Reliance Power
Reliance Power
PowerKey Fundamentals
MicrocapPower GenerationPowerTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Stock is trading at 0.56 times its book value
Weaknesses
4- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -0.81% over past five years.
- Promoter holding is low: 25.0%
- Company has a low return on equity of -6.06% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoReliance Power Ltd has a market cap of ₹9,694 Cr and trades at 0.66x book value with negative earnings (PE of -28.8). The company has shown no sales growth over the past 5 years (-0.81%) and carries consistently negative ROE, though losses have narrowed with TTM profit growth of 58%.
- Stock trades at 0.66x price-to-book, significantly below book value, indicating potential deep value if assets are realizable
- TTM compounded profit growth of 58% suggests losses are narrowing meaningfully on a sequential basis
- 3-year compounded profit growth of 24% indicates a sustained trend of improving bottom-line trajectory
- 3-year stock CAGR of 11% and 5-year CAGR of 14% show the market has repriced the stock positively over medium-term horizons
- Last year ROE of -1% is a significant improvement from the 3-year average of -6% and 5-year average of -8%, suggesting the company is approaching breakeven
- Zero dividend yield means all cash flow is being retained for debt reduction or capex, potentially aiding deleveraging efforts
- Power sector in India benefits from rising electricity demand with government focus on capacity additions and energy security
- Negative PE ratio of -28.8 confirms the company is still loss-making and has not achieved sustained profitability
- 5-year compounded sales growth of -0.81% shows near-zero revenue momentum, indicating inability to scale operations
- 3-year ROE of -6% and 5-year ROE of -8% reflect persistent destruction of shareholder value over extended periods
- Low interest coverage ratio indicates earnings are insufficient to comfortably service debt obligations, raising solvency concerns
- Promoter holding at just 25.0% is notably low, suggesting limited promoter skin-in-the-game or past pledge-related dilution
- 10-year compounded sales growth of -3% shows a decade-long structural decline in the revenue base
- 1-year stock return of -56% reflects severe recent market repricing and loss of investor confidence
- 10-year stock CAGR of -8% means long-term shareholders have experienced capital erosion over a full market cycle
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 42d ago- ED attaches ₹762.75 cr promoter shares Jul 13
ED issued provisional attachment order on promoter shares worth ₹762.75 crore and receivables of ₹258.44 crore from subsidiaries Sasan Power and Reliance Cleangen, citing alleged PMLA violations between 2017 and 2019.
- CBI search at registered office Jul 18
CBI concluded a search and seizure operation at Reliance Power's registered office involving transactions with Reliance Commercial Finance and Reliance Home Finance.
- Promoters confirm zero share encumbrance Jul 9
Promoters including Reliance Infrastructure confirmed no encumbrance on shares under SEBI Regulation 31(4), signaling no pledging pressure.
- FY26 BRSR with reasonable assurance Jul 23
Reliance Power filed its FY25-26 Business Responsibility and Sustainability Report with reasonable assurance from M/s. Shailesh Haribhakti & Associates on core ESG indicators, reflecting governance commitment.
- 32nd AGM scheduled Aug 14 Jul 23
Reliance Power will hold its 32nd AGM on August 14, 2026 via video conferencing with remote e-voting open from August 10 to August 13.
TL;DR: Reliance Power faces significant regulatory overhang with both ED and CBI actions targeting promoter-level transactions, creating legal uncertainty around ₹1,000+ crore in attached assets and receivables. On the positive side, promoters have confirmed zero share encumbrance and the company is maintaining ESG governance standards. The legal risks are the dominant narrative and the trend is deteriorating until clarity emerges on PMLA proceedings and CBI probe outcomes.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,922 | 2,038 | 1,944 | 1,997 | 1,992 | 1,760 | 1,853 | 1,978 | 1,886 | 1,974 | 1,873 | 1,887 | 1,956 |
| Expenses | 1,301 | 1,318 | 2,307 | 1,811 | 1,342 | 1,384 | 1,361 | 1,388 | 1,321 | 1,356 | 1,269 | 1,311 | 1,394 |
| Operating Profit | 621 | 720 | -364 | 186 | 651 | 376 | 492 | 590 | 565 | 618 | 604 | 576 | 562 |
| OPM % | 32% | 35% | -19% | 9% | 33% | 21% | 27% | 30% | 30% | 31% | 32% | 31% | 29% |
| Other Income | 37 | 117 | 175 | 175 | 77 | 3,433 | 307 | 88 | 140 | 93 | 77 | -323 | 147 |
| Interest | 620 | 716 | 602 | 517 | 551 | 562 | 544 | 399 | 426 | 395 | 371 | 474 | 387 |
| Depreciation | 261 | 259 | 258 | 287 | 250 | 243 | 204 | 211 | 207 | 208 | 210 | 205 | 207 |
| PBT | -224 | -138 | -1,048 | -444 | -73 | 3,004 | 50 | 67 | 72 | 108 | 100 | -426 | 116 |
| Tax % | 32% | 72% | 8% | -10% | 34% | 4% | 16% | -87% | 38% | 19% | 75% | 16% | 44% |
| Net Profit | -296 | -238 | -1,137 | -398 | -98 | 2,878 | 42 | 126 | 45 | 87 | 25 | -494 | 65 |
| EPS in Rs | -0.79 | -0.64 | -3.04 | -0.99 | -0.24 | 7.16 | 0.1 | 0.31 | 0.11 | 0.21 | 0.06 | -1.19 | 0.16 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,903 | 10,299 | 10,396 | 9,593 | 8,201 | 7,562 | 7,934 | 7,503 | 7,514 | 7,893 | 7,583 | 7,620 | 7,690 |
| Expenses | 4,317 | 5,884 | 5,889 | 5,199 | 4,268 | 4,536 | 4,359 | 4,768 | 5,628 | 6,733 | 5,441 | 5,255 | 5,330 |
| Operating Profit | 2,587 | 4,414 | 4,506 | 4,393 | 3,934 | 3,027 | 3,575 | 2,735 | 1,886 | 1,160 | 2,142 | 2,365 | 2,361 |
| OPM % | 37% | 43% | 43% | 46% | 48% | 40% | 45% | 36% | 25% | 15% | 28% | 31% | 31% |
| Other Income | 298 | 323 | 496 | 276 | -2,823 | -3,384 | 486 | 192 | 1,296 | 499 | 3,871 | -14 | -5 |
| Interest | 1,074 | 2,683 | 2,843 | 2,926 | 3,206 | 3,054 | 2,539 | 2,721 | 2,504 | 2,451 | 2,056 | 1,666 | 1,627 |
| Depreciation | 524 | 701 | 734 | 759 | 838 | 836 | 1,083 | 1,077 | 1,017 | 1,062 | 910 | 829 | 830 |
| PBT | 1,286 | 1,353 | 1,425 | 984 | -2,934 | -4,248 | 439 | -871 | -339 | -1,854 | 3,048 | -145 | -101 |
| Tax % | 20% | 34% | 23% | 15% | 1% | 1% | -3% | 5% | 19% | 12% | 3% | 132% | — |
| Net Profit | 1,028 | 895 | 1,104 | 840 | -2,952 | -4,271 | 454 | -915 | -403 | -2,068 | 2,948 | -337 | -317 |
| EPS in Rs | 3.67 | 3.19 | 3.94 | 3 | -10.52 | -14.53 | 0.82 | -2.84 | -1.26 | -5.15 | 7.34 | -0.81 | -0.76 |
| Div. Payout % | 0% | 31% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2,805 | 2,805 | 2,805 | 2,805 | 2,805 | 2,805 | 2,805 | 3,400 | 3,735 | 4,017 | 4,017 | 4,136 |
| Reserves | 17,827 | 17,422 | 18,562 | 18,430 | 14,572 | 9,064 | 9,441 | 8,364 | 7,860 | 7,597 | 12,320 | 11,904 |
| Borrowings | 33,219 | 33,790 | 32,925 | 31,697 | 30,456 | 28,804 | 25,635 | 23,129 | 21,236 | 18,766 | 15,153 | 14,812 |
| Other Liabilities | 8,175 | 9,997 | 9,872 | 9,242 | 10,245 | 12,671 | 12,901 | 14,919 | 15,704 | 13,378 | 9,793 | 10,441 |
| Total Liabilities | 62,026 | 64,014 | 64,165 | 62,174 | 58,078 | 53,343 | 50,782 | 49,812 | 48,535 | 43,758 | 41,283 | 41,293 |
| Fixed Assets | 33,634 | 34,515 | 34,851 | 34,881 | 35,903 | 38,574 | 37,190 | 36,308 | 35,776 | 33,584 | 31,859 | 30,944 |
| CWIP | 15,531 | 7,386 | 7,403 | 6,913 | 4,276 | 3,615 | 1,912 | 2,020 | 2,320 | 1,293 | 1,387 | 1,720 |
| Investments | 861 | 873 | 799 | 280 | 224 | 30 | 36 | 37 | 39 | 209 | 173 | 142 |
| Other Assets | 12,001 | 21,240 | 21,112 | 20,100 | 17,675 | 11,124 | 11,644 | 11,447 | 10,401 | 8,672 | 7,864 | 8,486 |
| Total Assets | 62,026 | 64,014 | 64,165 | 62,174 | 58,078 | 53,343 | 50,782 | 49,812 | 48,535 | 43,758 | 41,283 | 41,293 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,399 | 4,574 | 4,705 | 4,365 | 4,223 | 4,543 | 4,149 | 3,613 | 4,024 | 3,174 | 1,938 | 2,824 |
| Investing | -3,630 | -1,348 | -2,142 | 354 | 60 | -247 | 486 | 284 | -354 | -192 | 451 | -212 |
| Financing | 695 | -3,194 | -3,389 | -4,311 | -4,839 | -4,200 | -4,615 | -3,849 | -3,623 | -2,734 | -2,435 | -1,828 |
| Net Cash Flow | -1,535 | 32 | -826 | 408 | -556 | 96 | 19 | 48 | 46 | 248 | -46 | 785 |
| Free Cash Flow | -761 | 2,544 | 4,130 | 3,918 | 4,180 | 3,998 | 4,015 | 3,417 | 3,639 | 3,225 | 2,091 | 2,708 |
| CFO/OP | 54 | 109 | 106 | 104 | 108 | 154 | 117 | 134 | 216 | 277 | 92 | 122 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 154 | 125 | 105 | 94 | 122 | 114 | 111 | 156 | 130 | 76 | 73 | 63 |
| Cash Conversion Cycle | 154 | 125 | 105 | 94 | 122 | 114 | 111 | 156 | 130 | 76 | 73 | 63 |
| Working Capital Days | -209 | -162 | -158 | -209 | -567 | -551 | -485 | -622 | -682 | -661 | -310 | -348 |
| ROCE % | 5% | 7% | 8% | 7% | 7% | 6% | 7% | 5% | 3% | 1% | 6% | 6% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
Reliance Power Ltd is the listed holding company of a power-generation group operating 5,305 MW: 5,160 MW thermal and 145 MW renewable. Its main assets are the 3,960 MW Sasan UMPP, 1,200 MW Rosa plant, 40 MW solar PV, 100 MW concentrated-solar and 5 MW wind projects; Reliance NU subsidiaries are developing solar-plus-storage projects. [1]
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