NHPC achieved CoD of 330MW Kishanganga project in April'18, but Parbati II (4x200MW) capacity is now expected to be commercialized only by FY21E-22E. Final report on Subansiri by MoEF has been kept reserved as the NGT is yet to decide whether the project is to be appraised through the current committee or form a new committee. We have cut our earnings estimates by 8.6%/14.9% for FY19E/20E to factor in delay in the commercialization of Parbati II project. Accordingly, we cut our SOTP-based Target Price (TP) to Rs31 v/s Rs34.6 earlier. We...