Thermax · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
TBSPL has taken over INR 100 crore in total losses including INR 44 crore in Q1 alone. Technology and process issues are now understood, but management acknowledged no plant is fully functional yet and will not claim success until delivery.
Frost Energy Photovoltaic (FEPL) expected to be loss-making for full FY25 due to Tamil Nadu flood impacts delaying solar panels, wind project site selection delays, and below-expected wind/solar generation from climate factors.
Finding large numbers of workers at site has been challenging for 12+ months due to elections, rains, and broader labor market constraints. This has elongated project timelines and added costs across high civil-content projects.
Analyst raised concern about government sector receivables and whether terms will improve for thermal power projects. Management declined full EPC bids citing bank guarantee risks, payment terms with no sunset clauses, and historical inability to make money on government projects.
