FGD policy uncertainty
Government may stop issuing new FGD tenders; though NTPC is hedged via cost-plus mechanism, any change could impact project timelines.
medium · analyst_question
NTPC — Q2 FY25
NTPC delivered a strong Q2 FY25 with standalone PAT of ₹4,649 crore, up 19.66% YoY, driven by higher generation and cost pass-through mechanisms.
bullish
high
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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
Rising thermal project costs
CapEx per MW for new thermal projects has risen beyond ₹12 crore due to mandatory air-cooled condensers and limited bidders.
medium · management_commentaryUnder-recovery from disincentives
Under-recovery increased to ₹495 crore in Q2 from ₹381 crore last year due to higher planned outages (6.12% vs 5.19%).
low · data_observationPPA signing delays for thermal projects
Some thermal projects (e.g., Gadarwara Stage-II) have only 68% PPA consent; balance expected in four months but could slip.
medium · management_commentary