India Power Corporation Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Regulated operation: 98.4% • Non Regulated operation: 1.6%
AI Sector View
AI GENERATEDPower
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 207.00 | 28.00 | 399193.18 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 332.60 | 11.62 | 322511.12 | 2.71 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 266.00 | 15.56 | 247396.06 | 3.38 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1300.00 | 120.03 | 214132.90 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1409.90 | 59.07 | 172424.35 | 0.00 | 1236.56 | 129.44 | 9711.08 | 42.41 | 9.71 | 31.27 |
| TATAPOWER | 368.00 | 30.44 | 117588.50 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 539.00 | 50.24 | 98824.72 | 0.37 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.23 | 20.17 | 76573.30 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 89.39 | 124.10 | 75322.96 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1296.15 | 28.11 | 65313.46 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 273.00 | 11.80 | 37855.18 | 1.41 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.57 | 32.83 |
| DPSCLTD | 7.09 | 53.88 | 690.42 | 0.00 | 4.13 | 321.60 | 166.08 | 21.47 | 3.17 | 18.82 |
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:
- -15%
- 5 Years:
- -14%
- 3 Years:
- -22%
- 1 Year:
- -42%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.33 | 0.40 | 0.22 | 0.19 | 0.17 | 0.27 | 0.17 | 0.14 | 0.15 | 0.04 |
| Book Value (₹) | 10.47 | 10.88 | 11.10 | 11.33 | 16.06 | 11.71 | 9.11 | 5.44 | 9.87 | 8.44 |
| Dividend per Share (₹) | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Cash EPS (₹) | 0.52 | 0.59 | 0.39 | 0.36 | 0.47 | 0.58 | 0.46 | 0.44 | 0.50 | 0.41 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 18.36% | 20.16% | 26.82% | 22.63% | 16.59% | 20.31% | 6.04% | 2.86% | 6.32% | -12.84% |
| Net Margin % | 5.75% | 8.69% | 4.44% | 3.57% | 3.47% | 5.34% | 2.88% | 2.27% | 2.41% | 0.70% |
| ROE % | 3.25% | 3.76% | 1.99% | 1.71% | 1.25% | 1.97% | 1.59% | 1.92% | 2.02% | 0.47% |
| ROCE % | 4.87% | 6.57% | 6.42% | 6.22% | 4.27% | 3.37% | 3.98% | 5.28% | 5.01% | 2.89% |
| 1.57% | 1.81% | 1.01% | 0.92% | 0.74% | 1.05% | 0.67% | 0.63% | 0.74% | 0.22% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 55 | 62 | 44 | 38 | 44 | 46 | 47 | 56 | 62 | 66 |
| Inventory Days | 10 | 9 | 7 | 7 | 6 | 6 | 5 | 5 | 5 | 7 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 65 | 71 | 51 | 44 | 51 | 52 | 52 | 62 | 68 | 73 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.84x | 0.56x | 0.60x | 0.31x | 0.22x | 0.25x | 0.36x | 0.53x | 0.22x | 0.18x |
| Interest Coverage (x) | 2.08x | 2.05x | 1.45x | 1.37x | 1.62x | 1.55x | 1.67x | 1.49x | 1.61x | 1.22x |
| 0.54x | 1.38x | 1.63x | 1.26x | 1.04x | 1.32x | 1.38x | 1.31x | 1.39x | 1.38x | |
| GROWTH | ||||||||||
| Revenue Growth % | -10.36% | -19.95% | 6.86% | 8.77% | -8.06% | 3.87% | 12.06% | 7.00% | 4.64% | -4.32% |
| Operating Profit Growth % | 7.29% | -12.10% | 42.17% | -8.23% | -32.62% | 27.19% | -66.65% | -49.42% | 309.26% | -47.28% |
| Net Profit Growth % | 33.80% | 20.93% | -45.44% | -12.40% | -10.77% | 59.80% | -39.44% | -15.73% | 10.94% | -72.01% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 10.95% | -72.00% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 99.35x | 260.83x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.56x | 1.34x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.32% | 0.44% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 23.92x | 32.94x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - 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 - DPSC Limited has informed the Exchange about 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 - 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)
2026-08-27 - DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process-Post facto intimation of the 5th (Fifth) Adjourned Meeting of the Committee of Creditors (CoC) of India Power Corporation Limited (IPCL)
2026-08-26 - DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process-Voting Results of the 4th (Fourth) Meeting of the Committee of Creditors (CoC) of India Power Corporation Limited (IPCL)
2026-08-24 - DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process-Post facto intimation of the 5th (Fifth) Meeting of the Committee of Creditors (CoC) of India Power Corporation Limited (IPCL)
2026-08-22 - DPSC Limited has informed the Exchange about Corporate Insolvency Resolution Process-Prior Intimation of the 5th (Fifth) Meeting of the Committee of Creditors (CoC) of India Power Corporation Limited (IPCL)
News
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