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
- Company is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.11x)
- Working capital cycle has improved - days down from 657 to 502
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Company has a low return on capital employed of 0.8%
- Company has a low return on equity of 2.2% over last 3 years
- Interest coverage is weak at -4.8x - earnings barely cover interest
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 208.20 | 28.17 | 401507.34 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 331.50 | 11.58 | 321444.48 | 2.71 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 265.90 | 15.56 | 247303.06 | 3.38 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1289.30 | 119.04 | 212370.42 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1407.50 | 58.97 | 172130.84 | 0.00 | 1236.56 | 129.44 | 9711.08 | 42.41 | 9.71 | 31.27 |
| TATAPOWER | 366.10 | 30.28 | 116981.38 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 524.85 | 48.92 | 96230.34 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.00 | 20.11 | 76342.26 | 2.12 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 88.41 | 122.74 | 74497.18 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1268.05 | 27.50 | 63897.49 | 1.58 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 272.30 | 11.77 | 37758.11 | 1.41 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| KARMAENG | 37.18 | 48.88 | 43.02 | 0.00 | -2.70 | 60.99 | 2.03 | -16.67 | -1.88 | -37.09 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4 | 6 | 2 | 1 | 2 | 4 | 1 | 1 | 3 | 5 | 1 | 1 | 3 | |
| 2 | 2 | 2 | 4 | 2 | 2 | 2 | 1 | 3 | 3 | 3 | 3 | 3 | |
| Operating Profit | 1 | 4 | -1 | -2 | 0 | 2 | -1 | -1 | -0 | 2 | -2 | -2 | 0 |
| OPM % | 30.77% | 66.40% | -47.68% | -239.81% | 8.75% | 48.64% | -146.81% | -56.38% | -2.94% | 34.42% | -160.00% | -278.41% | 3.68% |
| 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 2 | 0 | 0 | 2 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Profit before Tax | 0 | 3 | -1 | -3 | 1 | 2 | -2 | -0 | 1 | 1 | -2 | -1 | 1 |
| Tax % | 19.44% | 24.85% | 23.08% | 30.68% | 11.32% | 17.70% | 13.58% | 207.69% | 32.22% | 26.06% | 109.77% | 26.13% | 12.70% |
| Net Profit | 0 | 3 | -1 | -2 | 1 | 2 | -1 | 0 | 1 | 1 | 0 | -1 | 0 |
| 0.25 | 2.22 | -0.86 | -1.50 | 0.81 | 1.49 | -1.21 | 0.13 | 0.53 | 0.91 | 0.19 | -0.71 | 0.38 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 27 | 33 | 29 | 36 | 23 | 28 | 13 | 12 | 9 | 10 | 10 | |
| 17 | 26 | 25 | 26 | 25 | 22 | 10 | 10 | 8 | 13 | 13 | |
| Operating Profit | 11 | 8 | 4 | 10 | -2 | 5 | 3 | 2 | 0 | -3 | -3 |
| OPM % | 38.84% | 23.56% | 13.32% | 27.83% | -7.87% | 19.20% | 24.99% | 16.80% | 5.25% | -29.35% | -26.88% |
| 1 | 0 | -1 | 1 | 0 | 1 | 10 | 1 | 3 | 4 | 3 | |
| Interest | 8 | 5 | 4 | 5 | 5 | 3 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 3 | 2 | 2 | 2 |
| Profit before Tax | -1 | -1 | -6 | 0 | -12 | -2 | 7 | -0 | 1 | -1 | -1 |
| Tax % | 298.63% | 12.48% | 27.18% | 13.38% | 8.54% | 5.95% | 18.16% | 517.85% | 0.33% | 212.10% | 165.87% |
| Net Profit | 2 | -1 | -4 | 0 | -11 | -2 | 6 | 0 | 1 | 1 | 1 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -9.24 | -1.84 | 5.09 | 0.11 | 1.21 | 0.91 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -4%
- 5 Years:
- -16%
- 3 Years:
- -9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -44%
STOCK PRICE CAGR
- 10 Years:
- 6%
- 5 Years:
- 14%
- 3 Years:
- -6%
- 1 Year:
- -26%
RETURN ON EQUITY
- 10 Years:
- -1%
- 5 Years:
- 3%
- 3 Years:
- 2%
- Last Year:
- 3%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| 43 | 62 | 36 | 34 | 21 | 19 | 27 | 27 | 28 | 29 | |
| 45 | 36 | 48 | 61 | 58 | 13 | 6 | 1 | 2 | 1 | |
| Trade Payables | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
| 32 | 32 | 23 | 24 | 21 | 20 | 11 | 10 | 10 | 5 | |
| Total Liabilities | 134 | 142 | 120 | 131 | 113 | 63 | 55 | 50 | 52 | 47 |
| 48 | 43 | 45 | 42 | 37 | 32 | 27 | 23 | 22 | 21 | |
| 53 | 79 | 50 | 59 | 52 | 2 | 14 | 13 | 6 | 11 | |
| 1 | 0 | 0 | 0 | 3 | 2 | 2 | 2 | 2 | 2 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 7 | 1 | |
| Cash & Bank | 4 | 4 | 11 | 11 | 11 | 11 | 0 | 0 | 1 | 0 |
| 28 | 16 | 13 | 19 | 9 | 16 | 12 | 3 | 15 | 12 | |
| Total Assets | 134 | 142 | 120 | 131 | 113 | 63 | 55 | 50 | 52 | 47 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20 | 15 | 7 | 5 | 12 | -2 | 6 | 4 | 2 | 2 | |
| Cash from Investing | -4 | 4 | -11 | -19 | 0 | 51 | 9 | 1 | -2 | -2 |
| Cash from Financing | -15 | -14 | 8 | 8 | -11 | -49 | -13 | -5 | 1 | -1 |
| -0 | 4 | 3 | -7 | 0 | -0 | 0 | -0 | 0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
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
Recent coverage and analyst commentary for KARMAENG
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Karma Energy Ltd.
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