Butwal Power Company Results Second Quarter
11th February 2026, Kathmandu
Butwal Power Company Limited (BPC) has released its unaudited financial results for the second quarter of the fiscal year 2082/83, showing consistent growth in both top-line revenue and bottom-line profit. As of Poush 30, 2082 (January 14, 2026), the company reported a net profit of NPR 225.38 million, marking a 16.25% increase compared to the same period in the previous fiscal year.
Butwal Power Company Results
The company, headquartered in Buddha Nagar, Kathmandu, is currently transitioning from a medium-scale generator to a major regional player through its massive 601 MW Marsyangdi Cascade pipeline.
Financial Performance Summary (Q2 2082/83)
BPC’s financial health remained robust during the second quarter, driven by operational efficiencies and tariff adjustments in its distribution sectors.
Revenue Growth: Total revenue reached NPR 464.04 million, up 10.76% from NPR 418.97 million in Q2 last year. This was primarily fueled by increased electricity sales and tariff revisions in the Andhikhola distribution area.
Earnings Per Share (EPS): The annualized EPS for the quarter stood at NPR 6.61, an improvement from the NPR 5.69 recorded in the corresponding quarter of the previous year.
Net Worth Per Share: The company’s book value remains strong at NPR 208.40.
Liquidity: The current ratio saw a significant jump to 3.67 times, indicating an exceptionally strong capacity to meet short-term obligations compared to the 1.02 times seen in the previous quarter.
Strategic Project Pipeline: The 601 MW Goal
The centerpiece of BPC’s long-term value is its “Marsyangdi Cascade,” a series of three projects being developed in partnership with Chinese investors (SCIG, Xincheng, and QYEC).
1. Manang Marsyangdi HEP (135 MW)
Following the financial closure with the EXIM Bank of China in late 2024, full-scale construction is now underway. Sinohydro Bureau 7 has been mobilized, and the project is estimated for completion within the next 38–42 months (late 2027/early 2028).
2. Lower Manang Marsyangdi (139.2 MW) & Upper Marsyangdi-2 (327 MW)
These two projects form the rest of the cascade modality.
Lower Manang: Utilizing the tailrace water from the upstream Manang Marsyangdi project, this cascade is in the pre-construction and land acquisition phase.
Upper Marsyangdi-2: With a massive 327 MW capacity, this project is positioned as a key exporter of energy to the regional grid.
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3. Other Operational and Upcoming Units
Nyadi Hydropower (30 MW): Fully operational and contributing to the steady revenue stream.
Chino Khola (7.9 MW): Currently under active construction.
Mugu Karnali (174 MW): Feasibility studies are completed, and the company is seeking strategic partners for this large-scale Himalayan project.
Stock Market Overview (NEPSE: BPCL)
BPC remains a favorite among long-term institutional and retail investors due to its dividend history and massive project pipeline.
Recent Closing Price: NPR 716.00 (as of Feb 10, 2026).
Dividend Track Record: The company recently held its 33rd AGM on Poush 28, 2082, where a 6% cash dividend for the fiscal year 2081/82 was approved and distributed.
52-Week Range: NPR 380.70 – NPR 1,065.00.
P/E Ratio: Currently trading at a high P/E ratio, reflecting market expectations of significant future earnings once the 601 MW cascade comes online.
Challenges and Risk Management
Despite the positive results, BPC faces several systemic risks common to the Himalayan power sector:
Legal Hurdles: BPC is currently involved in a Supreme Court case against the Department of Electricity Development (DoED) regarding royalty issues for the 4.3 MW Andhikhola Upgrading Project.
Hydrological Risks: Variability in river flow and potential flood damage remain constant threats to run-of-river projects.
Exchange Rate Fluctuations: Since major projects are funded via foreign loans (USD), volatility in the NPR/USD exchange rate can impact repayment costs.
Conclusion
The Butwal Power Company Results for Q2 2082/83 confirm that the company is successfully balancing its current distribution and generation business with its aggressive expansion goals. With a net profit growth of over 16% and the successful mobilization of the Manang Marsyangdi project, BPC is well-positioned to remain a cornerstone of Nepal’s energy sector.
For More: Butwal Power Company Results
