Energy Development Company Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Generating Division: 100.0%
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
- Working capital cycle has improved - days down from 1327 to 9
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Interest coverage is weak at -39.4x - earnings barely cover interest
- Company has a low return on equity of -18.9% over last 3 years
- Company has a low return on capital employed of -12.1%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.01x)
- Operating cash flow has been negative in recent years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 207.25 | 28.04 | 399675.30 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 330.15 | 11.53 | 320135.43 | 2.73 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 267.50 | 15.65 | 248791.15 | 3.36 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1294.00 | 119.48 | 213144.59 | 0.00 | 9830.00 | 1092.96 | 44310.00 | 1066.05 | 9.90 | 91.24 |
| ADANIENSOL | 1394.90 | 58.44 | 170589.92 | 0.00 | 1236.56 | 129.44 | 9711.08 | 42.41 | 9.71 | 31.27 |
| TATAPOWER | 363.80 | 30.09 | 116246.45 | 0.69 | 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 | 75.70 | 20.03 | 76040.91 | 2.13 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 88.14 | 122.36 | 74269.67 | 0.00 | 3048.40 | 1282.62 | 11068.60 | 1527.23 | 3.73 | 91.95 |
| TORNTPOWER | 1249.70 | 27.10 | 62972.83 | 1.60 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 275.60 | 11.91 | 38215.70 | 1.40 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.57 | 32.83 |
| ENERGYDEV | 15.89 | 0.00 | 75.48 | 0.00 | -1.81 | -210.02 | 6.33 | -38.44 | -33.80 | 33.20 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 5 | 4 | 0 | 0 | 7 | 4 | 0 | 3 | 11 | 4 | 0 | 1 | |
| 2 | 2 | 2 | 2 | 1 | 2 | 2 | 4 | 3 | 4 | 3 | 2 | 3 | |
| Operating Profit | -1 | 3 | 2 | -2 | -1 | 5 | -114 | -3 | -2 | 8 | 1 | -13 | -1 |
| OPM % | -254.35% | 56.31% | 54.00% | -811.11% | -227.27% | 69.48% | -3127.00% | -1670.00% | -68.23% | 68.88% | 31.97% | -5364.00% | -244.65% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| -2 | 2 | 1 | -2 | -2 | 4 | -57 | -4 | -2 | 7 | 1 | -9 | -2 | |
| Tax % | 1.81% | -2.07% | -4.82% | 1.61% | 1.99% | -0.98% | 0.07% | -311.90% | 1.71% | 11.21% | 28.07% | -36.73% | -0.72% |
| Net Profit | -2 | 2 | 1 | -2 | -2 | 4 | -57 | -16 | -2 | 6 | 0 | -12 | -2 |
| -0 | 0 | 0 | -1 | -0 | 1 | -12 | -3 | -0 | 1 | 0 | -2 | -0 | |
| Equity Capital | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 134 | 103 | 40 | 13 | 11 | 11 | 13 | 13 | 10 | 11 | 17 | |
| 127 | 102 | 38 | 23 | 13 | 10 | 9 | 8 | 8 | 9 | 12 | |
| Operating Profit | 7 | 5 | 8 | -4 | 2 | 5 | 8 | 6 | 2 | 3 | — |
| OPM % | 5 | 5 | 19 | -32 | 20 | 41 | 63 | 45 | 22 | 23 | — |
| Other Income | 0 | 4 | 5 | 6 | 4 | 4 | 4 | 1 | 1 | 1 | 0 |
| Interest | 2 | 2 | 3 | 3 | 2 | 2 | 3 | 3 | 1 | 1 | 1 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| 2 | 5 | 2 | -10 | -3 | -0 | 3 | 1 | -2 | -59 | -4 | |
| Tax % | 30 | 34 | 9 | 21 | -10 | -12 | -2 | -26 | 8 | -21 | -116 |
| Net Profit | 2 | 3 | 1 | -8 | -3 | -0 | 3 | 1 | -2 | -71 | -8 |
| EPS | 0 | 0 | 0 | 0 | 0 | -0 | 1 | 0 | -0 | -15 | — |
| Dividend Payout % | 147 | 70 | 171 | -30 | -79 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 1 | 0 | -2 | -1 | -0 | 1 | 0 | -0 | -15 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -6%
- 5 Years:
- 1%
- 3 Years:
- -4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -22%
- 5 Years:
- 10%
- 3 Years:
- -10%
- 1 Year:
- -22%
RETURN ON EQUITY
- 10 Years:
- -6%
- 5 Years:
- -11%
- 3 Years:
- -19%
- Last Year:
- -56%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 |
| 129 | 131 | 130 | 119 | 113 | 113 | 116 | 117 | 115 | 44 | |
| 6 | 10 | 7 | 1 | 1 | 1 | 21 | 24 | 28 | 23 | |
| Trade Payables | 24 | 30 | 20 | 12 | 13 | 14 | 14 | 16 | 13 | 12 |
| 44 | 72 | 59 | 67 | 71 | 75 | 56 | 56 | 57 | 9 | |
| Total Liabilities | 252 | 291 | 263 | 247 | 245 | 250 | 254 | 260 | 261 | 135 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 45 | 42 | 39 | 36 | 33 | 31 | 28 | 26 | 23 | 20 | |
| 115 | 99 | 83 | 79 | 79 | 79 | 79 | 79 | 79 | 57 | |
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39 | 7 | |
| Cash & Bank | 6 | 7 | 4 | 2 | 1 | 1 | 3 | 2 | 2 | 2 |
| 85 | 141 | 136 | 129 | 131 | 138 | 142 | 153 | 118 | 48 | |
| Total Assets | 252 | 291 | 263 | 247 | 245 | 250 | 254 | 260 | 261 | 135 |
| Total Debt | 9 | 17 | 18 | 18 | 18 | 21 | 21 | 24 | 28 | 23 |
| Net Working Capital | -27 | 3 | 56 | 35 | 32 | 35 | 45 | 40 | 35 | 0 |
| Contingent Liabilities | 104 | 103 | 103 | 8 | 32 | 114 | 110 | 296 | 291 | 286 |
| Book Value per Share | 37.21 | 37.63 | 37.30 | 35.02 | 33.78 | 33.72 | 34.38 | 34.53 | 34.15 | 19.20 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4 | 0 | 3 | -6 | -1 | 0 | 3 | -2 | -6 | 7 | |
| Cash from Investing | -48 | -4 | -1 | 10 | 2 | -3 | 1 | -2 | 1 | -1 |
| Cash from Financing | 46 | 3 | -3 | -4 | -1 | 2 | -1 | 2 | 4 | -5 |
| 2 | -1 | -1 | -0 | -0 | 0 | 2 | -1 | -1 | 0 | |
| Free Cash Flow | 4 | 0 | 3 | -6 | -1 | 0 | 2 | -2 | -6 | 7 |
| OCF / Net Profit | 2.51 | 0.14 | 2.29 | 0.81 | 0.29 | -0.60 | 0.84 | -2.41 | 3.31 | -0.09 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 | -4 | -2 | -6 | -6 | 2 |
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 (₹) | 0.34 | 0.72 | 0.29 | -1.65 | -0.63 | -0.10 | 0.63 | 0.14 | -0.37 | -14.97 |
| Book Value (₹) | 37.21 | 37.63 | 37.30 | 35.02 | 33.78 | 33.72 | 34.38 | 34.53 | 34.15 | 19.20 |
| Dividend per Share (₹) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 1.03 | 1.36 | 0.90 | -1.06 | -0.05 | 0.46 | 1.19 | 0.69 | 0.18 | -14.42 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 5.40% | 5.13% | 18.66% | -32.08% | 20.49% | 40.80% | 63.42% | 44.57% | 15.99% | 17.56% |
| Net Margin % | 1.21% | 3.31% | 3.45% | -58.78% | -27.90% | -4.35% | 23.15% | 5.09% | -18.56% | -618.42% |
| ROE % | 1.04% | 1.92% | 0.78% | -4.57% | -1.84% | -0.31% | 1.85% | 0.40% | -1.09% | -56.11% |
| ROCE % | 2.42% | 4.02% | 2.36% | -3.74% | -0.30% | 1.09% | 3.05% | 1.65% | -0.26% | -37.63% |
| 0.80% | 1.26% | 0.50% | -3.07% | -1.22% | -0.20% | 1.19% | 0.25% | -0.68% | -35.87% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 58 | 137 | 368 | 984 | 1190 | 1138 | 1038 | 1107 | 1501 | 725 |
| Inventory Days | 6 | 5 | 11 | 37 | 37 | 22 | 17 | 15 | 20 | 18 |
| Payable Days | 4757 | 0 | 0 | 0 | 6482 | 0 | 0 | 0 | 0 | 0 |
| -4694 | 142 | 379 | 1021 | -5255 | 1160 | 1055 | 1122 | 1522 | 743 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.05x | 0.09x | 0.10x | 0.11x | 0.11x | 0.13x | 0.13x | 0.15x | 0.18x | 0.26x |
| Interest Coverage (x) | 2.41x | 3.10x | 1.49x | -2.52x | -0.24x | 0.82x | 2.13x | 1.20x | -0.35x | -39.38x |
| 0.62x | 1.03x | 1.71x | 1.54x | 1.48x | 1.50x | 1.50x | 1.42x | 1.35x | 1.01x | |
| GROWTH | ||||||||||
| Revenue Growth % | 514.58% | -22.83% | -61.02% | -66.83% | -19.26% | 5.55% | 13.79% | -0.95% | -25.58% | 20.55% |
| Operating Profit Growth % | -45.05% | -26.68% | 41.63% | -157.02% | 151.59% | 110.11% | 76.89% | -30.38% | -62.79% | 21.75% |
| Net Profit Growth % | 16.98% | 111.42% | -59.34% | -665.22% | 61.68% | 83.53% | 705.11% | -78.21% | -371.22% | -3916.99% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -371.18% | -3917.34% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.65x | 0.87x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 61.96x | 38.94x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-28 - Energy Development Company Limited has informed the Exchange that Record date for the purpose of Notice of 31st Annual General Meeting and Book Closure is 26-Sep-2026.
2026-08-10 - Energy Development Company Limited has informed the Exchange regarding Outcome of Board Meeting held on August 10, 2026.
2026-07-15 - Energy Development Company Limited has informed the Exchange regarding 'Certificate under Regulation 74(5) of theSEBI (Depositories and Participants) Regulations, 2018'.
2026-07-14 - The Exchange had sought clarification from Energy Development Company Limited for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
2026-06-30 - Sarvottam Caps Private Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-06-26 - Energy Development Company Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-05-28 - Energy Development Company Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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