Teesta-V restoration delay
October 2023 flash flood caused complete shutdown; August 2024 landslide further delayed restoration. If January 2026 deadline is missed, INR 300+ crore annual PBT from Teesta-V remains at risk.
NHPC / Q4-FY25 / risks
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NHPC · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Teesta Basin revenue loss
Combined PBT loss from Teesta-V, TLDP-III, and TLDP-IV is INR 400 crore versus normal INR 500 crore profit, directly impacting profitability. Management acknowledged this as the primary driver of PAT decline.
Lower incentive income
PF-based incentive declined INR 89 crore YoY to INR 227 crore, while secondary energy increased only INR 21 crore. Total incentive income dropped INR 74 crore, reflecting operational underperformance.
CERC tariff uncertainty for new projects
Parbati-II (~INR 2,000 crore annual revenue) and Subansiri (~INR 4,500 crore) await CERC tariff orders. Management will recognize only 90% provisionally, creating earnings visibility risk.