Powergridofindia · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
As explained by management, older RTM projects (commissioned 2010-13) are completing 12-year depreciation cycles, causing ~9% revenue reduction per old project due to lower depreciation (5.28% to ~1.2%) and declining interest on loan. TBCB projects yield lower returns (~10-15% vs 17% for RTM).
Laday HVDC project tender failed due to cost escalation from Rs 20,000 crore to Rs 42,000 crore and manufacturer constraints. Now being replaced by 400 KV AC project (estimated Rs 30,000 crore) with timeline still targeted 2029. Order book impact uncertain until government direction received.
Brahmaputra basin opportunity (~Rs 6.4 lakh crore through 2035+) may be bid out under TBCB rather than nominated to Power Grid, unlike initial expectations. Management indicated these are "normal HBDC projects in plain area" more suitable for competitive bidding.
Power Grid's first data center project (1,000 racks) has faced clarifications and issues, pushing commissioning from Q3 to Q4 FY26. No revenue contribution expected this fiscal year.
