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The eponymous Lake Nilgaut is located roughly in the centre of the territory, at an altitude of over 300 metres (980 ft). This 9 kilometres (5.6 mi) long lake is named after the nilgai (French: nilgaut), the largest Asian antelope and only found on the Indian subcontinent. The name was officially introduced in 1935, but it is unknown why this term was chosen to replace the original name Lac à l'Orignal (Moose Lake).
Lake Nilgaut drains via the Nilgaut creek into the Noire River, a major river that, together with the Coulonge River, bisects the territory.