NHPC · Material risks, their source context, and severity in the latest available quarter.
ConCallIQ research layer
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Risk intelligence
With insurance coverage limited to 12 months (completed September 2024), NHPC faces ~INR 450 crore annual fixed cost exposure for 15 more months until December 2025 estimated restart. This represents INR 40-50 crore annual under-recovery.
August 2024 landslide at tail race tunnel outlet and GIS building represents second disruption event. Management stated restoration to Q3 FY26 (December 2025), indicating potential further delays given challenging terrain.
Analyst raised concern about PPA signing delays for FDRE/hybrid projects. Management stated 9,000 MW tendered but only 7,000 MW PPAs signed; 1,200 MW pending with Uttar Pradesh Discom. While REA mode mitigates risk, revenue recognition timing remains uncertain.
Finance costs doubled to INR 526 crore in H1 FY25 vs INR 245 crore, primarily due to INR 331 crore increase in interest on arbitration/court cases. While recoverable through CERC petitions, cash flow timing remains uncertain.
