Curtailment losses in renewables
NGEL lost 420 MU and Ayana lost 212 MU due to grid curtailment in 9M FY26, impacting generation and profitability.
NTPC / Q3-FY26 / risks
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Ntpc · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Delays in thermal project awards
Meja and Lara thermal awards are delayed due to approval processes and contractor extensions, pushing timelines.
Aggressive green ammonia bid
The SECI green ammonia bid won by NGEL appears aggressive on pricing, though management claims healthy IRR.
Fixed cost under-recovery
Fixed cost under-recovery stood at INR 454 crore as of December 2025, though efforts are being made to reduce it.