ROW-related project delays
ROW compensation policy changes and state-level adoption delays caused commissioning slippages in FY25; may persist.
POWERGRID / Q4-FY25 / risks
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Powergrid · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Lower TBCB pipeline in FY26
Current TBCB pipeline is only INR 45,000-46,000 crore, significantly lower than INR 92,000 crore won in FY25, which could slow order book growth.
ROE compression from higher equity base
ROE dipped ~100bps YoY as net worth grew faster than profits; further dilution possible if CapEx ramp-up requires equity.
RE demand slowdown impacting transmission needs
Weak power demand and delayed PPAs for RE projects could reduce urgency for new transmission lines, affecting long-term pipeline.