Karma Energy Ltd.
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ABOUT
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
- Operating margins have improved to 29.1% from 25.0%
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -26.9% over last 3 years
- Company has a low return on capital employed of 1.3%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.17x)
- Interest coverage is weak at 0.6x - earnings barely cover interest
- Operating cash flow has been negative in recent years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 209.85 | 28.39 | 404689.32 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 333.30 | 11.64 | 323189.88 | 2.70 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 269.10 | 15.74 | 250279.25 | 3.34 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1282.00 | 118.37 | 211167.98 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1373.75 | 57.55 | 168003.37 | 0.00 | 1236.56 | 129.44 | 9711.08 | 42.41 | 9.71 | 31.27 |
| TATAPOWER | 365.00 | 30.19 | 116629.89 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 525.45 | 48.97 | 96340.35 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.30 | 20.19 | 76643.62 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 86.90 | 120.64 | 73224.80 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1298.20 | 28.15 | 65416.76 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 264.25 | 11.42 | 36641.87 | 1.46 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| KARMAENG | 39.64 | 52.12 | 45.86 | 0.00 | -2.70 | 60.99 | 2.03 | -16.67 | -1.88 | -37.09 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | |
|---|---|---|---|---|---|---|---|---|
| 71 | 113 | 44 | 24 | 72 | 124 | 100 | 2 | |
| 102 | 124 | 87 | 88 | 95 | 123 | 78 | 3 | |
| Operating Profit | -31 | -10 | -43 | -64 | -23 | 2 | 22 | -1 |
| OPM % | -43.72% | -8.96% | -97.67% | -261.95% | -32.09% | 1.30% | 22.23% | -37.04% |
| 1 | 1 | 2 | 1 | 2 | 2 | 1 | 1 | |
| Interest | 18 | 18 | 17 | 20 | 15 | 14 | 13 | 1 |
| Depreciation | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 1 |
| Profit before Tax | -30 | -9 | -41 | -63 | -21 | 3 | 23 | -2 |
| Tax % | 7.07% | 31.69% | 28.36% | -10.47% | 13.04% | -81.21% | 2.10% | -15.08% |
| Net Profit | -28 | -6 | -29 | -69 | -18 | 6 | 23 | -3 |
| -2.43 | -0.51 | -2.54 | -5.98 | -1.56 | 0.52 | 1.97 | -2.33 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 32 | 31 | 19 | 19 | 33 | 40 | 35 | 42 | 25 | 32 | 32 | |
| 14 | 18 | 13 | 12 | 20 | 28 | 28 | 29 | 27 | 23 | 32 | |
| Operating Profit | 18 | 13 | 6 | 7 | 13 | 12 | 6 | 13 | -1 | 8 | -1 |
| OPM % | 56.96% | 42.86% | 31.39% | 35.31% | 39.79% | 29.58% | 17.94% | 31.00% | -5.01% | 26.04% | -2.09% |
| -0 | 2 | 3 | 6 | 1 | 0 | -4 | 1 | 0 | 1 | 1 | |
| Interest | 12 | 12 | 12 | 13 | 12 | 8 | 7 | 7 | 7 | 5 | 5 |
| Depreciation | 9 | 10 | 7 | 7 | 7 | 6 | 6 | 7 | 6 | 6 | 6 |
| Profit before Tax | -3 | -6 | -10 | -7 | -4 | -2 | -11 | 0 | -14 | -2 | -2 |
| Tax % | 26.78% | 26.17% | 33.35% | -16.75% | 43.20% | -105.59% | -9.61% | 3.38% | 7.00% | 7.65% | 7.68% |
| Net Profit | -2 | -4 | -7 | -8 | -2 | -4 | -12 | 0 | -13 | -2 | -2 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -11.47 | -1.40 | — |
| Dividend Payout % | -57.81% | -42.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 2%
- 5 Years:
- -1%
- 3 Years:
- -3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 7%
- 5 Years:
- 15%
- 3 Years:
- -2%
- 1 Year:
- -23%
RETURN ON EQUITY
- 10 Years:
- -17%
- 5 Years:
- -21%
- 3 Years:
- -27%
- Last Year:
- -8%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Minority Interest | 5 | 0 | -2 | 7 | 5 | 4 | 2 | 0 | 0 | 0 |
| 29 | 27 | 22 | 18 | 47 | 70 | 30 | 15 | -2 | 19 | |
| 71 | 87 | 91 | 93 | 75 | 62 | 76 | 88 | 87 | 13 | |
| Trade Payables | 1 | 1 | 2 | 3 | 1 | 1 | 1 | 2 | 1 | 0 |
| 39 | 33 | 30 | 32 | 32 | 35 | 26 | 25 | 22 | 20 | |
| Total Liabilities | 156 | 160 | 155 | 164 | 173 | 183 | 146 | 142 | 119 | 63 |
| 131 | 116 | 113 | 106 | 103 | 97 | 89 | 85 | 80 | 32 | |
| Capital Work in Progress | 3 | 3 | 3 | 4 | 1 | 1 | 1 | 2 | 0 | 0 |
| 3 | 8 | 8 | 8 | 29 | 61 | 26 | 20 | 16 | 2 | |
| 4 | 4 | 5 | 5 | 5 | 5 | 3 | 3 | 3 | 2 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 4 | 4 | 5 | 6 | 5 | 6 | 12 | 11 | 11 | 11 |
| 11 | 25 | 22 | 36 | 30 | 14 | 15 | 21 | 10 | 16 | |
| Total Assets | 156 | 160 | 155 | 164 | 173 | 183 | 146 | 142 | 119 | 63 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 13 | -13 | 4 | -13 | 6 | 22 | 8 | 8 | 12 | -1 | |
| Cash from Investing | -2 | -0 | -3 | -0 | 9 | 4 | -11 | -19 | 1 | 50 |
| Cash from Financing | -9 | 16 | 3 | 13 | -14 | -21 | 7 | 3 | -12 | -49 |
| -0 | -0 | 1 | 0 | -1 | 4 | 3 | -7 | 0 | -0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - The Exchange has sought clarification from Karma Energy Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-08-14 - Karma Energy Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Karma Energy Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-24 - Karma Energy Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 23, 2026. Further, the company has informed the Exchange regarding voting results.
2026-07-23 - Karma Energy Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 23, 2026
2026-07-14 - Karma Energy Limited has informed the Exchange that Record date for the purpose of Meeting is 16-Jul-2026.
2026-07-08 - Karma Energy Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-02 - Karma Energy Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-01 - Karma Energy Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on July 23, 2026
News
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Karma Energy Ltd.
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