overall, 66% physical progress of the project has been achieved. The estimated cost of the project is INR 8,449 crores, out of which we have already incurred expenditure of INR 4,142 crores till March '25. The expected commissioning schedule of the project is December '27.
Jal Power Corporation Limited, JPCL's Rangit IV hydroelectric project, 120-megawatt is also progressing well. Overall, 86% physical progress of the project has been achieved. We have already shared that in July '24, the project has successfully achieved the daylighting of the HRT. Unit 1 has been boxed up and boxing up of Unit 2 is in process. We have successfully lowered the rotor of Unit 3, the last unit of the project. The project is expected to be commissioned by December '25. The estimated cost of the project is INR 1,828 crores. Out of which, we have already incurred expenditure of INR 1,432 crores till March '25.
Further we are in the process of merger of JPCL with NHPC and first motion application has been filed with Ministry of Corporate Affairs. In respect of Ratle hydroelectric project 850-megawatt in 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 crores and we have incurred expenditure of INR 916 crores till March'25. Estimated levelized tariff of the project is INR 3.92 per unit, and the project is expected to be commissioned by November '28. Presently, NHPC through its subsidiary, Chenab Valley Power Projects Limited, is executing 3 projects in Chenab Basin in UT of J&K. Construction work at Pakal Dul hydroelectric project, 1,000 megawatt is progressing well. Overall, 67% physical progress of the project has been achieved. The estimated cost of the project is INR 12,728 crores, out of which we have incurred expenditure of INR 6,265 crores till March '25. The project is expected to be commissioned by September '26.
In respect of Kiru HE project, 624-megawatt overall, 58% physical progress of the project has been achieved. We have incurred expenditures of INR 2,478 crores till March '25, out of the estimated cost of the project of INR 5,409 crores. Estimated levelized tariff of the project is INR 5.68 per unit and estimated commissioning of the project is September '26.
In respect of Kwar hydroelectric project, 540 megawatts, the work is progressing at site. Overall, 20% physical progress of the project has been achieved. The estimated cost of the project is INR 4,526 crores, out of which we have incurred expenditure of INR 1,008 crores till March '25. Estimated levelized tariff of the project is INR 4.44 per unit and the project is scheduled to be commissioned by December '27.
Apart from the above under construction projects, NHPC is also actively pursuing to start works of projects such as Uri-I Stage II, 240-megawatt; Dulhasti Stage II, 260-megawatt; Sawalkot, 1,856 megawatts; Kirthai-II, 820-megawatt; and Teesta-IV, 520-megawatt, 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-megawatt; and SR 6 hydroelectric project, 460-megawatt were submitted to the Investment Board of Nepal on 18th October '24 and 12th March '25, respectively, adhering to the time line specified in the MOU signed between IBM and NHPC. Currently, DPRs are under approval by IBM. For the Phukot Karnali project, 624-megawatt, NHPC has submitted the DPR review report in March '24 as per the agreed time lines. 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.
DPRs for all the underconstruction 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-megawatt capacity solar power projects allotted under CPSU Scheme Tranche 2, we have already shared that we have commissioned 107-megawatt out of 300-megawatt project in Bikaner, Rajasthan. And the full commissioning is expected by August '25.
Further, sublease deed of land has been executed in respect of 600-megawatt project in Gujarat and design and engineering activities are under progress. Further land acquisition and erection works are in progress in respect of 100-megawatt project, solar project in Andra Pradesh. NHPC has awarded the EPC contract for 200-megawatt grid connected solar power projects stage 3, located in 600-megawatt solar park at Khavda, Gujarat on 23rd December '24. The cost of the project is INR 822 crores and tariff of the project is INR 2.66 per unit.
The project is expected to be commissioned by March '26. The works of another 200-megawatt grid connected solar power projects located in 600-megawatt solar park at Khavda, Gujarat State I was awarded on 5th August 2024. Site survey works and geotechnical investigations have been completed. NHPC is also exploring to develop pump-based storage projects in the state of Andra Pradesh, Odisha, Madhya Pradesh, Chhattisgarh, Gujarat, Tripura, Punjab, Rajasthan and Maharashtra.
The DPR for Indra Sagar Omkareshwar, pump-based storage project 640-megawatt in Madhya Pradesh; Savitri PSP 2,400-megawatt in Maharashtra; Yaganti PSP 1,000-megawatt and Gandikota PSP 1,200-megawatt in Andra Pradesh. Masinta PSP 1,000-megawatt in Odisha and Kuppa PSP 900-megawatt in Gujarat is under preparation. PFR of Kengadi PSP 600-megawatt; Kalu PSP 1,350 megawatts situated in Maharashtra and Longtharai PSP 800-megawatt situated in Tripura have been submitted. Further PFR of Rajupalem PSP 800-megawatt; Aravetipalli PSP 1,320-megawatt and Deenepalli PSP 750-megawatt 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. Goyalji to discuss financial results in detail.
Good afternoon, friends. I'm going to share with you 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 '25 in its meeting held on 20th May '25, and the same has already been communicated to exchanges. Brief highlights of the financial results and important updates on the company are as under. During FY '25, our power stations have achieved generation of 19,862 million units as against 21,773 million units generated in corresponding period of previous year, which is lower by about 9% or INR 1,911 million units. During fourth quarter FY '25, power stations have achieved a generation of 2,170 million units as against 2,304 million units generated in corresponding period of the previous year, which is lower by about 6% or 134 million units. Our PAF for FY '25 stands at 73.94% against the corresponding previous period PAF of 77.60% which is about 4% lower.
Our PAF for fourth quarter of FY '25 stands at 58.59% against the corresponding previous period PAF of 54.65%, which is about 4% higher. During FY '25 revenue from operations of the company has gone up by INR 598 crores from INR 8,396 crores to INR 8,994 crores, which is about 7% higher. The increase in revenue is mainly due to increase in sales pertaining to previous years by INR 742 crores on account of pay and only orders and impact of annual subsidiary revision and increase in unbilled revenue by INR 540 crores, mainly on account of interest on arbitration cases, reversing cases and amount deposited in NITI Aayog by the company, which is further offset by lower energy charges by INR 262 crores and decrease in interest from beneficiaries on account of trimming for 2014-'19 tariff period and tariff order for 2019-'24 period by INR 372 crores. During quarter 4 of FY '25 revenue from operations of the company has gone up by INR 410 crores from INR 1,649 crores to INR 2,059 crores which is about 25% higher.
This increase is mainly due to reversal of quarter sales by INR 337 crores in Q4 of previous year. Water sales in respect of Himachal Pradesh and Sikkim was reversed in view of outcome of the honorable High Court of Himachal Pradesh against imposition of water sales and increase in capacity charges by INR 83 crores. During FY '25, other income has come down by INR 21 crores from INR 1,600 crores to INR 1,579 crores, which is about 1% lower, showing marginal decrease. During Q4 FY '25, other income has come down by INR 191 crores from INR 588 crores to INR 397 crores, which is about 32% lower. This is mainly due to decrease in dividend income by INR 96 crores and a decrease in exchange rate variation gain by INR 57 crores.
During FY '25, the generation expenses have come down by INR 18 crores from INR 814 crores to INR 796 crores on account of lower water sales due to lower generation of electricity. During Q4 FY '25, the generation expenses have gone up by INR 344 crores from negative INR 247 crores in corresponding previous quarter to positive INR 97 crores in current quarter. The increase is mainly due to the reason that during Q4 of 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 crores against the water sales in respect of Himachal Pradesh and Sikkim during that period. During FY '25, the employee benefit expenses have gone up by INR 354 crores from INR 1,290 crores to INR 1,644 crores, which is mainly due to provision of pay anomaly arrears in compliance of the honorable High Court of Punjab.
During Q4 FY '25, the employee benefit expenses has come down from INR 368 crores to INR 367 crores, which is almost flat. During FY '25, there has been increase in the finance cost by INR 421 crores from INR 726 crores to INR 1,147 crores, which is mainly due to increase in interest on arbitration and court cases by INR 432 crores against which unbilled revenue of INR 406 crores has also been recognized. So net impact of this item is only INR 16 crores on the -- INR 26 crores on the profit and loss account. During Q4 FY '25, there has been decrease in the finance cost by INR 379 crores from INR 349 crores to negative INR 30 crores, which is mainly due to increase in interest on arbitration and court cases by INR 183 crores and reversal of INR 110 crores towards interest on arbitration and court cases, which has now been capitalized in current quarter.
During FY '25, the depreciation and amortization expenses have gone up by INR 14 crores from INR 1,111 crores to INR 1,125 crores, which is also flat. During Q4 FY '25, the depreciation and amortization expenses have gone up by INR 13 crores from INR 280 crores to INR 293 crores. During FY '25, other expenses have come down by INR 13 crores from INR 2,015 crores to INR 2,002 crores, which is almost split. During Q4 FY '25, other expenses have gone up by INR 144 crores from INR 534 crores to INR 678 crores, which is mainly due to increase in insurance expenses by [indiscernible] expenses by INR 39 crores.
During FY '25, tax expenses have gone up by INR 365 crores from INR 552 crores to INR 916 crores. This is mainly due to reason that during corresponding previous year period, MAT credit of INR 529 crores was recognized. During this period, no MAT credit has been recognized, whereas MAT credit of INR 271 crores has been utilized. During Q4 FY '25, tax expenses have come down by INR 241 crores from INR 424 crores to INR 183 crores. This is mainly due to the lower utilization of MAT credit. During FY '24, we have earned PAT, profit after tax, of INR 3,084 crores as against INR 3,722 crores in corresponding previous period, which is down by INR 638 crores and which is around 17% lower. And the reason for decrease increase in the line items we have just discussed.
During Q4 FY '25, we have earned PAT of INR 894 crores as against INR 693 crores of corresponding previous period, which is up to by INR 201 crores or 29%.The reason for decrease increase in the line items that we have just discussed. During FY '25, the incentive position is as follows. We have earned secondary energy to the tune of INR 123 crores in current financial year, FY '24, '25 as against INR 102 crores in the corresponding previous period. So there is an increase of INR 21 crores in the secondary energy. PAF-based incentive, we have earned in FY '24, '25 to the tune of INR 227 crores as against INR 316 crores in the corresponding previous year. So this is down by INR 89 crores. Revision charges, we have earned INR 35 crores in FY '24, '25 as against INR 41 crores in the corresponding previous year. So this is lower by INR 6 crores. So a total of other 3 incentive we earned in FY '24, '25 is INR 385 crores as against INR 459 crores in the corresponding previous year. So we have lost around INR 74 crores on account of these 3 incentives during the FY '24, '25.
The incentive position during Q4 of FY '25 is as follows. Secondarily, we have earned INR 81 crores as against INR 80 crores in the corresponding previous quarter. PAF-based incentive is INR 207 crores against INR 252 crores in the corresponding previous quarter. And division charges is INR 5 crores as against INR 7 crores in the concerning previous quarter. So total of all the 3 incentives during the Q4 of FY '25 is INR 293 crores as against INR 339 crores in the corresponding previous quarter. CapEx of INR 11,596 crores has been incurred during FY '25 against target CapEx of INR 11,762 crores for FY '25 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, '24, '25.
Other major highlights of the company are as under on realization front. NHPC has received INR 8,349 crores, from the beneficiaries against sale of energy during FY '25 as compared to INR 9,606 crores in the corresponding period of the previous year. Trade receivables as on 31st March '25 stands at INR 4,412 crores as against INR 3,978 crores as on 31st March '24. This includes INR 3,677 crores as unbilled debtors as on 31st March '25 as against INR 2,263 crores as on 31st March '24. The net receivables -- out of total reported net receivables are reconciled as under. The reported trade receivables are INR 4,412 crores. If we subtract unbilled debtors from this, the unbilled debtors are 3,677 crores. So billed receivables was out to INR 735 crores. If you exclude the debtors dues converted to installments under [indiscernible] other orders of CRC, that is INR 119 crores. The net amount due from the beneficiaries works out to INR 616 crores only. And dues more than 45 days is only INR 220 crores.
So old due amount is only INR 222 crores in our case, as on 31st March '25. Unbilled debtors mainly include unbilled annual fixed charges and recurrable as per CRC regulations, including security and insurance expenses of INR 1,366 crores, interest on arbitration of the court cases of INR 580 crores. Impact of effective tax rate on return on equity of INR 485 crores. Unbilled sales for the month of March '25 of which INR 430 crores and shortfall in generation results beyond the control of the company of INR 292 crores. The net billed trade receivables as on 19th May '25 stands at INR 740 crores, which includes more than 45 days of INR 73 crores only. This is all from my side.
Now the forum is open for question and answers. Thank you.
[Operator Instructions] First question is from the line of Mohit Kumar from ICICI Securities.
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 a consol basis, it has declined to INR 30 billion, INR 3,000 crores. You did touch upon on the various one-offs. But can you please help us with the -- in broader basis, what explains the decline. Is there a one-off in the tax item? You did say there is a MAT credit. But is it related to the past period, which is on the tax, which you can just help us explain?
Yes. Mohit, so you'll have to understand that the major reason for decline -- so let us discuss at PBT level first. So if you look at PBT level, you will find that the decline of INR 100 crores in quarterly number and INR 200 crores in yearly number, right? So the quarterly number, INR 100 crores is entirely on account of reversal of INR 110 crores on account of interest on arbitration which has been reverse in Q4 itself and that is the reason you will see that there is a negative finance cost of INR 30 crores. So that is the only one-off. You can treat this item as one-off. And if you -- Some noises are their from background? Yes. Mohit, are you there?
I'm there. I think there's some issue with the other lines.
Okay. No worries. So if you add back this INR 100 crore number as a one-off, you will arrive at the actual adjusted PAT -- PBT, I mean. Similar kind of adjustment, if you do at a yearly number, like INR 200 crores decline in PBT, you will -- if you refer Note #5 and Note #6 of our financial results, you will find that there is impact of INR 100 crores in pay anomaly, which has impacted our PBT and INR 26 crores, again, that this interest on arbitration. So INR 126 crores impact is there on account of these 2 numbers and INR 100 crores decline is there in energy charges. So almost INR 200 crores decline is there. So that is two adjustments you have to carry out to arrive at the adjusted PAT.
Understood.
Anything else you want...
No, no, that's very helpful. Can you please help us, sir, NHPC revenue and profit numbers for this fiscal...
Please come again?
NHPC, the subsidiary revenues and profits.
Yes. So total generation of NHPC during FY -- the current FY was 5,575 million units as against 4,473 million units in corresponding previous year, right? The revenue from operations is INR 1,400 crores as against INR 1,270 crores. The PAT is INR 837 crores as against INR 812 crores.
Understood. My one last question, sir. Can you please help us with the capitalization of Parbati-II in the books and rated clarification is that how are you going to book the revenues? Is it -- will it be 85% of the expected capacity charge till the time we get the full tariff order from the CRC. Is that right understanding?
Actually, our Part 2 has been capitalized -- 3 units has been capitalized from April '25 and fourth unit it has been -- will be capitalized from 15th of April '25. So full year generation and full year revenue will be there. And we are in the process of filing tariff petition in the CRC. So based on filing of tariff petition, we will recognize 90% of the revenue on provisional basis till the order comes from CRC.
Understood sir. And what is the amount capitalized on the books?
Amount capitalized will be around INR 12,000 crores plus.
Next question is from the line of Ragini Pande from Elara Capital.
I wanted to know that what was the impact of insurance cover, which was not there at the stuff right now. I mean the insurance cover was till September 2024, I think so last year. So what was the under recovery...
Yes, Ragini, if you look at the normal circumstances of Teesta-V, TLDP-III and TLDP-IV, all these 3 projects in Teesta basin, you will find that in normal circumstances, almost INR 300 crores kind of PBT we earned from Teesta-V, INR 100 crores from TLDP-IV and INR 103 crores from TLDP-III. So almost INR 500 crores kind of PBT we earned from these 3 projects. But due to this flash flood we have discussed, the last previous number was INR 300 crores. But this year number is INR 99 crores loss. So there is almost INR 400 crores kind of loss at PBT level from these 3 projects.
Okay. I just wanted to confirm on the adjusted PAT number for Q4 FY '25. So you said that there is an adjustment of INR 200 crores in Q4, right?
Q4 INR 100 crores adjustment you have to carry out on account of reversal of interest on arbitration, INR 200 crores number is for yearly number.
What will be the incremental revenue from the recently commissioned Parbati project?
Yes. So the design energy of Parbati is 3,074 million units. And the accepted tariff is around INR 7.5 to INR 8. We have to file the tariff petition with CRC and we have to wait for the final outcome. But the approximate number, if you want to consider at the rate of INR 7.5, 87%, sellable design energy of 3,074 you can consider, and that will work out somewhere INR 2,000 crores.
Okay. Yes. Sir, another question was on Subansiri. What is the expected commissioning time line for the project and the incremental revenue, which is expected from it?
As per our plan, we will commission 3 news by June '25, and rest of 5 units will be commissioned by May '26. And the incremental revenue of this project will be in the range of INR 4,000 crores -- incremental revenue will be INR 4,500 crores on annual basis when full commissioning is achieved.
Yes. Okay. Just one last question. What is the regulated equity currently after the commissioning of Parbati project?
Yes. So consol level, if you want to consider INR 13,000 crores is regulated equity for NHPC as stand-alone and INR 1,000 crores is the regulated equity in NHPC. So our share is INR 14,000 crores 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 crores. So roughly INR 14,000 crore plus INR 4,000 crore, INR 18,000 crore would be regulated equity in this particular financial year.
Next question is from the line of Prashant Kshirsagar from [indiscernible] Corporate Research Private Limited.
Good afternoon, sir. Am I audible?
Yes, please.
Yes. 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 a 1,720 megawatts. So the -- are you listening?
Yes, yes. The line got cut.
So again, I will repeat,the Kamala that is Subansiri Middle project. So it is 1,720-megawatt pre-DPR chapter already cleared by the CA and CWC. We have submitted the cost chapters, and it is likely to be cleared by the CA and CWC very soon. So technoeconomic clearance, we are going to get very soon. And at the same time, we have processed for the environmental clearance and forest clearance also. So things are moving very fast. We are expecting that during this year, the all clearances will be there. And before that, we will move for investment approval, PIB and CCA because these projects Kamala and Subansiri Upper. Subansiri Upper is 1,605-megawatt, that is also going well, clearances are progressing. So in these projects, there will be 26% share of the state government and 74% NHPC. So for these 2 projects, the PIB and investment approval, we have to obtain from the Government of India. So we are expecting that by the year-end, the NHPC will move for investment approval from the government of India.
So 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 a share of the state government utilities maximum up to 26% -- in the JV company.
And sir, about the Dibang project, you said you awarded 5 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?
You understand that the entire project, the civil works, hydromechanical works and electromechanical works. So these all 3 types of work. So we have formulated 7 packages. 7 contract packages. Out of 7, 5 contract packages have already been awarded and works are going at -- progressing at site. The rest 2 packages, the tender is opened, and it is under evaluation. So we expect that shortly, we are going to award the balance 2 contract package.
Sir, about the Middle and Upple Subansiri, has the land acquisition being completed or you have started or complete at what speed 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.
Next question is from the line of Mohit Kumar from ICICI Securities.
Thanks for the opportunity once again. So my question was, are you expecting more projects due to the evolution 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-megawatt. And we have already floated the -- mechanical and electromechnical works, we are going to float the tender during this month only. The second project, Dulhasti Stage I, 390-megawatt already there. So there is a Dulhasti State II project, 260-megawatt. So for that also, we have received the approval 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 megawatts, 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 Ladakh area. So these are the things under the change scenario.
Sir, are you looking to add the projects under one single EPC umbrella? Or is still -- or are you going ahead with taking the packages? Because I saw -- I remember I saw one even large Sawalkot order based on the EPC basis, but I think you have broken the package again. Is that right understanding?
Sawalkot project, we are going to formulate the entire works of the project in two package for the civil works. One package for the design and engineering. And again, hydromechanical works and electromechanical works. So we have already prepared the bid documents for the two package and we are waiting the investment approval from the government. So then we'll go ahead.
And sir, any comment on any PSP projects which you think you'll award in F '26 or F '27 in the near term to start to work?
Yes, yes. So the first project we are going to award the Indra Sagar Omkareshwar, that is 640-megawatt. So the DPR is under evaluation in the CWC and Central Lake City Authority. We are expecting that within next 2, 3 months, we are going to get the DPR cleared. And once DPR is cleared -- appraisal is clear, then we'll move ahead with the award of works.
Ladies and gentlemen, that was the last question of the day. I now hand the conference over to management for closing comments.
Yes, Rupesh, thanks a lot for conducting this conference call -- post result. And thank you all participants for your interest and time. Thank you so much.
On behalf of Elara Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.
