Studies addressing the self‐sustainability of water bodies are crucial from the perspective of sustainable water resources management. An artificial water body is vulnerable to drastic water level changes resulting from various hydroclimatical and geological factors. It is incumbent therefore to rigorously investigate the effects of these factors in order to assess the response of the water body, consequent to a wide range of scenarios. This study focuses on the self‐sustainability of a water body, based on the water budget approach, and taking into account various hydroclimatical and geological factors in the study area. As the available evaporation data shared a very short (~2 years) common time frame with the other variables, evaporation was modelled using regression and artificial neural network models. The study results indicated the water body would be self‐sustainable under the extreme climatical and hydrological conditions considered. While seepage exhibited substantial impacts on the storage of the water body, evaporation was found to have only marginal impacts.