Makar Jitumaya Suri Hydropower Limited has published its unaudited financial results for Q2 FY 2082/83.
6th February 2026, Kathmandu
Makar Jitumaya Suri Hydropower Limited (MAKAR) has published its unaudited financial results for the second quarter of the fiscal year 2082/83.
Makar Jitumaya Financial Results
The report highlights a period of steady operational performance and a transition toward sustained profitability following the successful stabilization of its two key projects in Dolakha.
Financial Performance Overview (Q2 2082/83)
According to the uncertified financial statements as of Poush end 2082, the company reported a net profit of Rs 8.00 crore (Rs 80.01 million). This marks an improvement in earnings compared to the previous fiscal year, as the company benefits from full-year operations of its 13.4 MW combined capacity.
Key Profitability and Valuation Metrics
Net Profit: Rs 8.00 crore (Rs 80,014,741).
Annualized Earnings Per Share (EPS): Rs 21.06.
Price-to-Earnings (P/E) Ratio: 49.31 times (based on mid-February 2026 market prices).
Net Worth Per Share: Rs 114.85.
Paid-up Capital: Rs 76.00 crore.
The company’s revenue from electricity sales reached Rs 25.18 crore for the half-year period. This growth is attributed to improved operational efficiency and a 3% escalation in the electricity selling rate compared to the prior year.
Operational Status: Stabilization and Expansion
MAKAR currently operates two key run-of-river (RoR) hydropower projects in the Gaurishankar Rural Municipality of Dolakha.
Suri Khola Hydropower Project (6.4 MW): Commenced commercial operations in May 2022.
Advertisement
Upper Suri Khola Hydropower Project (7 MW): Commissioned and synchronized to the grid on November 25, 2023.
The combined capacity of 13.4 MW has moved from project execution to steady-state operations. CARE Ratings Nepal recently revised the company’s issuer rating upward to CARE-NP BBB- (Is), citing the successful stabilization of these projects and improved cash flows.
Market Performance and Shareholder Value
As of February 4, 2026, MAKAR shares were trading on the Nepal Stock Exchange (NEPSE) with a bearish short-term signal but showing long-term stability.
Share Transaction Highlights (Q2)
Closing Price: Rs 555.00.
52-Week High/Low: Rs 860.00 / Rs 515.00.
Total Listed Shares: 7,600,000 units.
Problems and Strategic Challenges
The management identifies several internal and external hurdles that could impact future performance:
Internal: Retention of skilled human resources and maintaining operational efficiency in remote locations.
External: Inconsistent regulatory policy commitments and inadequate transmission line infrastructure, which can lead to energy wastage during peak production.
Hydrology Risk: As an RoR project, generation is highly dependent on seasonal river flow, with energy production significantly lower during the dry season.
Conclusion
The 2nd quarter report of 2082/83 confirms that Makar Jitumaya Suri Hydropower has successfully entered a profitable phase. With an EPS exceeding Rs 21 and positive retained earnings, the company is gradually building a base for potential future dividends, although none have been declared for the current period. The upgrade in its credit rating further signals a reduction in financial risk for long-term investors.
For More: Makar Jitumaya Financial Results
