Reliance Power Ltd
RPOWER NSE
Reliance Power Ltd
PowerNSE: RPOWER BSE: 532939 Power Generation
Key Fundamentals
MicrocapPower GenerationPowerMarket Cap
₹9,260 Cr
Volatility
Moderate
P/E Ratio
-29.5
EBITDA
₹2,732 Cr
Return on Equity
-2.1%
Debt to Equity
0.92
Book Value
₹35.3
52W High
₹50.85
52W Low
₹20.17
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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30 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Stock is trading at 0.59 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
Revenue Growth
-3.25% ↘
Net Income Growth
-111.43% ↘
Cash Flow Change
45.74% ↗
ROE
-111.64% ↗
ROCE
-69.68% ↘
EBITDA Margin (Avg.)
1.48% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18d agoAI opinion · based on fundamentals
Risk high
Reliance 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%.
Bull Case 7
- 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
Bear Case 8
- 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 15d ago Headwinds 2
- 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.
Positives 2
- 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.
Neutral 1
- 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
| 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
| 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
| 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
| 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
| 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% |
Documents
1
Update On Outstanding Warrants
28 Apr - 21.82 crore outstanding warrants lapsed on April 28, 2026 after non-conversion. 28 Apr - 21.82 crore outstanding warrants lapsed on April 28, 2026 after non-conversion.
2
Corporate Insolvency Resolution Process (CIRP)-Initiation of Corporate Insolvency Resolution Process (CIRP) by Financial Creditors
29 Apr - US Exim filed Section 7 IBC against Reliance Power over SPL’s US$165.41 million alleged default. 29 Apr - US Exim filed Section 7 IBC against Reliance Power over SPL’s US$165.41 million alleged default.
3
Update On Outstanding Warrants
27 Apr - 12.50 crore outstanding warrants lapsed on April 27, 2026 after non-conversion within 18 months. 27 Apr - 12.50 crore outstanding warrants lapsed on April 27, 2026 after non-conversion within 18 months.
5
Corporate Insolvency Resolution Process (CIRP)-Initiation of Corporate Insolvency Resolution Process (CIRP) by Financial Creditors
29 Apr - US Exim filed Section 7 IBC against Reliance Power over SPL’s US$165.41 million alleged default. 29 Apr - US Exim filed Section 7 IBC against Reliance Power over SPL’s US$165.41 million alleged default.
Frequently Asked Questions about Reliance Power Ltd
What does Reliance Power Ltd do?
Reliance Power has been established to develop, construct and operate power projects both in India as well as internationally. The Company on its own and through its subsidiaries has a large portfolio of power generation capacity, both in operation as well as capacity under development. [1]
Where is Reliance Power Ltd (RPOWER) listed?
Reliance Power Ltd is listed on the Indian stock exchanges. It is listed on NSE: RPOWER and BSE: 532939. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Reliance Power Ltd belong to?
Reliance Power Ltd operates in the Power sector within the Power Generation industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Reliance Power Ltd?
Reliance Power Ltd has a market capitalisation of approximately ₹9259.99 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Reliance Power Ltd?
The Price-to-Earnings (PE) ratio of Reliance Power Ltd is -29.50. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Reliance Power Ltd?
Over the past 52 weeks, Reliance Power Ltd has traded between a low of ₹20.17 and a high of ₹50.85. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Reliance Power Ltd?
Reliance Power Ltd has a Return on Equity (ROE) of -2.10%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Reliance Power Ltd on Tapetide?
On Tapetide, you can view Reliance Power Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Reliance Power has been established to develop, construct and operate power projects both in India as well as internationally. The Company on its own and through its subsidiaries has a large portfolio of power generation capacity, both in operation as well as capacity under development. [1]
Website reliancepower.co.in
CEO Mr. Neeraj Parakh
Employees 1,267
Listed 2008-02-11
Face Value ₹ 10
Issued Size 4,13,57,70,966