Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹8028 Cr.
Stock P/E
-23.8
P/B
0.5
Current Price
₹19.4
Book Value
₹ 35.4
Face Value
10
52W High
₹50.7
52W Low
₹ 19.1
Dividend Yield
0%

Reliance Power Overview

Business

Reliance Power Ltd. (RPOWER) is an Indian energy company primarily engaged in the development, construction, and operation of power projects. Its core business model involves generating electricity, predominantly from coal-fired thermal power plants, but also includes some hydro and renewable energy projects. The company develops these power generation assets and sells the electricity produced to state utilities (distribution companies) or industrial consumers, often under long-term Power Purchase Agreements (PPAs) or on a merchant basis. It makes money by selling the power generated from its operating plants.

Revenue Mix

Reliance Power's revenue is primarily derived from its thermal power generation assets. Its flagship project is the 3,960 MW Sasan Ultra Mega Power Project (UMPP) which includes an integrated captive coal mine. Other operating thermal assets include the Rosa Power Project (1,200 MW). While the company has pursued hydro and renewable energy projects, a significant majority of its operational capacity and revenue historically comes from coal-based thermal power generation. Specific granular breakdowns of revenue by segment are not typically disclosed publicly.

Industry

The Indian power generation industry is capital-intensive, highly regulated, and characterized by a mix of public sector undertakings and private players. It faces challenges related to fuel security, infrastructure development, and payment discipline from state distribution companies. Once an ambitious player aiming for massive scale, RPOWER currently holds a relatively smaller position compared to large public sector utilities (e.g., NTPC) and well-capitalized private sector players (e.g., Adani Power, Tata Power, JSW Energy). The company has faced significant financial and operational challenges, diminishing its market share and standing relative to its peak.

MOAT

Reliance Power currently possesses a very limited durable competitive advantage (moat).

Scale: While it developed some large-scale projects like Sasan UMPP, its overall operating capacity and financial strength do not confer a significant scale advantage over industry leaders.

Brand: The "Reliance" brand carries recognition but does not translate into a direct competitive moat in the commoditized power generation market, especially given the company's financial history.

Network/Switching Costs: Not applicable as power is a commodity.

Regulatory Barriers: High entry barriers exist in the power sector due to capital and regulatory requirements, but this is an industry-wide characteristic rather than a unique advantage for RPOWER.

Its PPAs provide some revenue visibility but are standard industry practice and subject to various risks.

Growth Drivers

Growing Power Demand: India's economic growth and increasing industrialization and urbanization continue to drive demand for electricity, creating a fundamental need for generation capacity.

Resolution of Debt & Financial Stress: Successful restructuring and reduction of its high debt burden, along with asset monetization, could free up capital and improve the company's financial health, potentially enabling future growth or maximizing existing asset utilization.

Improvement in Capacity Utilization: Optimizing operations and fuel linkages for existing plants can drive revenue growth without new capital expenditure.

Government Initiatives: Supportive government policies for infrastructure development and the power sector, while broader, could indirectly benefit existing operators if they address industry-wide issues like grid stability and payment discipline.

Risks

High Debt Burden: The company carries a substantial debt load, which poses a significant financial risk and constrains future investments.

Fuel Security & Price Volatility: Reliance on imported coal for some projects makes it vulnerable to international price fluctuations and supply chain disruptions. Domestic coal linkage issues also present risks.

Regulatory & Policy Changes: Changes in environmental regulations, tariff policies, and coal allocation norms can impact profitability and project viability.

Offtake & Payment Risk: Risks include non-renewal of PPAs and payment delays or defaults from financially strained state distribution companies (discoms).

Environmental Concerns: Increasing global and domestic pressure against coal-fired power plants could lead to higher compliance costs or challenges in future capacity additions.

Project Delays & Cost Overruns: Historically, the company has faced issues with project execution, leading to delays and cost escalations.

Management & Ownership

Reliance Power is part of the Anil Dhirubhai Ambani Group (ADAG), with the promoter group holding a significant ownership stake. The group as a whole has faced considerable financial distress across its various entities in recent years. Management's primary focus has been on debt reduction, asset optimization, and ensuring operational stability. The quality of management is often viewed in the context of the group's broader financial challenges, with ongoing efforts to restructure and deleverage the company.

Outlook

Reliance Power faces a challenging but potentially transformative period. The underlying demand for power in India remains robust, providing a foundational opportunity. However, the company's significant debt, historical project execution issues, and reliance on coal-based power in an increasingly decarbonizing world present substantial headwinds. A successful turnaround hinges on aggressive and effective debt reduction, disciplined asset monetization, resolution of regulatory and contractual disputes for its key projects, and sustained operational efficiency. Failure to address these core issues could lead to continued financial strain and value erosion, while success could unlock significant value from its large asset base. It remains a high-risk, turnaround-focused investment proposition.

Reliance Power Share Price

Live · BSE / NSE · Inception: 1995
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Reliance Power Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 1997 1992 1760 1853 1978 1886 1974 1873 1887 1956
Other Income 197 77 203 307 88 140 93 77 59 147
Total Income 2194 2069 1963 2159 2066 2025 2067 1950 1946 2104
Total Expenditure 1811 1342 1384 1361 1388 1321 1356 1269 1311 1394
Operating Profit 383 728 579 799 677 705 711 681 635 710
Interest 517 551 562 544 399 426 395 371 474 387
Depreciation 287 250 243 204 211 207 208 210 205 207
Exceptional Income / Expenses -40 0 3230 0 0 0 0 0 -382 0
Profit Before Tax -461 -73 3004 50 67 72 108 100 -426 116
Provision for Tax -46 25 125 8 -58 28 21 75 68 51
Profit After Tax -415 -98 2878 42 126 45 87 25 -494 65
Adjustments 18 0 0 0 0 0 0 0 -0 0
Profit After Adjustments -398 -98 2878 42 126 45 87 25 -494 65
Adjusted Earnings Per Share -1 -0.2 7.2 0.1 0.3 0.1 0.2 0.1 -1.2 0.2

Reliance Power Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 10299 10396 9593 8201 7562 7934 7503 7514 7893 7583 7620 7690
Other Income 323 496 278 333 700 455 184 340 368 1225 370 376
Total Income 10622 10892 9871 8534 8262 8389 7687 7854 8260 8807 7989 8067
Total Expenditure 5884 5889 5207 4232 4599 4359 4768 5649 6735 6025 5257 5330
Operating Profit 4737 5003 4664 4302 3663 4030 2919 2205 1525 2782 2732 2737
Interest 2683 2843 2926 3206 3054 2539 2721 2504 2451 2056 1666 1627
Depreciation 701 734 759 838 836 1083 1077 1017 1062 910 829 830
Exceptional Income / Expenses 0 0 0 -3153 -4004 4 0 1037 -40 3230 -382 -382
Profit Before Tax 1353 1425 979 -2896 -4232 412 -879 -279 -2028 3047 -145 -102
Provision for Tax 458 321 144 18 24 -15 44 64 214 100 192 215
Profit After Tax 895 1104 836 -2913 -4255 427 -923 -343 -2242 2947 -337 -317
Adjustments 0 0 5 -38 179 -246 -41 -128 174 0 -0 0
Profit After Adjustments 895 1104 840 -2952 -4077 181 -964 -471 -2068 2948 -337 -317
Adjusted Earnings Per Share 3.2 3.9 3 -10.5 -14.5 0.6 -2.8 -1.3 -5.1 7.3 -0.8 -0.7

Reliance Power Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 20227 21368 21235 17377 11869 12246 11764 11595 11614 16337 16039
Minority's Interest 0 0 0 0 1353 1568 1622 1692 0 0 0
Borrowings 28739 26290 24201 18091 19861 16831 14214 12240 9409 10244 9956
Other Non-Current Liabilities 4481 4594 4470 4417 4326 4326 4404 4714 4929 5180 5200
Total Current Liabilities 11411 12836 12284 18209 16008 15930 17926 18375 17880 9652 10181
Total Liabilities 64858 65087 62190 58095 53416 50901 49930 48617 43845 41412 41376
Fixed Assets 34515 34851 34881 35903 38574 37190 36308 35776 33584 31859 30944
Other Non-Current Assets 20953 20033 19184 16100 9934 7987 7810 7816 5500 5272 5721
Total Current Assets 9342 10081 7997 5960 4908 4869 5739 4953 4532 4189 4618
Total Assets 64858 65087 62190 58095 53416 50901 49930 48617 43845 41412 41376

Reliance Power Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 1042 1002 176 585 29 125 144 192 239 486 440
Cash Flow from Operating Activities 4574 4705 4365 4223 4543 4149 3613 4024 3174 1938 2824
Cash Flow from Investing Activities -1348 -2142 354 60 -247 486 284 -354 -192 453 -212
Cash Flow from Financing Activities -3194 -3389 -4311 -4839 -4200 -4615 -3849 -3623 -2734 -2435 -1828
Net Cash Inflow / Outflow 32 -826 408 -556 96 19 48 46 248 -44 785
Closing Cash & Cash Equivalent 1002 176 585 29 125 144 192 239 486 440 1224

Reliance Power Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 3.19 3.94 3 -10.52 -14.53 0.65 -2.84 -1.26 -5.15 7.34 -0.81
CEPS(Rs) 5.69 6.55 5.68 -7.4 -12.19 5.38 0.45 1.8 -2.94 9.6 1.19
DPS(Rs) 1 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 72.11 76.17 75.7 61.95 42.31 43.66 34.06 30.83 28.91 36.23 35.29
Core EBITDA Margin(%) 42.86 43.35 45.72 48.4 39.18 45.06 36.45 24.82 14.66 20.54 31.01
EBIT Margin(%) 39.19 41.06 40.71 3.79 -15.57 37.19 24.54 29.61 5.36 67.3 19.97
Pre Tax Margin(%) 13.14 13.71 10.21 -35.31 -55.96 5.19 -11.72 -3.71 -25.7 40.19 -1.9
PAT Margin (%) 8.69 10.62 8.71 -35.52 -56.27 5.38 -12.3 -4.56 -28.41 38.87 -4.42
Cash Profit Margin (%) 15.51 17.68 16.62 -25.3 -45.21 19.04 2.05 8.97 -14.96 50.87 6.46
ROA(%) 1.4 1.7 1.31 -4.84 -7.63 0.82 -1.83 -0.7 -4.85 6.91 -0.81
ROE(%) 4.38 5.31 3.92 -15.09 -29.09 3.54 -7.75 -2.97 -19.39 22.53 -2.31
ROCE(%) 7.48 7.88 7.28 0.62 -2.66 7.52 5.06 6.57 1.34 16.81 5.07
Receivable days 114.04 114.34 103.99 116.07 123.06 109.74 136.78 143.14 100.13 76.34 67.82
Inventory Days 38.47 37.79 33.44 38.74 48.89 43.44 41.4 42.59 43.62 45.43 46.54
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 15.46 12.19 12.07 0 0 6.75 0 0 0 5.86 0
Price/Book(x) 0.68 0.63 0.48 0.18 0.03 0.1 0.4 0.32 0.98 1.19 0.58
Dividend Yield(%) 2.03 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 4.46 4.37 4.27 4.07 3.81 3.35 3.61 3.23 3.7 4.15 2.83
EV/Core EBITDA(x) 9.7 9.08 8.77 7.76 7.87 6.59 9.28 11.02 19.14 11.3 7.88
Net Sales Growth(%) 49.18 0.94 -7.72 -14.5 -7.79 4.92 -5.43 0.14 5.04 -3.92 0.49
EBIT Growth(%) 70.97 5.76 -8.51 -92.04 -529.05 350.58 -37.6 20.84 -80.98 1106.02 -70.19
PAT Growth(%) -12.92 23.31 -24.31 -448.61 -44.16 110.04 -316.17 62.86 -553.91 231.45 -111.43
EPS Growth(%) -12.92 23.31 -23.88 -451.22 -38.1 104.45 -538.89 55.54 -308.53 242.52 -111.1
Debt/Equity(x) 1.67 1.54 1.49 1.75 2.42 2.09 2 1.84 1.62 1.04 1.01
Current Ratio(x) 0.82 0.79 0.65 0.33 0.31 0.31 0.32 0.27 0.25 0.43 0.45
Quick Ratio(x) 0.72 0.71 0.59 0.27 0.24 0.25 0.27 0.22 0.2 0.34 0.35
Interest Cover(x) 1.5 1.5 1.33 0.1 -0.39 1.16 0.68 0.89 0.17 2.48 0.91
Total Debt/Mcap(x) 2.44 2.45 3.13 9.56 84.04 20.96 5.04 5.72 1.65 0.88 1.76

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 0% 0% -1% -3%
Operating Profit CAGR -2% +7% -7% -5%
PAT CAGR -111% — 0% 0%
Share Price CAGR -58% 0% +7% -9%
ROE Average -2% 0% -2% -3%
ROCE Average +5% +8% +7% +6%

Reliance Power Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 24.98 %
FII 13.64 %
DII (MF + Insurance) 2.8 %
Public (retail) 58.58 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 23.2423.2423.2623.2623.2624.9824.9824.9824.9824.98
FII 13.0112.7113.1312.9613.2112.9313.0913.2514.1313.64
DII 4.953.062.892.83.293.63.743.073.132.8
Public 58.860.9960.7260.9860.2458.4958.1858.757.7658.58
Others 0000000000
Total 100100100100100100100100100100

Reliance Power Peer Comparison

Power Generation/Distribution Edit Columns

Reliance Power Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Reliance Power Pros & Cons

Pros

  • Stock is trading at 0.5 times its book value
  • Company has reduced debt.

Cons

  • Promoter holding is low: 24.98%.
  • Company has a low return on equity of 0% over the last 3 years.
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