India Power Corporation Ltd.

•

indiapower.comBSE: -NSE: DPSCLTD

Market Cap₹ 695 Cr.

Current Price

High / Low₹ 13 / 7

Stock P/E0.0

Book Value₹ 6

Price to Book1.34

Dividend Yield0.00 %

ROCE2.9 %

ROE0.5 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Regulated operation: 98.4% • Non Regulated operation: 1.6%

AI Sector View

AI GENERATED

Power

Buy

Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.

Confidence

71%

View full sector analysis →

PROS

Latest quarter profit grew 164.1% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 7.67x)
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position
Company has a consistent dividend-paying track record

CONS

Company is loss-making at the operating / net level
A large part of profit comes from other income (1935.1% of PBT)
Company has a low return on equity of 1.5% over last 3 years
Company has a low return on capital employed of 4.4%
Interest coverage is weak at 1.2x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

PowerPowerPower Generation/Distribution

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ADANIPOWER	209.85	28.39	404689.32	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	333.30	11.64	323189.88	2.70	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	269.10	15.74	250279.25	3.34	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1282.00	118.37	211167.98	0.00	983.00	19.30	4431.00	16.61	9.90	91.24
5.	ADANIENSOL	1373.75	57.55	168003.37	0.00	1236.56	129.44	9711.08	42.41	9.71	31.27
6.	TATAPOWER	365.00	30.19	116629.89	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	525.45	48.97	96340.35	0.38	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.30	20.19	76643.62	2.11	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	86.90	120.64	73224.80	0.00	304.84	38.26	1106.86	62.72	3.73	91.95
10.	TORNTPOWER	1298.20	28.15	65416.76	1.54	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	264.25	11.42	36641.87	1.46	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	DPSCLTD	7.14	54.26	695.29	0.00	4.13	321.60	166.08	21.47	3.17	18.82

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	152	172	161	136	158	168	149	150	132	158	187	144	157
	138	158	148	122	144	156	138	136	229	145	172	131	160
Operating Profit	15	15	13	14	14	12	12	14	-97	14	15	14	-3
OPM %	9.69%	8.47%	8.08%	10.21%	8.92%	7.22%	7.84%	9.17%	-73.44%	8.73%	8.23%	9.50%	-1.76%
	7	8	8	8	7	10	9	6	103	-241	3	4	22
Interest	10	9	8	8	7	8	7	6	6	4	4	4	6
Depreciation	7	8	8	8	9	9	9	9	9	9	9	9	9
Profit before Tax	5	4	5	6	5	5	5	5	-9	-240	5	5	4
Tax %	29.46%	25.61%	24.95%	25.49%	22.27%	24.86%	24.72%	32.14%	26.27%	-0.59%	28.79%	28.40%	-13.49%
Net Profit	3	3	4	4	4	4	4	3	-7	-241	4	3	4
	0.02	0.02	0.02	0.03	0.02	0.02	0.03	0.02	-0.04	-1.53	0.02	0.02	0.03

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	562	450	481	523	481	500	560	599	627	600	647
	500	379	411	456	429	417	551	610	587	677	607
Operating Profit	62	72	70	67	52	83	9	-11	40	-77	40
OPM %	11.04%	15.91%	14.55%	12.79%	10.75%	16.58%	1.69%	-1.85%	6.32%	-12.84%	6.21%
	41	66	59	51	51	5	74	97	46	145	-212
Interest	41	58	78	74	46	38	33	38	33	27	19
Depreciation	18	18	17	16	29	30	29	29	33	36	36
Profit before Tax	44	61	35	28	28	21	22	19	20	6	-226
Tax %	26.83%	36.12%	38.37%	32.88%	41.32%	-29.39%	26.64%	27.04%	24.54%	28.26%	-1.67%
Net Profit	32	39	21	19	17	27	16	14	15	4	-230
EPS	0.00	0.00	0.00	0.00	0.00	0.17	0.10	0.09	0.15	0.04	—
Dividend Payout %	15.05%	12.45%	22.81%	26.04%	29.18%	18.26%	30.16%	35.79%	32.26%	115.21%	—

COMPOUNDED SALES GROWTH

10 Years:: 0%
5 Years:: 5%
3 Years:: 2%

COMPOUNDED PROFIT GROWTH

10 Years:: -16%
5 Years:: -24%
3 Years:: -36%

STOCK PRICE CAGR

10 Years:: -14%
5 Years:: -14%
3 Years:: -24%
1 Year:: -41%

RETURN ON EQUITY

10 Years:: 2%
5 Years:: 2%
3 Years:: 1%
Last Year:: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	97	97	97	97	97	97	97	97	97	97
	922	962	983	1,006	1,467	1,490	1,219	855	864	725
	919	703	805	532	543	389	409	353	280	221
Trade Payables	72	72	43	31	99	80	103	210	240	190
	230	241	229	246	366	452	478	507	573	579
Total Liabilities	2,241	2,075	2,158	1,913	2,573	2,508	2,307	2,024	2,055	1,812
	367	343	341	348	902	950	907	897	882	969
Capital Work in Progress	9	15	38	68	84	22	21	15	14	10
	605	322	116	107	101	102	101	3	4	2
	13	10	9	9	7	8	8	10	9	14
	0	0	0	0	0	0	0	0	112	104
Cash & Bank	18	71	25	24	56	15	15	25	31	36
	1,229	1,313	1,628	1,357	1,423	1,411	1,255	1,074	1,004	677
Total Assets	2,241	2,075	2,158	1,913	2,573	2,508	2,307	2,024	2,055	1,812

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	32	137	66	144	97	37	2	70	100	83
Cash from Investing	-245	307	-7	254	-19	9	-15	-1	-30	-10
Cash from Financing	222	-448	-54	-397	-36	-84	15	-64	-75	-73
	3	-5	2	-4	39	-42	-2	5	-5	-0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.47	59.47	59.47	59.47	59.36	59.33	59.33	59.33	59.15
	0.14	0.12	0.14	0.15	0.14	0.14	0.13	0.13	0.12
	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	40.27	40.28	40.27	40.25	40.38	40.41	40.42	40.42	40.61

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-12

Corporate Insolvency Resolution Process

2026-09-12 - DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process-Notices for non-compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations )

2026-09-12

Delay/default in the payment of fines/penalties/dues etc. to authority

2026-09-12 - DPSC Limited has informed the Exchange about Delay/default in the payment of fines/penalties/dues etc. to authority regarding Notices for non-compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations )

2026-09-11

Corporate Insolvency Resolution Process

2026-09-11 - DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process-Post facto intimation of the 7th (Seventh) Meeting of the Committee of Creditors (CoC) of India Power Corporation Limited (IPCL)

2026-09-10

Corporate Insolvency Resolution Process

2026-09-10 - DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process-Prior Intimation of the 7th (Seventh) Meeting of the Committee of Creditors (CoC) of India Power Corporation Limited (IPCL)

2026-09-02

Copy of Newspaper Publication

2026-09-02 - DPSC Limited has informed the Exchange about Copy of Newspaper Publication regarding Post-Facto Intimation of the Newspaper Publication of Form G (Invitation of Expression of Interest) of the Company, published on Tuesday, September 02, 2026.

2026-09-02

Corporate Insolvency Resolution Process

2026-09-02 - DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process-Post-Facto Intimation of the Newspaper Publication of Form G (Invitation of Expression of Interest) of the Company, published on Tuesday, September 02, 2026.

2026-09-01

Corporate Insolvency Resolution Process

2026-09-01 - DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process

2026-09-01

Corporate Insolvency Resolution Process

2026-09-01 - DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process-Post facto intimation of the 6th (Sixth) Meeting of the Committee of Creditors (CoC) of India Power Corporation Limited (IPCL)

2026-08-30

Corporate Insolvency Resolution Process

2026-08-30 - DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process-Prior Intimation of the 6th (Sixth) Meeting of the Committee of Creditors (CoC) of India Power Corporation Limited (IPCL)

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