Reliance Power Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2016 • Power Generation: 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
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 21.54x)
- Latest quarter profit grew 44.8% YoY, showing strong momentum
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Recent results are weak - TTM profit is down 193.1% versus prior year
- Company has a low return on equity of 0.3% over last 3 years
- Company has a low return on capital employed of 7.7%
- Interest coverage is weak at 0.9x - 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 | 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 |
| RPOWER | 21.59 | 608.67 | 8929.13 | 0.00 | 64.71 | 44.83 | 1956.32 | 3.75 | 5.07 | 28.75 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,914 | 2,038 | 1,944 | 1,997 | 1,992 | 1,760 | 1,853 | 1,978 | 1,886 | 1,974 | 1,873 | 1,887 | 1,956 | |
| 1,299 | 1,318 | 2,307 | 1,811 | 1,342 | 1,384 | 1,361 | 1,388 | 1,321 | 1,356 | 1,269 | 1,990 | 1,988 | |
| Operating Profit | 615 | 720 | -364 | 186 | 651 | 376 | 492 | 590 | 565 | 618 | 604 | -103 | -32 |
| OPM % | 32.14% | 35.32% | -18.71% | 9.31% | 32.66% | 21.36% | 26.55% | 29.82% | 29.97% | 31.29% | 32.27% | -5.46% | -1.61% |
| 37 | 79 | 55 | 157 | 77 | 3,433 | 307 | 88 | 140 | 93 | 77 | 441 | 147 | |
| Interest | 616 | 716 | 602 | 517 | 551 | 562 | 544 | 399 | 426 | 395 | 371 | 474 | 387 |
| Depreciation | 257 | 259 | 258 | 287 | 250 | 243 | 204 | 211 | 207 | 208 | 210 | 205 | 207 |
| Profit before Tax | -221 | -177 | -1,169 | -461 | -73 | 3,004 | 50 | 67 | 72 | 108 | 100 | -426 | 116 |
| Tax % | -32.67% | -56.31% | -7.55% | 9.99% | -34.02% | 4.18% | 15.90% | -87.00% | 38.20% | 19.30% | 74.92% | -16.06% | 44.18% |
| Net Profit | 0 | 0 | 0 | 0 | -98 | 2,878 | 42 | 126 | 45 | 87 | 25 | -494 | 65 |
| -0.79 | -0.74 | -3.30 | -1.08 | -0.24 | 7.16 | 0.10 | 0.31 | 0.11 | 0.21 | 0.06 | -1.19 | 0.16 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,396 | 9,593 | 8,201 | 7,562 | 7,934 | 7,503 | 7,514 | 7,893 | 7,583 | 7,620 | 7,690 | |
| 5,889 | 5,207 | 4,232 | 4,599 | 4,359 | 4,768 | 5,649 | 6,735 | 6,025 | 5,257 | 6,603 | |
| Operating Profit | 4,506 | 4,386 | 3,969 | 2,963 | 3,575 | 2,735 | 1,865 | 1,157 | 1,558 | 2,362 | 1,087 |
| OPM % | 43.35% | 45.72% | 48.40% | 39.18% | 45.06% | 36.45% | 24.82% | 14.66% | 20.54% | 31.00% | 14.14% |
| 496 | 278 | -2,820 | -3,304 | 459 | 184 | 1,377 | 328 | 4,455 | -12 | 758 | |
| Interest | 2,843 | 2,926 | 3,206 | 3,054 | 2,539 | 2,721 | 2,504 | 2,451 | 2,056 | 1,666 | 1,627 |
| Depreciation | 734 | 759 | 838 | 836 | 1,083 | 1,077 | 1,017 | 1,062 | 910 | 829 | 830 |
| Profit before Tax | 1,425 | 979 | -2,896 | -4,232 | 412 | -879 | -279 | -2,028 | 3,047 | -145 | -101 |
| Tax % | 22.54% | 14.68% | -0.61% | -0.56% | -3.62% | -4.97% | -22.91% | -10.55% | 3.28% | -132.42% | -212.78% |
| Net Profit | 1,104 | 836 | -2,913 | -4,255 | 427 | -923 | -343 | -2,242 | 2,947 | -337 | -317 |
| EPS | 3.94 | 2.99 | -14.15 | -14.53 | 0.81 | -2.98 | -1.35 | -5.15 | 7.34 | -0.81 | — |
| 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:
- -3%
- 5 Years:
- -1%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -8%
- 5 Years:
- 10%
- 3 Years:
- 5%
- 1 Year:
- -53%
RETURN ON EQUITY
- 10 Years:
- -4%
- 5 Years:
- -2%
- 3 Years:
- 0%
- Last Year:
- -2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2,805 | 2,805 | 2,805 | 2,805 | 2,805 | 3,400 | 3,735 | 4,017 | 4,017 | 4,136 |
| Minority Interest | 0 | 0 | 0 | 1,353 | 1,568 | 1,622 | 1,692 | 0 | 0 | 0 |
| 18,562 | 18,430 | 14,572 | 9,064 | 9,441 | 8,181 | 7,780 | 7,597 | 11,675 | 11,595 | |
| 32,086 | 30,102 | 29,085 | 26,151 | 22,579 | 19,418 | 16,988 | 13,352 | 13,463 | 12,866 | |
| Trade Payables | 380 | 361 | 427 | 434 | 415 | 499 | 519 | 457 | 238 | 221 |
| 11,254 | 10,492 | 11,204 | 13,609 | 14,093 | 16,810 | 17,903 | 18,422 | 12,019 | 12,558 | |
| Total Liabilities | 65,087 | 62,190 | 58,095 | 53,416 | 50,901 | 49,930 | 48,617 | 43,845 | 41,412 | 41,376 |
| 34,851 | 34,881 | 35,903 | 38,574 | 37,190 | 36,308 | 35,776 | 33,584 | 31,859 | 30,944 | |
| Capital Work in Progress | 7,403 | 6,913 | 4,276 | 3,615 | 1,912 | 2,020 | 2,320 | 1,293 | 1,387 | 1,720 |
| 799 | 280 | 224 | 30 | 36 | 37 | 39 | 209 | 173 | 142 | |
| 1,029 | 729 | 1,012 | 1,014 | 874 | 828 | 925 | 961 | 927 | 1,016 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,650 | 1,521 | 1,310 | |
| Cash & Bank | 958 | 916 | 271 | 284 | 315 | 644 | 651 | 918 | 973 | 1,705 |
| 20,048 | 18,471 | 16,409 | 9,899 | 10,574 | 10,093 | 8,906 | 5,229 | 4,572 | 4,538 | |
| Total Assets | 65,087 | 62,190 | 58,095 | 53,416 | 50,901 | 49,930 | 48,617 | 43,845 | 41,412 | 41,376 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4,793 | 4,575 | 4,251 | 4,662 | 4,161 | 3,748 | 4,082 | 3,174 | 1,946 | 2,825 | |
| Cash from Investing | -2,142 | 354 | 60 | -247 | 486 | 284 | -354 | -192 | 453 | -212 |
| Cash from Financing | -3,389 | -4,311 | -4,839 | -4,200 | -4,615 | -3,849 | -3,623 | -2,734 | -2,435 | -1,828 |
| -826 | 408 | -556 | 96 | 19 | 48 | 46 | 248 | -44 | 785 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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
2026-09-07 - Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015.
2026-08-22 - Reliance Power Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-17 - Reliance Power Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-08-14 - Reliance Power Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 14, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-14 - Reliance Power Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 14, 2026
2026-08-06 - Report of the Monitoring Agency for the quarter ended June 30, 2026
2026-08-06 - Reliance Power Limited has submitted to the Exchange, the financial results for the quarter ended Jun 30, 2026.
2026-07-24 - Reliance Power Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-23 - Reliance Power Limited has informed the Exchange about Letter sent to Members
News
Recent coverage and analyst commentary for RPOWER
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Reliance Power Ltd.
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