Reliance Power Limited (RPOWER)

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Reliance Power Limited (RPOWER) · mywealthgrid

About

Reliance Power Limited operates in power generation (Utilities sector) with market cap ₹9,504 Cr and quarterly revenues typically ₹1,850–2,000 Cr. The stock fell 49% over one year despite 31% operating margins and negative ROE (-2.08%), signaling structural profitability challenges below gross margin.

Founded: 1995
Face value: ₹10

Market cap

₹8,028 Cr

P/E

—

P/B

0.5×

Dividend yield

ROE

-2.1%

ROCE

6.1%

Debt / equity

0.92

OPM

31%

EPS (TTM)

₹-0.8

Book value

₹38.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility: net profit swung from -₹494 Cr loss (Mar 2026) to +₹87 Cr gain (Sep 2025) despite 31% OPM, suggesting large non-operating charges; verify depreciation, interest burden, and exceptional items.
Share price collapse: 52-week range ₹20–₹50 with 49% one-year loss signals investor doubts about profitability despite ₹1,900 Cr quarterly revenues; verify exceptional charges and debt serviceability.
Debt servicing risk: D/E 0.92 with negative ROE -2.08% raises refinancing risk in rising rate environment; verify debt maturity profile and covenant compliance.
Cost structure mismatch: 31% operating margins yet PE n/a and negative net profit indicate severe below-OPM costs consuming profitability.

Generated analysis · source review pending

Growth drivers

31.02% operating margin on ₹1,900 Cr quarterly revenue base shows core generation operations are sound; profitability recovery depends on controlling costs below gross margin.
Quarterly revenue ₹1,850–2,000 Cr is stable; expansion depends on verified new capacity additions or long-term power purchase agreement growth.
Mar 2026 quarter lost ₹494 Cr despite 30.54% OPM, indicating exceptional charges; normalizing these would reveal true operating earnings potential.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹19.4-1.8%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 31%

Cons

−Low return on equity of 0.4% (3-yr avg)
−Revenue shrank over the last 5 years (-0.8% a year)
−Weak interest coverage of 1.1×
−Low promoter holding of 25%

Research score

Structured signal from quality, growth, valuation and momentum.

55/100

Business quality: 29
Growth: 44
Valuation: 92

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET NIFTY ENERGY

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	10,299	10,396	9,593	8,201	7,562	7,934	7,503	7,543	7,893	7,583	7,620
COGS	—	—	—	2,850	2,897	3,117	3,026	3,655	3,831	3,892	3,799
Gross profit	—	—	—	5,351	4,666	4,817	4,477	3,888	4,061	3,691	3,821
	5,884	5,889	5,207	1,422	1,643	1,242	1,756	2,003	2,904	1,583	1,457
	4,414	4,506	4,386	3,930	3,023	3,575	2,721	1,885	1,157	2,108	2,363
OPM %	42.9%	43.4%	45.7%	47.9%	40%	45.1%	36.3%	25%	14.7%	27.8%	31%
Depreciation	701	734	759	839	836	1,083	1,077	1,033	1,062	910	829
Interest	2,683	2,843	2,926	3,208	3,054	2,539	2,349	2,527	2,451	2,056	1,666
	323	496	278	-2,816	-3,380	486	192	1,335	501	3,905	-13
Profit before tax	1,353	1,425	979	-2,934	-4,248	439	-513	-339	-1,854	3,048	-145
Tax	458	321	144	18	24	-15	44	64	214	100	192
Tax %	33.8%	22.5%	14.7%	0.6%	0.6%	-3.4%	8.5%	18.9%	11.5%	3.3%	132.3%
	895	1,104	840	-2,952	-4,271	454	-557	-403	-2,068	2,948	-337
PAT margin %	8.7%	10.6%	8.8%	-36%	-56.5%	5.7%	-7.4%	-5.3%	-26.2%	38.9%	-4.4%
EPS (₹)	3.2	—	—	-10.5	-14.5	0.8	-1.9	-1.4	-5.5	7.3	-0.8
EPS adjusted (₹)	3.2	3.9	3	-10.5	-14.5	0.8	-1.8	-1.3	-5.2	7.3	-0.8
	31.3%	—	—	—	—	0%	—	—	—	0%	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	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	2,805	3,400	3,735	4,017	4,017	4,136
Reserves	17,461	18,562	18,430	14,572	9,064	9,441	8,364	7,860	7,597	12,320	11,904
Minority interest	—	—	—	—	1,353	1,568	1,622	1,692	—	—	—
	30,334	29,935	28,023	27,030	24,172	20,625	23,129	21,236	18,766	15,153	14,812
	13,690	12,863	12,916	13,671	15,949	16,343	13,297	14,012	13,381	9,793	10,441
Total equity & liabilities	64,290	64,165	62,174	58,078	53,343	50,782	49,812	48,535	43,760	41,283	41,293
	32,201	34,836	34,866	35,889	38,574	37,190	36,308	35,776	33,584	31,859	30,944
CWIP	9,534	7,403	6,913	4,276	3,615	1,912	2,020	2,320	1,293	1,387	1,720
Investments	861	800	280	224	30	36	37	39	209	173	142
	21,694	21,126	20,115	17,689	11,124	11,644	11,447	10,401	8,674	7,864	8,486
Total assets	64,290	64,165	62,174	58,078	53,343	50,782	49,812	48,535	43,760	41,283	41,293

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	65.2%	61.7%	60.7%	59.7%	51.5%	51.5%	48.7%	50.1%
EBITDA margin %	47.9%	40%	45.1%	36.3%	25%	14.7%	27.8%	31%
EBIT margin %	37.7%	28.9%	31.4%	21.9%	11.3%	1.2%	15.8%	20.1%
PAT margin %	-36%	-56.5%	5.7%	-7.4%	-5.3%	-26.2%	38.9%	-4.4%
Working capital
Receivable days	122	114	111	156	130	76	73	63
Inventory days	130	128	102	100	92	92	87	98
Payable days	55	55	49	60	52	43	22	21
NWC days	197	187	165	196	170	125	138	139
Leverage
Current ratio	0.33	0.3	0.31	0.32	0.27	0.25	0.43	0.45
Debt to EBITDA	6.88	8	5.77	8.5	11.27	16.22	7.19	6.27
Debt to equity	1.56	2.04	1.68	1.97	1.83	1.62	0.93	0.92
Interest coverage	1.1	0.9	1.2	0.8	0.5	0.2	0.9	1.1
Asset turnover	0.14	0.14	0.16	0.15	0.16	0.18	0.18	0.18
Return ratios
Return on assets %	-5.1%	-8%	0.9%	-1.1%	-0.8%	-4.7%	7.1%	-0.8%
Return on capital employed %	7.6%	7.3%	8.2%	5.5%	3.8%	1.7%	6.5%	6.1%
Return on equity %	-17%	-36%	3.7%	-4.7%	-3.5%	-17.8%	18%	-2.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	24.49%	24.49%	23.24%	23.24%	23.26%	23.26%	23.26%	24.98%	24.98%	24.98%	24.98%	24.98%
	7.66%	8.37%	13.01%	12.71%	13.13%	12.96%	13.21%	12.93%	13.09%	13.25%	14.13%	13.64%
	5.18%	5.2%	4.96%	3.06%	2.89%	2.8%	3.29%	3.6%	3.74%	3.07%	3.12%	2.79%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%
	62.67%	61.94%	58.79%	60.99%	60.72%	60.98%	60.24%	58.49%	58.18%	58.69%	57.76%	58.58%
No. of shareholders	—	—	—	—	—	—	—	—	43,51,107	43,67,838	43,41,371	43,18,443

Promoter holding up 0.49 percentage points since Sep 2023.

286 deals · 17 Sept 2021 – 11 Jun 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Jun 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	2,86,83,632	₹73.12	₹209.73 Cr
11 Jun 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	2,86,83,632	₹73.16	₹209.85 Cr
11 Jun 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	2,16,91,058	₹72.92	₹158.17 Cr
11 Jun 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	2,15,11,479	₹73.09	₹157.23 Cr
10 Jun 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	2,62,69,802	₹69.44	₹182.42 Cr
10 Jun 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	2,59,49,347	₹69.79	₹181.10 Cr
10 Jun 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	2,59,49,347	₹69.75	₹181.00 Cr
10 Jun 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	2,39,79,092	₹69.69	₹167.11 Cr
30 May 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	3,05,19,533	₹57.77	₹176.31 Cr
30 May 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	2,55,43,664	₹57.83	₹147.72 Cr

1–10 of 286

1 / 29

Mr. NEERAJ PARAKHExecutive Director-Chairperson-CEO
Mr. VIJAY KUMAR SHARMANon-Executive - Independent Director
Mr. ASHOK RAMASWAMYNon-Executive - Independent Director
Mr. SACHIN MOHAPATRANon-Executive - Non Independent Director
Mr. ARUP ASHOK GUPTANon-Executive - Non Independent Director
Ms. ZOHRA CHATTERJINon-Executive - Independent Director
Mr. AVINASH GUPTANon-Executive - Independent Director
Mr. Neeraj ParakhChief Financial Officer
Smt. Ramandeep KaurCompany Secretary cum Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 9 fund houses

Held by these funds

0.4%

of the company's equity

All mutual funds

0.64%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

31 schemes · 9 fund houses

		Shares
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	46.24 L	10.21	0.29%	0.112%	+56,530
NIFTY SMALLCAP 50 INDEX FUND	Axis Mutual Fund	27.55 L	6.09	0.78%	0.067%	+1.12 L
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	23.5 L	5.19	0.29%	0.057%	+26,286
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	17.03 L	3.76	0.29%	0.041%	+15,463
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	10.37 L	2.29	0.29%	0.025%	+21,237
Portfolio of Kotak Nifty Smallcap 50 Index Fund	Kotak Mahindra Mutual Fund	8.82 L	1.95	0.78%	0.021%	+53,408
Nifty500 Value 50 Index Fund	Axis Mutual Fund	8.69 L	1.92	0.81%	0.021%	+19,654
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	4.62 L	1.02	0.03%	0.011%	+15,864

1–8 of 31

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Interim dividend19 Nov 2015 · ex-date₹1

1

Board meeting to consider results6 Aug 2026

1

Bonus 3:530 May 2008 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

16 announcementsExport CSV

1 Oct 2026, 10:50 pmCompany Update

Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

7 Sept 2026, 10:38 pmCompany Update

Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

22 Aug 2026, 3:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

17 Aug 2026, 10:51 pmCompany Update

Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

14 Aug 2026, 9:02 pmAGM/EGM

Shareholder Meeting - Voting Results

AGM PDF

14 Aug 2026, 8:55 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

3 Aug 2026, 9:52 pmBoard Meeting

Board Meeting Intimation for Board Meeting

Exchange filing PDF

24 Jul 2026, 7:38 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
1 Oct 2026, 10:50 pm	Company Update General	Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
7 Sept 2026, 10:38 pm	Company Update General	Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	65.2%	61.7%	60.7%	59.7%	51.5%	51.5%	48.7%	50.1%
EBITDA margin %	47.9%	40%	45.1%	36.3%	25%	14.7%	27.8%	31%
EBIT margin %	37.7%	28.9%	31.4%	21.9%	11.3%	1.2%	15.8%	20.1%
PAT margin %	-36%	-56.5%	5.7%	-7.4%	-5.3%	-26.2%	38.9%	-4.4%
Working capital
Receivable days	122	114	111	156	130	76	73	63
Inventory days	130	128	102	100	92	92	87	98
Payable days	55	55	49	60	52	43	22	21
NWC days	197	187	165	196	170	125	138	139
Leverage
Current ratio	0.33	0.3	0.31	0.32	0.27	0.25	0.43	0.45
Debt to EBITDA	6.88	8	5.77	8.5	11.27	16.22	7.19	6.27
Debt to equity	1.56	2.04	1.68	1.97	1.83	1.62	0.93	0.92
Interest coverage	1.1	0.9	1.2	0.8	0.5	0.2	0.9	1.1
Asset turnover	0.14	0.14	0.16	0.15	0.16	0.18	0.18	0.18
Return ratios
Return on assets %	-5.1%	-8%	0.9%	-1.1%	-0.8%	-4.7%	7.1%	-0.8%
Return on capital employed %	7.6%	7.3%	8.2%	5.5%	3.8%	1.7%	6.5%	6.1%
Return on equity %	-17%	-36%	3.7%	-4.7%	-3.5%	-17.8%	18%	-2.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Jsw Energy LimitedJSWENERGYJSWENERGY	₹88,925 Cr	₹1,64,771 Cr	₹18,965 Cr	₹10,149 Cr	53.3%	₹1,967 Cr	14.6%	8.6%	7.7%	28
Ntpc Green Energy LimitedNTPCGREENNTPCGREEN	₹76,755 Cr	₹1,06,013 Cr	₹3,285 Cr	₹2,860 Cr	86.6%	₹607 Cr	18.2%	3.3%	2.8%	-32
Nhpc LimitedNHPCNHPC	₹72,073 Cr	₹1,24,207 Cr	₹12,210 Cr	₹5,787 Cr	45.1%	₹3,797 Cr	36.3%	4.4%	9.3%	77
Nlc India LimitedNLCINDIANLCINDIA	₹35,109 Cr	₹62,911 Cr	₹18,381 Cr	₹6,125 Cr	32%	₹3,367 Cr	21.6%	8.2%	17.5%	171
Acme Solar Holdings LimitedACMESOLARACMESOLAR	₹30,577 Cr	₹49,565 Cr	₹2,370 Cr	₹2,058 Cr	88%	₹603 Cr	24.6%	8.5%	10.4%	63
Sjvn LimitedSJVNSJVN	₹22,757 Cr	₹54,860 Cr	₹5,005 Cr	₹3,492 Cr	74%	₹639 Cr	14.2%	5.9%	4.5%	100
Nava LimitedNAVANAVA	₹15,652 Cr	₹17,873 Cr	₹4,310 Cr	₹1,656 Cr	40%	₹756 Cr	24.2%	12.5%	9.6%	178
Juniper Green Energy LimitedJNPRJNPR	₹15,263 Cr	₹28,184 Cr	₹719 Cr	₹606 Cr	84.3%	₹40 Cr	5.6%	—	1.2%	—
Clean Max Enviro Energy Solutions LimitedCLEANMAXCLEANMAX	₹15,234 Cr	₹27,644 Cr	₹1,913 Cr	₹1,132 Cr	59.2%	₹94 Cr	4.5%	6.4%	2.6%	-1,192
Vedanta Power LimitedVEDPOWERVEDPOWER	₹12,814 Cr	₹18,646 Cr	₹5,453 Cr	₹1,040 Cr	19.1%	₹-1,713 Cr	-31.4%	11%	-88.4%	76
Jaiprakash Power Ventures LimitedJPPOWERJPPOWER	₹10,143 Cr	₹13,523 Cr	₹5,756 Cr	₹1,525 Cr	24.6%	₹641 Cr	8.1%	6.9%	3.6%	93
Reliance Power LimitedRPOWERRPOWER	₹8,028 Cr	₹22,840 Cr	₹7,690 Cr	₹2,361 Cr	31%	₹-319 Cr	-4.4%	6.1%	-2.1%	139

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,574	4,705	4,365	4,223	4,543	4,149	3,613	4,024	3,174	1,938	2,824
	-1,348	-2,142	354	60	-247	486	256	-354	-192	451	-212
	-3,194	-3,389	-4,311	-4,839	-4,200	-4,615	-3,849	-3,623	-2,734	-2,435	-1,828
Net cash flow	32	-826	408	-556	96	19	21	46	248	-46	785
Free cash flow	—	—	—	—	3,998	4,015	3,417	3,639	3,174	1,938	2,708
CFO / Operating profit %	103.6%	104.4%	99.5%	107.5%	150.3%	116.1%	132.8%	213.5%	274.2%	91.9%	119.5%

Reliance Power Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

Dividends1

Board meetings1

Bonus issues1

Announcements

Not in the F&O segment

Dividends1

Board meetings1

Bonus issues1

Ratio timeline

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

1

1

1

1

1

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