NHPC Limited has informed stock exchanges about a significant arbitration award pronounced against the company in a dispute with HCC related to the Kishanganga HE Project. The disclosure was made in compliance with SEBI regulations regarding material litigation updates.

Arbitration Award Details

The arbitration tribunal pronounced the award in favor of HCC on February 21, 2026, following disputes over civil works construction at the Kishanganga HE Project. The award encompasses multiple financial components and represents a substantial financial obligation for NHPC.

Nature of Disputes

The arbitration case involved HCC's claims relating to the release and refund of encashment of Performance Bank Guarantee and Retention money Bank Guarantee. Additionally, HCC raised nine miscellaneous claims covering various aspects of the project execution.

The disputed areas included:

• Changes in legislation affecting Work Contract Tax, Toll Tax, VAT, GST, CST, and Custom Duty
• Price adjustment claims
• Costs related to depositing tax demand amounts raised by J&K Tax Authorities
• Interest on Custom Duty payments
• Costs of additional work executed beyond the original contract scope

NHPC's Counter-Claims

While the tribunal ruled in favor of HCC, NHPC has filed substantial counter-claims worth ₹738.67 crore against the contractor. These counter-claims represent NHPC's position on various project-related disputes and financial obligations.

Current Status and Next Steps

The arbitration tribunal's award is currently under examination by NHPC's legal and technical teams. The company has indicated that arguments on the counter-claims filed by NHPC are scheduled to commence, suggesting that the arbitration proceedings are not yet fully concluded.

The disclosure was made through a formal communication to both BSE Limited and National Stock Exchange of India Limited, signed by Company Secretary Rupa Deb on February 23, 2026. This development represents a significant material event for the Navratna company, which specializes in hydroelectric power generation projects across India.

NHPC Limited, a Government of India Navratna enterprise, has announced its participation in an upcoming investor conference as part of its stakeholder engagement activities. The company has informed stock exchanges about this development in compliance with regulatory requirements.

Conference Participation Details

The power sector company will participate in Kotak Securities' Chasing Growth 2026 Investor Conference, providing a platform for direct engagement with the investment community.

Regulatory Compliance

The announcement was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to disclose material events and information that could impact investor decisions.

The communication was digitally signed by Rupa Deb, Company Secretary, on February 18, 2026, and addressed to both BSE Limited and National Stock Exchange of India Limited.

Company Information

NHPC Limited operates as a Navratna company under the Government of India. The company is listed on both major Indian stock exchanges with scrip code 533098 on BSE and NHPC on NSE. The company's registered office is located at NHPC Office Complex, Sector-33, Faridabad, Haryana.

This investor conference participation reflects the company's commitment to maintaining transparent communication with its stakeholder community and providing updates on its growth initiatives.